en.Wedoany.com Reported - Copper Fox Metals Inc. released its quarterly financial report for the period ending April 30, 2026, reporting a net loss of C$639,670, while disclosing progress across multiple copper mine projects and the completion of a private placement with gross proceeds of C$3 million.

Elmer B. Stewart, President and CEO of Copper Fox, stated that the company continues to advance the 2026 Preliminary Economic Assessment (PEA) for the Van Dyke project in Arizona, which will include an updated Mineral Resource Estimate (MRE). Initial drilling at the Mineral Mountain project confirmed the discovery of a large Laramide-age porphyry copper system, leading to the addition of six new mineral claims. Teck Resources Limited, operator of the Schaft Creek Joint Venture (SCJV), has announced a C$9.1 million investment plan for 2026 and released results from geotechnical, hydrogeological, environmental, and meteorological studies.

For the quarter ended April 30, 2026, Copper Fox reported a net loss of C$639,670, or C$0.00 per share. As of the same date, the company's cash position stood at C$629,849 (compared to C$686,236 on October 31, 2025). During the period, the company completed a non-brokered private placement, issuing 4,615,384 common shares at C$0.65 per share for gross proceeds of C$3,000,000.

At the Van Dyke project, historical core sampling yielded positive results. Drill hole OXY-42 returned an average total copper (TCu) grade of 0.250% and acid-soluble copper (TSCu) grade of 0.163% over a 100.59-meter core interval (336.19 to 436.78 meters), and an average TCu grade of 0.481% and TSCu grade of 0.409% over a 22.86-meter core interval (337.72 to 360.58 meters). Early work required for the updated PEA has been completed, including hydrogeological monitoring, water quality sampling, preliminary meetings with the Town of Miami regarding drilling permits, and sampling to confirm the boundaries of recoverable copper mineralization. Two drill holes (totaling 2,558.11 meters) at the Mineral Mountain project confirmed the presence of a large, evolved porphyry copper system, with drill hole DDH MM-02-2025 placed on hold pending subsequent drilling to extend into the deeper, high-grade core.

Regarding the Schaft Creek project, the SCJV has incurred cumulative expenditures of C$114 million since its formation in 2013 (including C$90 million in pre-production costs). The C$9.1 million budget for 2026 is aimed at completing critical evaluations of various studies to determine whether the project qualifies to advance to the Pre-Feasibility Study (PFS) stage. Activities at Copper Fox's Eaglehead project include advancing the permitting process, studying ore sorting technology, and conducting additional characterization tests on mineralization from the East, Bornite, and Pass deposits at coarse grind sizes. At the Sombrero Butte project, exploration models were revised, and preparations began for cultural and native plant species studies required for the Geological Field Operations Plan (GFOP).

Financial data shows that for the six months ended April 30, 2026, the company incurred expenditures of C$2,894,499 to advance development across its various copper projects.

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