Faraday Copper Reports Second Quarter 2026 Financial Results
NEWS RELEASE August 7, 2026
Faraday Copper Reports Second Quarter 2026 Financial Results
August 7, 2026 – Vancouver, British Columbia – Faraday Copper Corp. (“Faraday” or the “Company”)
(TSX:FDY) announces its financial results for the three and six months ended June 30, 2026.
Highlights Year to Date
▪ Announced the signing of a definitive purchase and sale agreement to acquire 100% of the San Manuel
Property in Arizona (the ”San Manuel Transaction”) from a wholly-owned subsidiary of BHP Group
Limited (“BHP”) on July 2, 2026 (see news release dated July 2, 2026).
▪ Reported near-surface copper mineralization from drill holes in the American Eagle Area on June 24,
2026.
▪ Announced the appointment of Jeff Cornoyer as Vice President & General Manager and Cynthia Salas
as Director, Human Resources on June 1, 2026
▪ Reported near-surface copper mineralization from drill holes in the Globe, Copper Giant, and Marsha
breccias on May 12, 2026.
▪ Reported additional copper mineralization from drill holes at the American Eagle and Keel areas on
March 24, 2026.
▪ Closed a non-brokered private placement with participation by Trusts settled by the late Adolf H. Lundin
and BHP, involving the issuance of 23,810,000 common shares at a price of $4.20 per share for
aggregate gross proceeds of $100,002,000 on March 11, 2026.
▪ Reported near-surface copper mineralization from drill holes in the American Eagle Area on January
22, 2026.
Upcoming Milestones
▪ Drill results from the ongoing Phase IV drill program at the Copper Creek Project.
▪ Closing the San Manuel Transaction with BHP expected by the end of the third quarter of 2026.
Copper Creek Project Update
The project is a 100% owned, large copper deposit, located ~80 road kilometres (“km”) northeast of Tucson,
Arizona, and ~19 km northeast of San Manuel, Arizona. The resource area is ~3 km in length and is open in
all directions. The property consists of ~80 square km of private land, patented and unpatented mining claims,
and state prospecting permits. In addition, the Company controls ~26,000 acres of grazing leases which
partially overlap with the claims and permits. The property is located within a historical mining district and a
politically stable jurisdiction with extensive infrastructure including power, rail, roads, and access to skilled
personnel.
The property is in the heart of the prolific southwestern porphyry copper region of North America at the
projected intersection of a major northwest trending belt of copper deposits (Ray, Miami/Globe,
Page 2
Superior/Resolution, Johnson Camp) and a major east-northeast trending belt of deposits (San
Manuel/Kalamazoo, Silver Bell, Lakeshore, Safford, Morenci).
The property hosts an early halo vein style porphyry copper deposit with high-grade, near-surface, breccia-
hosted mineralization. Both mineralization types form the basis of the current Mineral Resource Estimate
(“MRE”) prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum standards.
Copper is the primary commodity, with molybdenum, silver and gold present in varying amounts associated
with both types of mineralization.
On May 3, 2023, the Company announced an updated MRE and Preliminary Economic Assessment
(“PEA”) for the project, with a technical report titled “Copper Creek Project NI 43-101 Technical Report and
Preliminary Economic Assessment” filed on SEDAR+ on June 13, 2023.
With a total of over 260,000 m of recent and historical drilling and modest past production, significant
exploration upside remains. There are over 320 known breccia occurrences mapped at the surface, of
which less than 15% have been drill tested and only 17 are included in the 2023 MRE.
In the Phase II drill program, assay results confirmed the potential for gold to occur in economic
concentrations in certain phases of the mineralization . Gold is not currently included in the 2023 MRE. A
sampling program for potential gold inclusion in future technical studies was undertaken. The results from
the Childs Aldwinkle and Copper Prince breccias, as well as the Keel underground zone, have been
returned and released. The Company continues to evaluate other areas for potential inclusion of gold in
future mineral resource updates.
Phase III drilling was completed in mid -April 2025 with 79 drill holes and 30,071 m of drilling. All results
from the Phase III drilling have been released. The program’s framework was based on historical work,
knowledge from the geological and recently up dated structural model, the results from the Phase I and
Phase II drill programs, geophysical and airborne spectral data sets, and economic criteria defined in the
2023 PEA base case. The focus of drilling was on the near -surface mineralization in the Amer ican Eagle,
Area 51 and Rum areas.
On June 30, 2025, the Company received approval of its Exploration Plan of Operations (“EPO”) by the
BLM. The BLM published the final environmental assessment, and finding of no significant impact and
issued a related decision record approving the EPO. The EPO includes up to 67 drill pads located on
Federal land:
▪ 48 drill pads in or near the American Eagle area and the southern portion of the Mammoth
resource area;
▪ 10 drill pads in or near other existing resource areas at Old Reliable, Globe, Copper Prince and
Copper Giant; and
▪ 9 drill pads that enable reconnaissance drilling on previously untested targets.
Phase IV drilling commenced in September 2025 with the primary objective of open pit resource definition,
which was completed. With the proposed acquisition of the San Manuel Property, drilling was paused on
June 20, 2026, with 88 drill holes and 22,510 m of drilling having been completed. To date, the Company
has released results from 15,050 m drilled in 53 holes. The assay results for additional completed drill holes
will be released as they are received, analyzed and confirmed by the Company.
The Company has reported results from metallurgical programs focused on grind size optimization that
demonstrated the viability of coarse particle flotation, gold recoveries in concentrate and test work on near
surface oxide mineralization.
The Company is focusing on resource expansion at the property while continuing to advance technical
studies, environmental data gathering, and stakeholder outreach.
Page 3
Financial Results
In Canadian dollars Three months ended Six months ended
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Exploration and evaluation expenses $11,730,961 $4,146,179 $21,951,755 $10,630,687
General and administration $1,658,463 $585,980 $2,530,274 $1,267,652
Share-based compensation $615,782 $462,678 $1,267,800 $846,804
Net Loss $13,962,985 $5,414,380 $23,854,199 $13,234,811
Basic and Diluted Loss per Share $0.05 $0.03 $0.09 $0.06
Note: The financial information in this table was selected from the Company's condensed interim consolidated financial
statements for the three and six months ended June 30, 2026 and 2025 (the "Financial Statements"), which are
available on SEDAR+ at www.sedarplus.ca and the Company's website www.faradaycopper.com.
Selected Financial Information
In Canadian dollars June 30, 2026 December 31, 2025
Cash and cash equivalents $94,219,204 $37,880,822
Term deposits $32,013,001 -
Property and equipment $18,134,285 $17,513,854
Resource properties $5,502,812 $5,197,517
Total assets $150,845,511 $61,495,286
Note: The financial information in this table was selected from the Financial Statements, which are available on
SEDAR+ at www.sedarplus.ca and the Company's website www.faradaycopper.com.
Cash Flow, Liquidity and Capital Resources
The Company is a resource exploration-stage company and does not generate any revenue and has been
mainly relying on equity -based financing to fund its operations. As at June 30, 2026, the Company had
cash and cash equivalents of $94,219,204 (December 31, 2025 - $37,880,822) and current assets less
current liabilities of $119,707,612 (December 31, 2025 - $35,424,377).
While the Company has sufficient capital resources to fund its operations for the next 12 months, it is an
exploration-stage company and does not anticipate achieving positive cash flow from operations for the
foreseeable future. Accordingly, the Company anticipates needing to raise additional capital to fund its long-
term business objectives.
During the six months ended June 30, 2026, cash used in operating activities was $22,364,851 (2025 -
cash used in operating activities of $14,422,428), cash used in investing activities was $30,419,022 (2025
- $259,507), and cash provided by financing acti vities was $106,734,208 (2025 - $35,200). The Company
continues to incur operating costs primarily related to exploration and evaluation expenses. During the six
months ended June 30, 2026, the Company raised net proceeds of 99,702,608 (2025 - $nil) from t he
issuance of common shares in a non-brokered private placement. In addition, during the six months ended
June 30, 2026, the Company raised $4,871,600 (2025 - $35,200) from the exercise of stock options, and
$2,160,000 (2025 - $nil) from the exercise of warrants.
On March 11, 2026, the Company completed a private placement financing for net proceeds of
$99,702,608, which included share issuance costs of $299,392. The Company intends to use the proceeds
from the financing to advance the Copper Creek Project, due dil igence and integration costs related to the
acquisition of the San Manuel Property, and for general working capital purposes.
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved
Page 4
by Faraday’s V ice President, Geology, Dr. Thomas Bissig, P. Geo., and V ice President , Technical
Services, Zach Allwright, P.Eng., who are considered a Qualified Person under National Instrument 43-
101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Faraday Copper
Faraday Copper is an exploration company focused on advancing its flagship copper project in Arizona,
U.S. The Copper Creek Project is one of the largest undeveloped copper projects in North America with
significant district scale exploration potential. Faraday has entered into a definitive purchase and sale
agreement with a subsidiary of BHP Group for the acquisition of BHP’s San Manuel Property, adjacent to
the Copper Creek Project. Faraday is well-funded to deliver on its key milestones and benefits from a
management team and board of directors with senior mining company experience and expertise. Faraday
trades on the TSX under the symbol “FDY”.
For additional information please contact:
Stacey Pavlova, CFA
Vice President, Investor Relations & Communications
Faraday Copper Corp.
E-mail: [email protected]
Website: www.faradaycopper.com
Cautionary Note on Forward Looking Statements
Some of the statements in this news release, other than statements of historical fact, are “forward-looking statements” and are based
on the opinions and estimates of management as of the date such statements are made and are necessarily based on estimates and
assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual res ults,
level of activity, performance or achievements of Faraday to be materially different from those expressed or implied by such forward-
looking statements. Such forward -looking statements and forward -looking information specifically include, but are not limited to,
statements regarding: the Company’s planned and ongoing exploration and drilling activities at the Copper Creek Project, incl uding
the scope, timing and results of the Phase IV drill program; the exploration potential and f uture development of the Co pper Creek
Project; the Company’s ability to advance technical studies, environmental data collection and stakeholder engagement; the
completion of the acquisition of BHP’s San Manuel property and related timing; the anticipated use of proceeds from recent financings;
the sufficiency of the Company’s capital resources to fund planned activities over the next 12 months; and the Company’s expectations
regarding future financing requirements.
Although Faraday believes the expectations expressed in such forward -looking statements are based on reasonable assumptions,
such statements should not be in any way construed as guarantees of future performance and actual results or developments may
differ materially. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Factors that could cause actual results to differ materially from those in forward-looking statements include without limitation: market
prices for metals; the conclusions of detailed feasibility and technical analyses; lower than expected grades and quant ities of
resources; receipt of regulatory approval; receipt of shareholder approval; mining rates and recovery rates; significant capi tal
requirements; price volatility in the spot and forward markets for commodities; fluctuations in rates of exchange; tax ation; controls,
regulations and political or economic developments in the countries in which Faraday does or may carry on business; the speculative
nature of mineral exploration and development, competition; loss of key employees; rising costs of labour, supplies, fuel and
equipment; actual results of current exploration or reclamation activities; accidents; labour disputes; defective title to mi neral claims
or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating
rights of Indigenous peoples and other groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining
necessary licenses, permits and authorizations and complying with permitting requirements, i ncluding those associated with the
Copper Creek property; and uncertainties with respect to any future acquisitions by Faraday. In addition, there are risks and hazards
associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins, flooding and the risk of inadequate insurance or inability to obtain
insurance to cover these risks as well as “Risk Factors” included in Faraday ’s disclosure documents filed on and available at
www.sedarplus.ca.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person
to whom it is unlawful to make such an offer or solicitation in such jurisdiction. This press release is not, and under no circumstances
is to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of securities in Faraday in Canada,
the United States or any other jurisdiction. No securities commission or similar authority in Canada or in the United States has reviewed
or in any way passed upon this press release, and any representation to the contrary is an offence.