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ACCESS Newswire·

Faraday Copper Reports Third Quarter 2026 Financial Results and Announces Changes to the Board of Directors

  • Faraday Copper Corp. announced financial results for the three and nine months ended September 30, 2026, reporting a net loss of $8.29 million for the quarter and $32.15 million for the nine-month period.
  • The Company completed the acquisition of 100% of the San Manuel project from BHP Group on October 15, 2026, issuing 131,593,046 common shares valued at $657.9 million as consideration.
  • The newly acquired San Manuel project is adjacent to the Copper Creek project, forming the Redhawk Copper Complex in Pinal County, Arizona, with a combined total of approximately 35,000 acres.
  • Drilling has resumed at the San Manuel project with three active rigs, with plans to increase operations to seven rigs in the coming weeks to confirm historical mineral resource estimates.
  • First core samples containing visible copper oxides have been received from the San Manuel project, with updated Mineral Resource Estimates for both Copper Creek and San Manuel expected by mid-2027.
  • Russell Ball stepped down as Chair and director, while Audra Walsh and Alan Wilson stepped down as independent directors, effective November 11, 2026.
  • Ashley Heppenstall was appointed as the new Chair of the Board, bringing over 30 years of experience in the oil, gas, and mineral resource sectors.
  • BHP executives Elaina Ware and Dominic Perrottet were appointed to the Board of Directors in connection with the San Manuel acquisition.
  • BHP now holds approximately 32% of Faraday's issued and outstanding shares on a non-diluted basis following the acquisition transaction and participation in the March 2026 private placement.
  • Faraday reported near-surface copper mineralization from drill holes at the Copper Creek project on September 3, 2026, and the American Eagle Area on June 24, 2026.
  • A non-brokered private placement completed on March 11, 2026, raised $100 million in gross proceeds, involving the Lundin Family Trusts and a BHP subsidiary.
  • Selected financial data shows cash and cash equivalents of $94 million as of September 30, 2026, up from $37.9 million at the end of 2025.
  • Upcoming milestones include a Phase I study focused on copper cathode production expected in 2028, following the completion of initial resource definition drilling.
  • The Company's exploration activities are focused on the Redhawk Copper Complex, which is located within a major porphyry copper district in the southwestern United States.
Company
Faraday Copper Corp.
Keywords
Metals & Mining, Earnings