Faraday Copper (TSX:FDY) has provided company updates and financial results for the March 2026 quarter. The report highlights a closed non-brokered private placement for gross proceeds of C$100 million ($101.5 million), as well as near-surface copper mineralisation from recent drilling.
Faraday is focused on the wholly owned Copper Creek Project, located 80km northeast of Tucson, Arizona. The property consists of around 80km2 of private land, patented and unpatented mining claims, and state prospecting permits.
The project has more than 260,000m of both recent and historical drilling, and the company notes that “significant exploration upside remains”.
With regards to financials, Faraday has cash and cash equivalents at C$120,799,916 as of 31 March 2026. The report notes that the company has sufficient capital and resources to fund the next 12 months of operations.
As an exploration-stage company, however, it will need to go back to the market to raise additional capital to fund long-term business goals.
On 11 March 2026, the company closed a non-brokered private placement for C$100 million, welcoming participation by the Lundin Family Trust as well as BHP Group (ASX:BHP), as previously reported. This placement comprised the issuance of 23.8 million common shares at a price of C$4.20 per share.
During this past quarter, Faraday also signed a letter of intent to acquire BHP’s San Manuel property in Arizona, creating the potential for a multi-asset copper district in the US. The closing of the transaction is expected by Q3 2026.
Faraday Copper is an exploration company focused on advancing the Copper Creek Project in Arizona, US.
Write to Amy Rotman at Mining.com.au
Images: Faraday Copper
