Copper Fox Announces 2024 Third Quarter Operating and Financial Results
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) announced its Q3 2024 financial results. The company reported a net loss of $826,730 for the nine months ended July 31, 2024, compared to $882,395 in the same period last year. Copper Fox incurred $825,069 in exploration expenditures during this period, primarily advancing projects in Arizona and British Columbia.
Key highlights include positive results from the Van Dyke geotechnical study, progress in permitting for the Mineral Mountain drilling program, and completion of the field portion of the Schaft Creek Joint Venture's annual program, budgeted at C$18.7 million. The company also completed a non-brokered private placement, raising $1,125,520, and received $900,000 from warrant exercises after the quarter-end.
As of September 24, 2024, Copper Fox's cash position was $1,145,000. The company continues to advance its copper projects, with ongoing metallurgical testing and environmental baseline studies at Schaft Creek expected to be completed in Q4 2024.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ha annunciato i risultati finanziari del terzo trimestre 2024. L'azienda ha riportato una perdita netta di 826.730 dollari per i nove mesi conclusi il 31 luglio 2024, rispetto a 882.395 dollari nello stesso periodo dell'anno precedente. Copper Fox ha sostenuto 825.069 dollari in spese di esplorazione durante questo periodo, principalmente per il progresso dei progetti in Arizona e Columbia Britannica.
Tra i punti salienti ci sono risultati positivi dallo studio geotecnico di Van Dyke, progressi nel permesso per il programma di perforazione di Mineral Mountain e il completamento della parte di campo del programma annuale della Joint Venture Schaft Creek, con un budget di 18,7 milioni di dollari canadesi. L'azienda ha anche completato un collocamento privato non intermediato, raccogliendo 1.125.520 dollari e ha ricevuto 900.000 dollari da esercizi di warrant dopo la fine del trimestre.
Al 24 settembre 2024, la posizione di cassa di Copper Fox era di 1.145.000 dollari. L'azienda continua a sviluppare i suoi progetti di rame, con test metallurgici in corso e studi ambientali di base a Schaft Creek previsti per essere completati nel quarto trimestre del 2024.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) anunció sus resultados financieros del tercer trimestre de 2024. La empresa reportó una Pérdida neta de 826,730 dólares para los nueve meses finalizados el 31 de julio de 2024, comparado con 882,395 dólares en el mismo periodo del año pasado. Copper Fox incurrió en 825,069 dólares en gastos de exploración durante este período, avanzando principalmente en proyectos en Arizona y Columbia Británica.
Los puntos destacados incluyen resultados positivos del estudio geotécnico de Van Dyke, avances en la obtención de permisos para el programa de perforación de Mineral Mountain, y la finalización de la parte de campo del programa anual de la Joint Venture Schaft Creek, presupuestado en 18.7 millones de dólares canadienses. La empresa también completó un colocación privada no intermediada, recaudando 1,125,520 dólares y recibió 900,000 dólares de ejercicios de garantías después del final del trimestre.
Al 24 de septiembre de 2024, la posición de efectivo de Copper Fox era de 1,145,000 dólares. La empresa sigue avanzando en sus proyectos de cobre, con pruebas metalúrgicas en curso y estudios ambientales de línea base en Schaft Creek que se espera concluir en el cuarto trimestre de 2024.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF)는 2024년 3분기 재무 결과를 발표했습니다. 회사는 2024년 7월 31일 종료된 9개월 동안 826,730달러의 순손실을 기록했으며, 이는 작년 같은 기간의 882,395달러와 비교됩니다. Copper Fox는 이 기간 동안 825,069달러의 탐사 비용을 발생시켜 주로 애리조나와 브리티시컬럼비아에서 프로젝트를 추진했습니다.
주요 하이라이트로는 Van Dyke 지반 공학 연구의 긍정적인 결과, 미네랄 마운틴 시추 프로그램의 허가 진행 상황, 그리고 Schaft Creek 합작 투자연합의 연간 프로그램의 현장 부분 완료가 포함됩니다. 이 프로그램의 예산은 1,870만 캐나다 달러입니다. 회사는 또한 중개인 없는 사모 배정을 완료하여 1,125,520달러를 모금했으며, 분기 종료 후 보증 행사로 900,000달러를 받았습니다.
2024년 9월 24일 기준으로 Copper Fox의 현금 잔고는 1,145,000달러였습니다. 회사는 구리 프로젝트를 계속 진전시키며 Schaft Creek에서 진행 중인 금속 시험과 환경 기초 연구가 2024년 4분기에 완료될 것으로 예상합니다.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) a annoncé ses résultats financiers pour le troisième trimestre de 2024. L'entreprise a rapporté une perte nette de 826 730 dollars pour les neuf mois se terminant le 31 juillet 2024, comparé à 882 395 dollars pour la même période l'année précédente. Copper Fox a engagé 825 069 dollars en dépenses d'exploration durant cette période, principalement pour faire avancer des projets en Arizona et en Colombie-Britannique.
Les points clés incluent des résultats positifs de l'
Au 24 septembre 2024, la position de trésorerie de Copper Fox était de 1 145 000 dollars. L'entreprise continue d'avancer ses projets de cuivre, avec des tests métallurgiques en cours et des études de base environnementales à Schaft Creek qui devraient être complétées au quatrième trimestre de 2024.
Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) hat seine Finanzzahlen für das 3. Quartal 2024 bekannt gegeben. Das Unternehmen berichtete von einem Nettoverlust von 826.730 US-Dollar für die neun Monate bis zum 31. Juli 2024, verglichen mit 882.395 US-Dollar im selben Zeitraum des Vorjahres. Copper Fox hat in diesem Zeitraum 825.069 US-Dollar für Erkundungsausgaben verwendet, hauptsächlich zur Förderung von Projekten in Arizona und British Columbia.
Zu den wichtigsten Highlights gehören positive Ergebnisse aus der geotechnischen Studie von Van Dyke, Fortschritte bei den Genehmigungen für das Bohrprogramm von Mineral Mountain und der Abschluss des Feldteils des Jahresprogramms der Schaft Creek Joint Venture, das mit 18,7 Millionen kanadischen Dollar budgetiert ist. Das Unternehmen hat auch eine nicht vermittelte Privatplatzierung abgeschlossen und 1.125.520 US-Dollar gesammelt, sowie nach dem Ende des Quartals 900.000 US-Dollar aus der Ausübung von Warrants erhalten.
Zum 24. September 2024 betrug die Liquiditätsposition von Copper Fox 1.145.000 US-Dollar. Das Unternehmen entwickelt weiterhin seine Kupferprojekte, wobei laufende metallurgische Tests und Umweltgrundlagenstudien in Schaft Creek fertiggestellt werden sollen, die für das 4. Quartal 2024 erwartet werden.
- Completed a non-brokered private placement raising $1,125,520
- Received $900,000 from the exercise of 3,600,000 warrants after quarter-end
- Positive results from Van Dyke geotechnical study, supporting PFS-level design
- Extended mineralization at Schaft Creek approximately 250m to the north
- Completed camp upgrades at Schaft Creek to support future programs of up to 85 people
- Net loss of $826,730 for the nine months ended July 31, 2024
- Cash position decreased to $689,082 as of July 31, 2024, from $1,368,852 on October 31, 2023
- Metallurgical testwork at Schaft Creek progressing slower than expected
Calgary, Alberta--(Newsfile Corp. - September 25, 2024) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its unaudited interim consolidated July 31, 2024, financial statements have been filed on SEDAR+.
For the nine months ended July 31, 2024, Copper Fox had a net loss of
During the nine months ended July 31, 2024, the Company incurred
Elmer B. Stewart, President and CEO of Copper Fox stated, "During the Quarter, the positive results from the geotechnical study at Van Dyke included a safer, faster and more environmentally friendlier method to develop the decline and that the project's geotechnical data was sufficient to meet the threshold for a prefeasibility study (PFS). The permitting process to allow completion of the four-drillhole "maiden" drilling program at Mineral Mountain and the surface exploration at Sombrero Butte are progressing. The stream water sampling program completed at Eaglehead during the Quarter showed no appreciable changes in the water quality since inception of the program in 2021.
At Schaft Creek, the Schaft Creek Joint Venture (SCJV) completed the field portion of the most comprehensive annual program since formation of the joint venture, budgeted at C
2024 Q3 Highlights
- On May 22, 2024, the Company provided an update on the application to obtain a permit to conduct drilling operations at its
100% owned exploration stage Mineral Mountain porphyry copper property. - On May 30, 2024, the Company provided an update on its
100% owned Sombrero Butte project which included planning a deep penetrating geophysical survey to define the size and the chargeability anomalies underlying Target #1 and #2. - On June 18, 2024, the Company announced that the 2024 field program at the Schaft Creek project is underway.
- On July 10, 2024, the Company announced the results of the geotechnical investigation at Van Dyke copper project. Call & Nicholas was contracted to collect geotechnical data in support of a planned prefeasibility-level design study of a decline from which to establish injection and recovery well stations to enable leaching of the oxidized portion of the Van Dyke copper deposit. Highlights of the geotechnical investigation are as follows:
- The current drillhole data coverage will support a PFS.
- Geotechnical parameters of the Gila Conglomerate are generally consistent, and match expected ranges of the Gila Conglomerate in other parts of the Globe-Miami Mining District.
- A preliminary assessment of the rock quality of the Gila Conglomerate suggests that excavation of the spiral decline utilizing a road header is viable.
- Shotcrete and rock bolting will be required for permanent ground support.
- When excavating the decline, a two-pass ground support strategy will consist of a first-pass flash coat (two inches) of shotcrete and a second pass consisting of rock bolts and a final coat of shotcrete.
- On July 17, 2024, the Company extended the porphyry trend at Mineral Mountain and suggested the introduction of several phases of molybdenite mineralization during emplacement of the porphyry system.
- The field portions of the archeological, cultural, and biological investigations required to complete the Environmental Review (ER) have been completed. Results are being compiled.
- The ER and Solicitation of Public Comments on the Plan of Operations is expected to take approximately four to six months to complete with an estimated cost of US
$45,000. The estimated timeline and costs are subject to change contingent on amendments to the scope of work that could be requested by either Federal or State authorities. - Utilization of fertility indices supports the porphyry potential of the Laramide-age Mineral Mountain intrusive and has extended the potential strike length of this mineralized trend approximately three kilometers to the northeast.
- Indicators of distal to proximal hydrothermal activity related to porphyry-style mineralization have been identified within Target #1, #2, and #3.
- On July 31, 2024, the Company completed a non-brokered private placement for a total of 5,116,000 units at
$0.22 per unit for aggregate gross proceeds of$1,125,520.
Subsequent to the Quarter-end
On September 24, 2024, the Company provided an update on the Schaft Creek Project. Highlights of the program are as follows:
- The 2024 Geotechnical Drilling Program has been completed with 6 drillholes totalling 2,472 meters (m).
- Three of the six geotechnical holes intersected significant intervals of porphyry style mineralization.
- The mineralization intersected in DDH SCK-24-472 extended the hydrothermal breccia of the Paramount zone approximately 250 m to the north.
- Lock cycle testing of the rougher concentrate samples is underway. The metallurgical testwork is expected to be completed by the end of Q4 2024.
- Environmental Baseline data collection continues with surface and ground water sampling and hydrological measurements taken on a monthly basis as well as meteorology, fish and glacial surveys.
- Archaeology investigations were conducted in the area around the proposed Tailing Management (TMF) and Rock Storage (RSF) facilities.
- Final reports on the 2023 Environmental Baseline programs are under review.
- Camp upgrades have been completed to support future programs of up to 85 people, including the commissioning of the solar and battery power system.
Subsequent to July 31, 2024, the Company received
Elmer B. Stewart, MSc. P. Geol., President of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
Selected Financial Results
| 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
| July 31, 2024 | April 30, 2024 | January 31, 2024 | October 31, 2023 | |||||||||
| Loss before taxes | $ | 293,185 | $ | 302,668 | $ | 230,877 | $ | 232,117 | ||||
| Net loss | 293,185 | 302,668 | 230,877 | 232,117 | ||||||||
| Comprehensive (gain) / loss | 199,184 | (167,103) | 905,445 | (602,417) | ||||||||
| Comprehensive loss per share, basic and diluted | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
| 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
| July 31, 2023 | April 30, 2023 | January 31, 2023 | October 31, 2022 | |||||||||
| Loss before taxes | $ | 348,787 | $ | 254,018 | $ | 279,590 | $ | 461,137 | ||||
| Net loss | 348,787 | 254,018 | 279,590 | 401,137 | ||||||||
| Comprehensive (gain) / loss | 870,509 | (43,966) | 563,026 | (668,062) | ||||||||
| Comprehensive loss per share, basic and diluted | 0.00 | 0.00 | 0.00 | 0.00 |
Liquidity
As at July 31, 2024, the Company's cash position was
About Copper Fox
Copper Fox is a Tier 1 Canadian resource company focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the
On behalf of the Board of Directors,
Elmer B. Stewart
President and Chief Executive Officer
For additional information please contact:
Fidel Montegu at 1-844-464-2820 or investor@copperfoxmetals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information in this news release include statements about; positive results from the geotechnical study at Van Dyke and that the geotechnical data is sufficient for a PFS; obtaining permits for a "maiden" drilling program at Mineral Mountain and the surface exploration at Sombrero Butte are progressing; the stream water sampling at Eaglehead showed no appreciable changes; and that the drilling at Schaft Creek filled in geotechnical gaps and extended the mineralization to the north.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, financial, and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are reasonable; the costs and results of planned exploration activities are as anticipated; and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, the Van Dyke project may not progress to the PFS stage; exploration permits may not be received; surface exploration may not progress as planned; metallurgical testwork results may not be received or provide the information expected; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; copper prices and demand may fluctuate; currency exchange rates may fluctuate; conditions in the financial markets may deteriorate; trading prices of the Company's common shares may decrease below the exercise price of any outstanding warrants of the Company; and uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedarplus.ca. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224488
FAQ
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