Faraday Copper Reports Third Quarter 2024 Financial Results
Faraday Copper reported its Q3 2024 financial results, highlighting significant drilling results at the Copper Creek Project. Notable intersections include 22.65m at 1.31% copper within 50.20m at 0.74% copper at Banjo breccia, and 117.83m at 1.12% copper within 259.98m at 0.68% copper. The company completed a bought deal financing raising $23 million through share issuance. Financial results show exploration expenses of $3.47M for Q3 2024, with a net loss of $4.34M ($0.02 per share). The company plans to release an updated technical report in H1 2025.
Faraday Copper ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando risultati significativi di perforazione presso il Copper Creek Project. Le intersezioni notevoli includono 22.65m a 1.31% di rame all'interno di 50.20m a 0.74% di rame nella breccia di Banjo, e 117.83m a 1.12% di rame all'interno di 259.98m a 0.68% di rame. L'azienda ha completato un finanziamento tramite acquisto, raccogliendo 23 milioni di dollari attraverso l'emissione di azioni. I risultati finanziari mostrano spese per esplorazione di 3.47M di dollari per il terzo trimestre del 2024, con una perdita netta di 4.34M di dollari (0.02 dollari per azione). L'azienda prevede di pubblicare un rapporto tecnico aggiornato nel primo semestre del 2025.
Faraday Copper ha informado sobre sus resultados financieros del tercer trimestre de 2024, destacando resultados significativos de perforación en el Copper Creek Project. Las intersecciones notables incluyen 22.65m a 1.31% de cobre dentro de 50.20m a 0.74% de cobre en la brecha de Banjo, y 117.83m a 1.12% de cobre dentro de 259.98m a 0.68% de cobre. La compañía completó un financiamiento mediante una oferta comprada, recaudando $23 millones a través de la emisión de acciones. Los resultados financieros muestran gastos de exploración de $3.47M para el tercer trimestre de 2024, con una pérdida neta de $4.34M ($0.02 por acción). La empresa planea publicar un informe técnico actualizado en el primer semestre de 2025.
파라데이 구리는 2024년 3분기 재무 결과를 보고하며 구리 크릭 프로젝트에서의 중요한 시추 결과를 강조했습니다. 주목할 만한 교차점으로는 50.20m의 0.74% 구리 내에서 1.31% 구리의 22.65m가 포함되고, 259.98m의 0.68% 구리 내에서 1.12% 구리의 117.83m가 포함됩니다. 이 회사는 주식 발행을 통해 2,300만 달러를 모금하는 매수 거래 금융을 완료했습니다. 재무 결과는 2024년 3분기 탐사 비용이 3.47M 달러이며, 순손실이 4.34M 달러($0.02 per 주식)로 나타났습니다. 이 회사는 2025년 상반기에 업데이트된 기술 보고서를 발표할 계획입니다.
Faraday Copper a annoncé ses résultats financiers pour le troisième trimestre de 2024, mettant en évidence des résultats de forage significatifs au Copper Creek Project. Les intersections notables comprennent 22,65 m à 1,31 % de cuivre dans 50,20 m à 0,74 % de cuivre au niveau de la brèche Banjo, et 117,83 m à 1,12 % de cuivre dans 259,98 m à 0,68 % de cuivre. La société a complété un financement par placement privé, levant 23 millions de dollars par l'émission d'actions. Les résultats financiers montrent des dépenses d'exploration de 3,47 M $ pour le troisième trimestre de 2024, avec une perte nette de 4,34 M $ (0,02 $ par action). La société prévoit de publier un rapport technique mis à jour au premier semestre de 2025.
Faraday Copper hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei bedeutende Bohrergebnisse beim Copper Creek Project hervorgehoben. Bemerkenswerte Schnitte umfassen 22,65 m mit 1,31 % Kupfer innerhalb von 50,20 m mit 0,74 % Kupfer in der Banjo-Breccie und 117,83 m mit 1,12 % Kupfer innerhalb von 259,98 m mit 0,68 % Kupfer. Das Unternehmen hat eine „Bought Deal“-Finanzierung abgeschlossen und 23 Millionen Dollar durch die Emission von Aktien gesammelt. Die finanziellen Ergebnisse zeigen Erkundungsausgaben von 3,47 Mio. USD für das dritte Quartal 2024, mit einem Nettoverlust von 4,34 Mio. USD (0,02 USD pro Aktie). Das Unternehmen plant die Veröffentlichung eines aktualisierten technischen Berichts im ersten Halbjahr 2025.
- Successful drilling results with high-grade copper intersections at Banjo breccia
- Completed $23M financing through bought deal
- Metallurgical results showed over 95% copper recoveries
- Gold potential identified in certain mineralization phases
- Net loss increased to $4.34M in Q3 2024 from $2.55M in Q3 2023
- Exploration expenses increased to $3.47M from $1.63M year-over-year
- Share dilution from 28.75M new shares issued
November 4, 2024 - Vancouver, British Columbia - Faraday Copper Corp. ("Faraday" or the "Company") (TSX:FDY) announces its financial results for the three months ended September 30, 2024.
Highlights Year to Date
Reported 22.65 metres ("m") at
1.31% copper within 50.20 m at0.74% copper near surface at the Banjo breccia, on October 17, 2024.Reported 117.83 m at
1.12% copper within 259.98 m at0.68% copper at the Banjo breccia, on September 24, 2024.Reported 117.90 m at
1.01% copper within 269.65 m at0.64% copper, the discovery hole for the high-grade Banjo breccia in the American Eagle area, on August 21, 2024.Reported 29.08 m at
0.62% copper within 190.25 m at0.23% copper in at the Prada breccia in the American Eagle area, on July 25, 2024.Reported 20.07 m at
1.20% copper within 100.29 m at0.42% copper in the American Eagle area, on June 25, 2024.Completed a bought deal financing for a total of 28,750,000 common shares sold at a price of
$0.80 per common share for aggregate gross proceeds to the Company of$23,000,000 , on May 30, 2024.Reported 42.05 m at
0.41% copper expanding the near surface mineralization at Area 51, on May 14, 2024.Reported new gold assay results from the Keel Zone including 0.28 g/t gold and confirming
1.34% copper over 103.64 m, on May 7, 2024.Announced approval from the Bureau of Land Management for Notice of Intent to conduct drilling at the Copper Creek Project, on May 2, 2024.
Reported 117.00 m at
0.40% copper near surface, including 23.37 m at0.60% copper at Old Reliable and drilling success continuing at Area 51, on April 10, 2024.Reported positive metallurgical results for the Copper Creek Project demonstrating over
95% copper recoveries at coarse grind sizes and high-quality copper concentrate, on February 26, 2024.Reported 163.11 m at
0.85% copper within 380.60 m at0.62% copper in the American Eagle, on February 21, 2024.Reported new mineralized breccias (Starship and Eclipse) 800 m southeast of the existing mineral resource, on January 16, 2024 and March 4, 2024, respectively.
Continued baseline environmental data collection, stakeholder mapping, and generative exploration targeting at the Copper Creek Project to provide a pipeline of future targets through ongoing geological mapping and recently reprocessed and newly acquired geophysical data.
Upcoming Copper Creek Project Milestones
Ongoing results from the Phase III drill program
Updated technical report in the first half of 2025
Copper Creek Project Update
With extensive historical exploration, over 200,000 m of drilling and modest past production, significant exploration upside remains. There are several hundred known breccia occurrences mapped at surface, of which less than
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 MRE. A sampling program to gather sufficient data coverage for potential gold inclusion in future technical studies is largely complete. The results from the Childs Aldwinkle and Copper Prince breccias, as well as the Keel underground zone have been returned. The Company continues to evaluate other areas for potential inclusion of gold in future mineral resource updates.
The Company has reported results from a metallurgical program 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 ongoing Phase III drill program commenced in the fourth quarter of 2023. The program's framework is based on historical work, knowledge from the geological and recently updated 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 PEA base case.
The current focus of drilling is on the near-surface mineralization in the American Eagle and Rum areas. To date, through the combined Phase II and Phase III drill programs, which are not included in the MRE or PEA, the Company has released results from 65 drill holes as follows:
38 drill holes were drilled on new targets that are entirely outside of the resource boundary;
20 drill holes were step-out holes testing extensions to the mineral resource; and
7 drill holes were drilled within the resource area, targeting expansion of the higher-grade cores.
The Company expects to include over 30,000 m of incremental drilling to a resource update planned for 2025.
The Company is focusing on exploration at the property while continuing to advance technical studies, environmental data gathering, and stakeholder outreach.
Financial Results
In Canadian dollars | Three months ended | Nine months ended | ||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |
Exploration and evaluation expenses | ||||
General and administration | ||||
Share-based compensation | 1,885,728 | |||
Net loss | 15,215,034 | |||
Basic and diluted loss per share | 0.09 | |||
Note: The financial information in this table was selected from the Company's condensed interim consolidated financial statements for the three months ended September 30, 2024 (the "Financial Statements"), which are available on SEDAR+ at www.sedarplus.ca and the Company's website www.faradaycopper.com.
Selected Financial Information
View the original press release on accesswire.com
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