Fox Tungsten raises $12M, funds 2026 drilling – ICYMI

Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) earlier this week reported the successful completion of a bought deal financing, raising just over $12 million to advance its flagship tungsten project in southern British Columbia, with CEO Stephen Gray highlighting the raise as a significant milestone for the company.

Proactive: Welcome back inside our Proactive newsroom. Joining me now is Stephen Gray, CEO of Fox Tungsten. Stephen, great to see you again. How are you?

Stephen Gray: I’m doing great. Thanks for having me on.

Good to have you along. Exciting news as the company has completed its bought deal financing, raising just over $12 million. Great support for the company.

That’s right. This is a transformational deal for the company. This is the biggest raise we’ve ever done. And now that we have $12 million on our balance sheet, we’re fully funded for our drill program this summer.

What were investors saying as they came in? There seems to be strong support tied to the project.

That’s right. I think it’s the project, but also the tungsten market more generally. We’ve seen huge demand for critical minerals, and tungsten is at all-time highs. For Fox, which is among the highest-grade tungsten projects in the world in southern BC, we’re uniquely positioned to capitalize on this momentum. Now we have the funding, and we need to get to work.

There’s a lot planned this summer. What should investors expect?

Our main focus this year will be growing the Fox Tungsten resource and then completing a PEA. About 75% of drilling will go toward maximizing the inferred resource. We’ll then deliver a resource update and PEA in early 2027. In parallel, we’ll conduct early-stage exploration to generate new targets at both Fox and Silver Boss.

Let’s talk about the broader land package. There’s more potential beyond the current focus area.

Absolutely. We have a 400 square kilometre land package with potential for tungsten, molybdenum, and copper. We’ve identified exciting targets from last summer’s geophysics and will follow up with drilling this year.

And the PEA timing?

That will be early 2027. We need drilling and assay results first, which will feed into the study.

Great. Thanks.

Thanks. Great to see you again.

Quotes have been lightly edited for style and clarity