Fox Tungsten Raises $12M to Expand Resource and Advance Exploration

Why It Matters

With tungsten demand soaring for defense and clean‑energy applications, Fox’s funded expansion could secure a strategic supply source and generate substantial upside for investors.

Key Takeaways

• Fox Tungsten closed $12 million financing, its largest capital raise.
• Funding fully backs summer drilling program to expand resource.
• Company aims to increase inferred resource and deliver 2027 PEA.
• Project sits on 400 km² land with tungsten, molybdenum, copper potential.
• Market demand for tungsten at all‑time highs supports growth outlook.

Summary

Fox Tungsten announced the closing of a $12 million bought‑deal financing, the largest capital raise in the company’s history. The cash infusion leaves the firm fully funded for its planned summer drilling campaign.

The funding will support an aggressive drill program aimed at expanding the inferred tungsten resource, with roughly 75 % of the work dedicated to resource growth. A resource update and a preliminary economic assessment (PEA) are slated for early 2027, while parallel early‑stage exploration will target additional zones at Fox and the nearby Silver Boss project.

CEO Steve Gray highlighted that Fox’s southern‑British Columbia deposit is among the highest‑grade tungsten projects worldwide and noted that global tungsten prices are at all‑time highs. He also pointed to a 400 km² land package that hosts not only tungsten but also molybdenum and copper targets identified through recent geophysical surveys.

The capital raise positions Fox to capitalize on surging demand for critical minerals, potentially elevating it to a leading supplier of tungsten. Successful resource expansion and a positive PEA could unlock significant shareholder value and attract further investment in the sector.

Original Description

Fox Tungsten CEO Steve Gray joined Steve Darling from Proactive to discuss the successful completion of a bought deal financing, raising just over $12 million to fund the company’s next phase of exploration. Gray described the raise as a “transformational deal,” marking the largest financing in the company’s history and significantly strengthening its balance sheet.

With funding now secured, Fox Tungsten is fully financed for its upcoming summer drill program, which will focus primarily on expanding its existing resource base. Gray noted that approximately 75% of planned drilling will target growth of the inferred resource, with the objective of delivering an updated resource estimate followed by a preliminary economic assessment (PEA) in early 2027.

He pointed to strong investor demand for the financing, driven by both the quality of the project and favorable market conditions. Tungsten prices are currently at record highs, creating a supportive backdrop for development. Gray emphasized that Fox Tungsten is well positioned to benefit from these dynamics, particularly given the high-grade nature of its project in southern British Columbia.

Beyond resource expansion, the company is also advancing earlier-stage exploration across its extensive 400-square-kilometre land package. This includes targeting additional mineralization potential not only for tungsten, but also for molybdenum and copper. Upcoming exploration efforts will build on previously identified geophysical targets, aiming to unlock further value across the broader property.

With a strong treasury, active drill plans, and exposure to multiple critical minerals, Fox Tungsten is positioning itself to capitalize on both near-term exploration success and longer-term development opportunities.

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