Business
Faraday Copper Reports Q2 2023 Financial Results
VANCOUVER, BC / ACCESSWIRE / August 8, 2023 / Faraday Copper Corp. (" Faraday " or the " Company...
About this update from Faraday Copper Corp
[{"type":"text","content":"Faraday Copper Reports Q2 2023 Financial ResultsVANCOUVER, BC / ACCESSWIRE / August 8, 2023 / Faraday Copper Corp. (\"Faraday\" or the \"Company\") (TSX:FDY) announces its financial results for the three and six months ended June 30, 2023.Year-to-Date HighlightsAnnounced results from a Preliminary Economic Assessment (\"PEA\") and an updated Mineral Resource Estimate (\"MRE\") for the Copper Creek Project on May 3, 2023 which included:Post-tax Net Present Value (7%) of US$713 million and Internal Rate of Return of 16%.Updated MRE outlining 4.2 billion pounds of copper Measured and Indicated Mineral Resources, and 628 million pounds of copper Inferred Mineral Resources.Acquired a land package for $13.7 million (US$10 million) on March 6, 2023, consisting of approximately 6,000 deeded acres (private land) within 32,000 acres of grazing leases as part of a land consolidation strategy around the Copper Creek Project.Completed a bought deal financing on February 14, 2023, for a total of 49,999,700 common shares sold at a price of $0.80 per common share for aggregate gross proceeds to the Company of $39,999,760.Announced results for the Copper Creek Project drill program on August 1, 2023, July 12, 2023, May 31, 2023, May 16, 2023, March 14, 2023, February 23, 2023, January 31, 2023 and January 17, 2023.Completed the Phase II drill program with all results released, 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 Milestones at Copper CreekQ3 2023 - Commence metallurgical program for grind size optimization, gold deportment, and further test work on near surface mineralizationQ3 2023 - Release initial results from the gold assaying program of historical drill coreQ4 2023 - Initiate Phase III drill programFinancial Results Three months ended Six months ended In Canadian dollars June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Exploration and evaluation expenses $4,170,334 $3,707,052 $9,409,364 $6,204,014 General and administration $319,721 $563,837 $1,199,750 $925,844 Share-based compensation $618,688 $1,612,575 $1,308,771 $2,618,865 Net Loss $5,497,051 $6,603,853 $12,665,010 $10,629,850 Basic and Dil...