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Faraday Copper Signs Letter of Intent to Acquire BHP's San Manuel Property in Arizona, Creating a Multi-Asset Copper District in the USA
VANCOUVER, BC / ACCESS Newswire / February 20, 2026 / Faraday Copper Corp. ("Faraday") (TSX:FDY)(OTCQX:CPPKF) is pleased to announce it has entered into a non-binding letter of intent ("LOI") with a wholly owned subsidiary of BHP Group Limited ("BHP") ...
About this update from Faraday Copper Corp
[{"type":"text","content":"VANCOUVER, BC / ACCESS Newswire / February 20, 2026 / Faraday Copper Corp. ("Faraday") (TSX:FDY)(OTCQX:CPPKF) is pleased to announce it has entered into a non-binding letter of intent ("LOI") with a wholly owned subsidiary of BHP Group Limited ("BHP") in respect of a proposed transaction whereby Faraday would acquire from BHP the San Manuel property ("San Manuel"), adjacent to Faraday's Copper Creek project ("Copper Creek"), located in Arizona, USA (Figure 1).","length":518,"tagName":"p"},{"type":"text","content":"Under the terms of the LOI, Faraday and BHP will negotiate and, subject to obtaining all necessary approvals, enter into a definitive purchase and sale agreement containing customary terms and conditions for a transaction of this nature, whereby Faraday would acquire 100% of San Manuel (the "Proposed Transaction"). As consideration for the Proposed Transaction, Faraday would issue to BHP common shares of Faraday (the "Consideration") equivalent to a 30% interest in the issued and outstanding common shares on a fully diluted basis as of the date of closing. In addition, BHP will be granted customary investor rights provided it maintains a minimum shareholding requirement. Closing of the Proposed Transaction will be governed by the terms of the definitive purchase and sale agreement and is expected by the end of the third quarter of 2026.","length":868,"tagName":"p"},{"type":"text","content":"Paul Harbidge, President and CEO of Faraday, commented, "This agreement provides the opportunity for a transformative acquisition as it looks to consolidate two adjacent and complementary assets in the heart of the Arizona copper corridor at a time when sourcing of critical minerals within the USA is essential. The combined project has the potential to become a multi-generational copper district delivering made-in-America copper, while providing significant economic opportunities to the local communities. This would allow for the optimization of infrastructure and minimized environmental footprint compared to each project advancing independently. I am delighted for the opportunity to have BHP join Faraday as a strategic investor."","length":750,"tagName":"p"},{"type":"text","content":"Catherine Raw, Chief Development Officer of BHP, commented, "...