- Faraday Copper (FDY) reports a net loss of $7.82 million for Q1 2025, up from a $5.50 million loss in Q1 2024.
- The company completed Phase III drilling at Copper Creek, featuring 79 drill holes covering 30,069 meters.
- Cash reserves fell to $7.55 million at the end of March 2025, down from $17.00 million in December 2024.
Faraday Copper Corp. (FDY) has released its financial results for the first quarter ending March 31, 2025. The exploration company recorded a net loss of $7.82 million, translating to $0.04 per share, compared to a $5.50 million loss, or $0.03 per share, in the same period last year. The escalating financial loss coincides with increased exploration costs and reduced cash reserves.
The company's cash position declined substantially to $7.55 million as of March 31, 2025, from $17.00 million at the end of 2024. The decreased cash reserves highlight the financial pressure accompanying Faraday's extensive drilling activities and other operational outlays, which will necessitate further funding to sustain operations and fulfill its strategic business targets.
On the operational front, Faraday Copper achieved significant milestones at its Copper Creek Project, completing Phase III drilling with 79 drill holes and 30,069 meters. Prominent results included a 56.57-meter intersection with 0.59% copper at the Boomerang breccia and a 47.95-meter intersection at 0.74% copper within a broader 304.40-meter zone at 0.35% copper in the American Eagle Area.
The firm's ongoing exploration initiatives reflect its commitment to enhancing its resource base, with plans to release an updated technical report by Q3 2025. This report will integrate nearly 40,000 meters of additional drilling data accrued from the recently concluded Phase II and III programs, underpinning the potential for resource expansion.
As Faraday Copper propels its exploration and technical studies forward, metallurgical tests have reinforced high copper recovery via coarse grind and flotation methods. Concurrently, the company continues its environmental data collection and stakeholder mapping activities at Copper Creek to secure necessary operational permits and community support.
