Fox Tungsten raises $12M to expand resource and advance Exploration

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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