Faraday Copper Corp. Announces Letter of Intent to Acquire BHP’s San Manuel Property

VANCOUVER, BC – Faraday Copper Corp. (TSX: FDY, OTCQX: CPPKF) announced on 20 February 2026 that it has entered into a non‑binding letter of intent (LOI) with a wholly owned subsidiary of BHP Group Limited (“BHP”) to acquire the San Manuel property in Arizona, United States. The San Manuel site lies adjacent to Faraday’s existing Copper Creek project, and the proposed acquisition is intended to create a multi‑asset copper district within the Arizona copper corridor.

Transaction Structure

  • Asset to be acquired: 100 % of the San Manuel property.
  • Consideration: Faraday will issue BHP common shares equivalent to a 30 % interest in Faraday’s fully diluted issued and outstanding common shares at closing.
  • Investor rights: BHP will receive customary investor rights contingent on maintaining a minimum shareholding.
  • Closing timeline: Expected by the end of the third quarter of 2026, subject to approval of a definitive purchase and sale agreement and regulatory consent.

Strategic Rationale

Faraday’s President and Chief Executive Officer, Paul Harbidge, stated that the LOI “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 Copper Creek and San Manuel projects are projected to become a multi‑generational copper district, enhancing the company’s production capacity and supporting the electrification of modern society.

Market Context

  • Stock performance: As of 18 February 2026, Faraday traded at CAD 3.41, with a 52‑week high of CAD 3.545 reached on 27 January 2026 and a 52‑week low of CAD 0.72 on 13 April 2025.
  • Market capitalization: Approximately CAD 850 million.

The announcement is expected to influence investor sentiment and market valuation, given the strategic expansion into U.S. copper assets and the potential for increased resource base and production output.