How Copper Fox Metals ($CUU | $CPFXF) Is Building a Diversified Copper Portfolio
Nordic Funds Jul 15, 2026
Summary
Copper Fox holds a carried 25% interest in Schaft Creek, meaning joint-venture partner Teck funds all costs through to production.
New Schaft Creek metallurgical results suggest a coarser grind, which could cut capital costs, operating costs, and energy use.
The 100%-owned Van Dyke project plans in-situ copper recovery — no open pit, with roughly 10% of conventional mine capital costs.
The CEO argues Mineral Mountain's maiden drilling confirms a new porphyry copper discovery in Arizona.
Big mines take about five years to build, and the CEO argues that lag will extend today's copper cycle.
Elmer Stewart's takeaways
- Top takeaway Argues the current commodity cycle has serious strength and will run for a long time because big mines take about five years to build, leaving the industry unable to supply demand - he is bullish on copper and also on molybdenum, gold, and silver.
- Asserts Mineral Mountain is a new porphyry copper discovery in Arizona: the first hole hit the porphyry shoulder, the second got closer to the system before drilling difficulties stopped it, and a follow-up program is planned once final analytical results arrive, with the hole left re-enterable.
- Says the 2026 Schaft Creek metallurgical results raise the possibility of a coarser grind, which he expects to lower capital, operating, and energy costs and potentially increase daily mill throughput, with high-pressure grinding rolls under review.
- Positions 100%-owned Van Dyke as the company's key source of optionality - once the PEA is finished the board can seek a partner, keep developing it, or sell - unlike Schaft Creek, where a joint venture partner is already in place.
- Defends the North America-only, tier-one jurisdiction strategy (British Columbia and Arizona) that he persuaded the board to adopt when he became president in 2009, citing rule of law, short travel distances, and good access.