Copper Fox Metals Inc. (CUU:TSX.V; CPFXF:OTCQX; HPR:FRA) recently announced that the Bureau of Land Management has accepted the Surety Bond for the Mineral Mountain Plan of Operation to conduct an exploratory drill program. Read on to see why Atrium Research rates this stock as a Buy.
On July 10, 2025, Atrium Research analysts Ben Pirie and Nicholas Cortellucci maintained a Buy rating on Copper Fox Metals Inc. (CUU:TSX.V; CPFXF:OTCQX; HPR:FRA) with an unchanged target price of CA$0.50, representing 104% upside from the share price at the time of the report of CA$0.25.
The analysts cited the Bureau of Land Management's acceptance of the Surety Bond for the Mineral Mountain Plan of Operation as enabling the company to commence its first-ever drill program on the wholly owned property.
Copper Fox Metals Inc. announced that the Bureau of Land Management has accepted the Surety Bond for the Mineral Mountain Plan of Operation to conduct an exploratory drill program. The acceptance of the Surety Bond represented the final step required to commence drilling operations on the company's wholly owned Mineral Mountain property.
The company is currently soliciting bids from four Arizona-certified drilling contractors for a program consisting of up to four diamond drill holes totaling 2,500 meters. The program is designed to test two areas of higher chargeability exceeding 18 milliradians within a 3.2-kilometer by 1.2-kilometer chargeability anomaly that lies beneath a 3.4-kilometer by 1.6-kilometer porphyry copper footprint. The drill program is expected to commence in the third quarter of 2025 once summer temperatures subside.
The Mineral Mountain Project represents an early-stage porphyry copper exploration target located in Pinal County, Arizona, within the Globe-Miami-Santa Cruz porphyry trend. Copper Fox holds 100% interest in the project, which shares characteristics with Tier 1 copper systems within the belt, including Resolution owned by Rio Tinto Plc (RIO:NYSE; RIO:ASX; RIO:LSE; RTNTF:OTCMKTS) and BHP Billiton Ltd. (BHP:NYSE; BHPLF:OTCPK), which hosts approximately 59 billion pounds of contained copper at 1.5% copper grade.
The project covers a 3.4 kilometer by 1.6 kilometer zone of gold-enriched porphyry copper style mineralization associated with the chargeability anomaly hosted in porphyritic granodiorite and quartz monzonite phases of the Laramide age Mineral Mountain intrusive.
On June 23, 2025, Copper Fox announced the assembly of a multidisciplinary project team to develop an Execution Plan for advancing its 100%-owned Van Dyke In-Situ Copper Recovery Project in Arizona to the Pre-Feasibility Study stage. The initiative follows a 2020 Preliminary Economic Assessment that demonstrated strong project economics and copper price sensitivity, with a US$0.25 per pound copper price increase adding approximately US$90 million in after-tax net present value.
The Execution Plan will define the scope, cost, and timeline required for a full Pre-Feasibility Study, marking the first step in a phased de-risking approach. Management emphasized Van Dyke's potential to deliver low-impact copper production and regional economic benefits.
Copper Fox maintains a market capitalization of CA$140.9 million based on 575.1 million fully diluted in-the-money shares. The company holds CA$0.2 million in cash and CA$0.1 million in debt, resulting in an enterprise value of CA$140.8 million. Average daily trading volume is 101,500 shares.
The company's resource portfolio includes 4.4 billion pounds of copper equivalent in measured and indicated resources and 3.0 billion pounds in inferred resources, totaling 7.3 billion pounds globally. The Schaft Creek 2021 Preliminary Economic Assessment demonstrated a net present value of US$842.0 million at 8% discount rate and US$3.25 per pound copper, while the Van Dyke 2020 Preliminary Economic Assessment showed US$645.0 million net present value at 7.5% discount rate and US$3.15 per pound copper.
Copper Fox operates as a North American copper exploration and development company with a portfolio of advanced-stage and early-stage porphyry copper projects in Canada and the United States. The company's principal assets include the Van Dyke project in Arizona and the Schaft Creek Joint Venture with Teck Resources Ltd. (TECK:TSX; TECK:NYSE) in British Columbia.
The company also holds 100% interests in the Eaglehead, Sombrero Butte, and Mineral Mountain projects, all located in established Tier 1 copper mining jurisdictions. Current catalysts include the Schaft Creek 2025 program and advancement to Pre-Feasibility Study stage, Van Dyke advancement to Pre-Feasibility Study stage, and ongoing work at Mineral Mountain, Eaglehead, and Sombrero Butte properties.
The analysts' valuation methodology assigns a net present value per share of US$2.59, resulting in a price-to-net present value ratio of 0.1x and enterprise value per pound of measured and indicated resources of US$0.02 per pound. The upcoming Mineral Mountain drill program represents the first known drilling campaign on the property and could provide significant value catalysts for the exploration portfolio.
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