Fox Tungsten is focusing its 100%-owned Fox Tungsten project, about 70 km northeast of 100 Mile House in BC’s South Cariboo region. It’s a high-grade scheelite skarn deposit hosted in stacked, flat-lying calc-silicate horizons. The 2018 resource is 582,400 t at 0.83% WO3 Indicated plus 565,000 t at 1.23% WO3 Inferred, spread across the RC, BN and BK zones. They also hold Silver Boss, an early-stage moly-copper-gold-silver property surrounding Glencore’s closed Boss Mountain moly mine. In this interview, we talked about the 20,000m drill program, the path to a PEA, permitting, and how long the cash lasts.
TL;DR
Steve told me the whole plan comes down to two steps. First, finish the 20,000 m program, which is the largest in the property’s history. Second, feed it into a resource update in Q1 2027 and a PEA in May 2027. No assays are back yet. He said visible scheelite under UV is showing up in most resource-expansion holes, and that the BN and RC zones look like one continuous system rather than separate zones. The target is to double the resource to roughly 3 million tonnes, supporting a roughly 1,000 t/day mine with about a 9-year life. He gave rough figures for what that could look like: about C$200M capex, US$500 to 600M a year in revenue at spot, and a one-year payback. Those are his back-of-envelope numbers, not study results. They’re funded through the PEA but expect to raise equity again in May or June 2027.
What have they done for shareholders lately?
They sold the old copper asset to Metal Energy about two years ago, so the company is now purely tungsten. Since Steve joined in November 2025, they’ve rebuilt the team almost entirely: mostly new board, new QP, VP Exploration, CFO, corporate secretary and projects team. The drill program is running with three rigs on Fox, and he signed a contract for a fourth rig that will go to Silver Boss. They’ve reported visible scheelite in resource-expansion holes and new zones at Fox North, though Fox North won’t make it into the PEA. They also received a BC Fish and Wildlife exemption to extend a road inside the caribou habitat area, on top of their existing exploration exemption. Metallurgy, XRT sorting and resource model work are already underway.
How much money do they have and what are they spending it on?
They raised almost C$13M in April 2026. Most of it was charity flow-through at C$0.24, with a smaller hard-dollar portion at about C$0.16. Both came with half a warrant at C$0.22 for three years. Steve said they started the drill program with about C$15M and are fully funded through the drilling, test work and the May 2027 PEA. He expects to have C$3 to 4M left after that, which covers overhead but not the 2027 drill season. That means an equity raise in May or June 2027. He said Canadian and US government funding conversations won’t move until the PEA is out, and offtake money won’t come in time for 2027 either. They’re also committing about C$300k over the next couple of years to a regional caribou monitoring program. On structure: there are 281M shares out, 355M fully diluted, a market cap of about C$52M at C$0.185, and ownership of Waratah Capital 19.9%, the PowerOne Capital syndicate about 10%, insiders about 10%, and roughly 50% float. Steve has bought about C$150k of stock on market and holds about 2M options.
Upcoming catalysts
On the technical side, assays from the 2026 program should start flowing “very soon,” with final results around Christmas or New Year. Silver Boss geophysics targets were due to be drilled the week after we spoke, and those are the first holes ever drilled there. Operationally, drilling wraps up in late October or early November 2026. The resource update is targeted for Q1 2027 and the PEA for May 2027. Environmental baseline work for the provincial EA starts in spring 2027 and needs two years of data. On the corporate side, they plan an equity financing in May or June 2027 and want to reopen talks with governments and offtakers after the PEA. A formal agreement with the Canim Lake Band (Tsq’escen’) is in active discussion.
Risks in the next months
The obvious one is that there are no assays yet. Steve called lab turnaround times disappointing this year, which could push the PEA timeline. He described the deposit as having a high-nugget character, meaning very high grade over narrow widths. So mining will depend on tight grade control and keeping dilution down, with minimum widths of around 2 to 3 m underground. Picking a long-term tungsten price is a real question. They used US$240/mtu in 2018 versus over US$3,000 now, and he admitted he doesn’t know where it settles. Scheelite flotation has never been tested, and no dedicated geotechnical drilling is planned before the PEA. Rugged topography and deeper down-dip holes make each tonne added more expensive. Heavy snow of 3 to 4 m could limit any open pit. Mining will need a second exemption inside the caribou habitat area plus a full EA. The First Nation relationship is still informal. The cash runway leaves a narrow funding window right after the PEA, and Silver Boss could end up competing with Fox for money. The company has also had five CEOs since 2021, and some early holders are sitting on 4 to 5 cent paper.
Fox Tungsten CEO Interview
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