Happy Creek Minerals is targeting resource expansion at its high-grade Fox tungsten project

Company Strategy and Focus - The company is repositioning itself as a tungsten-focused player, with its high-grade Fox tungsten project being the centerpiece of its strategy [2] - The Fox project is located in a stable jurisdiction (British Columbia, Canada) and is considered highly significant due to the strategic importance and limited supply of tungsten [3] - The company aims to expand the Fox resource from 1 million tons to 3-5 million tons at 1% WO3 through a 100-hole, 10,000-meter drill program set to begin in mid-2025 [6] - The company is seeking funding from the US Department of Defense for critical minerals projects, following the example of Fireweed Metals, which secured $18.5 million from the same source [7][8] Resource and Project Details - The Fox project has a 2018 resource estimate of 582,400 tons at 0.83% WO3 (indicated) and 565,400 tons at 1.23% WO3 (inferred) [4] - The resource estimate covers only a small part of the project, with a 10 km by 5 km mineralized trend identified through geological mapping and previous drilling [5] - The company believes that expanding the resource to 3-5 million tons would make the Fox project a viable deposit [7] Asset Management and Transactions - The company sold its Highland Valley copper project for $300,000 in cash and 9.9% equity in Metal Energy, with potential to increase its stake to 20% over four years and retain a 2.5% net smelter return royalty [11][12] - The company is seeking strategic alternatives for its other assets, such as the Silverboss molybdenum-copper-gold-silver project, to retain exposure to their upside through option agreements, joint ventures, or sales [10][13] - The company has raised approximately $500,000 in cash through non-dilutive means, positioning it well to execute its strategy [14] Industry Context - Tungsten is a critical mineral with high demand in military, clean energy, and advanced manufacturing sectors due to its high melting point and density [3] - The company's focus on tungsten aligns with the strategic importance of critical minerals, particularly in stable jurisdictions like Canada [3]