News Summary
On December 17, 2025, Copper Fox announced that its joint venture partner, Teck Resources Limited, and Anglo American plc have received regulatory approval from the Government of Canada for their proposed merger. The new merged entity, to be named Anglo Teck, will be headquartered in British Columbia. As part of the approval, Anglo Teck has committed to investing at least C$4.5 billion in Canada within five years. Crucially, this investment commitment specifically includes “advancing the development of the Schaft Creek copper project,” in which Copper Fox holds a 25% carried interest.
Material Impact
This news is materially positive for Copper Fox as it significantly de-risks its most valuable asset, the Schaft Creek project.
Reviewing the historical news, the advancement of Schaft Creek has been a consistent theme throughout 2025. News on January 16, January 30, and July 24 outlined the work programs funded by Teck with the stated goal of transitioning the project from a scoping study to a Prefeasibility Study (PFS) in early 2026. While this progress was positive, the pending merger between Teck and Anglo American represented a major uncertainty.
The December 17 announcement resolves this uncertainty in the best possible way for Copper Fox shareholders. Key positive impacts are:
– Partner Strength: The merger replaces Teck with Anglo Teck, a new entity backed by the financial and technical might of Anglo American, one of the world’s largest mining companies. This greatly enhances the joint venture’s ability to fund and develop a world-class deposit like Schaft Creek.
– Project Validation: The explicit inclusion of Schaft Creek in Anglo Teck’s C$4.5 billion Canadian investment commitment confirms the project’s strategic importance to the new entity. This removes the risk that Schaft Creek might be deemed non-core and shelved post-merger.
– Financial Security: Copper Fox holds a 25% *carried* interest, meaning the operator (now Anglo Teck) funds all of Copper Fox’s project expenditures through to a formal production decision. The public commitment to advance Schaft Creek provides strong assurance that this funding will continue, allowing Copper Fox to benefit from the project’s advancement without direct capital outlay.
This news provides a clear and well-funded path forward for the company’s cornerstone asset, removing a significant overhang and improving the probability of the project ultimately reaching production.
Catalysts
– Merger Finalization: Watch for announcements of regulatory approvals from other jurisdictions (e.g., Europe, USA, China) required to finalize the Teck/Anglo American merger.
– Schaft Creek 2026 Budget & PFS: Look for a formal announcement from the Schaft Creek Joint Venture (SCJV) detailing the 2026 work program and budget, and confirming the official commencement of the Prefeasibility Study (PFS).
– Mineral Mountain Drill Results: The maiden drilling program commenced on October 28, 2025. Results from this first-ever test of the porphyry target are a major upcoming catalyst.
– Van Dyke PFS Progress: The company guided for a decision to proceed to the PFS stage by the end of October 2025 (Sept 5 news) and is exploring non-dilutive funding (Dec 3 news). An update on the funding strategy and timeline for the US$23.4 million PFS program is critical.
– Cash Position: Monitor the company’s treasury. The next quarterly financial report will be crucial to see the impact of recent warrant exercises and the company’s current burn rate.
Materiality Conclusion
The Canadian regulatory approval for the Teck-Anglo merger is a material positive event. It removes a major uncertainty, enhances the quality of the operating partner, and secures a public commitment to advance Copper Fox’s flagship Schaft Creek project. This substantially de-risks the asset and brightens the company’s long-term outlook.
