Fox Tungsten Ltd. Receives Metal Energy Corp. Shares for Project Acquisition
Vancouver, British Columbia — August 13, 2026 — Leads & Copy — Fox Tungsten Ltd. announced it has received 2,358,797 common shares of Metal Energy Corp. as satisfaction of deferred consideration payments under an acquisition agreement related to the Highland Valley Project in British Columbia.
The received shares, referred to as Consideration Shares, hold an aggregate deemed value of C$2,000,000 and were issued at a price of C$0.85 per share. This price was determined by the 30-day volume weighted average price of Metal Energy’s common shares, as stipulated in the Acquisition Agreement dated November 7, 2024.
Prior to this issuance, Fox Tungsten held 1,874,420 common shares of Metal Energy. With the addition of the Consideration Shares, the Company now possesses a total of 4,233,217 common shares of Metal Energy.
These Consideration Shares are subject to a statutory hold period, extending for four months and one day from the date of issuance, in compliance with Canadian securities laws.
Fox Tungsten Ltd. is a Canadian critical minerals company focused on the advancement of its wholly-owned tungsten and polymetallic projects located in British Columbia. The Company’s primary asset, the Fox Tungsten Project, is recognized for hosting one of the highest-grade tungsten resources globally. Efforts are underway to expand the resource through drilling, alongside metallurgical studies, engineering, and permitting processes.
Situated approximately 75 kilometres northeast of 100 Mile House in south-central British Columbia, the Fox Tungsten Project benefits from robust infrastructure access. The property encompasses a significant tungsten mineral system, spanning roughly 12 kilometres by 5 kilometres, with several high-grade zones situated near the surface.
The current NI 43-101 Mineral Resource Estimate for the project details 582,400 tonnes grading 0.826% WO₃ (Indicated) and 565,000 tonnes grading 1.231% WO₃ (Inferred). The Fox deposit shows potential for further expansion, with exploration activities targeting growth both laterally and at depth.
A comprehensive 20,000-metre drill program is currently in progress, representing the largest exploration campaign in the Company’s history. This initiative aims to substantially increase the current Mineral Resource and will support an updated Mineral Resource Estimate and Preliminary Economic Assessment (PEA), with completion anticipated in the second quarter of 2027.
In addition to the Fox project, Fox Tungsten holds the Silverboss molybdenum-copper-gold-silver project, which is adjacent to Glencore’s former Boss Mountain molybdenum mine in British Columbia.
Fox Tungsten is dedicated to responsible mineral resource development and fostering positive, long-term relationships with Indigenous communities and local stakeholders within its operational territories.
Source: Fox Tungsten Ltd.
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