(The following is an update of our article from January 20, 2026)
BCM Resources Corporation (TSXV: B) looks like a promising speculative opportunity in the junior exploration space. The company is focused on the continued exploration of its flagship Thompson Knolls (TK) porphyry copper-gold-silver-molybdenum project, which is located in Utah’s Great Basin.
The TK project is situated about 208 kilometres (km) southwest of Kennecott Copper’s Bingham Canyon Mine. TK also lies west of the Confusion Range, which contains the King’s Canyon gold deposit that is 8km to the northeast of TK.
To date, BCM has conducted three phases of drilling totaling 12 drill holes, of which seven delivered mineralized intercepts. Hole TK8 returned 0.66% copper over 510 feet, or about 0.8% copper equivalent.
BCM is led by Sergei Diakov, with a PhD in Economic Geology, who had previously assembled and led the BHP exploration team to the discovery of the giant Oyu Tolgoi deposit in Mongolia.
The company’s strategy is to capitalize on successful exploration drilling, building the TK project into an economic Tier 1 porphyry copper-gold deposit, amenable to future development by major companies.
On September 24, 2025, BCM announced that Kennecott Exploration Company, the exploration arm of Rio Tinto Group, has completed a large-scale claim staking program both adjoining and in close proximity to its TK project.
Word on the Street is that a Colorado School of Mines CASERM research study agrees there is a porphyry on the property, and Rio Tinto (Kennecott Exploration) staked around the BCM claims after seeing core and some other data.
We think this is a compelling exploration story given the mining-friendly jurisdiction in which it operates (in Utah), its discovery hole (TK8) of 510 feet of 0.66% copper, and proximity to the massive Bingham Canyon mine, among other factors. We believe the TK deposit holds the potential for billion tonnes or more of copper at an average grade of around 1%.
On March 2, 2026, BCM announced it had hired a driller for its upcoming drill program. In the release, the company said it has extensively analyzed TK8 and other nearby drill holes, determining a strong vector pointing to a potential increase in mineralization to the southwest of TK8. BCM recently raised more than C$7 million, at $0.20 per share, to fund the exploration.
BCM Resources currently has a market cap of about C$52 million based on its recent closing price of $0.215 per share.
What you won’t find in the company’s investor presentation:
Crescat Portfolio Management LLC, a global macro asset management firm with a successful track record of natural resource investing, had a 15.74% ownership stake in BCM Resources as of August 31, 2025.
BCM chair Scott Steeds owned 14,369,726 company shares, CFO Dale McClanaghan owned 4,886,825 shares, and CEO Sergei Diakov owned 3,113,700 company shares of BCM’s 205,729,063 outstanding shares, as of May 27, 2025.
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