July 2, 2026 — Faraday Copper Corporation (TSX: FDY) (OTCQX: CPPKF) shares rose 4% to C$6.23 on Thursday after the copper projects developer reported that it has signed a definitive agreement to purchase the San Manuel property in Arizona from a wholly owned subsidiary of BHP Group Limited. A letter of intent for this deal was announced on February 20, 2026.
Shares of Faraday Copper look to be inching back towards its 52-week high of C$6.69 per share. Investor2M first wrote about this company a little more than two months ago when its stock price was C$4.89.
On paper, this looks to be good move by Faraday Copper. The San Manuel property is adjacent to Faraday’s Copper Creek project. San Manuel is a past producing mine, and was once one of the biggest underground copper mines in the U.S. It operated from 1955 to 1999 and then closed following a period of sustained low copper prices. It has been on care and maintenance for the past 27 years.
While there is no National Instrument (NI) 43-101 compliant resource estimate published for San Manuel, according to BHP “a significant mineral inventory remained in-situ upon closure.” Unconfirmed reports suggest the property has substantial resource potential below 3,500-foot depth for its two primary deposits: San Manuel and Kalamazoo. The San Manuel property also has existing road, rail, and power infrastructure.
BHP will now have a 30% ownership stake in Faraday Copper in consideration of the San Manuel sale. The transaction is expected to close by the end of the third quarter 2026.
Faraday Copper’s flagship project is Copper Creek, a porphyry copper deposit consisting of a three-kilometre-long resource area. Copper Creek contains 4.2 billion pounds of copper, Measured & Indicated, according to a resource estimate from 2023.
Shares of Faraday Copper have surged more than 117% year to date.
Read more about Faraday Copper here
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