Faraday Copper Closes San Manuel Acquisition, Issues $657.9 Million in Shares to BHP

Faraday Copper closed its acquisition of the San Manuel project adjacent to Copper Creek and issued shares as consideration valued at $657.9 million, giving BHP affiliates roughly 32% of the company. TradingView reported the closing. Faraday Copper is a Vancouver-based copper exploration and resource development company. BHP is the Australian mining group that owned the San Manuel property.

How the San Manuel Share Consideration Works

Faraday Copper closed the acquisition of the San Manuel project and mobilized drill rigs, according to TradingView. BHP affiliates now hold approximately 32% of Faraday through shares issued as consideration, valued at $657.9 million. Two BHP nominees joined the Faraday board. The deal consolidates the Redhawk district, combining San Manuel with the adjacent Copper Creek project into a larger copper complex in Arizona.

BHP reached definitive agreements in July 2026 to sell 100% of its San Manuel copper property in Arizona to Faraday Copper, with the transaction expected to close by September 2026, Mining Technology reported. Faraday Copper filed its management information circular for a special shareholder meeting on August 25, 2026, seeking approval to acquire the property, Stock Titan reported.

Faraday Copper's Funding and Copper Creek Resources

Faraday Copper closed a C$100 million non-brokered private placement at C$4.20 per share in March 2026 with participation from a Lundin Family Trust and a BHP subsidiary, bringing in BHP as a strategic 30% shareholder alongside Nemesia S.à.r.l's approximately 16.87% Lundin-affiliated stake, according to akta.pro company records. The same records show the Copper Creek Project holds measured and indicated resources of 421.9 million tonnes at 0.45% copper grade, or 4.2 billion pounds, and a post-tax net present value at a 7% discount rate of US$713 million based on a preliminary economic assessment. Faraday Copper's total funding stands at $158.4 million, with 11 funding rounds on record.

Faraday Copper's Path to the San Manuel Closing

Faraday Copper signed a non-binding letter of intent in February 2026 to acquire 100% of BHP's San Manuel copper property, with BHP receiving a 30% equity stake and rights to participate in up to $20 million of future equity raises over 24 months, according to akta.pro company records. In August 2026, Faraday Copper shareholders approved the share issuance resolution tied to the acquisition, with 188,209,061 of 188,256,206 votes cast in favor, a 99.97% majority, Stock Titan reported. Faraday Copper reported in September 2026 that drilling at its Arizona Copper Creek project expanded shallow oxide and sulphide mineralization, with holes cutting copper grades up to 0.56%, Northernminer reported.

What Comes Next for the Redhawk District

Faraday Copper said drilling is expected to confirm resources at San Manuel. The company mobilized drill rigs at the project following the closing.