Coyote Copper Mines Inc. (TSXV: CCMM) has signed a drilling contract for its Arizona copper project, with drilling set to commence in the first half of November, the company announced on October 16, 2026. Alongside this milestone, the company disclosed that 97.7% of its accelerated warrants were exercised as of October 15, 2026, generating gross proceeds of C$3,368,556.63. The funds will support ongoing and planned exploration activity, as well as the staking and acquisition of additional mining claims. Investors are watching the project as ground preparation and geophysical programs near completion ahead of the drill program.

Key Points

  • Coyote Copper Mines Inc. (TSXV: CCMM) announced a signed drilling contract and strong warrant take-up
  • Drilling at the Arizona copper project is scheduled to begin in the first half of November 2026
  • 97.7% of accelerated warrants were exercised, raising C$3,368,556.63 in total proceeds
  • Investors should watch for geophysical results, soil and channel sampling data, and a confirmed drill start date

Warrant Exercise Delivers C$3.37 Million to Fund Arizona Exploration

As of 4:00 p.m. on October 15, 2026, three separate tranches of warrants were exercised. A total of 7,311,901 warrants priced at $0.15 from a July–August 2025 financing, 10,622,351 warrants priced at $0.20 from a January–February 2026 financing, and 1,052,152 finder's warrants priced at $0.14 from the same 2026 financing were all converted. Combined, these exercises delivered C$3,368,556.63 to the company. The release states that proceeds will fund the active exploration program and support the acquisition of additional mining claims, providing the company with near-term working capital ahead of drilling.

Drill Pads, Permits, and Ground Preparation Advance at the Arizona Copper Project

The company reports that drill roads and pads are under construction and all necessary permits are in hand, positioning the project for a November start. Soil and channel sampling are ongoing, with results to be released before drilling begins. Previously announced geophysical programs are described as nearing completion, with interpretation and results to follow. The exact drill start date has not been confirmed, as the drill rig contracted for the program is completing work on another company's project. A qualified person under National Instrument 43-101, Michael N. Feinstein, PhD, CPG, has reviewed and approved the technical disclosures in the announcement.

CEO Highlights Institutional Interest and Geophysical Progress

CEO Dan Weir commented that the geophysics programs are yielding strong results and noted that a recent site visit was attended by 35 people, including four geologists from major mining and fund companies, as well as numerous investors. Weir stated that the high warrant exercise rate reflects investor confidence in the company's work and acknowledged the contributions of the geological and geophysical teams. Representatives from large mining companies who visited the project offered positive comments on the quality of work completed, according to the release.