06:59 AM EDT, 03/13/2024 (MT Newswires) -- Faraday Copper Corp. ( CPPKF ) overnight Tuesday reported fourth-quarter 2023 net loss of $5.3 million, or $0.03 per share, compared with a loss of $5.2 million, or $0.04 per share, in the year-ago quarter.

Exploration and evaluation expenses during the quarter rose to $4.4 million from $3.8 million in the year-ago quarter.

As of Dec. 31, 2023, Faraday had cash and cash equivalents of $14.9 million.

Faraday is a resource exploration stage company and does not generate any revenue. It has been mainly relying on equity-based financing to fund its operations.

The company noted it commenced the Phase III drill program at its flagship Copper Creek project in Arizona in the fourth quarter of 2023. The focus will be on expanding the mineral resource, improved delineation of high-grade mineralized zones and reconnaissance drilling on new targets.

The company rose 4% from near 52-week lows yesterday.