Canadian Phosphate Limited has completed 18 drillholes totaling 2,638 metres at the Wapiti Phosphate Project in British Columbia, extending the strike continuity of the phosphate-bearing seam to approximately nine kilometres.

The latest campaign tested the southern extension of the Main Zone. The target horizon was intersected in eight of the nine new holes completed since the previous update, displaying consistent phosphatic pellets and nodules. Prior drilling totaled 1,051 metres across eight holes as of August 19, 2026.

All 2026 intersections are based on visual logging, portable X-ray fluorescence and downhole gamma surveys, with laboratory assays awaiting confirmation. First assay results are due this month, and the company plans to use the 2026 exploration to prepare an updated Mineral Resource Estimate in the fourth quarter of 2026.

“Our Wapiti drilling program continues to deliver highly encouraging results and, importantly, has been extremely efficient in building our understanding of the deposit. We have continued to intercept the phosphate seam further south and have now demonstrated approximately 9km of strike continuity.” — Daniel Gleeson, Managing Director

Exploration has now shifted to the project's western limb, guided by historical drill holes. Canadian Phosphate secured an exploration permit on May 5, 2026, authorizing up to 56 holes and a bulk sample program. Buoyed by the program's efficiency, the company will allocate additional funds to expand drilling beyond the initial 3,000-metre target and conduct a high-resolution LiDAR and orthoimagery survey.

“Given the success of the program to date, we will allocate additional resources to Wapiti this year than initially planned, aiming to continue expanding the Mineral Resource Estimate while developing a much more comprehensive geological understanding of what we believe is a significant phosphate system.” — Daniel Gleeson, Managing Director

The expanded field work has prompted a change in development scheduling. Canadian Phosphate has postponed extraction of the Barnes bulk sample from 2026 to the second quarter of 2027. The company will instead utilize approximately 30,000 tonnes of previously mined phosphate rock from Montana to service near-term customer requirements without incurring immediate mining capital expenditure.

“This means rescheduling extraction of the Barnes bulk sample program into 2027. We have approximately 30,000 tonnes of previously mined phosphate rock available in Montana, which enables us to continue supplying customers in the near term.” — Daniel Gleeson, Managing Director

Read the full announcement: Drilling extends phosphate mineralisation strike to 9km