Tribeca Resources Closes Upsized C$6.5 Million Non-Brokered Private Placement Offering

On October 23, 2025, Tribeca Resources announced it has closed its previously announced and upsized non-brokered private placement, raising gross proceeds of C$6,489,668. The company issued 30,903,183 units at a price of C$0.21 per unit. Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to purchase one additional common share at an exercise price of C$0.30 for the first 12 months and C$0.40 for the subsequent 12 months, expiring 24 months from the closing date. The financing was oversubscribed, which the CEO noted as a strong validation of the company's strategy and asset potential. Proceeds are allocated to exploration at the La Higuera and Jiguata projects, follow-up drilling, business development, and general corporate purposes.

This news is materially positive as it resolves a critical short-term financial risk and funds the company for its next phase of exploration.

A chronological review of recent events provides essential context: - Q1-Q2 2025: The company completed a maiden drill program at its Chiricuto property. The results, announced in May and June, intersected the targeted porphyry and IOCG-style systems but did not yield economic grades. Hole CHR001 returned 10 metres of 0.12% Cu and 0.47 g/t Au, which was encouraging but not a discovery. - June 19, 2025: Tribeca shifted strategic focus by signing a Letter of Intent (LOI) to option the large-scale Jiguata Porphyry Copper Project. This introduced a potentially higher-impact asset into the portfolio but also a significant long-term financial commitment (US$15M purchase price). - August 20, 2025: The Q2 financial statements (for the period ending June 30, 2025) revealed a dire cash position of only C$293,676. With a quarterly cash burn of over C$650,000, the company was facing imminent insolvency. A financing was not just needed; it was essential for survival. - October 7-15, 2025: The company announced its intention to raise C$5 million at C$0.21 per unit. The offering was quickly upsized to C$6.5 million due to strong demand, a very positive signal from the market, likely driven by the potential of the new Jiguata project.

The closing of this upsized C$6.5 million financing is the successful culmination of this process. - Positive Impact: The company has moved from a precarious financial state to being well-capitalized with a pro-forma cash position of approximately C$6.8 million. This removes the going-concern risk and provides a clear runway of 18+ months to execute on its planned exploration programs at both La Higuera and Jiguata. The oversubscription demonstrates strong market confidence in the company's management and assets. - Negative Impact: The financing is significantly dilutive. It increases the issued and outstanding shares by approximately 46% (from ~66.5M to ~97.4M). Furthermore, it introduces a substantial warrant overhang of ~16.6 million warrants (including finders' warrants), with exercise prices at C$0.21, C$0.30, and C$0.40. This overhang will likely create selling pressure and act as a ceiling on the share price as it approaches these levels.

Overall, the positive impact of securing funding and eliminating existential risk far outweighs the negative impact of dilution at this stage. The company now has the resources to create value through exploration, which was not possible two months ago.

Tribeca Resources is a junior exploration company focused on the discovery of copper and gold deposits in Chile. - Flagship Project (La Higuera): The company's primary asset has been the La Higuera IOCG (Iron-Oxide-Copper-Gold) project, where it has completed several drill programs and is planning for Phase 3 drilling. - Other Projects: - Jiguata: A large-scale porphyry copper project in Northern Chile, recently optioned. Given the planned use of proceeds from the financing, this project appears to be a new key focus alongside La Higuera. - Chiricuto: An earlier-stage IOCG property where a maiden drill program in 2025 confirmed the presence of the targeted mineral systems but did not return economic results.