Cosa Announces C$5 Million Private Placement, Including Participation by Denison Mines

On November 13, 2025, Cosa Resources announced a private placement to raise up to C$5 million. The financing includes: - Up to C$2 million in non-flow-through units priced at C$0.26 per unit. Each unit consists of one common share and one-half of a common share purchase warrant. Each full warrant allows the holder to purchase one additional common share at C$0.37 for 24 months. - The remainder of the financing will consist of charity flow-through (FT) units at C$0.398 and/or FT shares at C$0.30. - Denison Mines Corp., Cosa's largest shareholder, will participate in the financing. - The proceeds will be used to fund exploration activities, primarily on the Murphy Lake North and Darby joint venture projects, and for general working capital.

To assess the impact of this financing, it's crucial to review the company's progression over the past year.

• November 2024 - A Transformational Deal: The pivotal event was the late November 2024 agreement to acquire a 70% interest in three uranium projects (Murphy Lake North, Darby, Packrat) from Denison Mines. This transaction made Denison a strategic 19.95% shareholder, providing Cosa with highly prospective land, a powerful partner, and significant market validation. The stock gapped up from C$0.22 to over C$0.30 on the news.

• Q1 2025 - Funding and Execution: In February 2025, the company closed an oversubscribed C$6 million financing at C$0.25 (units) and C$0.425 (FT units), with Denison participating to maintain its stake. This capital was immediately deployed, with the inaugural drill program at the flagship Murphy Lake North (MLN) project commencing mid-February. By March, initial results confirmed a two-kilometre extension of the prospective geology that hosts the adjacent, world-class Hurricane deposit, a significant de-risking event that validated the Denison transaction thesis.

• Q2-Q3 2025 - Building Momentum: The company continued to execute methodically. A 3,000-metre summer drill program at MLN was launched in June. Results announced in August were highly encouraging, identifying a two-kilometre-long trend of strong alteration and structure at the "Cyclone" target. The company also advanced its other projects non-dilutively by optioning out its Astro project in April. In October, it solidified the Denison relationship by appointing Denison's CEO, David Cates, as a strategic advisor and announced priority drill targets at the Darby JV project, setting the stage for the next phase of exploration.

• November 2025 - The Current Financing: The company's cash position as of March 31, 2025, was C$5.28 million. After funding the summer drill program at MLN and other corporate/exploration expenses over the past seven months, a new financing was necessary to fund the upcoming winter 2026 drill programs at both MLN and Darby.

Assessment: This financing is a necessary and logical next step. While any financing is dilutive, several factors make this a net positive event: 1. Strategic Endorsement: Denison's participation is a powerful signal of confidence. As the JV partner and largest shareholder, Denison has insider-level knowledge of the projects' potential. Their continued investment is the strongest endorsement possible. 2. Reasonable Terms: The hard dollar unit price of C$0.26 represents a ~16% discount to the pre-announcement closing price of C$0.31, which is standard for a junior resource company financing. 3. Fuel for Catalysts: The C$5 million raised will fully fund the company through its next major catalytic period: the winter 2026 drill programs on its two most important assets. This capital is being raised to create value through the drill bit, not just to keep the lights on.

The financing de-risks the company's short-term balance sheet and allows it to maintain exploration momentum on projects that have delivered consistently positive news flow. Therefore, the dilutive effect is more than offset by the strategic validation from Denison and the funding of near-term, high-impact exploration.

Cosa Resources is a junior exploration company focused on discovering the next major uranium deposit in the Athabasca Basin of Saskatchewan, Canada.

The company's strategy was transformed in late 2024 through a major partnership with Denison Mines, a leading uranium developer. Cosa is now the 70%-owner and operator of two key joint venture projects with Denison: - Flagship Project: Murphy Lake North (MLN): Located just 2.7 kilometres along the same geological trend as IsoEnergy's Hurricane deposit, one of the world's highest-grade uranium discoveries. The exploration thesis is that MLN hosts the direct extension of the structures and geology that control the Hurricane deposit. Drilling in 2025 has successfully identified two kilometres of highly prospective alteration and structure, significantly de-risking the project and confirming the exploration thesis. - Darby Project: A large land package located 10 kilometres from Cameco's Cigar Lake mine. It has over 25 km of conductive trends with historical drilling intersecting favorable geology and unconformity offsets, making it a discovery-ready project.