Makenita Commences Operations on the Sisson West Tungsten Project in New Brunswick

Executive Summary of Recent Activity

• Makenita Resources Inc. announced on April 28, 2026, that it has commenced helicopter-based aeromagnetic, radiometric, and VLF survey operations across its entire Sisson West tungsten project in New Brunswick.
• This follows a March 24, 2026 announcement where the company engaged New-Sense Geophysics Ltd. to support the program with work expected "within days."
• The April 28 release confirms execution of the planned exploration phase without disclosing new drill results or resource estimates at this stage.

Historical Progression of Projects

• November 2025: Company entered option agreements and closed acquisitions for Sisson West Tungsten (~4,000 acres) and NTX Rare Earth Project (~9,000 acres).
• December 2025: Landholdings on Sisson West more than doubled to ~9,400 contiguous acres.
• January 2026: Secured $200,000 unsecured loan with warrant coverage (8% interest).
• March 2026: Closed $100,000 flow-through private placement at $0.10/share to fund exploration activities.
• April 2026: Survey operations officially commenced on the expanded Sisson West property adjacent to the designated "Nation-Building Project" mine.

Management Commentary

• President Jason Gigliotti noted strong tungsten prices and demand, emphasizing that success in the ground would have a meaningful impact given the small float of approximately 30 million shares outstanding.
• The company maintains a portfolio including NTX Rare Earth (Quebec) and Hector Property (Ontario), though focus remains on Sisson West for immediate exploration.

News Rating Justification

• Routine - Positive: The commencement of the survey was explicitly anticipated in the March 24, 2026 release ("expected to begin within days").
• While positive for project momentum, it does not introduce new financial data, resource estimates, or unexpected strategic shifts.
• It validates management's ability to execute on timelines but does not materially alter valuation without assay results.

Financial Context and Dilution Risk

• Recent financing ($100k equity + $200k debt) is modest relative to the scope of a 9,400-acre project expansion.
• The company has issued warrants in previous financings (Jan 2026 loan: 2,220,000 warrants; Nov 2025 acquisition: 1,500,000 warrants).
• Future capital needs are likely given the cash burn associated with helicopter surveys and potential drilling phases.

Strategic Alignment

• The project's adjacency to an operating mine (Sisson Tungsten) designated as a "Nation-Building Project" by the Canadian Prime Minister provides regulatory tailwinds.
• However, the company remains in early exploration stages; proximity does not guarantee resource continuity without geological proof.

Corporate Profile

• Company: Makenita Resources Inc.
• Focus: Critical minerals exploration in Canada (Tungsten, Rare Earths, Cobalt/Silver).
• Flagship Project: Sisson West Tungsten Project (New Brunswick).
• Project Status: Exploration phase (Geophysical survey commenced April 2026).

Asset Portfolio

• Sisson West Tungsten: ~9,400 contiguous acres in New Brunswick; borders operating Sisson Mine.
• NTX Rare Earth: ~9,000 acres in Quebec; prospective for rare earth elements.
• Hector Property: 5,542 acres near Cobalt, Ontario; prospective for cobalt, silver, and diamonds.

Development Stage

• All projects are in early exploration stages with no defined resources reported in the provided news history.
• Land acquisition was completed via staking and option agreements rather than large cash purchases.