Bitterroot receives $5.22-million (U.S.) funding for LM

Bitterroot Resources Ltd. (BTT) announced a financing and project update on September 15, 2026, detailing that its Michigan subsidiary, Trans Superior Resources Inc., has received up to US$5,223,431 in Defense Production Act Title III funding from the U.S. Department of War. The award supports the LM Nickel-Copper Project in Michigan’s Upper Peninsula and is structured as a 50/50 cost-share rather than a direct, unrestricted cash grant.

The funds are designated for exploratory drilling, geophysical and geochemical surveys, permitting, labor, equipment, travel, and other direct costs. The company plans to execute a program in the fourth quarter of 2026 consisting of approximately 15 to 20 core holes, each 500–700 metres in length. This initiative targets the untested 400–700 metre depth range of the LM magma conduit with the objective of locating the source of high-grade nickel/copper massive sulphide rip-up clasts identified in earlier drilling.

Prior exploration at the site involved 7,565 metres drilled in 26 core holes to a maximum depth of 300 metres, with nickel-copper-PGM mineralization intersected in 10 of those 26 holes. The U.S. Department of War is described as a partner in the shared goal to locate a high-grade domestic source of nickel. Bitterroot reiterates that the award is non-dilutive and reduces the cost of capital.

Bitterroot Resources Ltd. (BTT) announced the award of a conditional U.S. government grant, marking the first confirmation of the approval and specific amount for a DPA Title III funding application previously noted in the company’s Q2 2026 MD&A. For a company with a market capitalization of approximately CAD10 million and only CAD52,211 of cash as of April 30, 2026, the US$5.2 million award represents a significant development. The grant validates the LM project sufficiently to secure non-dilutive U.S. government support and provides a credible path to resume aggressive drilling.

The award is structured as a 50/50 cost-share, requiring Bitterroot or its project partners to fund the remaining half of the covered program. The grant is designated as “up to” US$5,223,431, meaning the full amount may not be drawn if eligible costs are lower or if matching funding is unavailable. Bitterroot’s most recent balance sheet indicates a working capital deficiency of CAD612,133. As this figure is not updated in the release, the matching-cost requirement could still necessitate a dilutive capital raise, potentially blunting the non-dilutive benefit of the grant.

The release is specific to the LM project and does not address the failed Nighthawk drilling results from April 2026. While the LM award materially improves the company’s near-term option value, it does not constitute unrestricted financing and does not eliminate balance-sheet risk.

Bitterroot Resources Ltd. (BTT) is a junior mineral explorer whose flagship asset is the LM Nickel-Copper-PGM Project, located in the Baraga basin of Michigan’s Upper Peninsula. The basin hosts Talon Metals’ Eagle mine, which the company describes as the only nickel mine in the United States. Ownership of the LM project is split between Trans Superior Resources Inc., which holds a 51% stake and serves as operator, and Below Exploration Inc., a private Michigan company holding the remaining 49%.

Previous drilling at LM totaled 7,565 metres across 26 core holes to a depth of 300 metres, with nickel-copper-PGM mineralization intersected in 10 of those 26 holes. The most prospective, untested portion of the deposit is the 400–700 metre depth zone.

Bitterroot also holds the 100%-owned Nighthawk Gold/Silver Project in Nevada. Recent drilling at Nighthawk encountered no significant gold or silver mineralization, and the company stated it would review the project’s future. Additionally, Bitterroot holds a 5.9% stake in Perseverance Metals Inc. The Voyageur Lands are subject to an option/earn-in agreement involving Perseverance Metals and Altius Minerals Corp.