Noble Mineral Closes its Non-Brokered Private Placement and Extends Warrants

The most recent news from November 20, 2025, announces two key events for Noble Mineral Exploration Inc.: 1. Private Placement Closure: The company closed a non-brokered private placement, raising gross proceeds of CAD 1,027,997.94. This was achieved by issuing 17,133,299 Flow-Through (FT) Units at a price of CAD 0.06 per unit. Each FT Unit consists of one flow-through common share and one non-flow-through common share purchase warrant. Each warrant is exercisable at CAD 0.10 for a period of 24 months. The proceeds are earmarked for exploration expenditures on the company's properties in Ontario. Finders' fees totaling CAD 43,050 in cash and 647,497 warrants (exercisable at CAD 0.06 for 24 months) were paid. 2. Warrant Extension: Noble Mineral received final TSX Venture Exchange approval to extend the expiry dates of 79,333,333 previously issued common share purchase warrants. These warrants now have new expiry dates of November 30, 2027, and December 31, 2027.

The closing of the private placement, raising over CAD 1 million, is a positive development as it provides crucial capital for the company's ongoing exploration activities. As of May 31, 2025, Noble Mineral had only CAD 3,324 in cash, making this financing essential for operational continuity and funding planned exploration programs, particularly on its Ontario properties. This financing mitigates an immediate cash crunch and supports the advancement of its diverse project portfolio, including its nickel projects in the Timmins area and potentially new rare earth element (REE) properties.

However, the simultaneous extension of 79,333,333 previously issued warrants is a mixed signal. These warrants, likely issued at higher exercise prices (as noted in the November 6, 2025 news, some were at $0.11 and $0.125), were significantly out-of-the-money given the current share price of CAD 0.06. While extending them prevents them from expiring worthless and allows warrant holders more time to participate in potential future upside, it also signifies that the company has not met the share price appreciation necessary to trigger these exercises, and thus defers a significant potential capital infusion. If these 79.3 million warrants were exercised at their original higher prices (e.g., $0.11 to $0.125), they could have generated between CAD 8.7 million to CAD 9.9 million in cash for the company. Delaying this potential inflow underscores the current challenges in attracting capital through warrant exercises at previous strike prices and suggests a prolonged period of potential dilution.

In the context of the company's recent activities, including multiple property acquisitions (Gull Lake REE, Mehmet REE, Taser North Uranium-Molybdenum, Chateau Uranium-REE, Cere Villebon Cu-Ni-Co-PGM) and ongoing exploration with Canada Nickel at the Mann project, the capital is necessary to fund these various initiatives. The warrant extension, while beneficial for warrant holders, does not provide immediate non-dilutive capital and reflects a current lack of market confidence to push the stock price above those higher strike prices.

Noble Mineral Exploration Inc. (TSX-V: NOB) is a Canadian mineral exploration company primarily focused on critical minerals, including nickel, copper, platinum group metals (PGM), rare earth elements (REE), and uranium. The company actively explores its own properties and holds significant interests in other companies with complementary assets.

Flagship Project(s) and Development:

1. East Timmins Nickel Ltd. (ETN) Joint Venture (20% Noble, 80% Canada Nickel Company Inc.):

   • Mann Nickel Sulphide Project (Mann West & Mann Central): Located northeast of Timmins, Ontario, this is a significant nickel sulphide project. Mann West boasts an initial indicated resource of 406 million tonnes at 0.23% nickel (0.95 Mt contained Ni) and an inferred resource of 599 million tonnes at 0.22% nickel (1.31 Mt contained Ni). Mann Central also has an initial indicated resource of 236.7 million tonnes at 0.22% nickel (0.52 Mt contained Ni) and an inferred resource of 543.2 million tonnes at 0.21% nickel (1.15 Mt contained Ni). The project has year-round accessibility and is undergoing infill drilling and metallurgical analysis.
   • ETN also includes other properties like Reaume, Newmarket, McCool, Moody, and Galna townships.
   • Noble intends to distribute a portion of its ETN holdings to its shareholders if ETN goes public.

2. Homeland Nickel Inc. (Significant Shareholding): Noble holds 19.5 million shares and 750,000 warrants in Homeland Nickel Inc., which focuses on:

   • Nickel Laterite Projects (Southern Oregon, USA): Including Red Flat (historical resource of 10.4 Mt at 0.84% Ni), Cleopatra (historical resource of 19.8 Mt at 0.94% Ni), Eight Dollar Mountain, and Shamrock. These projects are strategically positioned to benefit from US government initiatives to increase domestic critical mineral production.
   • Great Burnt Copper and South Pond Gold Properties (Newfoundland, Canada): Homeland Nickel holds a 30% interest in these projects in a joint venture with Benton Resources Inc. Recent drilling at Great Burnt has shown high-grade copper intersections, and South Pond Gold has encountered thick sections of gold mineralization.

3. Newly Acquired Quebec Properties (100% Noble):

   • Gull Lake REE property: 54 claims (approx. 3,000 hectares) near the Montviel REE resource in Quebec.
   • Mehmet REE property: 90 mining claims (approx. 4,465 hectares) in Northern Quebec with historical high Total Rare Earth Element (TREO) assays.
   • Taser North Uranium-Molybdenum property: 10 claims (approx. 461 hectares) in Northern Quebec with high-grade historical uranium and molybdenum results.
   • Chateau Uranium-REE property: 12 claims (approx. 569 hectares) in Northern Quebec with significant polymetallic mineralization.
   • Cere Villebon Copper, Nickel, Cobalt, PGM Property: Expanded through map staking (1,573 hectares) southeast of Val d'Or, Quebec, with historical drilling revealing significant Cu-Ni-Co-PGM mineralization.