Bathurst Metals Corp. Options the Gladstone Gold and Northern Gold Properties Adjacent to the Turner Lake/TED Gold Project, Nunavut

On January 22, 2026, Bathurst Metals Corp. (BMV) announced an option agreement to acquire a 100% interest in the Gladstone Gold and Northern Gold properties in Nunavut. These properties are adjacent to the company's existing Turner Lake/TED Gold Project. * Acquisition Terms: The company will pay a nominal $8,000 in cash but will issue a significant amount of equity: 4,000,000 common shares and 4,000,000 transferable share purchase warrants. * Issuance Schedule: 1,000,000 shares and 1,000,000 warrants are issued upon TSXV acceptance, with equal tranches issued every six months thereafter. * Warrant Terms: Exercisable at $0.08 per share for three years. * Work Commitment: The company must incur $150,000 in exploration expenditures within 24 months. * Strategic Rationale: This consolidates a district-scale footprint in the Turner Lake area, adding properties with historical (unverified) gold values up to 143.76 g/t Au.

This news is Routine - Positive operationally, but carries Negative implications regarding the company's capital structure. * Operational Consolidation: The acquisition effectively "locks up" the district surrounding their Turner Lake project. Adding 2,500+ hectares with high-grade historical showings allows for a more comprehensive exploration strategy without fear of competitors staking adjacent ground. * Cash Preservation vs. Dilution: The deal structure is highly revealing. The company is paying only $8,000 cash, opting instead to issue 4 million shares and 4 million warrants. This suggests the treasury is critically low (consistent with the <$30k cash position seen in March 2025 filings, partially replenished by a modest $340k raise in August 2025). * Cap Table Damage: The issuance of 4,000,000 warrants at $0.08 creates a significant "cap" on the stock price. With the stock currently trading at $0.07, these warrants are nearly in the money. This creates an overhang where property vendors may sell into any liquidity event above $0.08, making sustained price appreciation difficult.

Bathurst Metals Corp. is a resource exploration company focused on gold and base metals in the Canadian territories of Nunavut and British Columbia. * Flagship Project (Nunavut): The Turner Lake/TED Gold Project. This is an Archean greenstone belt play. The recent acquisition of Gladstone and Northern Gold consolidates this land package. * Secondary Flagship (BC): The Peerless Gold Project in the Bralorne Camp. Throughout 2025, the company focused heavily here, identifying soil anomalies and applying for drill permits. * Strategy: Project generation and optioning. Management appears to be shifting focus between BC and Nunavut depending on seasonality and acquisition opportunities.