VR Submits NOI Permit Amendment to Expand Drill Sites for its New Boston Moly-Tungsten-Copper-Silver Porphyry Project in Nevada

VR Resources Ltd. (VRR) has submitted an amendment to its existing Nevada BLM Notice of Intent (NOI) drill permit for the Jeep Mine area at New Boston, seeking to increase the permitted area and number of drill sites from eight to sixteen. The company states that the original Jeep Mine NOI was received in March 2026 within 15 business days and expects a similar turnaround for the amendment.

Planning has begun for follow-up drilling to hole NB26-003, which was completed in June. The release discloses that hole NB26-003 was completed at -75 degrees toward 145 azimuth, off-section, crossing north-dipping Triassic limestone stratigraphy. No new assays, new holes, drill contract award, start date, or budget for the follow-up programme were included in this release. The Qualified Person is Dr. Michael Gunning, President/CEO, who is a non-independent QP.

The release restates data from an earlier news release dated August 16, 2026, noting 317 m at 0.77% CuEq starting at surface, above 419 m of 0.48% CuEq, within 2,892 ft (881 m) of continuous polymetallic stockwork veining. Geophysical framing repeated in the update includes an IP chargeability at Jeep Mine of 15-21 mV/V. The IP anomaly has "no bottom" in the inversion model, which was clipped at 500 m by convention. Mineralized sheeted veins are mapped over 2,100 m east-west strike through the East Zone, representing a 3-4 km overall system.

In the same release, VR disclosed equity compensation consisting of 400,000 RSUs, 800,000 DSUs, and 1,950,000 incentive stock options at $0.56, exercisable five years, subject to TSXV approval.

VR Resources Ltd. (VRR) has secured a permitting amendment and completed an equity placement, marking a routine administrative step rather than a new financial or geological milestone. The company remains a pre-resource explorer with no current mineral resource estimates, reserves, or preliminary economic assessments. The permitting update enhances the mechanical capacity to drill the target that previously yielded the company’s discovery, continuing on a pathway the company has already navigated.

Financially, the company reported a net loss of C$551,849 for the first quarter of FY2027 (three months to June 30, 2026), with no revenue generated. Cash holdings stood at C$1,455,582, supported by a working capital of approximately C$2.24M. Selling, general, and administrative expenses totaled C$560,739, which included C$381,693 in marketing and promotion fees. The company carries no debt. Following a C$7.5M placement on September 17, less a C$506,000 fee, pro forma cash reserves are estimated at roughly C$8.4M.

The equity placement involved the issuance of 3,150,000 new securities, comprising 1.95M options, 0.4M restricted share units (RSUs), and 0.8M deferred share units (DSUs). This represents approximately 5.4% of the ~58.5M shares outstanding, up from 13.34M shares following a 10-for-1 consolidation on January 19, 2026. The options were struck at $0.56, which matches the 52-week high, compared to grants of $0.25 in January 2026 and $0.28 in May 2026.

Market reaction to the company’s previous anchor result, the NB26-003 assay release on August 26, 2026, was significant. That release reported 317 m at 0.77% CuEq and 419 m at 0.48% CuEq. The stock closed at $0.12 on August 25, rose to $0.40 on August 26, and reached $0.47 on August 27, eventually hitting a 52-week high of $0.56 by September 22-23. This represented an increase of roughly 367% from the pre-release price over approximately 20 sessions, despite a 52-week low of $0.09 set just five weeks earlier.

Today’s release delivers no new assays, holes, tonnage, or metallurgical data. It serves only to confirm the execution of the follow-up program. The company has conducted three equity raises in the past twelve months: C$3.15M at $0.16 in January 2026, C$1.17M at $0.25 in April 2026, and the recent C$7.5M at $0.40 in September 2026. Additionally, the company maintains an investor relations contract at US$90,000 per month since January 2026.

VR Resources Ltd. (TSXV: VRR, FSE: 5VR, OTCQB: VRRCF), a Vancouver-based greenfields explorer with no revenue, production, or defined resources, operates through its 100%-owned Nevada subsidiary, Renntiger Resources USA Ltd. The company’s Nevada portfolio includes the New Boston project in Mineral County, a 71-claim, ~537-hectare W-Mo-Cu-Ag polymetallic porphyry-skarn system featuring a mapped 2,100-meter vein strike through the East Zone and a 3-4 kilometer overall system, with the Jeep Mine target currently in focus. The Bonita project in Humboldt County comprises 28 claims (~231 hectares) centered on alkalic Cu-Au porphyry and lithocap targets at Copper Queen and Iron Chief; a 3D-array DCIP survey was completed in February 2026, with no drilling conducted since 2017 reconnaissance. In Nye County, the Big Ten project includes the Amsel and Danbo low-sulphidation epithermal Au-Ag prospects. Phase I RC drilling at Amsel in 2022 returned 62.5 meters at 15.9 g/t Ag and 0.10 g/t Au, though the principal IP anomaly remains undrilled.

In Ontario, VR Resources is farming out the Empire and Silverback properties, totaling 15,150 hectares of Cu-Ni-PGM-Au mineralization in the Marmion terrane, to Athos Metals Corp. The deal includes $200,000 already received, a $250,000 balance due on closing, and a 9.9% stake in the resulting listed issuer. The properties hold a TSXV-approved NI 43-101 technical report, a completed VTEM+ survey, and a committed follow-up drill program of at least 2,000 meters. The company’s presentation also references the Northway kimberlite/diatreme and Hecla-Kilmer carbonatite REE properties.

The company’s capital structure consisted of 39,785,279 shares outstanding as of June 30, 2026. This increased following a placement on September 17, 2026, which issued 18,750,000 shares at $0.40 for C$7.5 million gross, bringing the total share count to approximately 58.5 million. A pre-September presentation indicated approximately 28.3 million warrants and 3.0 million options were outstanding, resulting in a fully diluted count of roughly 71.1 million. VR Resources carries no debt and held working capital of approximately C$2.24 million at June 30, 2026, including cash of ~C$1.46 million. Pro forma cash stands at approximately C$8.4 million after the September placement and associated fees. Since 2014, the company has raised over $20 million, with recent financings occurring at $0.16 in January 2026, $0.25 in April 2026, and $0.40 in September 2026, following a 10-for-1 share consolidation on January 19, 2026.

Management is led by Founder, Chairman, President, and CEO Dr. Michael Gunning, a P.Geo. with approximately 40 years of experience who previously led Hathor Exploration and Alpha Minerals to takeovers. Gunning assumed the CEO and President roles in October 2025 after Justin Daley resigned. The board includes Craig Lindsay for corporate finance and Keith Inman for securities law, while Blain Bailey serves as CFO and Davidson & Company acts as auditor. VR Resources states it is well funded for its exploration business, citing Nevada infrastructure that includes road access to all eight current drill sites, nearby towns, power, rail, year-round work capability, and claims located outside sage grouse protection areas.