Cambria Gold Mines Announces Development and Construction Update at Red Mountain and Premier Gold Projects, Additions to Engineering Team and Warrants Exercised To-date

Cambria Gold Mines Inc. (CAMB) has provided a composite operational and development update, highlighting a revised timeline for its Premier mill and significant progress on the Red Mountain project. The company now targets mill commissioning at the 2,500 tpd facility for the fourth quarter of 2027, with a continued ramp-up period extending through 2028. This marks the first explicit commissioning date provided by the company, directly linking the restart schedule to the timeline for the Red Mountain access road.

Financially, Cambria reported receiving over CA$45.9 million from the exercise of outstanding warrants, a transaction that adds to the company’s treasury. Regarding debt obligations, the quarterly Nebari interest payment of $1,800,253.06 for the third quarter of 2026 will be settled by issuing 2,017,318 shares at a deemed price of $0.892 per share.

On the development front, the updated Red Mountain–PGP Feasibility Study, led by SLR Advisors, is now expected to be completed in the first half of 2027. This represents a shift from the company’s previous guidance of a fourth-quarter 2026 completion, as stated in releases dated June 1, 2026. Construction on the Red Mountain Access Road is advancing, with the final Fisheries Act Authorization received on September 21, 2026, permitting in-stream work in Bitter Creek. Current efforts are focused on the Bromley Humps area, approximately 12 km from Highway 37A, while the alpine portion of the road has been deferred to the 2027 season. The company is also studying bulk-transport alternatives, including an aerial tramline or rope conveyor.

Operational updates indicate that underground infrastructure upgrades are scheduled for completion by the end of 2026, followed by Silver Coin development in the spring of 2027. Mill upgrades, including a new primary jaw crusher and feeder as well as a clarifier-to-pre-leach-thickener, are planned for 2027. A fine grinding mill and a second detox tank have been deferred until Red Mountain material is introduced. Additionally, the company has taken water treatment operations in-house from a contractor, noting that historically problematic zinc-discharge compliance is advancing closer to regulatory standards.

Cambria also announced the addition of four engineers and operations hires to its team: Ali Farah, Carla Romero Robiero, Brandon Chambers, and Dinesh Devathasan. The update did not include new revenue, earnings, or reserve/resource figures.

Cambria Gold Mines Inc. (CAMB) released an update that includes a warrant exercise generating over CA$45.9 million. This mechanism, embedded in the Dec 2025/Jan 2026 unit financing, was disclosed months ago, though the magnitude of the realized cash is meaningful relative to the company's size and reduces near-term financing risk.

The company also announced a delay in its feasibility study. Prior guidance issued on June 1, 2026, stated the combined feasibility study was expected by Q4 2026; it is now scheduled for H1 2027. This represents a moderate one to two-quarter push in timing rather than a project cancellation.

Regarding infrastructure and permitting, the FAA was already announced as received on September 21 in the permit milestone described in the September 22 and earlier releases context; this release restates it. Follow-up, not new. The Bromley Humps end-2026 goal is consistent with previous guidance; the alpine segment was already flagged for 2027.

On operational compliance, the Water Treatment Plant (WTP) is described as "closer to compliance," which is softer language than "in compliance." Given the WTP has struggled since 2024, this remains a genuine open operational risk rather than a resolved item.

Financially, this marks the third consecutive quarter of paying a ~$1.7–1.8M interest bill in shares. This confirms the company is not servicing debt in cash, and dilution is structural. Notably, the deemed price has fallen ($1.231 in Q1 → $1.053 in Q2 → $0.892 in Q3), so the same dollar interest now costs more shares.

The release also noted team additions, which are routine and supportive of execution, but not market-moving.

Net: This is predominantly an expected progress update ("on track" framing) with one modest negative (FS timing) and one modest positive (warrant cash). It is not a governance/strategic shift like the July 7 spin-out proposal or the September 17 reversal of that spin-out — those were the genuinely material corporate events in the history, and this release is downstream of them.

Cambria Gold Mines Inc. (formerly Ascot Resources Ltd.) is a Vancouver-headquartered, development-stage gold company. It 100%-owns the Premier Gold Project and the Red Mountain Gold Project, located near Stewart in the Golden Triangle of northwestern British Columbia, on Nisga'a Nation Treaty Lands. It also holds the Mt. Margaret copper-gold porphyry deposit in Washington State. Shares trade on TSX-V (CAMB) and OTCQX (CAMVF).

The company’s flagship Premier Gold Project includes a refurbished and commissioned 2,500 tpd mill, grid-connected hydro power, paved road access, a 128-bed camp, and a new water treatment plant that has been operating since February 2024. Deposits within this project include Premier/Premier-Northern Lights (Prew and 602 zones), Silver Coin, Big Missouri, Dilworth, and Martha Ellen.

The Red Mountain project is a high-grade underground deposit containing 3.19 million tonnes of Measured and Indicated resources at 7.63 g/t Au (783,000 oz Au) and 405,000 tonnes of Inferred resources at 5.32 g/t Au. The company’s “hub-and-spoke” plan involves blending approximately 75% high-grade Red Mountain feed with approximately 25% bulk Premier feed.

The project has been on care and maintenance since June 25, 2025, with approximately $538 million CAD of construction and development spent since 2021. The company targets mill commissioning in the fourth quarter of 2027, with ramp-up through 2028.