Sitka Gold Closes $2.05 Million Financing
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Sitka Gold Corp. announced on November 5, 2025, that it has closed a non-brokered private placement of 1,500,000 flow-through common shares at a price of $1.37 per share for gross proceeds of $2,055,000. These funds are designated for Canadian exploration expenses at the company's flagship RC Gold Project in the Yukon.
This financing is the final piece of a larger capital raise announced on October 30, 2025, which included a $28.5 million bought deal private placement. With the closing of both financings, CEO Cor Coe stated that Sitka's treasury now exceeds $43 million. The funds will be used for the largest drill program ever conducted at RC Gold, with up to 60,000 metres of diamond drilling planned for 2026. This program will effectively double the total metres drilled on the project to date. The company also reiterated that it is awaiting assay results from 62 drill holes at RC Gold and 7 drill holes from its Coppermine River Project.
The closing of this $2.05 million financing, while small on its own, is the final confirmation of a major strategic funding initiative that has added over $30.5 million to Sitka's treasury. This is a highly material and positive development.
- Context: The financing follows an exceptional year of exploration for Sitka, highlighted by a significant resource update in January 2025, consistently strong drill results from the Blackjack deposit, and a new, high-grade, near-surface discovery at the Rhosgobel target. The company successfully leveraged this exploration success into a heavily oversubscribed financing, conducted at significant premiums to the market price ($1.54 and $1.37 vs. a trading price around $1.00-$1.20 at the time).
- Financial Impact: The most significant impact is the de-risking of the company's balance sheet. With a treasury of over $43 million and no debt, Sitka is fully funded to execute its aggressive exploration plans for at least the next 18-24 months, insulating it from market volatility. This financial strength is a major competitive advantage for a junior explorer.
- Operational Impact: The funding enables a massive step-up in exploration. The planned 60,000-metre drill program for 2026 is transformative in scale and has the potential to dramatically expand the known deposits and test new targets, accelerating the path to a multi-million-ounce gold camp.
- Expectations: The closing was expected following the October 30 announcement. However, the confirmation of the final treasury amount and the explicit statement of the 60,000-metre drill plan sets a clear and ambitious path forward.
- Key Concern: A critical point is the static number of pending assays. The company has been reporting 62 pending holes from RC Gold since its September 18, 2025 news release. The three-month delay in releasing this backlog of data is a concern and creates uncertainty. The CEO's statement that a "steady flow of assay results" is anticipated following the financing puts pressure on management to deliver on this promise promptly.
Overall, this news confirms the company's successful transition into one of the best-funded junior gold explorers in the Yukon. The risk profile has now shifted from financing risk to pure exploration and execution risk.
Sitka Gold Corp. is a Canadian-based mineral exploration company focused on advancing its portfolio of gold, silver, and copper projects. Its flagship asset is the 100%-owned, 431 sq km RC Gold Project located in the heart of the prolific Tombstone Gold Belt in the Yukon. The project is road-accessible and hosts a NI 43-101 compliant pit-constrained mineral resource estimate (effective January 21, 2025) containing: - Indicated Resource (Blackjack Deposit): 1,291,000 ounces of gold at an average grade of 1.01 g/t. - Inferred Resource (Blackjack & Eiger Deposits): 1,484,000 ounces of gold.
The company has aggressively drilled the project since 2020, significantly expanding the Blackjack deposit and making new discoveries at the Saddle and Rhosgobel zones, confirming the potential for a multi-deposit gold camp.