Pirate Gold Corp. Closes Brokered Private Placement for Aggregate Gross Proceeds of $13.6 Million

Pirate Gold Corp. (YARR) has closed its previously announced brokered private placement, raising aggregate gross proceeds of $13,609,430. The company issued 48,277,000 flow-through common shares at $0.215 per share and 13,050,000 special flow-through common shares at $0.2475 per share.

Proceeds are designated for eligible Canadian exploration expenses on the Treasure Island Project, specifically to maintain active drilling programs at Moby Dick and Moosehead through spring 2027. The transaction includes broker commissions and the issuance of 3,679,620 non-transferable broker warrants, exercisable at $0.215 per share for 24 months following closing.

Securities are subject to a statutory hold period expiring on February 23, 2027. The offering remains subject to final TSX Venture Exchange approval. The company will renounce all qualifying expenditures in favor of subscribers by December 31, 2026, with indemnification clauses if the Canada Revenue Agency reduces expenditures or renunciation is delayed.

Pirate Gold Corp. (YARR) closed a financing announced on October 1, 2026, raising $13.6 million against a target of $15 million. The market was fully aware of the offering, and the actual raise aligned with expectations.

The capital injection directly funds the company’s active 50,000-metre drilling program, preserving the treasury and extending the operational runway into 2027. While the issuance of broker warrants adds to the overhang, this is standard for brokered placements. Dilution is present but was expected and priced into the current share price. The transaction serves as a necessary operational funding step rather than a transformative event, leaving the fundamental discovery status and valuation drivers unchanged.

Pirate Gold Corp. (YARR) is an exploration-stage company focused on the 78,600-hectare Treasure Island Project in central Newfoundland, situated along the 92 km strike-length Valentine Lake Fault Zone. The project features two primary exploration zones: the Moosehead Zone and the Crippleback Zone.

The Moosehead Zone is an advanced high-grade orogenic gold system. Drilling has identified multiple structures including the Eastern Trend, Western Trend, Rib Vein, and Caribou Fault, with intercepts up to 309.5 g/t Au over 0.65 m.

The Crippleback Zone is a grassroots copper-gold porphyry and high-sulphidation epithermal target. The Moby Dick discovery shows broad alteration zones (3,100 m long, 850 m wide, 500 m deep) with intercepts like 0.24% CuEq over 299.4 m.

The company is in the exploration phase with no defined mineral resources or reserves. Exploration is advancing via a 50,000-metre diamond drilling program and geophysical surveys.