Hercules Metals Announces $30 Million "Bought Deal" Private Placement of Common Shares

Hercules Metals Corp. (BIG) announced a $30.015 million "bought deal" private placement of 34.5 million common shares at $0.87 per share. Canaccord Genuity Corp. and BMO Capital Markets are leading the syndicate, with an option to purchase up to 5.2 million additional shares for up to $4.524 million in gross proceeds.

Net proceeds will fund the advancement of the Hercules Project, working capital, and general corporate purposes. Closing is anticipated on or about November 12, 2026, subject to TSX Venture Exchange conditional approval and regulatory conditions. Securities carry a statutory hold period of four months and one day from the closing date.

Hercules Metals Corp. (BIG) has secured a capital raise designed to fund its 20,000–30,000-meter 2026 drill program and secure option payments for the Olympus land package. The financing, priced at $0.87 per share, represents a discount to the stock’s recent trading range of $0.90–$1.30 but aligns with market norms for bought-deal transactions. This structure provides immediate liquidity without interest obligations, extending the company’s financial runway well into 2027 and removing near-term financing risk.

The move follows a pattern of sequential financings, including a $31.5 million raise in May at $0.59 and a $4.5 million raise in August at $0.62. While the transaction is dilutive, it allows management to focus on assay results and resource definition rather than immediate capital markets activity. The news serves as an incremental update that solidifies the operational timeline for the pre-revenue exploration-stage company.

Hercules Metals Corp. (BIG) is a pre-revenue exploration company advancing its 100%-owned Hercules Property in western Idaho. The company’s flagship asset is the Leviathan copper porphyry system, which was discovered in 2023. Mineralization traces over 1.35 km in strike, extends up to 750 m in width, and reaches approximately 500 m vertically. The deposit remains open to the north, south, and depth.

In 2026, the company identified the Southern Flats zone as a secondary discovery. This area shows transitional phyllic to outer potassic alteration, with hole HER-26-01 returning 287 m of 0.58% CuEq. 3D modeling suggests a continuous southern extension of the Leviathan system.

Additional targets include the Pegasus and Hook zones, both defined by coincident MT conductivity and IP chargeability anomalies, positioning them as high-priority porphyry centers. The company’s land package comprises more than 100,000 acres along the 73-km Olympus belt, including approximately 3,273 acres of secured surface mining rights.