Abitibi Metals Announces Closing of Non-Brokered Financing for Gross Proceeds of $30.75 Million

On May 15, 2026, Abitibi Metals closed its previously announced non‑brokered private placement for gross proceeds of C$30.75 million. The financing consisted of 11.76 million charity flow‑through (CFT) shares at $0.85 and 35.78 million hard‑dollar (HD) shares at $0.58. Discovery Silver Corp. subscribed for 23.70 million HD shares, becoming a strategic 9.9% shareholder and securing customary participation rights to maintain its stake. Proceeds will fund the ongoing 80,000‑metre drill program at the B26 copper‑gold project in Québec. The company now holds more than $45 million in treasury, with the drill program fully funded.

The closing is the culmination of a financing that was fully detailed in two prior announcements (April 23 and April 27, 2026). The market already knew Discovery Silver would take a ~9.9% position at the same per‑share prices. No new terms, no uplift in size, and no unexpected twist appear. Therefore, the news is incremental and confirmatory, not a catalyst for re‑rating.

The share price had risen from $0.68 to $0.80 in the weeks since the initial announcement, suggesting the financing was already priced in. While having the cash locked in is objectively good—it removes closing risk and ensures the drill program’s pace—the event itself does not alter the investment thesis or the likely pace of resource growth. The HD price of $0.58 represents a 27% discount to the $0.80 pre‑closing market price, which could weigh on near‑term trading as those shares become free‑trading after the hold period. However, Discovery Silver’s willingness to invest at that level is a vote of confidence.

Bottom line: This is a routine closing of a well‑flagged placement. It strengthens the balance sheet but brings no new information that would move the stock on its own.

Abitibi Metals is a Quebec‑focused explorer developing the B26 Polymetallic Deposit, a high‑grade copper‑gold‑zinc‑silver VMS system in the prolific Abitibi Greenstone Belt, 7 km from the former Selbaie mine. Since acquiring the project from SOQUEM, the company has delivered exceptional resource growth: - Feb 2026 MRE: Indicated – 13.0 Mt @ 2.1% CuEq; Inferred – 12.3 Mt @ 2.2% CuEq. - Grade highlights: World‑class intercepts such as 17.91% CuEq over 6.3 m (Nov 2025) and 12.83% CuEq over 5 m (Jan 2026) in the Western Down‑Plunge zone. - Ownership: Abitibi holds 80% (operator) after early exercise of its option in March 2026; SOQUEM retains a 20% participating interest. - Drilling: An 80,000 m campaign is underway—the largest in company history—targeting expansion of the high‑grade core and regional step‑outs.