Benton Closes Private Placement

• Event: Benton Resources Inc. closed a non-brokered private placement financing on May 19, 2026.
• Proceeds: Aggregate gross proceeds of $1,468,000 raised from issuing 18,350,000 flow-through units at $0.08 per unit.
• Warrants: Each unit includes one-half of a non-flow-through common share purchase warrant exercisable at $0.12 for 24 months.
• Insider Participation: Four insiders subscribed for $45,000 (562,500 FT Units), representing approximately 3% of the total raise.
• Use of Proceeds: Funds are earmarked for eligible Canadian exploration expenses on Newfoundland critical minerals projects, with renunciation required by December 31, 2027.
• Context: This closing follows an April 9 announcement of a $2.5 million financing and a May 5 first tranche closure ($1.3 million). The total raised in this round (~$2.8M) slightly exceeds the initial $2.5M target, indicating successful oversubscription or top-up execution.
• Hold Period: Securities are subject to a four-month hold period.

• Liquidity Extension: The financing provides approximately $1.47 million in immediate cash, extending the company's operational runway for exploration activities. Given the aggressive drilling and land acquisition pace seen throughout 2025-2026, this capital is necessary to maintain momentum without pausing operations.
• Dilution Risk: The issuance of 18.35 million units plus associated warrants (9.175 million) introduces significant dilution. With a market cap around $16.5M, raising ~$2.8M represents roughly 17% of the company's equity value, which is substantial for a junior explorer.
• Pricing: The unit price of $0.08 aligns with recent trading levels ($0.07-$0.09 range in April/May 2026). It is not priced at a significant discount to the market, suggesting fair valuation but also limiting immediate upside from a "bargain" financing event.
• Insider Confidence: Insider participation of $45,000 against a $1.47M raise is relatively low (3%). While positive, it does not signal strong conviction compared to the total size of the offering. Management has been active in previous financings but this specific tranche lacks heavy insider backing.
• Strategic Alignment: The funds support the core Newfoundland projects (Great Burnt, South Pond) and the emerging Helium/Hydrogen portfolio. This validates management's strategy of diversifying into critical minerals while maintaining copper-gold focus.

• Company: Benton Resources Inc. (TSXV: BEX).
• Strategy: Exploration and development of high-grade copper-gold projects in Central Newfoundland with a focus on expanding resources through aggressive drilling.
• Flagship Project 1 - Great Burnt: Large VMS system with Indicated resource of 667,000 tonnes @ 3.21% Cu. Recent drilling has identified high-grade gold zones (up to 31.35 g/t Au surface samples) and copper intercepts up to 16.88% Cu.
• Flagship Project 2 - South Pond: Gold-Copper discovery zone with Indicated resource of 214,000 tonnes @ 1.26% Cu and 1.21 g/t Au. Metallurgical tests show gold recoveries up to 88.4%.
• Secondary Projects: Dominion Lake (Gold/Base Metal), Stoney Caldera, and emerging Helium/Hydrogen projects in the Deer Lake Basin.
• Jurisdiction: Newfoundland, Canada (Top-tier mining jurisdiction with road access and hydro nearby).