Northwire Canada EditionFriday, October 30, 2026
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Financings Routine +

Adex Mining Announces New Loan Agreement with Great Harvest and Further Amendments to Existing Loan Agreements

Adex secures a debt extension to address looming going-concern risks and pending claim appeals.

By The Northwire Desk — AI Analysis Oct 30, 2026 · 07:30 ADE · 0.1 Adex Mining Inc.
Executive Summary

Adex Mining Inc. (ADE) has entered into a new unsecured loan agreement with Great Harvest Canadian Investment Company Limited, securing up to US$1,000,000 at an interest rate of 8%. The new facility matures on January 1, 2028. In conjunction with this new agreement, seven existing loan agreements with Great Harvest, totaling US$4,800,000 in principal, were extended to the same maturity date. As of the announcement date, accrued interest on the existing loans stands at approximately US$2,362,398.

The transaction is classified as a related party transaction under Multilateral Instrument 61-101. Adex is relying on an exemption from minority shareholder approval because the terms are commercial, non-convertible, and not repayable in equity. Great Harvest beneficially owns approximately 81.88% of Adex’s common shares and is controlled by directors Yan Kim Po and Linda Lam Kwan.

Material Impact

Adex Mining Inc. (ADE) has secured an extension on its Great Harvest loans, resolving the imminent January 2027 maturity and providing necessary operational runway. This move aligns with management's previously disclosed financing strategy and serves as an expected, incremental step to mitigate immediate liquidity pressure.

The company remains heavily reliant on a single related-party lender, with total principal and accrued interest exceeding US$7.1 million. No new equity was raised in connection with the extension, and the company continues to burn cash. As previously flagged in the MD&A, additional financing is required before December 31, 2026.

Management emphasized the commercial terms and independence of the special committee, while framing the extension as a bridge to the strategic review.

ADE · Price
Company Overview

Adex Mining Inc. (ADE) is a Canadian exploration and development company headquartered in Toronto. Its flagship asset is the Mount Pleasant Mine Property in New Brunswick, Canada, which hosts two distinct zones: the Fire Tower Zone, containing tungsten, molybdenum, and bismuth, and the North Zone, which holds tin, indium, and zinc. Historical production from the Fire Tower Zone occurred between 1983 and 1985, yielding approximately 1 million tonnes of tungsten.

The company is currently in care and maintenance, with a prefeasibility study (PFS) and environmental permitting (EIA) underway. The PFS targets a daily mining capacity of 2,900 tonnes for the Fire Tower Zone and 1,250 tonnes for the North Zone, with a mine life of not less than 10 years.

Read the original news release →

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