Financings Routine +

Leviathan Metals Announces Closing of $10 Million LIFE Offering

Leviathan Metals Secures Runway for Botswana Copper Drilling Amidst Dilution Concerns

By The Northwire Desk — AI Analysis May 20, 2026 · 09:02 LVX · 0.72 Leviathan Metals Corp.

Executive Summary

Financing Closing: Leviathan Metals Corp. successfully closed its previously announced "best efforts" private placement offering on May 20, 2026.
Capital Raised: Gross proceeds of $10,000,000 were raised by issuing 15,625,000 common shares at a price of $0.64 per share.
Use of Proceeds: Funds are designated for drilling and exploration activities across Botswana (Central Project), Bosnia and Herzegovina (Foča Project), and Australia (Timor project residual), plus general corporate purposes.
Transaction Costs: Total fees and commissions amounted to $513,482.24.
Compensation: 802,557 compensation options were issued to the agent at $0.64 per share with a 24-month term.
Insider Participation: Directors and executive officers subscribed for 1,036,700 Common Shares ($663,488 gross), signaling some management confidence but representing a small fraction of total proceeds (~6.6%).
Regulatory Framework: Issued pursuant to the Listed Issuer Financing Exemption (NI 45-106).

Material Impact

Expected Outcome: The closing of this financing was announced on May 5, 2026, and executed as planned. As a follow-up to a previously disclosed transaction, it falls under Routine - Positive rather than Material - Positive. The market had already priced in the dilution risk associated with the $10M raise announcement two weeks prior.
Liquidity Extension: The primary material impact is operational security. Securing $9.5 million net proceeds (after fees) extends the company's cash runway, allowing for the planned drilling programs in Botswana and Bosnia without immediate distress financing risk.
Dilution Impact: The issuance of 15.625 million shares represents a significant dilution event (~13-14% increase on pre-offering outstanding shares). While necessary for exploration, this increases the fully diluted share count to approximately 114 million shares, weighing on per-share value in the short term.
Price Context: The offering price of $0.64 was below the recent trading range ($0.72-$0.96), indicating a discount required to attract capital. This suggests the market views the current valuation as fair but requires a margin of safety for new investors.
Strategic Alignment: Proceeds align with the strategic pivot announced in November 2025 (Cura amalgamation) towards copper and uranium exploration, validating management's commitment to the Botswana portfolio over non-core assets like Timor.

LVX · Price

Company Overview

Company Name: Leviathan Metals Corp. (TSX-V: LVX).
Flagship Project: Central Copper Project (Kalahari Copper Belt, Botswana).
- Status: Exploration / Fully permitted for drilling.
- Geology: 100% owned land on the D'Kar-Ngwako Pan Formation contact, adjacent to MMG Limited's Khoemacau deposits.
- Potential: Targeted as a Tier-1 sediment-hosted stratiform copper deposit similar to regional peers (Sandfire).
Secondary Projects:
- Foča Project (Bosnia): High-grade polymetallic Vrela-Kremin trend (Zn, Pb, Ag). Recent trenching returned 14m @ 7.78% ZnEq.
- Serule Uranium Project (Botswana): Adjacent to Lotus Resources' Letlhakane project; historic drilling showed mineralization.
Strategy: Focus on low-risk jurisdictions with fully funded, permitted development approaches and high-resolution geophysical surveys.

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