Legacy Gold Announces Increase in Size of Its Non-Brokered Private Placement

Legacy Gold Mines Ltd. (LEGY) has increased the size of its previously announced non-brokered private placement from C$3.0 million to C$6.0 million. The offering consists of up to 8,571,429 common shares issued at C$0.70 per share.

Net proceeds will fund continued drilling at the Baner Gold Mine property in Idaho, specifically to expand and define the Main Zone and generate data for an initial mineral resource estimate. The transaction is subject to TSX Venture Exchange approval and carries a standard four-month hold period on the issued securities.

This announcement follows the initial C$3.0 million placement announced on October 28, 2026, which was accompanied by a temporary suspension of drilling operations for winterization.

Legacy Gold Mines Ltd. (LEGY) has increased its financing efforts, a move that follows the announcement made on October 28. This development suggests either strong investor demand or a revised budget requirement for the ongoing exploration campaign. The shares were issued at C$0.70, representing a slight discount to the recent trading range of C$0.80–C$1.00, while aligning with the company's recent capital raise trajectory to provide necessary liquidity.

The additional C$3.0 million extends the company's cash runway, supporting the planned return of the drill rig and the generation of assay results needed for the maiden resource estimate targeted for late Q4 2026 or early Q1 2027. This dilutive impact is manageable given the company's existing cash position of C$6.28 million and the strategic necessity of funding the exploration program to advance toward resource definition.

Legacy Gold Mines Ltd. (LEGY) is an exploration-stage company focused on the Baner Gold Mine Property in the Orogrande Mining District, Idaho, USA. The flagship project hosts historical underground mines and is currently in the exploration phase with no defined mineral resources or reserves.

The company has outlined an initial conceptual exploration target of 50.3–55.3 million tonnes at 0.72–0.91 g/t Au, based on 46 historical and recent drill holes. Metallurgical testing indicates strong cyanide leach recovery rates of 87.1%–93.2%, supporting the potential for open-pit heap-lead development. The company holds an option to acquire a 100% interest in the property, subject to remaining cash and warrant payments due by March 2027.