Bitterroot Resources closes final tranche of financing

Bitterroot Resources Ltd. has closed the final tranche of a non-brokered private placement, raising gross proceeds of $2,122,545 CAD. The company issued 17,687,883 units at $0.12 per unit, with each unit containing one common share and one-half common share purchase warrant.

The warrants carry an exercise price of $0.20 and are set to expire on October 8, 2028, for the first tranche, and October 30, 2028, for the second tranche. An acceleration clause is triggered if the 20-day volume-weighted average price (VWAP) exceeds $0.40. A four-month hold period applies to the common shares, expiring in early 2027.

The financing complements the previously announced up to $5,223,431 USD in non-dilutive Defense Production Act (DPA) Title III funding from the U.S. Department of War. Proceeds will finance approximately 10,000 metres of drilling across 15 to 20 holes at the LM nickel-copper project in Michigan, alongside general working capital.

This transaction follows the closure of the first tranche on October 9, 2026, which raised $1,816,546 CAD. Total equity raised from the placement is approximately $3.94M CAD.

Bitterroot Resources Ltd. (BTT) has closed the final tranche of its previously announced capital raise, a development that resolves the company’s immediate liquidity pressures and addresses its disclosed working capital deficiency and going concern status. The market had already anticipated the financing, which included a $2.4 million CAD placement announced on September 16, 2026, and a Debt Purchase Agreement (DPA) funding announcement on September 15, 2026.

The DPA funding serves as a strategic validation of the importance of the LM project to U.S. domestic nickel supply chains. Structured as a non-dilutive, 50% cost-share reimbursement mechanism, the arrangement significantly reduces the company's cost of capital for the upcoming drilling program. This financial structure supports the company’s strategic pivot away from the Nevada Nighthawk project, following a $1.24 million write-off in Q3 2026, and concentrates all capital and management attention on the Michigan LM project.

The news is considered incremental and expected, as it does not introduce new operational milestones, assay results, or changes to the project's technical scope. The stock price has traded in a tight consolidation range of $0.10 to $0.14 since the initial DPA announcement, indicating that the market has already priced in the financing execution.

Bitterroot Resources Ltd. (BTT) is a pre-revenue exploration company focused on critical minerals and precious metals. Its flagship asset is the LM Nickel-Copper Project, located in the Baraga Basin of Michigan's Upper Peninsula. The region hosts the only operating nickel mine in the U.S., Talon Metals' Eagle Mine.

Bitterroot owns 51% of the LM project through its subsidiary Trans Superior Resources Inc., while Below Exploration Inc. holds the remaining 49%. The project sits on a known magma conduit. Historical drilling comprising 7,565 metres in 26 core holes to 300 metres depth identified disseminated, semi-massive, and massive sulphide nickel-copper-PGM mineralization in 10 of 26 holes.

The company is targeting the most prospective untested depths, between 400 and 700 metres, using borehole electromagnetic surveys and core drilling to locate high-grade massive sulphide accumulations.

Bitterroot also held the Nighthawk Gold/Silver Project in Nevada. Drilling at the site failed to intersect significant mineralization, leading to a $1.24M asset write-off and a strategic shift of all resources to the LM project.