San Lorenzo Closes C$80 Million Financing with Strong Institutional Support

San Lorenzo Gold Corp. (SLG) has closed its previously announced, twice-upsized private placement, issuing 15,094,400 common shares at C$5.30 for gross proceeds of C$80,000,320. No warrants were attached to the offered shares. The transaction was structured with 9,433,900 LIFE shares, valued at C$49,999,670, issued under the listed issuer financing exemption, which are immediately free-trading with no hold period. The remaining 5,660,500 non-LIFE shares, valued at C$30,000,650, carry resale restrictions running to March 11, 2027.

SCP Resource Finance LP and National Bank Financial served as lead agents, with BMO Nesbitt Burns and Haywood Securities participating in the syndicate. Argonaut Securities Pty Limited acted as financial adviser to the company. The aggregate cash commissions and advisory fees totalled C$4,771,519, representing 6.0% of gross proceeds, including 3.0% on president's-list orders. Net proceeds are therefore approximately C$75.2 million before expenses not disclosed in the release.

CEO Brandon Gaspar and Executive Chair Al Kroontje participated in the offering, purchasing 75,472 shares for C$400,000, which represents roughly 0.5% of the offering. This purchase was disclosed as a related-party transaction under MI 61-101, relying on the 25%-of-market-cap exemptions. The company stated the proceeds will be used for exploration drilling and technical studies at Salvadora, operational capabilities and infrastructure, and general corporate/working capital. No project-level budget, metreage, rig count or timeline is quantified.

Final acceptance by the TSX Venture Exchange was still outstanding at the time of the release. The announcement contains no new assay data, no new geological interpretation, no resource estimate, and no economics. It serves as a settlement and administrative release confirming a transaction the market was informed about on October 16, 2026, and again on October 29, 2026.

San Lorenzo Gold Corp. (SLG) closed its amended offering on November 10, raising the full C$80,000,320 originally upsized from C$40 million in October. The transaction, which carries a 6.0% fee structure, was supported by a C$400,000 contribution from insiders. The capital raise consists entirely of common equity issued at C$5.30 per share, with no warrant coverage. This structure contrasts with previous financings, including the December 2025 raise of units at C$0.62 with $0.80 half-warrants and an acceleration clause, and the February/March 2026 raise of units at C$2.51/$2.64 with $3.50 half-warrants. Management sold 15.09 million shares in the offering, providing hard dollars to the treasury at a price approximately 8.5 times the December 2025 level.

The C$80 million gross proceeds significantly expand the company’s liquidity relative to its recent cash positions. At December 31, 2025, San Lorenzo Gold held C$5.0 million in cash, which rose to C$21.6 million by March 31, 2026, and was cited at approximately C$23.8 million in the corporate presentation as of June 30, 2026. On a pro forma basis, cash could reach between C$95 million and C$98 million before third- and fourth-quarter expenditures. This balance represents more than 10% of the current market capitalization and is sufficient to fund a multi-rig drilling program for well over a year, based on observed burn rates. For context, the company reported a Q1 2026 operating cash outflow of C$1.04 million and capex of C$1.12 million, while FY 2025 capex stood at C$1.92 million.

The financing increases the share count from 108,594,518, as reported in the September 30, 2026 presentation, to approximately 123.7 million, a dilution of roughly 14%. Compared to the 84.3 million shares outstanding at December 31, 2025, the share count has increased by approximately 47% over eleven months. The Q1 2026 book value of C$0.29 per share, derived from C$29.58 million in equity across 102.78 million shares, is projected to rise to roughly C$0.85 per share pro forma. At the stock’s closing price of C$5.99, the shares trade near 7 times pro forma book value.

The release did not disclose a list of institutional subscribers or named cornerstone buyers, referencing only "leading global institutional investors" without quantification. The only named participants were two insiders contributing C$400,000, representing 0.5% of the total raise. Regarding free-trading supply, 9.43 million of the 15.09 million shares issued carry no hold period, constituting roughly 7.6% of the post-deal share count available immediately. The remaining 5.66 million shares are subject to a hold period until March 11, 2027.

Market reaction to the closing was muted, with the stock closing at C$5.99 on the closing date, following a close of C$6.30 on November 9 and C$6.14 on November 6. The C$5.30 issue price sits approximately 12% below the current price and 16% below the November 9 close. The financing removes near-term funding risk, allowing for a fully funded drilling program at the Salvadora project, though the value of that program remains dependent on future assay results.

San Lorenzo Gold Corp. (TSXV: SNLGF, OTC: SNLGF) is a Canadian greenfield explorer whose sole material asset is the 100%-owned Salvadora project in Chile’s Atacama Region. The ~11,962-hectare property sits in the Paleocene porphyry belt at an elevation of ~1,600 m, approximately 80 km inland from port. It is located ~15 km from Codelco’s El Salvador copper-gold mine, which contains more than 1 billion tonnes, and ~30 km from the Potrerillos smelter.

The company has not published a formal mineral resource or reserve estimate, nor has it released a preliminary economic assessment, pre-feasibility study, feasibility study, production guidance, or economic analysis. The company is currently a discovery-stage story valued on drill intercepts. Its target portfolio includes Cerro Blanco, a porphyry system with a ~1.2 km alteration footprint and partial IP coverage; San Juan/Arco de Oro, a ~7 km epithermal trend featuring a 1.2 km-wide D9 chargeability anomaly; Caballo Muerto and Caballo South, both porphyry targets; Tres Amigos, a high-grade copper epithermal system with only three shallow historical holes; Quebrada Salada, a new ~2 km surface gold corridor; and Maria Teresa, where assays are pending.

Reported intercepts are downhole composite widths, with releases stating that true widths are unknown because the systems are still being modelled. Unassayed intervals are assigned zero grade in the deck’s composites. Reported highlights include 153.5 m @ 1.04 g/t Au (SAL-01-24), ~490 m @ 0.89 g/t Au (SAL-10-25, including 102.3 m @ 1.33 g/t Au), and 58.5 m @ 1.07 g/t Au (SAL-09-25). These represent encouraging bulk-tonnage grades at current gold prices, but they do not constitute a resource and no cut-off grade has been applied.

Drilled areas are described as royalty-free with no net smelter returns (NSRs). Royalties overhang only the periphery, including a 0.5% NSR to Mirasol on 900 ha of acquired claims and a 2% NSR on the 2,000 ha Rubi option ground, which includes buy-downs of US$2M (to 1.5%) and US$2M (to 1.0%).

Management includes Brandon Gaspar, who has served as CEO since September 1, 2026. Gaspar holds a P.Geo. and MBA, and has a background as a mining equity analyst and in mine operations. Terence Walker serves as VP Exploration, bringing more than 40 years of experience, including 27 years in La Serena. Al Kroontje is Executive Chair and co-founder, with more than 40 years in oil and gas and mining, holding a BSc in Chemical Engineering. John Aihoshi serves as CFO and is a CPA. Proposed directors include Dan Noone, former G2 Goldfields CEO, and Samuele Renelli, VP Underground Mining at Eldorado, who would add operating depth if elected. The CEO transition is approximately two months old, and the C$80M raise marks Gaspar’s first capital-markets test.