Hercules Metals Closes $50 Million "Bought Deal" Private Placement, including Full Exercise of the Underwriters' Option; Barrick to Fully Exercise its Participation Right

Hercules Metals Corp. has closed its previously announced "bought deal" private placement, issuing 57,472,200 common shares at $0.87 per share. The transaction generated gross proceeds of $50,000,814. The offering was syndicated by Canaccord Genuity Corp. and BMO Capital Markets, which received a 5.0% underwriter commission. The issued shares are subject to a statutory four-month hold period.

Barrick Mining Corporation fully exercised its participation rights under an investor rights agreement, maintaining its 10.34% ownership stake in the company. A separate private placement for Barrick is expected to close around November 16, 2026, adding approximately $5,775,392 in gross proceeds. Combined aggregate gross proceeds from both transactions total approximately $55,776,206.

Hercules Metals stated that the proceeds will be allocated to advance exploration at the Hercules Project, working capital, and general corporate purposes.

Hercules Metals Corp. (BIG) successfully closed its financing at the upper end of the announced range, raising $50 million. The transaction demonstrated strong institutional demand and validated the company’s $0.87 share price. Barrick’s exercise of its full participation right serves as a critical validation of the asset's strategic value and provides ongoing technical support, reinforcing the company's exploration thesis.

The capital raise materially extends the company's cash runway well beyond the previously stated August 2027 date. This extension eliminates near-term dilution risk and funds the aggressive 2026 drill program across multiple targets. Following the closing, the stock traded around $0.96, indicating that the market has already priced in the financing as an expected operational milestone rather than a valuation inflection point.

Hercules Metals Corp. (BIG) is an exploration-stage company focused on its 100%-owned Hercules Property in western Idaho. The flagship asset is the Leviathan porphyry copper system, which has demonstrated over 1 km of strike length, up to 750 m in width, and a 500 m vertical extent.

The company has systematically expanded its discovery footprint, identifying the Southern Flats porphyry center and testing high-priority geophysical targets at Pegasus and Hook. Management transitioned in September 2026 to the Arizona Sonoran team, bringing a proven track record of advancing major copper discoveries to a sale.