Total Metals options High Grade Menary Gold Project with Historic Results up to 8,120 g/t Au; Highlights Strategic Position Surrounded by Coeur Mining in the Rainy River District
Total Metals Aggressively Accumulates Land in Mining Hotspots as Underwater Financing Participants Face Post-RTO Volatility.
The most recent news release (December 22, 2025) announces that Total Metals Corp. (TT) has entered into an option agreement to acquire a 100% interest in the Menary Gold Project in Kenora, Ontario. The project is strategically located in the Rainy River District, surrounded by Coeur Mining. To earn the 100% interest, TT must pay a total of C$1,010,000 in cash and C$1,010,000 in shares over a four-year period. The project is subject to a high aggregate 4.5% Net Smelter Return (NSR) royalty. The company highlights historical "grab samples" exceeding 8,000 g/t Au and historical drill intercepts, though it explicitly warns that these have not been independently verified.
- Land Position over Substance: While the location near Coeur Mining is a strategic positive, the reliance on historical data (grab samples from the "Galbraith 'A' zone") is speculative. Grab samples are often cherry-picked and rarely represent the average grade of a deposit.
- High Royalty Burden: A 4.5% NSR (3% to Western Troy, 1.5% to William McNerney) is exceptionally high for an exploration-stage project. This could severely handicap the future economic viability of any resource discovered, as royalty burdens typically sit between 1% and 2.5% in Tier-1 jurisdictions.
- Financial Commitment: The C$2.02 million commitment over four years adds to the company's burn rate. While the initial payment of C$210k cash/shares is manageable given recent financings, the project increases the company's dependency on continuous capital raises.
- Timing: This news follows the closing of a series of financings in December. It appears the company is moving quickly to deploy capital into new acquisitions rather than focusing solely on the flagship Electrolode project.
Total Metals Corp. is a recently listed (via RTO) explorer focused on the Canadian Shield. - Electrolode Project (Flagship): 100% owned, 3,000 hectares in the Red Lake district, situated between Kinross Gold’s Great Bear project and First Mining Gold’s Springpole project. - High Lake / West Hawk Lake: Recently acquired from McFarlane Lake Mining. High Lake contains an Indicated resource of 45,800 oz Au at 9.38 g/t and Inferred resources of 96,200 oz Au at 10.43 g/t. - Menary Project: The newest addition in the Rainy River district.