TSX-V: TT Announces Flow-Through Financing
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On November 25, 2025, Total Metals Corp. announced a non-brokered flow-through (FT) private placement for gross proceeds of up to C$6.0 million. This financing replaces a previously announced private placement from November 13, 2025.
The offering is comprised of three types of units: - Critical Minerals Flow-Through Units: Priced at C$1.15 per unit, raising up to C$3.5 million. - National Flow-Through Units: Priced at C$1.05 per unit, raising up to C$2.0 million. - Manitoba Flow-Through Units: Priced at C$1.15 per unit, raising up to C$0.5 million.
Each unit consists of one flow-through common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$1.15 for a period of 36 months. The proceeds will be used to fund exploration activities on the company's Electrolode, High Lake, and West Hawk Lake projects.
The news is materially positive. Replacing the previously announced C$0.90 hard-dollar financing with a premium-priced flow-through offering at C$1.05-C$1.15 is highly advantageous for current shareholders.
- Reduced Dilution: Raising capital at a premium to the market price (last close C$1.10) is significantly less dilutive than the prior plan and demonstrates strong investor demand. The tax incentives associated with flow-through shares allow the company to command this premium.
- Fully Funded for Aggressive Exploration: This financing, on the heels of closing ~$10 million in October 2025, will provide the company with a total of approximately C$16 million in gross proceeds raised in Q4 2025. This robust treasury fully funds the company for an aggressive, multi-project exploration campaign over the next 12-18 months.
- Confirmation of Strategy: Management is moving quickly and decisively to fund the company after its transformative acquisition of the High Lake and West Hawk Lake projects. This demonstrates a clear plan to advance the assets and generate news flow through drilling.
While positive, this financing adds to an already substantial number of outstanding warrants, which will create future selling pressure and potential share price resistance. The company is raising a significant amount of capital relative to its market size in a short period. The key will be deploying this capital effectively to create shareholder value that outweighs the dilution.
Total Metals Corp. is a Canadian junior mineral exploration company. Its initial flagship asset was the 100%-owned Electrolode Project, a 3,000-hectare property located in the prolific Red Lake mining district of Ontario.
In October 2025, the company underwent a significant transformation by acquiring the High Lake and West Hawk Lake gold projects from McFarlane Lake Mining. With this acquisition, the High Lake Project is now arguably the flagship asset. It hosts a NI 43-101 compliant mineral resource estimate (effective April 14, 2023) on its Purdex zone of: - Indicated: 152,000 tonnes at 9.38 g/t Au for 45,800 ounces. - Inferred: 287,000 tonnes at 10.43 g/t Au for 96,200 ounces.
The High Lake mining leases are subject to a 2% Net Smelter Royalty (NSR). The company has also strengthened its management team with experienced geologists familiar with the Red Lake district.