Altamira receives $6.28-million from warrant exercise

On November 7, 2025, Altamira Gold announced it had received C$6,284,820 in gross proceeds from the exercise of 31,424,400 common share purchase warrants at an exercise price of C$0.20 per share. The CEO, Michael Bennett, stated that the funds demonstrate shareholder confidence and will be used to continue the extensive drill programs at the Maria Bonita discovery and the central resource area within the Cajueiro porphyry gold district in Brazil. The goal is to increase the current mineral resources and test new target areas.

This news is materially positive. The C$6.28 million cash injection significantly strengthens the company's balance sheet and removes a major near-term financing risk. As of the August 31, 2025 financials, Altamira had approximately C$4.38 million in cash. Given the recent mobilization of a second drill rig (announced November 3, 2025), the company's burn rate is set to increase substantially. This funding extends the company's operational runway well into 2026, allowing it to aggressively pursue its two-rig drill program without the distraction of an imminent need to raise capital in the market.

Critically, these warrants had an expiry date of November 6, 2025. With the stock closing at C$0.20 on that day, the warrants were "at-the-money." The exercise was likely driven by the expiry date rather than a significant premium in the stock price. The August 31, 2025 financials indicated a total of 47,677,900 warrants were expiring at this price, meaning approximately 66% were exercised. While not a 100% conversion, securing C$6.3 million from an expiring series is a very successful outcome that de-risks the company's exploration plans for the next 12 months. This allows the company to focus entirely on drilling and creating value through discovery.

The progression of news shows a company in a critical execution phase: - May 2025: Delivered a significant maiden resource at Maria Bonita. - July 2025: Successfully raised C$5.28 million at C$0.10/share to fund drilling. - September-October 2025: Commenced drilling, released visually encouraging updates followed by long, but lower-grade, intercepts which caused the stock to retrace significantly from its C$0.38 high. - November 2025: Expanded the drill program to two rigs and now secured funding for this expanded program via the warrant exercise.

The company has successfully funded its exploration plans through the next series of major catalysts. This financial certainty is a material positive development.

Altamira Gold Corp. is a Canadian-based junior exploration company focused on gold projects in Brazil. Its flagship asset is the Cajueiro project, which hosts a district-scale porphyry gold system. The project contains two main resource areas: 1. Cajueiro Central: An existing NI 43-101 resource with Indicated resources of 185,000 oz gold and Inferred resources of 515,000 oz gold. The company recently received an environmental license for trial mining in this area. 2. Maria Bonita: A recent porphyry gold discovery for which the company announced a maiden NI 43-101 resource in May 2025, containing Indicated resources of 357,800 oz gold and Inferred resources of 362,400 oz gold. This discovery is the current focus of an aggressive drill program and is believed to be one of nine potential porphyry targets within the district.