Adamera Announces Financing

On June 15, 2026, Adamera Minerals announced a non‑brokered flow‑through private placement of 6,000,000 FT Units at a unit price of $1.50, targeting gross proceeds of $9,000,000. Each unit comprises one common share and one‑half of a common share purchase warrant; a full warrant is exercisable at $0.40 for two years, with accelerated expiry if the stock trades at or above $0.40 for 10 consecutive days. Proceeds are designated for qualifying Canadian exploration expenditures on the South Hedley Project (gold, copper, zinc) in British Columbia and may qualify for the 30 % Critical Mineral Exploration Tax Credit. The financing is subject to TSX Venture Exchange acceptance and customary four‑month hold.

The announced financing is materially positive on its face – a $9 million cash injection would fully fund the company’s aggressive exploration plans without the heavy dilution typical of a junior explorer. However, the unit price of $1.50 is completely disconnected from the company’s pre‑announcement market price of $0.12 and its post‑January dilution average of roughly $0.10–$0.12. The most recent comparable flow‑through unit price was $0.065 in December 2025. This extraordinary premium (12.5 × market) raises immediate questions about feasibility, counterparty identity, and the possibility of a factual error or non‑arms‑length arrangement. No strategic investor is named. If legitimate, the terms signal a radical re‑rating of the company’s prospects – particularly the South Hedley copper‑gold porphyry and the Washington tungsten portfolio – by a well‑informed party willing to pay a huge premium for tax‑advantaged flow‑through shares. Absent such a re‑rating, the risk of the financing failing to close or being substantially repriced is high. For a company with only $323 k in cash and a $560 k working capital deficit at year‑end 2025, even a partial closing at realistic terms would be critical. Therefore the news is classified as material‑positive, but the premium demands extreme caution.

Adamera Minerals Corp. is a junior exploration company with a diversified portfolio of gold, copper, tungsten, and silver projects in Washington State (USA) and southern British Columbia (Canada). The company’s flagship projects are: - South Hedley (B.C.) – 18,714 ha, 100 % owned, hosting the Max copper‑gold porphyry target (2 km² magnetic anomaly, soil Cu up to 1,450 ppm, Au to 1.61 g/t) and the Glix gold‑skarn prospect (soil Au to 4.3 g/t). Both are drill‑ready with permits in progress. - Tungsten projects (Washington) – Recently expanded portfolio including the Tungsten Ridge (1,360 acres, polymetallic skarn) and the Talisman mine (historic high‑grade tungsten‑copper‑silver production, grades to 1 % WO₃, 5 % Cu, 103 g/t Ag). The company is actively exploring these for critical‑mineral upside. - Additional Washington gold assets – Flag Hill South (epithermal Au‑Ag, intercepts of 3 g/t Au, 71 g/t Ag), Empire Creek (historic 15.2 m @ 10.5 g/t Au, 183 g/t Ag), and Buckhorn 2.0 (multiple targets around the former high‑grade Buckhorn mine).

Management, led by President & CEO Mark Kolebaba, has historically focused on grassroots target generation, but drilling has been hamstrung by chronic under‑capitalisation.