Antler Hill Mining Ltd. Announces Signing of Definitive Amalgamation Agreement for Qualifying Transaction with Olympic Metals Ltd

Antler Hill Mining Ltd. has signed a definitive amalgamation agreement to acquire Olympic Metals Ltd. in a qualifying transaction under TSX Venture Exchange rules. The deal will result in a name change to Olympic Metals Ltd. (ticker “OPM”), a 4‑for‑1 share consolidation, and a post‑closing board led by Aneel Waraich as CEO. Olympic holds the Pukaqaqa Copper Project in Peru, which had a construction permit in 2015 but now requires re‑permitting. Antler Hill plans a private placement of at least $20 million before closing. Antler Hill shares remain halted.

The definitive agreement marks a necessary step forward from the non‑binding LOI announced in November 2025. However, the private placement target has slipped materially: the LOI called for a minimum $30 million raise; today’s release lowers that floor to “at least $20 million.” That’s a one‑third reduction, with no explanation offered. For a development‑stage copper project that needs capital to advance re‑permitting and eventual construction, a shrinking fundraising target signals either difficulty attracting investors or a recalibrated (and possibly less ambitious) development plan. The news is incremental and largely expected given the prior LOI, so it does not re‑rate the business. The financing shortfall, while not catastrophic, tilts the risk/reward unfavorably.

Antler Hill Mining Ltd. is a TSXV‑listed shell (currently trading halted) pursuing a qualifying transaction to become a copper development company. The target, Olympic Metals Ltd., owns the Pukaqaqa Copper Project in Huancavelica, Peru. The project had a construction permit issued in 2015 but now requires re‑permitting, indicating a restart after a prolonged idle period. Upon completion, the merged entity will operate under the Olympic Metals name with a focus on advancing Pukaqaqa. No revenue, earnings, or production history exists.