Anteros appoints Drost as executive chairman

Executive Summary

• Anteros Metals appointed Abraham Drost as Executive Chairman and amended the pricing/terms of its previously announced non-brokered private placement.
• The company provided a material update on the Seagull project, including the vesting of a 20% Phase 1 interest, recent base metal and PGE assay results from drill hole RM26-01, and a planned drilling resumption in late April/early May 2026 to evaluate hydrogen and helium potential.
• The amended financing targets up to $1 million in gross proceeds through units priced at $0.05 and flow-through units at $0.065, accompanied by the grant of 2.7 million stock options to company insiders and consultants.

Key Details

• Executive Appointment: Abraham Drost (MSc, PGeo) appointed as Executive Chairman effective immediately; brings extensive experience in exploration, mergers, and liquidity events across the gold and critical minerals sectors.
• Management Transition: Emily Halle steps down as a director and transitions to a strategic adviser role to continue supporting geological and exploration strategy.
• Seagull Project Exploration: Located ~80 km NE of Thunder Bay, Ont.; currently exploring for hydrogen, helium, PGEs, copper, and nickel. Anteros is vesting a 20% Phase 1 interest under an option/JV agreement with Rift Minerals Inc. (announced Oct 9, 2025) that allows Anteros to earn up to a 49% interest.
• Drilling Results & Plans: Recent base metal and PGE assay results reported for drill hole RM26-01. Field preparations are underway to resume drilling in late April to early May 2026, leveraging historical holes to evaluate hydrogen/helium potential in gas-bearing structures.
• Financing Structure & Proceeds: Amended non-brokered private placement offers units at $0.05/unit and flow-through units at $0.065/unit, targeting aggregate gross proceeds of up to $1,000,000.
• Warrant Terms: Each unit includes 0.5 common share purchase warrant exercisable at $0.10/share for a 2-year term. Acceleration clause triggers if shares trade above $0.15 for 10 consecutive trading days (starting 4 months + 1 day post-issuance), reducing the warrant term to expire 30 business days after an announcement.
• Flow-Through Shares: FT units include 1 common share qualifying as flow-through shares under Subsection 66(15) of the Income Tax Act (Canada), eligible for the Canadian government's critical mineral exploration tax credit.
• Stock Options: Granted 2.7 million options to officers, directors, and consultants at an exercise price of $0.065/share, expiring 5 years from the grant date.

Notable Quotes

• Bill Kennedy, Director & Founder: "We welcome Mr. Drost as executive chairman of Anteros... The observation of gas indications in three holes, including historical sustained flow in WM01-08, provides compelling evidence of an active gas system on the project. Combined with our upcoming drill program, we believe we are entering a highly active phase of exploration with the potential to unlock significant value across both the gas and PGE targets."
• Abraham Drost, Incoming Executive Chairman: "In addition to Seagull, the Havens Steady and Strickland projects in Newfoundland are compelling exploration opportunities."