Twenty Mile Metals receives court approval for spinout

Executive Summary

• J2 Metals Inc. received court approval from the Supreme Court of British Columbia for its proposed plan of arrangement to spin out Twenty Mile Metals Inc. (Spinco).
• The arrangement involves distributing all five million issued and outstanding common shares of Spinco to J2 Metals shareholders in proportion to their holdings.
• Completion of the spin-off is conditional upon TSX Venture Exchange acceptance, conditional listing approval for Spinco shares, and the completion of a private placement raising at least $500,000.

Key Details

• Court Approval: The Supreme Court of British Columbia issued a final order on Dec. 10, 2025, approving the plan of arrangement with Twenty Mile Metals Inc. (formerly 1558117 B.C. Ltd.).
• Share Distribution: Five million Spinco shares (representing 100% of issued and outstanding common shares) will be distributed to J2 Metals shareholders.
• Record Date: The share distribution record date will be determined by the board of directors and announced in a future release.
• Post-Arrangement Status: Spinco will cease to be a wholly owned subsidiary of J2 Metals upon completion.
• Conditions Precedent:
  • Acceptance of the arrangement by the TSX Venture Exchange.
  • Conditional approval for the listing of Spinco shares on the TSX-V.
  • Completion by Spinco of a private placement raising aggregate proceeds of at least $500,000.
• Documentation: The arrangement agreement is dated Oct. 24, 2025, and is available on SEDAR+.
• Future Updates: J2 Metals will issue further releases regarding the timing for completion and the specific share distribution record date.