Kingman closes $1.5-million private placement

Executive Summary

• Kingman Minerals Ltd. closed an upsized non-brokered private placement raising $1.5 million in gross proceeds.
• The company held its Annual General Meeting on October 21, 2025, where all resolutions were passed, including director re-elections and approval of a 10% rolling stock option plan.
• The company provided a corporate update regarding the repayment and forgiveness of previous loans with CDN Maverick Capital Corp. as part of a TSX Venture Exchange review.

Key Details

• Financing Structure:
  • Gross proceeds raised: $1,500,000.
  • Units issued: 21,428,500 units.
  • Price per unit: $0.07.
  • Unit composition: One common share and one common share purchase warrant.
  • Warrant terms: Each warrant allows purchase of one additional common share at $0.09 per share for a period of 24 months from issuance.
  • Finders' fees: $82,558.20 paid in cash.
  • Finders' warrants: 470,910 non-transferable warrants issued.
  • Insider participation: None.
  • Hold period: Four-month statutory hold period on all securities.
  • Regulatory status: Subject to final approval by the TSX Venture Exchange.
• Use of Proceeds:
  • Continued exploration and development at the Mohave project (Arizona).
  • Specific activities include diamond drilling, geophysics, geochemical sampling, and permitting.
  • General working capital.
• Mohave Project Context:
  • Includes the historic high-grade Rosebud mine.
  • Previous sampling reported bonanza-grade underground results up to 688 g/t gold and 468 g/t silver.
• AGM Results (Held Oct 21, 2025):
  • Quorum: 3,929,028 shares (18.4% of issued and outstanding).
  • Directors set at five; re-elected: Peter Born, Cyrus Driver, Arthur Brown, Bradley Peek, and Simon Studer.
  • Auditor reappointed: Dale Matheson Carr-Hilton Labonte LLP.
  • Approved: 10-per-cent rolling stock option plan.
• Corporate Update (Loan Disclosures):
  • Loan from Dec 15, 2022 ($100,000): Fully repaid on April 24, 2023, including bonus and accrued interest.
  • Loan from May 14, 2024 ($50,000): Interest and bonus associated with this loan have been forgiven.

Notable Quotes

• "We've been overwhelmed by the support shown for this financing," stated Simon David Studer, chief executive officer. "Demand exceeded our expectations, and we had to make some difficult cuts to stay within the approved amount. We're grateful to our shareholders and new investors for their confidence in Kingman's projects and team."