Metal Energy arranges $9.3-million financing

Executive Summary

• Metal Energy Corp. announced a financing for aggregate gross proceeds of up to $9.3 million, consisting of flow-through shares and non-flow-through common shares.
• Centerra Gold Inc. is becoming a strategic shareholder, expected to own approximately 9.9% of Metal Energy’s issued and outstanding common shares following the offering.
• Proceeds will fund the 2026 maiden drill program at Metal Energy’s NIV copper-gold-molybdenum project in British Columbia, which is fully permitted and drill-ready.

Key Details

• Financing Structure:
  • Flow-Through Shares (FT): 8.88 million shares issued at $0.73 per share.
  • Non-Flow-Through Shares: 6.2 million shares issued at $0.45 per share.
  • Total Gross Proceeds: Up to $9.3 million.
• Use of Proceeds:
  • Financing Metal Energy’s 2026 maiden drill program at the NIV project.
  • FT share proceeds will be used to incur eligible Canadian mineral exploration expenses, including Canadian exploration expenses (CEE), flow-through critical mineral mining expenditures, and B.C. flow-through mining expenditures.
  • Qualifying expenditures must be incurred on or before December 31, 2026, and renounced to purchasers by December 31, 2025.
• Strategic Investment:
  • Centerra Gold Inc. will hold approximately 9.9% of Metal Energy post-closing.
  • Centerra owns the Kemess property in the same region and operates the Mount Milligan mine.
• Transaction Terms:
  • Closing Date: Expected on or about December 16, 2025.
  • Conditions: Subject to customary closing conditions, regulatory approvals, and TSX Venture Exchange acceptance.
  • Hold Period: Four months plus one day for all securities issued.
  • Warrants/Finders' Fees: No warrants will be issued; no finders' fees are payable.
• Asset Details:
  • NIV Project: Fully permitted, drill-ready copper-gold-molybdenum project in the Toodoggone district, British Columbia.
  • Portfolio: Includes NIV (100% controlled), Highland Valley (100% owned), and Manibridge (85% owned).

Notable Quotes

• "We are pleased to welcome Centerra Gold as a strategic investor in Metal Energy. Centerra's involvement adds further technical depth to our work at NIV, which we consider one of the most compelling undrilled copper-gold porphyry opportunities in British Columbia. Securing this financing on favourable terms from a respected industry leader with vast operational experience and regional presence through the Kemess asset underscores the quality of the NIV asset and the effort our team has put in, to date. This marks an important milestone for Metal Energy and positions us to focus on our core objective, which is advancing drilling and pursuing a meaningful discovery," said Stephen Stewart, chairman of Metal Energy.