Silver North closes $2.25-million private placement

Executive Summary

• Silver North Resources Ltd. has closed a non-brokered private placement of flow-through shares, raising aggregate gross proceeds of $2,250,500.
• The funds are designated for Canadian exploration expenses on the company's Yukon projects, specifically to initiate an early start to the 2026 drilling program at the Haldane property and conduct follow-up work at the Veronica silver property.
• The transaction involved the sale of 6.43 million flow-through shares at $0.35 per share, with finders' fees paid in cash and warrants, and includes a related-party transaction involving a director.

Key Details

• Transaction Structure: Non-brokered private placement of flow-through shares (FT shares).
• Gross Proceeds: $2,250,500.
• Shares Issued: 6,430,000 flow-through shares.
• Price Per Share: $0.35 CAD.
• Use of Proceeds: To incur eligible Canadian exploration expenses (flow-through mining expenditures) related to Yukon projects on or before December 31, 2026, with renunciation of qualifying expenditures to subscribers effective December 31, 2025.
• Finder’s Fees:
  • Cash: $144,931.
  • Warrants: 414,090 non-transferable warrants.
  • Warrant Terms: Valid for 24 months at the offering price ($0.35).
  • Lead Finder: Red Cloud Securities Inc.
• Hold Period: All securities are subject to a four-month hold from the date of closing.
• Related-Party Transaction: One director purchased 43,428 FT shares. The company relied on exemptions from formal valuation and minority shareholder approval requirements under MI 61-101, as the fair market value of the related-party portion did not exceed 25% of the company's market capitalization.
• Strategic Impact: Financing enables an early start to the 2026 drilling program at the flagship Haldane property and follow-up programs at the Veronica silver property, focusing on incorporating 2025 data and targeting next year's drilling.

Notable Quotes

• "This financing will give us the ability to get an early start to the 2026 drilling program at our flagship Haldane property, as well as to conduct a follow-up program at the Veronica silver property. Our work this winter will be focused on incorporating the 2025 data, interpreting it and targeting next year's drilling. We can now plan on starting as early as conditions will allow this spring and maximizing the field season in 2026." — Jason Weber, President and CEO