Independence Gold Announces Financing of up to $5.0 Million

Independence Gold Corp. (IGO) announced on December 8, 2025, a non-brokered private placement to raise gross proceeds of up to $5.0 million. The financing will offer two types of securities: 1. Flow-Through Common Shares: Priced at $0.11 per share, with proceeds allocated for Canadian exploration expenditures on the 3Ts Project in British Columbia and the Boulevard Project in Yukon. 2. Units: Priced at $0.10 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant. Proceeds from these units are designated for general and administrative purposes. Each full warrant will entitle the holder to purchase one common share at an exercise price of $0.15 for a term of 24 months from the issue date.

All securities issued under this offering will be subject to a four-month-and-one-day hold period. The financing is subject to the approval of the TSX Venture Exchange.

This proposed financing, while essential for the company's liquidity, is a routine but negatively impactful event for current shareholders. The company's cash balance has been steadily declining, from $9.73 million at December 31, 2024, to $3.92 million by September 30, 2025. This $5.0 million financing addresses an evident need for capital to fund ongoing exploration and general operations, given the approximate $0.64 million monthly cash burn rate over the past nine months.

However, the pricing of $0.10 and $0.11 per share/unit represents a significant discount. The stock's 52-week high was $0.25, and it was trading around $0.19 as recently as March 2025. Even more critically, this financing comes just weeks after the company announced a "Significant Update to 3Ts Project Mineral Resource Estimate" (November 19, 2025), which introduced a substantial Indicated resource and expanded the total AuEq ounces, a development previously assessed as a "Material - Game Changer." One would anticipate that such positive resource news would support a higher valuation for a capital raise. The fact that the company is undertaking this financing at or near its 52-week low ($0.09-$0.10) suggests either an urgent need for capital or a lack of market enthusiasm for the recent positive developments at a higher price point. This dilutive financing overshadows the potential of the resource update in the short term, placing immediate downward pressure on the stock and highlighting the company's reliance on equity financing in a challenging market.

Independence Gold Corp. (IGO) is a Canadian mineral exploration company focused on the acquisition, exploration, and development of mineral properties. Its flagship asset is the 3Ts Project in the Nechako Plateau region of central British Columbia, approximately 185 kilometers southwest of Prince George, and 16 km southwest of Artemis Gold Inc.'s Blackwater Mine. The project covers an area of approximately 35,486 hectares across 31 mineral claims.

The 3Ts Project is characterized by a low-sulphidation epithermal quartz-carbonate vein district, hosting at least 19 known mineralized veins with strike lengths ranging from 50 to over 1,100 meters and true widths up to 32 meters. Recent exploration has expanded the project's scope beyond traditional gold-silver epithermal veins with the discovery of copper-silver-base metal mineralization at the Ootsa target, indicating a potentially larger, more diverse mineralized system.

The company recently completed a significant update to its NI 43-101 mineral resource estimate (November 19, 2025), which introduced an Indicated resource category (2.79 million tonnes at 4.22 g/t AuEq for 378,000 AuEq ounces) alongside an Inferred resource (2.96 million tonnes at 4.06 g/t AuEq for 387,000 AuEq ounces). This update, which included newly discovered veins such as Larry, Johnny, and Ian, is a critical step in advancing the project from an exploration to a development-stage asset.

In addition to 3Ts, the company also has an interest in the Tay Project, located 25 km northeast of 3Ts, and the Boulevard Project in Yukon.