Big Ridge Announces Closing of $7.0 Million Non-Brokered Private Placement Supported by Strategic Shareholders, with Michael Gentile Increasing His Position to 19.9%

Big Ridge Gold Corp. (BRAU) closed a non-brokered private placement on July 7, 2026, raising C$7.0 million in gross proceeds. The transaction, which was announced on June 23, 2026, and closed following acceptance by the TSX Venture Exchange, consisted of 23,333,333 units priced at C$0.30 per unit. Each unit includes one common share and one common share purchase warrant with an exercise price of C$0.46 per share, expiring on July 7, 2029.

CEO Michael Gentile purchased 18,103,333 units in the offering, increasing his ownership to approximately 19.9% on a partially diluted basis. The proceeds will be allocated to exploration at the Hope Brook Gold Project (HBGP), a Preliminary Economic Assessment (PEA), geotechnical drilling, and general corporate overhead. Securities issued in the transaction carry a four-month hold period under Canadian securities laws.

Big Ridge Gold Corp. (BRAU) completed a financing that was fully anticipated following its June 23 announcement. The market had already priced in the capital raise, as evidenced by the stock trading at $0.52, well above the $0.30 placement price. Insider participation at $0.30 demonstrates management's conviction, though the stock has already appreciated 73% since the placement price, meaning the insider buy is not a "first-time" or "new" catalyst.

The issuance of 23.33 million shares represents approximately 8% dilution on the existing ~293.4 million share base. The accompanying warrants add further potential dilution if exercised at $0.46. The capital injection extends the company's runway, funding the PEA and 2026 drill program, but does not alter the fundamental project economics or de-risk the asset overnight. The impact is incremental and expected, securing operational funding while introducing near-term dilution without immediate revenue or production catalysts.

Big Ridge Gold Corp. is an exploration-stage company focused on the Hope Brook Gold Project (HBGP) in Newfoundland and Labrador. The company achieved 100% ownership of HBGP in July 2025 after purchasing the remaining 20% interest for $3 million cash plus 7 million shares. HBGP is a past-producing mine that operated from 1987 to 1997, yielding 752,162 ounces of gold.

The current resource estimate includes 16.19 million tonnes at 2.32 g/t Au for 1.2 million ounces (Indicated) and 2.215 million tonnes at 3.25 g/t Au for 231,000 ounces (Inferred). The project features established infrastructure, including a 28-person camp, a 1,100-meter airstrip, an ice-free docking facility, and grid-connected power. Metallurgical testwork has produced high-grade Cu-Au concentrates (26-30% Cu, 270-539 g/t Au), supporting offtake marketing efforts. The company also holds the Destiny Gold Project in Quebec, which is optioned to Caprock Mining, and the Oxford Gold Project in Manitoba.