Cascadia Announces C$4.1M Non-Brokered Private Placement

On December 1, 2025, Cascadia Minerals announced a non-brokered private placement for gross proceeds of up to C$4.1 million. The financing consists of two parts: - C$1.0 million from the sale of up to 6,666,667 non-flow-through (NFT) units at C$0.15 per unit. Each unit includes one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at C$0.20 for 36 months. - C$3.1 million from the sale of up to 13,333,333 charity flow-through (CFT) units at C$0.233 per unit. Each CFT unit includes one flow-through common share and one-half of a warrant with the same terms as the NFT warrants.

The proceeds will primarily fund a planned 15,000-metre diamond drilling program in 2026 at the Carmacks Copper-Gold Project, as well as exploration at the company's other properties. The release notes participation from strategic investor Michael Gentile. The CEO, Graham Downs, stated that the financing follows a successful initial drill campaign at Carmacks and that assay results from eight resource expansion holes drilled in the fall are still pending, with seven of them having encountered sulphide mineralization.

The announcement of a C$4.1 million financing is a positive and necessary step for Cascadia. It fully funds a significantly expanded 15,000-metre drill program for 2026, which is nearly four times the size of the 3,848-metre program completed in fall 2025. This allows the company to aggressively pursue resource expansion at its flagship Carmacks project, building on the initial positive results released on November 4, 2025.

From a critical perspective: - Dilution: The financing will issue 20 million new shares and 10 million new warrants. On a pre-financing issued base of approximately 156 million shares, this represents immediate dilution of ~12.8%, with further potential dilution from the warrants. This is a significant increase in the share count. - Pricing: The NFT unit price of C$0.15 represents a ~12% discount to the last closing price of C$0.17, which is a common feature but still a cost to existing shareholders. The flow-through price of C$0.233 is a premium, as expected. The C$0.20 warrant exercise price is above the current market price but could act as a resistance level and future source of share supply. - Strategic Endorsement: The participation of Michael Gentile, a known strategic investor in the junior mining space, lends credibility to the financing and the company's strategy. - Operational Necessity: With C$4.0 million in cash as of September 30, 2025, and an active fall drill program, the company's treasury was being depleted. This financing was essential to fund the company's ambitious 2026 plans and de-risks the balance sheet for the next 12-18 months of exploration.

The news is in line with expectations that a successful initial drill campaign would be followed by a capital raise to fund a larger program. The key takeaway is that management has secured the funding required to execute its strategy and unlock potential value at Carmacks. The immediate impact is positive, as it removes financing uncertainty, but the long-term impact will be dictated by the results of the upcoming drill assays and the 2026 program.

Cascadia Minerals Ltd. is a Canadian exploration company focused on copper and gold projects in the Yukon. Following its merger with Granite Creek Copper in August 2025, the company's flagship asset is the 100%-owned, road-accessible Carmacks Copper-Gold Project.

The Carmacks project hosts a significant Measured and Indicated resource of 36.3 Mt grading 0.81% copper and 0.26 g/t gold, containing 651 million pounds of copper and 302,000 ounces of gold. A 2023 Preliminary Economic Assessment (PEA) highlighted a post-tax NPV(5%) of US$230.4 million. The company's strategy is to expand the sulphide portion of the resource, which remains open for expansion. Cascadia also holds a portfolio of earlier-stage exploration assets, including the Catch, Macks, and Milner properties.