Adex Mining loses Mount Pleasant mineral claim in N.B.

Adex Mining Inc. (ADE) announced on July 13, 2026, that the New Brunswick Department of Natural Resources and Energy cancelled mineral claim 1505, the Mount Pleasant project, due to the company’s failure to complete required work-program expenditures. The mining recorder declined a further extension, leaving the claim in protected status under Section 52(4) of the Mining Act. Adex stated it is engaged in discussions with the recorder regarding a potential transaction while continuing its previously announced strategic-alternative review.

On July 25, 2025, the company reported receiving a new US$1 million unsecured loan from controlling shareholder Great Harvest. The loan carries an 8% interest rate and matures on January 1, 2027, with proceeds intended to fund ongoing care-and-maintenance and working capital. At year-end 2025, Great Harvest had already lent US$5.1 million to the company.

Adex Mining Inc. (ADE) has lost its sole project, the Mount Pleasant mine, which served as the company’s only plausible source of future value. The cancellation of the claim removes the company’s primary asset, leaving it with no revenue, negative operating cash flow, and a large accumulated deficit of $88.3 million. Total liabilities stand at $31.5 million against total assets of just $2.0 million, the bulk of which consisted of the now-cancelled mineral property. Management had previously warned that the company would not have enough cash to operate through fiscal 2026 without fresh funding.

With the claim cancelled, the equity is effectively an option on a potential transaction that may or may not materialize. The market had recently valued the company at roughly $95 million based on hope of a strategic deal, a thesis that has been undermined by the news. While the protected status may allow for some negotiations, there is no guarantee of a favourable outcome, and the cancellation underscores the company’s inability to maintain the property.

Adex Mining Inc. (ADE) is a Toronto-based mining exploration and development company that previously held the Mount Pleasant Mine Property in New Brunswick as its sole asset. The property contained two distinct zones: the Fire Tower Zone, which hosted tungsten, molybdenum, and bismuth, and the North Zone, which contained tin, indium, and zinc. While historical production occurred at the site during the 1980s, the company never generated revenue.

A prefeasibility study had been placed on hold pending improved market conditions, with all recent activities limited to care-and-maintenance and environmental compliance. The cancellation of the mineral claim has stripped the company of its only project.