Metalsource Mining Closes Private Placement

Executive Summary

• Metalsource Mining Inc. closed a non‑brokered private placement on December 31, 2025, raising $1,020,000 in gross proceeds.
• The offering consisted of 3,400,000 units at $0.30 per unit, each unit containing one common share and half of a transferable warrant (exercise price $0.40, 2‑year term).
• Proceeds will be used to advance exploration at the Silver Hill and Byrd‑Pilot projects in North Carolina, continue work on the Aruba manganese project in Botswana, and for general working capital.

Key Details

• Units Issued: 3,400,000 units @ $0.30 per unit → total gross proceeds $1,020,000.
• Unit Composition: 1 common share + ½ transferable share purchase warrant (full warrant = right to acquire one additional common share at $0.40). Warrants exercisable for two years from closing.
• Investor: Eric Sprott (through 2176423 Ontario Ltd.) purchased the entire 3,400,000 units.
• Pre‑offering Holdings (Sprott): 7,500,000 shares and 3,750,000 warrants (≈12.7% non‑diluted, 17.9% partially‑diluted).
• Post‑offering Holdings (Sprott): 10,900,000 shares and 5,450,000 warrants (≈17.5% non‑diluted, 24.1% partially‑diluted).
• Use of Proceeds:
• Expand exploration at Silver Hill (silver potential) and Byrd‑Pilot projects in North Carolina.
• Continue work on the Aruba manganese project in Botswana.
• General working capital.
• Warrant Terms: Exercise price $0.40 per share; exercisable for two years from closing date.

Notable Quotes

(No direct quotes provided in the release.)