Azarga Metals Announces Follow-up Non-Brokered Private Placement

On February 17, 2026, Azarga Metals announced a non-brokered private placement to raise $500,000 through the issuance of 3,703,703 units at $0.135 per unit. Each unit includes a common share and a two-year warrant exercisable at $0.20. Notably, this financing is described as a "follow-up" to a $1.0 million placement closed just six days prior (February 11, 2026), which was priced lower at $0.10 per unit. Insiders are participating in this current round, which is intended to fund an exploration program at the Marg project and provide general working capital.

• Pricing Strength: The financing is priced at a 35% premium ($0.135 vs $0.10) to the financing closed the previous week. This indicates strong demand and a valuation step-up in a very short window.
• Insider Participation: Insider buying at a premium to the previous round is a critical signal of management's confidence in the upcoming exploration results at Marg.
• Capital Sufficiency: While $500,000 is a relatively small amount for a mining explorer, combined with the $1.0 million closed on Feb 11, the company has secured $1.5 million in February 2026. This provides the necessary runway to move past the "working capital crisis" that defined their 2024-early 2025 period.
• Dilution: The combined February financings add approximately 13.7 million shares and 13.7 million warrants to the capital structure, representing roughly 15-18% dilution.

Azarga Metals Corp. is focused on the Marg Project in the Central Yukon, Canada. - Flagship Project: The Marg Project is a high-grade, copper-rich volcanogenic massive sulphide (VMS) deposit located in the Keno Hill silver district. - Resource Estimate (Sept 2025): - Indicated: 4.3Mt at 2.9% CuEq. - Inferred: 10.0Mt at 2.3% CuEq. - Project Status: 100% owned following the exercise of an option from Minera Alamos in July 2025. The deposit remains open to the east, west, and down-dip.