Core Nickel to acquire Arizona Copper and Gold

The most recent news (February 18, 2026) confirms that Core Nickel Corp. (CNCO) has signed a definitive arrangement agreement to acquire Arizona Copper and Gold Ltd. (ACG) in a Reverse Takeover (RTO) transaction. The resulting issuer will be named "Arizona Eagle Mining Corp." (AZEM) and will focus on the Eagle Project in Arizona, which includes the past-producing McCabe mine. Key terms include an 8.5:1 share consolidation of Core Nickel and a concurrent financing that raised CAD $3,191,450 through subscription receipts at $1.20 (post-consolidation). The TSX Venture Exchange has provided conditional approval for the listing.

This news is a "Game Changer" as it marks the complete transformation of the company from a Manitoba nickel explorer into an Arizona gold developer. - Business Model Shift: The company is effectively mothballing its focus on the Thompson Nickel Belt to prioritize the Eagle Gold Project. - Management Overhaul: ACG nominees will take over the board and executive positions, including Kevin Reid as CEO. - Valuation Reset: The 8.5:1 consolidation is a significant capital structure reset. At the current pre-halt price of $0.14, the post-consolidation price would be roughly $1.19. The concurrent financing was priced at $1.20, indicating management is targeting a stable entry point for new capital. - Resource Potential: The McCabe mine carries a historic (non-NI 43-101 compliant) estimate of 878,000 ounces of gold at 11.7 g/t. While high-grade, the lack of modern compliance is a major risk factor.

• Flagship Project: The Eagle Project (Yavapai County, Arizona).
• Project Profile: Centered on the past-producing McCabe mine. It is a high-grade gold-silver deposit.
• Legacy Asset: The Thompson Nickel Belt Portfolio (Manitoba), including the Mel deposit (historical resource of 4.3M tons at 0.875% Ni). While management claims to "preserve optionality," the current capital is clearly earmarked for Arizona.