Legacy Gold Announces Non-Brokered Private Placement

The most recent news (Feb 23, 2026) announces a non-brokered private placement to raise up to C$4.0 million through the issuance of 13.33 million shares at C$0.30 per share. This follows a series of positive assay results from the 2025 drilling program at the Baner Gold Mine in Idaho, including intercepts of 5.22 g/t Au over 3.0m and broad low-grade zones (0.50 g/t Au over 108.2m). While the exploration results suggest a robust mineralized system that remains open in all directions, the financing is priced at a 25% discount to the current market price of C$0.40.

The impact is Routine - Negative. While the financing is necessary to fund the 2026 drill campaign, the terms are dilutive. - Dilution: The issuance of 13.33 million shares on a base of approximately 26.55 million shares represents a massive ~50% increase in shares outstanding. - Pricing: Raising capital at C$0.30 when the stock is trading at C$0.40 indicates a lack of aggressive institutional demand at market prices, forcing management to offer a steep discount. - Operational Continuity: On the positive side, the funds ensure the company can follow up on the "flatter dip" geological theory which successfully expanded the mineralized footprint in the 2025 program. However, the market typically views "rescue" or "continuation" financings at deep discounts as a sign of weakness.

Legacy Gold Mines Ltd. (formerly Prestwick Capital) is focused on the Baner Gold Mine Property in the Orogrande Mining District, Idaho. The project is held under an option agreement with Champion Electric Metals Inc. to acquire a 100% interest. The project is characterized by a textbook shear system with three mineralized orientations. Recent drilling has focused on a "flatter dip" interpretation which has successfully intersected wide, bulk-tonnage style mineralization.