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Metal Energy Corp. (TSXV: MERG,OTC:MEEEF) ("Metal Energy" or the "Company") is pleased to announce that existing shareholders, Centerra Gold Inc. ("Centerra") and Teck Resources Limited ("Teck"), have elected to exercise their respective 'top-up rights' to maintain their respective 9.9% equity interests in the Company, as provided under their respective investor rights agreements.
The Company will issue 550,000 common shares ("Shares") at a price of C$0.89 per share, for total gross proceeds of approximately C$490,000 (the "Offering"). The price was determined in accordance with the investor rights agreements. No warrants will be issued and no finder's fees will be paid in connection with this issuance.
"We are grateful for the continued backing of Centerra and Teck as we work to unlock the potential of what NIV has to offer," said Charlie Greig, CEO of Metal Energy. "We are well into our first drill program on the property, testing what we think is one of the most promising undrilled porphyry targets in British Columbia. We like what we are seeing so far, and we are looking forward to the first set of assays."
Metal Energy will use the proceeds from the Offering for general corporate and working capital purposes.
Closing of the Offering is expected to occur on or before August 17, 2026, subject to the satisfaction of certain customary closing conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of ‎the securities in the United States. The securities have not been, and will not be, registered under ‎the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state ‎securities laws and may not be offered or sold within the United States or to, or for the account ‎or benefit of, a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless ‎registered under the U.S. Securities Act and applicable state securities laws or an exemption ‎from such registration is available.‎
Qualified Person
The technical information contained in this news release has been reviewed and approved by C.J. "Charlie" Greig, P.Geo., CEO of Metal Energy Corp., and a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Metal Energy Corp.
Metal Energy Corp. is a critical metals exploration company focused on copper and gold assets in Canada. The Company's flagship asset, NIV, is a fully permitted and drill-ready copper-gold-molybdenum project located in British Columbia's prolific Toodoggone District, a region known for significant porphyry deposits. Drilling at NIV commenced on June 29, marking the start of a 6,000-metre program designed to test undrilled copper-gold porphyry targets. This 2026 program is the first-ever drill campaign at NIV, which hosts extensive and coincident soil geochemical, Induced Polarization (IP), and magnetic anomalies in a favourable geological setting. The Company's Highland Valley Project is a second permitted, drill-ready asset, offering investors additional discovery upside and further copper exposure.
Teck Resources and Centerra Gold are each 9.9% strategic investors in Metal Energy. The Company has a robust balance sheet of over $9 million and is fully funded for the entirety of its 2026 exploration programs. The proceeds of the strategic investments by Teck and Centerra are directed entirely toward exploration at the NIV project.
Metal Energy's portfolio includes three high-potential projects:
- NIV Project (Cu-Au-Mo, 100% controlled), Toodoggone District, British Columbia
- Highland Valley Project (Cu-Mo-Ag-Au-Re, 100% owned), British Columbia
- Manibridge Project (Ni-Cu-Co-PGE, 85% owned), Manitoba
Overview of Metal Energy's Flagship Project, NIV, and the Greater Toodoggone District
The NIV Property, which just began its Maiden Drill Program (view News Release Here) spans more than 12,500 hectares across two claim blocks, NIV (1,048 ha) and West NIV (11,500 ha), located 32 km south of Centerra Gold's Kemess mine complex. NIV is largely underlain by the same Triassic-Jurassic geology that to the north hosts both the nearby Kemess copper-gold porphyry deposits, as well as Amarc Resources' newly discovered Aurora deposit, which extends onto TDG Gold's adjacent Greater Shasta-Newberry property. To the south, similar geology hosts advanced exploration projects on the nearby Kliyul and RDP Projects of Pacific Ridge. Although exploration at NIV is documented as far back as the 1960s, little work was done prior to staking in 2010, and modern geochemical and geophysical techniques have only been applied sporadically since. Neither the NIV nor West NIV block has been drill-tested prior to this program.
For Further Information
Metal Energy Corp.
Suite 1102, 141 Adelaide Street West, Toronto, ON M5H 3L5
416.644.1567 | info@oregroup.ca | www.metalenergy.ca
Reader Advisory
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). Forward-looking statements in this press release include, but are not limited to, statements regarding whether the Company will be able to complete the Offering as anticipated, the satisfaction of closing conditions, the receipt of regulatory approval, including the approval of the TSX Venture Exchange, to complete the Offering, the estimated closing date, the intended use of proceeds, the NIV Project drill program or its anticipated results, and other matters ancillary or incidental to the foregoing. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Metal Energy's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, and stock market volatility. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in Metal Energy's public disclosure documents available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Metal Energy does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309168
