American Eagle Gold Corp. has closed a top-up investment from a wholly owned subsidiary of South32 Limited to maintain South32's 19.9% equity interest in the company.

Under the transaction, American Eagle issued 660,000 common shares at a price of C$1.09 per share, generating gross proceeds of C$719,400. The pricing and share issuance were executed pursuant to South32's top-up right under an investor rights agreement dated November 26, 2024. No warrants were issued and no finder's fees were paid in connection with the offering.

Following the completion of the offering, South32 holds 40,991,069 common shares, representing approximately 19.9% of the issued and outstanding common shares of American Eagle on a non-diluted basis. Prior to the transaction, South32 held 40,331,069 shares, or approximately 19.7%.

American Eagle will direct the proceeds from the offering toward general corporate and working capital purposes. The offering has received conditional acceptance from the TSX Venture Exchange and remains subject to final acceptance. The newly issued shares are subject to a statutory hold period expiring four months and one day from the closing date.

South32 originally established its equity stake in American Eagle through a C$29.2 million strategic private placement completed in November 2024. Additional backing arrived in early 2026, when Teck Resources and Eric Sprott participated in subsequent strategic financings to support exploration activities.

American Eagle is currently conducting a drill program spanning approximately 55,000 metres at the NAK copper-gold porphyry project in British Columbia, with operations scheduled to run through April 2027.

Read the full announcement: American Eagle Closes Top-Up Investment from South32