Bitterroot Resources Ltd. has launched a non-brokered private placement aiming to raise up to C$2,400,000 to fund exploration and working capital.

Under the terms of the financing, Bitterroot plans to issue up to 20,000,000 units priced at C$0.12 each. Every unit comprises one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at C$0.20 for two years. The offering remains subject to approval from the TSX Venture Exchange, and any securities issued will carry a four-month hold period under applicable securities laws.

Proceeds from the placement will directly support drilling and associated exploration costs at the LM Nickel-Copper Project located in the Upper Peninsula of Michigan, alongside general corporate working capital. Bitterroot operates the asset through its Michigan subsidiary, Trans Superior Resources, Inc., holding a 51% interest, while privately held Below Exploration Inc. retains the remaining 49%.

Previous exploration at the property involved 7,565 metres of drilling across 26 core holes to a depth of 300 metres. Trans Superior plans to build upon that foundation by launching an expanded drilling campaign in the fourth quarter of 2026, consisting of approximately 15 to 20 core holes ranging from 500 to 700 metres in length.

The field program is backed by a separate funding agreement with the U.S. Department of War, which will provide up to US$5,223,431 in Defense Production Act Title III funding. This non-dilutive federal investment will reimburse 50% of approved exploration and associated costs incurred at the LM Project.

Trading volume reached 389,128 shares following the financing announcement, compared with the 50-day average volume of 194,049 shares. Meanwhile, regional activity in the district includes Perseverance Metals upizing its private placement financing to up to C$10,000,250 to fund ongoing diamond drilling at the nearby Voyageur nickel project.

Read the full announcement: Bitterroot Resources Ltd. C$2,400,000 Private Placement