Loyalist Exploration Limited has closed the first tranche of its non-brokered private placement, raising gross proceeds of $1,000,000 through the sale of 25,000,000 common shares priced at $0.04 each.

The capital injection directly supports ongoing engineering and permitting work at the 100%-owned Tully Gold Project, located in the Timmins Gold Camp of northeastern Ontario. Proceeds are earmarked to complete current National Instrument 43-101 technical reports, including a preliminary economic assessment and resource estimate, as well as production permitting activities, property payments, and general working capital requirements.

“I would like to thank Haywood and the Buckle group of investors that have been the primary buyers of this closing.”

— Errol Farr, President and CEO

Loyalist consolidated its position at the asset by acquiring the project in October 2025 for a cash payment of $500,000 and the issuance of 78,700,000 common shares, with the vendor retaining a 2.0% net smelter royalty. Building on that foundation, the company published an updated mineral resource estimate in July 2026 prepared independently by P&E Mining Consultants Inc. That estimate established an indicated mineral resource of 1.62 million tonnes grading 3.16 grams per tonne gold containing 164,000 ounces, providing a robust technical baseline for the economic evaluations currently underway.

In connection with the closing of this first tranche, Loyalist paid finder’s fees of $37,200 in cash and issued 930,000 non-transferrable broker warrants to Haywood Securities Inc. Each broker warrant entitles the holder to acquire one common share at an exercise price of $0.075 until August 31, 2028. All securities issued under the tranche are subject to a statutory hold period expiring four months and one day after the date of issuance.

Read the full announcement: Loyalist Announces Closing of First Tranche of Non-Brokered Private Placement