Mayo Lake Minerals Inc. (MLKM) has announced a non-brokered private placement aiming to raise between $1.6 million and $1.89 million. The company is offering a mix of common share units priced at $0.08 and flow-through units priced at $0.105. This financing is scheduled to close on August 14, 2026, marking a significant step in the company’s capital planning. The proceeds are earmarked to advance exploration activities at its gold and silver projects located in the Mayo-Keno region of the Yukon’s Tombstone Gold Belt, including necessary working capital.

The timing of this capital raise is tied to the company’s previously approved share consolidation, which will occur on a three-for-one basis. By syncing these events, management aims to clean up the existing share structure while securing the necessary funds to move its operational plans forward.

"Aligning the closing of the LIFE financing with the effective date of the share consolidation creates a stronger platform from which to advance Mayo Lake Minerals' interests." — Dr. Vern Rampton, President and Chief Executive Officer

The funding will provide the financial runway required to execute upcoming exploration goals across the company's portfolio. Specifically, the capital will support an planned 1,000–1,200 metre diamond drill program focused on the Anderson Gold Trend within the Anderson-Davidson project. This exploration is designed to test the potential of the area's geological structures.

"Upon completion, the Company expects to be well positioned with both an improved capital structure and the financial resources necessary to aggressively advance our prospective Yukon gold and silver projects." — Dr. Vern Rampton, President and Chief Executive Officer

The flow-through portion of the offering will be dedicated to qualifying Canadian exploration expenses, with the company aiming to complete this expenditure by the end of 2027. The company is also evaluating its Carlin-Roop property, where it hopes to identify in situ high-grade silver. By focusing its resources on these specific targets, Mayo Lake Minerals intends to maintain its momentum in the Tombstone Gold Belt. The offering is open to investors in Canadian jurisdictions, excluding Quebec, under the listed issuer financing exemption, with the securities being issued expected to be freely tradable upon closing.

In connection with the placement, Couloir Securities Ltd. has been engaged as a finder and may receive cash commissions and compensation warrants. The company has made the offering document available on its website and via the SEDAR+ platform, encouraging prospective investors to review the materials before participating in the placement. Completion of the offering remains subject to standard conditions, including final regulatory approval from the Canadian Securities Exchange and the successful execution of the share consolidation. With the corporate restructuring and the financing package finalized, the company remains focused on its primary objective of advancing its gold and silver assets in the Yukon.

Read the full announcement: Mayo Lake Minerals Announces LIFE Financing Up To $1.89 Million Closing to Coincide with Deferred Share Consolidation on August 14, 2026