McFarlane Lake Mining Limited has completed its strategic investment in iMetal Resources, Inc., acquiring a 19.9% equity interest in the Canadian junior exploration company.

Following an initial proposal announced on August 5, 2026, McFarlane acquired 14,200,852 units of iMetal at a price of $0.10 per unit for an aggregate subscription price of $1,420,085. The transaction formed part of iMetal’s non-brokered private placement, which raised gross proceeds of up to $3 million across 30 million units.

Each unit issued under the placement consists of one common share and one purchase warrant. The warrants allow McFarlane to buy an additional common share of iMetal at an exercise price of $0.175 until August 17, 2029. iMetal holds the right to accelerate the expiry date if its volume-weighted average trading price exceeds $0.40 for 20 consecutive trading days, subject to beneficial ownership restrictions. If McFarlane exercises all its warrants in full, its holdings would increase to 28,401,704 shares, representing approximately 33.2% of iMetal on a partially diluted basis.

Alongside the investment, the two companies entered into an investor rights agreement. The agreement grants McFarlane the right to nominate one director to the board of iMetal and participate in future equity issuances to maintain its pro rata interest. Subject to board approval from iMetal, McFarlane also secured rights to provide technical oversight on exploration at iMetal’s Gowganda property.

The Gowganda property is located in the same region as McFarlane’s flagship Juby Gold Project, which sits near Gowganda within the Abitibi Greenstone Belt in Ontario.

Read the full announcement: McFarlane Lake Announces Completion of Strategic Investment in iMetal Resources, Inc.