Abitibi Metals Closes C$30.75 Million Strategic Financing with Discovery Silver Acquiring 9.9% Stake

Abitibi Metals closed a non-brokered strategic private placement for aggregate gross proceeds of C$30,752,228, with Discovery Silver Corp. acquiring approximately 9.9% of the Company's issued and outstanding common shares on a non-diluted basis. The offering comprised 11,764,706 charity flow-through common shares at C$0.85 per share and 35,779,704 hard dollar common shares at C$0.58 per share. The financing brings Abitibi's treasury position to more than C$45 million, fully funding an 80,000 metre drill programme currently underway at the B26 copper-gold project.

Company Overview

Abitibi Metals' (CSE: AMQ | OTCQB: AMQFF) is a Québec-focused mineral exploration company advancing the B26 copper-gold project in the prolific Abitibi Greenstone Belt. The Company is currently executing a fully funded 80,000 metre drill programme targeting resource expansion at the B26 deposit whilst maintaining exploration across its broader Québec-based project portfolio.

Strategic Financing Structure

Abitibi Metals announced on May 15, 2026, that it had closed its non-brokered strategic private placement for aggregate gross proceeds of C$30,752,228. The offering closed through a combination of 11,764,706 charity flow-through common shares priced at C$0.85 per share and 35,779,704 hard dollar common shares priced at C$0.58 per share.

Discovery Silver subscribed for 23,704,790 common shares, which represents approximately 9.9% of the issued and outstanding common shares of Abitibi on a non-diluted basis following closing of the offering. In connection with closing, Abitibi Metals and Discovery entered into a participation agreement whereby, subject to certain conditions, the Company will grant certain financing and other participation rights to enable Discovery to maintain its shareholding interest in the Company and other customary investor rights.

President and Chief Executive Officer of Abitibi Metals, Jonathon Deluce, commented: 

"The closing of this strategic financing marks a significant milestone for Abitibi Metals and further validates the quality and long-term potential of the B26 Copper-Gold Project. We are pleased to welcome Discovery as a strategic investor as we continue to advance one of the most compelling high-grade copper-gold development stories in Québec. With more than $45 million in treasury, a rapidly expanding resource base, and a fully funded 80,000 metre drill program underway, the Company is exceptionally well-positioned to accelerate exploration and unlock further value across the B26 system. Supported by a strong balance sheet, an experienced technical team, and a premier mining jurisdiction, we remain focused on building a leading critical minerals company within the prolific Abitibi Greenstone Belt."

All securities issued pursuant to the offering bear a statutory hold period of four months and one day from the closing date in accordance with applicable securities laws and policies of the Canadian Securities Exchange.

Treasury Position & Funding

The financing positions Abitibi with more than C$45 million in treasury to accelerate exploration and unlock further value across the B26 system. The gross proceeds from the issuance of the charity flow-through shares will be used by the Company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures on the Company's Québec-based projects. The net proceeds from the issuance of the hard dollar shares are expected to be used for exploration and development activities, as well as for general corporate purposes.

Next Steps

Following the closing of the offering, the Company will complete its post-closing filing requirements with the Canadian Securities Exchange.