CSE welcomes listing of Tungsten Eagle Development shares
The Canadian Securities Exchange has welcomed the listing of Tungsten Eagle Development Corp. [MAGA-CSE].
The Vancouver-based company’s common shares were listed for trading on the CSE Thursday (October 1, 2026) following a fundamental change transaction that resulted in a name change from Patriot Resources Corp. and a voluntary delisting of its common shares from the NEX board of the TSX Venture Exchange.
The share price was unchanged Friday at 69 cents.
Tungsten Eagle is a Canadian exploration company with a focus on advanced tungsten exploration at its Liberty Ridge property in Elko County, northeastern Nevada, a well-established mining jurisdiction. The property consists of 269 contiguous unpatented BLM lode mining claims covering approximately 2,166 hectares and consolidates a contiguous, district-scale land position over an area with a documented history of tungsten mineralization dating back to the 1950s.
“Tungsten is designated a critical mineral by the U.S. Geological Survey and is essential to defense and advanced manufacturing supply chains, including munitions, aerospace, semi conductors and carbide tooling,’’ said Stuart Schady, the CSE’s Vice-President, Business Development. “With approximately 80% of the world tungsten supply currently coming from China, the CSE is particularly pleased to welcome a prospective North American producer to the Exchange,”
In a press release on September 29, 2026, Tungsten Eagle said it has completed a previously announced fundamental change transaction. Under the transaction, the company, through its wholly-owned subsidiary Tungsten Eagle (U.S.A) Ltd. (Subco), has been granted the option to acquire a 100% interest in the Liberty Ridge project.
Subco can exercise the option by issuing to the vendor (or its nominees) 5.0 million shares and 5.0 million share purchase warrants on closing. Subject to the permits being granted, the company needs to incur at least $500,000 on exploration expenditures on the property within one year. If the results are considered satisfactory, it must issue a further 7.0 million share and 7.0 million warrants within one year. It must also incur and additional $1.0 million in exploration expenses on a maiden drill program within two years. If the company is satisfied with the results of the drill program, it must issue a final 8.0 million shares and 8.0 million warrants to the vendor.
In connection with the transaction, the company has announced the closing a concurrent private placement for gross proceeds of $5.0 million (10 million units priced at 50 cents each). Each unit consists of one share and one half of one share purchase warrant (a financing warrant). Each financing warrant entitles the holder to acquire one share at $1.00 for two years from the date of issuance. However, the expiry date can be accelerated if the shares trade above $1.50 for 10 consecutive trading days.
“With the concurrent financing closed, we are funded to begin work at Liberty Ridge, and our immediate focus is on permitting and the first phase of exploration on the property,’’ said Tungsten Eagle CEO Fiona Keating.