Abitibi Metals upsizes bought deal financing to $14 million

Abitibi Metals Corp. [AMQ-CSE, AMQFF-OTC, 4KG-FSE) said Wednesday it has struck a deal with an underwriting syndicate to increase the size of a previously announced bought deal financing to $14 million with part of the proceeds earmarked for the company’s B26 polymetallic deposit in Quebec. That’s up from an earlier $10 million target.

The announcement comes just days after Abitibi announced what it described as a “new world-class copper-gold intercept” from its ongoing Phase 3 drill program at the B26 deposit. “The company’s resource improvement drilling campaign continues to outperform expectations, confirming the exceptional grade continuity and delivering one of the strongest copper-gold intercepts ever recorded at B26 in hole 269W5,’’ the company said in a press release on November 20, 2025.

Hole 1274-17-269W5 returned 17.91% copper equivalent (CuEq) (13.4% copper, 5.15 g/t gold) over 6.3 metres, within 6.93% CuEq over 19.5 metres, starting at a depth of 976.5 metres. “This world-class intercept in hole 269W5 highlight areas of outstanding grade potential, paving the way for substantial resource growth and enhanced potential project economics,” the company said

Meanwhile, Abitibi said a syndicate of underwriters have agreed to purchase, on a bought deal basis, 17.5 million charity flow-through common shares for 57 cents per charity flow through share, and 11.4 million had dollar common shares priced at 35 cents per common share for total gross proceeds of $10 million. The underwriters have been granted to purchase up to an additional 15% of the offering to cover overallotments, if any. That option can be exercised at the offering price for 30 days after closing, which is expected to close on December 16, 2025.

Gross proceeds from the Charity Flow-through shares will be used for continued advancement of the B26 deposit. Net proceeds from the sale of common shares are earmarked for general corporate purposes

Abitibi shares were unchanged Wednesday at 39 cents. The shares trade in a 52-week range of 46 cents and 20.5 cents.

B26 is the company’s flagship project. In November 2023, Abitibi secured the option to earn an 80% interest in the B26 Deposit from SOQUEM Inc., a subsidiary of Investissement Quebec. Abitibi described the project as one of the most promising mineral discoveries in Quebec, with a current strike length of 1.0 kilometre and depth extent of 0.8 kilometres, open for expansion.

The B26 project covers 3,327 hectares and is located 5.0 kilometres south of the Selbaie mine and about 90 kilometres due west of Matagami.

Back in November, 2024, Abitibi Metals announced an updated resource estimate and maiden resource for the B26, which hosts an indicated resource of 11.3 million tonnes of 2.13% copper equivalent (CuEq). That amounts to 307.9 million pounds of copper, 316.9 million pounds of zinc, 168,200 ounces of gold and 11.6 million ounces of silver or 532.3 million pounds of CuEq.

On top of that is an interred resource of 7.2 million tonnes of 2.21% CuEq. That amounts to 246 million pounds of copper, 27.3 million pounds of zinc, 200,800 ounces of gold and 1.7 million ounces of silver, or 348.8 million pounds of CuEq.

Abitibi currently owns 50% of the B26 and retains the option to earn an additional 30% from SOQUEM. The company has said it is fully funded through 2027, with a 20,000-metre Phase 4 program planned for 2026 to support continued resource growth at B26.