Forte Minerals raises $5.7 million for exploration in Peru

Forte Minerals Corp. [CUAU-CSE, FOMNF-OTCQB, 20A-Frankfurt] said it has raised $5.7 million from a previously announced non-brokered private placement. It said the investor, who isn’t named, has acquired 6.32 million common shares at 90 cents per share.

Following Wednesday’s closing, the investor holds 9.99% of Forte’s issued and outstanding shares on a non-diluted basis, establishing a meaningful, long-term position in the company’s copper-gold growth pipeline, Forte said in a press release.

Forte Minerals is an exploration company with a portfolio of copper and gold assets in Peru. Through a strategic partnership with GlobeTrotters Resources Peru S.A.C., the company says it has gained access to a pipeline of historically drilled, high impact targets across premier Andean mineral belts.

Consistent with the terms announced on July 16, 2025, at least 80% of the proceeds will be directed towards exploration activities at Forte’s flagship Alto Ruri high-sulfidation epithermal gold project in central Peru, the company said. The remaining funds will be allocated to general working capital and corporate purposes.

“Closing this placement is a pivotal milestone for Forte,” said Forte President and CEO Patrick Elliott. “The investor’s conviction and long-term horizon validates our exploration thesis in Peru,” he said. “With capital in hand and technical collaboration secured, we can accelerate exploration and drill permitting at Alto Ruri while unlocking value across our broader portfolio.”

Concurrent with closing, Forte and the investor entered into an Investor Rights Agreement whereby, the investor is entitled to certain rights, subject to the investor maintaining certain ownership thresholds in the company, including technical information sharing rights and the right to participate in future equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its percentage interest in the company. The investor has also agreed to voting support and standstill covenants.

In addition, under the investor rights agreement, the investor and Forte will form a joint technical advisory committee and collaborate on community engagement and long-term access strategies.

In a press release on June 16, 2025, Forte said it had closed an over-subscribed private placement, raising gross proceeds of $2.7 million from the issuance of 6.72 million units priced at 40 cents per unit. Each unit consisted of one common share and one half of one share purchase warrant, each of which entitles the holder to purchase one additional share at an exercise price of 60 cents until June 13, 2027.

The warrants are subject to an accelerated expiry if the company’s shares close at or above 90 cents for 20 consecutive trading days. Proceeds will be used to advance exploration across Forte’s portfolio, including a five-hole drill program (1,750 metres), targeting a high-sulphidation gold system, drill targeting at Esperanza, and drill permitting, surface geophysics, sampling and community agreements at Alto Ruri.

On Wednesday, Forte shares eased 8.4% or $0.08 to 87 cents. The shares trade in a 52-week range of 95 cents and 22 cents.