Miata raising $5.0 million from upsized financing for gold projects in Suriname

Miata Metals Corp. [MMET-CSE, OTCQB-MMETF, 8NQ-FSE] said it is upsizing a previously announced non-brokered private placement offering that is now expected to raise $5.0 million, up from an earlier $3.0 million target. The offering will consist of 21.7 million units priced at 23 cents per unit.

Miata Metals holds a 70% interest in the 215 square kilometre Sela Creek Gold Project with an option to acquire a 100% interest in the project, and a 70% beneficial interest in the Nassau Gold Project in Suriname with an option to acquire 100%. Both exploration properties are located in the greenstone belt in Suriname, which is set in the Guiana shield in the northwest corner of South America between the Orinoco and Amazon River basins.

Miata said it intends to use proceeds from the offering for exploration at Sela Creek and Nassau, and for general working capital and corporate expenses.

Under the terms of the financing, each unit will consist of one common share and one-half of one transferrable common share purchase warrant. Each warrant will entitle the holder to acquire an additional common share for 40 cens for 24 months following closing, which is expected to occur on August 21, 2025, or such other date that is within 45 days from August 7, 2025, as the company may decide.

Miata shares on Friday rose 2.04% or $0.005 to 25 cents. The shares trade in a 52-week range of $1.59 and 22 cents.

In a press release on June 24, 2025, Miata said it had begun drilling the Puma Target following high grade surface results on the Sela Creek project. The company said it anticipates drilling a minimum of 2,000 metres on Puma, with the remainder of the 10,000-metre program to be allocated based on results and ongoing interpretation.

The Sela Creek project has been mined for alluvial gold and is currently mined for gold in weathered bedrock called saprolite. Local miners started small-scale mining at Sela Creek in the 1920s. One of the earliest gold occurrences was found in the Tapanahony River area. Past and current mining and production span an area of 30 square kilometres. In spite of this extensive production, only limited exploration for gold in bedrock has occurred. The first drilling was done by Hunter Bay in 2012. 79North acquired Hunter Bay in 2017 but conducted minimal exploration. Miata can acquire a 100% interest in Sela Creek, with 70% already earned via its acquisition of 79North.

The Nassau project is located 125 kilometres southeast of Paramaribo and 100 kilometres north of the Sela Project and is accessible via a logging road. The project is situated less than 10 kilometres south of Newmont Corp.s [NGT-TSX, NEM-NYSE, ASX, PNGX] Merian mine and along regional strike of Zijin Mining’s Rosebel mine. Nassau covers a concession area of 19,916 hectares.

The project’s Witlage Target consists of high-grade quartz veins, where surface sampling results, included 27.96 g/t gold over 1.0 metre of quart vines.