METALSOURCE MINING CLOSES PRIVATE PLACEMENT

VANCOUVER, BRITISH COLUMBIA, Oct. 09, 2025 (GLOBE NEWSWIRE) -- METALSOURCE MINING INC. (the “Company” or "Metalsource") (CSE: “MSM”) is pleased to announce that, further to its news release dated September 15, 2025, it has closed the non-brokered private placement for total gross proceeds of $4,000,000 (the “Offering”) whereby Eric Sprott is the lead order on the Offering, subscribing for 5,000,000 Units totaling $1,000,000. 


The Company has allotted and issued 20,000,000 units (the “Units”) at a price of $0.20 per Unit.  Each unit consists of one common share of the Company (the “Shares”) and one-half of one transferable share purchase warrant (each whole, a “Warrant”), with each Warrant entitling the holder to acquire one additional common share at an exercise price of $0.30 for a period of three (3) years from the closing date.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 5,000,000 Units pursuant to the Offering for total consideration of $1,000,000. Prior to the      Offering, Mr. Sprott beneficially owned or controlled 2,500,000 Shares and 1,250,000 Warrants, representing approximately 7.2% of the outstanding Shares on a non-diluted basis and 10.5% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants.

As a result of the Offering, Mr. Sprott now beneficially owns or controls 7,500,000 Shares and 3,750,000 Warrants, representing approximately 13.8% of the outstanding Shares on a non-diluted basis and 19.3% of the outstanding Shares on a partially-diluted basis assuming exercise of such Warrants.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on Metalsource Mining’s  profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott’s office at [phone] (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5).

The Company intends to use the proceeds of the Offering to advance exploration at the Silver Hill and Byrd-Pilot projects in North Carolina, with a primary focus on expanding Silver Hill’s silver potential, to continue work on the Company’s Aruba manganese project in Botswana, and for general working capital.