Montreal, Quebec--(Newsfile Corp. - September 23, 2026) - Mosaic Minerals Corporation (CSE: MOC) ("Mosaic" or the "Company") is pleased to announce the closing of an initial tranche of a private placement of units and flow-through units, as well as the imminent launch of its first drilling campaign on the Golden Island gold project in Abitibi, Quebec.
Private Placement
The Company announces the closing of a first tranche of a private placement comprising 3,526,190 flow-through units ("FT Units") at $0.0105 per FT Unit and 2,609,191 units ("Units") at $0.085 per Unit, for aggregate gross proceeds of $592,031.
Each FT Unit consists of one (1) common share of the Company (each, a "Common Share") to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, an "FT Share") and one (1) common share purchase warrant. Each warrant entitles the holder to purchase one Common Share (each, a "Warrant Share") at a price of $0.17 for a period of 12 months from the date of issuance.
Each Unit consists of one (1) common share of the Company (each, a "Common Share") and one (1) common share purchase warrant. Each warrant entitles the holder to purchase one Common Share (each, a "Warrant Share") at a price of $0.12 for a period of 24 months from the date of issuance.
The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" on the Golden Island project that qualify as "flow-through mining expenditures," as such terms are defined in the Income Tax Act (Canada) (the "Eligible Expenditures"), in connection with the Company's projects in Quebec, Canada. All eligible expenditures will be renounced in favor of the subscribers of the FT Units, effective December 31, 2026.
In connection with the offering, the Company paid an 8% cash finder's fee (totaling $20,160) and issued a total of 192,000 finder's warrants (the "Finder's Warrants") to two (2) arm's-length finders. Each Finder's Warrant is exercisable to acquire one additional common share at a price of $0.085 per warrant for a period of 24 months from the date of issuance.
All securities issued in connection with the offering will be subject to a hold period of four (4) months and one day, ending on January 22, 2027. The offering is subject to final approval by the Canadian Securities Exchange (CSE).
Technical Field Work and Drilling Program
As stated in its press release dated August 25, 2026, the Company has completed a program of technical work and field exploration to prepare for the initial drilling campaign. Key highlights include:
Discovery of new gold-bearing zones in the southwest extension of the main showing.
Recurring presence of visible gold observed in multiple channel samples.
Confirmation of a complex structural network comprising shear veins, extension/tension veins, and stockwork-style networks, hosted within a mineralized granodiorite matrix spanning several tens of meters in width.
A major geophysical corridor exceeding 1 km in length, featuring a high-amplitude magnetic anomaly and a VLF electromagnetic conductor-a feature historically validated by a drill hole that intersected 1.13 g/t Au over 5.60 m.
Over 340 channel samples collected and sent for analysis.
The Company expects to receive all results from the collected samples within the coming weeks.
This successfully completed work program paves the way for a fully funded initial drilling campaign of at least 2,500 meters. The Company intends to test the area near historical drill holes completed by SOQUEM in 1982, as well as the new gold-bearing zone discovered during the technical work carried out in the summer of 2026.
"We are excited about the potential of the Golden Island property in light of the technical work conducted in the summer of 2026. The initial drilling campaign is essential at the current stage of development. We aim to launch it as soon as possible to take advantage of the autumn season. We are initially targeting a 10-hole campaign with a minimum depth of 250 meters per hole, for a total of 2,500 meters," stated Mr. Jonathan Hamel, President and CEO of Mosaic.
Qualified Person
The scientific and technical information of Mosaic Minerals Corporation included in this press release has been reviewed and approved by Robert Gagnon, P.Geo, Director of Mosaic Minerals and qualified person under National Instrument 43-101 respecting information concerning mining projects ("Regulation 43-101").
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mining exploration company listed on the Canadian Securities Exchange (CSE: MOC). The Company is developing the Golden Island (Au), Amanda (Au) and Gaboury (Ni) projects located in Abitibi and James Bay (Quebec).
Source:
Jonathan Hamel
President and CEO
jhamel@mosaicminerals.ca
This release contains certain "forward-looking information" under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company's current internal expectations or beliefs and is based on information currently available to the Company. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR ANY US NEWS WIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE TITLES DESCRIBED HEREIN.
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