TT Closes Acquisition of High Lake & West Hawk Lake
TT Closes Acquisition of High Lake & West Hawk Lake from McFarlane Lake Mining
and Final Tranche of Non-Brokered Private Placement
October 28, 2025 – Vancouver, BC – Total Metals Corp. (“Total Metals” or the “Company”) (TSX-V: TT) (FSE: O4N) is pleased to announce the closing of its acquisition of the High Lake and West Hawk Lake (the “Projects”) from McFarlane Lake Mining Corporation (“MLM”), as previously announced on September 24, 2025 (the “Acquisition”).
“Total Metals is acquiring an historic and NI 43-101 compliant Mineral Resource Estimate that exceeds 300,000 ounces of gold for total consideration of C$9.25 million,” stated Tyler Thorburn, President & CEO of Total Metals. “The team sees significant potential upside through exploration drilling to increase ounces on the project area. With available milling capacity in Red Lake, Bissett, Rainy River, and soon Dryden, we’re confident we can secure a toll-milling partner to process higher-grade ore, eliminating the need for costly on-site facilities.”
High Lake and West Hawk Lake
Located west of Kenora, Ontario, the Projects represent a compelling near-term growth opportunity underpinned by high-grade mineralization, strong infrastructure, and expansion potential. High Lake hosts a NI 43-101 compliant Mineral Resource with multiple high-grade drill intercepts confirming its gold system and resource potential. Preliminary metallurgical results indicate high recovery processing. West Hawk Lake features a history of underground development, historical high-grade resources, and recent drilling. Their proximity supports potential for shared infrastructure and centralized processing within a proven district.
Royalty: The High Lake leases are subject to a 2 % NSR owned by International Millennium Mining Corp., payable quarterly with no outstanding payments or buyback rights.
Transaction Details
Pursuant to the Asset Purchase Agreement (“APA”) dated October 20, 2025 between the Company and MLM, the Company acquired 100 % of the Projects for a purchase price of C$9.25 million (the “Purchase Price”), via the issuance of 3,333,333 common shares of the Company (the “Common Shares”) at a deemed price of C$0.60 per share and cash consideration of C$7.25 million. The Acquisition was arm’s-length. The Common Shares are subject to a standard four-month-plus-one-day hold period under National Instrument 45-106 – Prospectus Exemptions and are not subject to any additional escrow or resale restrictions.
In determining the consideration, the Company considered: (a) the exploration-stage nature of the properties with road access and local infrastructure; (b) the constructive gold price outlook; (c) high-grade discovery potential at High Lake; (d) multiple near-surface targets at West Hawk Lake; (e) proximity to toll-milling options; (f) a top-tier Canadian jurisdiction with clear permitting pathways; (g) strategic fit with the Company’s Electrolode Project; and (h) the nature of rights acquired (no patents applicable).
The Company has undertaken with the TSX Venture Exchange to file a technical report in compliance with NI 43-101 within 45 days of this announcement. Upon filing, the report will be available on SEDAR+.
Equity Offering
The Company has also closed the second tranche of its non-brokered private placement, raising gross proceeds of C$880,690.80 for aggregate gross proceeds (inclusive of the first tranche announced October 21, 2025) of C$10 million.
The Company issued 1,467,818 Units, each consisting of one Common Share and one Warrant exercisable for 36 months at C$0.90. Finder’s fees totaled C$48,425.93 cash and 80,710 Finder Warrants exercisable at C$0.60 for 36 months. No insiders participated.
Use of Proceeds and Cash Position
Following completion of the financing, Total Metals will have approximately C$10.4 million in cash, including existing cash on hand. The Company expects to allocate proceeds as follows:
| Category | Amount (C$) | Notes |
|---|---|---|
| Cash consideration for McFarlane assets | 7,250,000 | Part of Acquisition Purchase Price |
| Finder’s fees | 800,000 | Cash + finder warrants |
| Legal & administrative costs | 30,000 | Transaction expenses |
| Electrolode Project exploration | 1,540,000 | Phase program budget |
| High Lake & West Hawk Lake – Phase 1 | 250,000 | Initial field work |
| Working capital & G&A | 500,000 | General corporate purposes |
The Company may reallocate proceeds as circumstances warrant.
About Total Metals Corp.
Total Metals Corp. is focused on the acquisition, exploration, and development of mineral properties in the prolific Red Lake mining district of Northern Ontario. The Company owns 100 % of the Electrolode Project (3,000 ha), fully permitted for exploration drilling and hosting 10 historic mineralized zones plus new targets. Electrolode is strategically located between Kinross Gold’s Great Bear Project and First Mining Gold’s Springpole Project.
Website: www.totalmetalscorp.com
Qualified Person: David Burga, P.Geo., Independent Director, has reviewed and approved the scientific and technical information herein in accordance with NI 43-101.
Contact:
Tyler Thorburn, President & Chief Executive Officer
info@totalmetalscorp.com
(416) 873-7662
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA has received compensation from TT of US$100,000 cash for a twelve-month marketing contract. This message is for informational and educational purposes only and does not provide investment advice.
