News release
TSX-V: TT to Acquire Two High-Grade Gold Deposits in Canada along the
Ontario/Manitoba Border
September 24, 2025, Vancouver, BC - Total Metals Corp. (“Total Metals” or the “Company”) (TSX -
V: TT) (FSE: O4N) is pleased to announce it has signed a binding letter of intent (the “Agreement”)
with McFarlane Lake Mining Limited (CSE: MLM) to acquire 100% of the High Lake and West Hawk
Lake mineral properties dated September 23, 2025
These highly prospective properties are strategically located, with the High Lake property situated
just east of the Ontario-Manitoba border and the West Hawk Lake property just to the west. The total
consideration for the acquisition is valued at C$9.25 million.
"This acquisition marks a pivotal moment for Total Metals, securing two highly prospective
properties in a renowned mining district," stated Tyler Thorburn the President and CEO of Total
Metals. "The High Lake and West Hawk Lake assets are a perfect strate gic fit for our portfolio and
growth strategy. We are confident that our experienced team has the expertise to unlock the full
potential of these properties and create significant value for our shareholders. We look forward to
advancing exploration programs following the close of this transaction."
Transaction Details
Under the terms of the Agreement, Total Metals will provide total consideration of C$9.25 million,
comprised of:
• A cash payment of C$7,250,000 payable upon closing of the transaction (the “Cash
Consideration”).
• C$2,000,000 through the issuance of common shares of Total Metals (each, a “Total Share”)
at a deemed price of $0.60 per Total Share . The shares will be issued at the same price per
share as the equity financing undertaken to fund the transaction.
The transaction is arm’s length.
In determining the consideration for the acquisition of the High Lake and West Hawk Lake gold
properties, the Company considered, among other things: (a) that the properties are exploration -
stage with road access and established local infrastructure, suppor ting manageable costs and
timelines; (b) the prevailing gold price environment and constructive outlook; (c) high -grade
discovery potential at High Lake; (d) multiple near -surface targets at West Hawk Lake providing
meaningful upside from drilling; (e) pr oximity to services and potential toll -milling options, which
may shorten the path from results to economic evaluation; (f) location in a top -tier Canadian
jurisdiction with clear permitting pathways; (g) the strategic fit with the Company’s Electrolode
Project, enabling operating synergies and a broader pipeline of near -term drill catalysts; and (h) the
nature of the rights acquired (mineral claims and associated exploration rights, no patents
applicable), with any required exploration licenses/permits to be maintained or obtained in the
ordinary course.
Conditions and Closing
The completion of the acquisition is conditional upon Total Metals successfully raising the Cash
Consideration through a concurrent financing. The transaction is also subject to other customary
closing conditions, including the negotiation and completion o f a definitive acquisition agreement,
satisfactory due diligence, and the receipt of all required regulatory, stock exchange, and third-party
approvals.
Assuming all conditions are met, the transaction is expected to close on or before October 31, 2025.
There can be no assurances the transaction will close on the terms described herein, or at all.
Equity Offering
Total Metals is please to announce its equity non-brokered private placement (the “Offering”) for
gross proceeds of up to approximately (i) up to 15,833,333 LIFE units (“LIFE Units”) at a price of $0.60
per LIFE Unit; and (ii) up to 833,333 Non -LIFE Units (“Non-LIFE Units”) at a price of $0.60 per Non-
LIFE Unit, for aggregate gross proceeds of up to approximately $10,000,000.
Each LIFE Unit will consist of one Total Share and one common share purchase warrant (each whole
warrant, a “LIFE Warrant”). Each LIFE Warrant shall be exercisable to acquire one common share at
a price of C$1.00 for a period of 36 months from the applicable closing date (each, a “Closing Date”).
Each Non-LIFE Unit will consist of one Total Share and one common share purchase warrant (each
whole warrant, a “Non -LIFE Warrant”). Each Non -LIFE Warrant shall be exercisable to acquire one
common share at a price of C$0.90 for a period of 36 months from the applicable closing date (each,
a “Closing Date”).
The Non-Life Units will be offered to “accredited investors”, as defined under National Instrument 45-
106 – Prospectus Exemptions. The Life Units and Non -Life Units may also be sold in offshore
jurisdictions and in the United States to Qualified Institutional Buyers as defined in Rule 144A under
the United States Securities Act of 1933, as amended (the “1933 Act”), and to Accredited Investors
as defined in Rule 501(a ) of Regulation D under the 1933 Act, by way of a private placement basis
pursuant to exemptions from the registration requirements of the 1933 Act (collectively, the “Selling
Jurisdictions”).
The Company will (i) pay a cash finder's fee to certain registered finders (each a "Finder") of up to 8% of
the aggregate gross proceeds of subscriptions facilitated by such Finders; and (ii) issue such number of
finder's warrants (a "Finder's Warrant") that is equal to up to 8% of the number of LIFE Units and Non-LIFE
Units sourced by the Finder, with each Finder's Warrant entitling the holder thereof to purchase one Total
Share (a "Finder's Warrant Share") at an exercise price of C$0.60 per Finder's Warrant Share for a period
of 36 months following the closing date of the Offering.
The Company intends to allocate the proceeds from the Offering as follows:
• Acquisition of High Lake property: $7,250,000.
• Finder’s fees: up to $800,000 in cash to eligible finders, in accordance with TSXV policies.
• Electrolode Project – drilling: $1,440,000 to complete 8 holes at 450 m at an estimated $400/m.
• Electrolode Project – soil sampling: $57,500.
• Electrolode Project – prospecting (including grab samples): $45,000.
• General working capital: $387,500.
• High Lake and West Hawk Lake – Indigenous engagement and consultation (including
consultation with affected First Nations, as applicabl e) and permitting with the government
of Ontario: $20,000.
The Company may reallocate the use of proceeds for sound business reasons and as circumstances
warrant, and payment of any finder’s fees remains subject to applicable regulatory approvals, including
the TSX Venture Exchange.
High Lake Project: A High-Grade Foundation with Significant Near-Term Growth Potential
The High Lake Project boasts an impressive initial Mineral Resource Estimate and promising
exploration upside. Initial High -Grade Mineral Resource: The Purdex Zone at High Lake hosts an
initial NI 43-101 compliant Mineral Resource Estimate with:
• Indicated Resources: 152,000 tonnes grading 9.38 g/t Au for 45,800 ounces of gold.
• Inferred Resources: 287,000 tonnes grading 10.43 g/t Au for 96,200 ounces of gold.
The MRE was independently prepared by P&E Mining Consultants Inc in accordance with
National Instrument 43 -101 (“NI-43-101”), with an effective date of April 14, 2023. The full
Technical Report, which is being prepared in accordance with NI-43-101 will be available on
SEDAR (www.sedar.com) under McFarlane Lake Mining Limingted’s issuer profile.
Notes:
1. The mineral resources described above have been prepared in accordance with the CIM
Standards (Canadian Institute of Mining, Metallurgy, and Petroleum, 2014) and follow Best
Practices outlined by CIM (2019)
2. Underground Mineral Resources have been reported using a 2.6 g/t lower cut-off based on
US$1,800/oz Au , 0.77 US$ FX, 95% process recovery and costs of C$130/t mining, C$40/t
processing and $15/t G&A.
3. The High Lake deposit has been classified as Inferred and Indicated Mineral Resources
according to drill spacing and two grade estimation passes. Underground Mineral Resources
have been classified manually within a constraining volume to remove isolated ar eas not
satisfying reasonable prospects for eventual economic extraction ("RPEEE") and have been
reported using an approximate 2 m minimum thickness.
4. There are no known underground workings at the High Lake Deposit
5. The bulk density of 2.7 t/m3has been applied based on measurements taken on the drill
core and assigned in the block model.
6. The MRE is based on block models with a block size of 0.5 m x 0.5 m x 0.5 m.
7. Tonnage has been expressed in the metric system, and gold metal content has been
expressed in troy ounces.
8. The tonnages have been rounded to the nearest 100 tonnes and the metal content has
been rounded to the nearest 100 ounces. Gold grades have been reported to two decimal
places.
This high -grade resource provides a solid foundation for future development and is particularly
attractive in a rising gold price environment, where higher grades can lead to enhanced project
economics.
Impressive Drill Intercepts Confirm High -Grade Nature: Recent drilling has returned spectacular
results, demonstrating the high -grade potential of the Purdex Zone and are included in the Mineral
Resource Estimate:
• MLHL-22-06: 24.96 g/t Au over 14.90 m , including 43.22 g/t Au over 7.99 m and 53.87 g/t Au
over 3.15 m. Visible gold was observed.
• MLHL-22-17: 148.37 g/t gold over 1.3 m, including an exceptional 538.00 g/t Au over 0.3 m.
• MLHL-22-28: 9.82 g/t gold over 9.75 m.
Subsequent to the Mineral Resource Estimate additional mineralization has been intersected in
what appears to be extensions to the existing resource outline:
• MLHL-23-50: 13.96 g/t Au over 1.17m and MlHl-24-53: 4.04 g/t Au over 2.25m.
These results confirm the presence of significant high -grade gold mineralization and suggest the
potential for further high-grade discoveries.
Excellent Metallurgy: Preliminary metallurgical test work indicates that the High Lake mineral
resource is amenable to simple and cost -effective processing, with gold recovery by gravity
concentration in the order of 85%. This is a significant de-risking factor for the project.
Untapped Exploration Potential: The mineral resources at the Purdex Zone are open for expansion
along strike and down -dip. Recent IP geophysical surveys have identified multiple high -priority drill
targets, including the Purdex East, Conglomerate, A -D Extension, Porphyry, and Gap target s,
indicating the potential for new discoveries and a significant expansion of the current resource base.
West Hawk Lake Project: Historical Production and Near-Surface, High-Grade Targets
Figure 1 - Purdex Zone Resource Area - Longitudinal Section
The gold mineralization outlined in the 1983 estimate (Godfrey, 1983) and reported (by Sears et al,
2021) was classified as “ore reserves”, it was based the results from drilling and extensive
underground sampling. All the mineralization was categorized as “reserves” as was customary at
the time. The mineralization was not broken down into “Proven and Probable Reserves”, “Measured
and Indicated Resources”, and Inferred Resources” as currently set forth by CIM 2014 Defin ition
Standards, and are inconsistent with those set forth by NI 43 -101 Standards for Disclosure for
Mineral Projects.
Historical Resources - West Hawk Lake Property*
Zone Tonnes Grade (g/t) Au Troy Oz.
Sunbeam 99,800 9.19 29,487
Waverly Letain A 70,800 15.33 34,895
Waverly Letain B 99,800 10.39 33,338
Waverly Letain C 96,200 9.50 29,383
Moonbeam 18,000 7.54 4,363
Sundog 72,600 31.20 72,825
Total 457,200 13.97 204,291
Table 2 - Source: Sears et al (2021)
There has not been sufficient work to classify the historical mineral resource estimates on the West
Hawk Lake Property as a current Mineral Resource or Mineral Reserve. Total Metals Corp. is not
treating the historical mineral resource estimate as a current Mineral Resource.
Key Assumptions, Parameters and Methods used to Prepare the Historical Estimate: The
mineralization occurs in six zones: 1) Sunbeam Zone, 2) Moonbeam Zone, 3 -5) Waverly -
Letain A, B & C Zones, and 6) the Sundog Zone. Most of the supporting data for the mineral
resource estimates are not available. Based upon limited information found in various memos and
progress reports submitted to Sunbeam Resources Ltd., it appears that the mineral resource
estimates were based upon information fro m extensive sampling from underground development
and diamond drilling. This information includes a 475 ft (145 m) shaft, 905 ft (275 m) of drifting on 4
levels and 92 drill holes from surface on the Sunbeam Zone; a 500 ft (152 m) shaft, 3300 ft
(1,006 m) of drifting on 3 levels and 91 drill holes from surface on the Waverly/Letain A, B and C
Zones; an unknown amount of drilling from surface on the Moonbeam Zone; and 16 drill holes
from surface on the Sundog Zone. The tonnage estimates were made using 12 cu bic feet per ton,
a bulk density value of 2.67 t/m3, and grades were capped at 1.0 oz/ton Au (34.286 g/t Au)
Proven Mining Camp with Past Production: The property has a history of mining, with a 4,257 -tonne
bulk sample from the Sunbeam Deposit grading an average of 5.82 g/t Au. This demonstrates the
presence of established gold mineralization.
The Company feels that historical production and historical resources is relevant to the future
potential of the West Hawk Lake Property.
Recent High -Grade Drill Results Confirm Historical Data: Recent drilling has confirmed and
expanded upon historical high-grade intercepts:
• MLWH-22-01: 22.17 g/t Au over 1.27 m, including 49.4 g/t Au over 0.55 m.
• MLWH-22-08: 19.40 g/t Au over 0.64 m.
These results at the Waverly Zone have expanded the known mineralization by an additional 100m
below previous intersections.
Additional drilling, sampling and historical data verification will be required to upgrade or verify the
historical estimate.
Potential Synergy and Development: The proximity of High Lake and West Hawk Lake offers the
potential for a central processing facility, as well as highway access to 6 gold mills within trucking
distance, which could significantly improve project economics.
Strategic Location and Infrastructure
• Prime Location: Both projects are strategically located just off the Trans-Canada Highway,
45-53 km west of Kenora, Ontario, a town with a history of mining and a skilled workforce.
• Excellent Infrastructure: The projects benefit from exceptional existing infrastructure,
including year-round road access, nearby electrical power lines, and a natural gas pipeline.
Exploration Timeline
Over the next twelve (12) months, the Company plans to expend up to C$20,000 on the High Lake
and West Hawk Lake properties for permitting activities and Indigenous engagement and
consultation (including consultation with affected First Nations, as applicable). During the same
period, the Company expects to focus its exploration efforts on the Electrolode Project, which will
remain the primary operational priority.
Engagement of Market One Media Group
Total Metals has also engaged Market One Media Group Inc. (“Market One”) of Vancouver, British
Columbia, for a 12 -month marketing campaign commencing on September 23 rd, 2025, at a cost of
CAD $125,000. The engagement includes the production and distribution of corporate videos,
banner ads, and editorial articles. Market One, which operates out of Vancouver and Toronto, offers
multi-platform media solutions for the capit al markets, distributing content through broadcast,
digital, and social media channels, i ncluding BNN Bloomberg. Market One and Total Metals are not
related parties and Market One does not have any interest, directly or indirectly, in the Company or
its securities, or any right or intent to acquire such an interest.
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, Canada. The company owns 100% of the
Electrolode Project covering 3,000 contiguous hectares, which has had substantial historical drilling
and recent modern airborne geophysics. The Electrolode Project targets high -potential mineral
resources in three favorable geologic trends, located near major mines in the Red Lake Gold camp
and is strategically located between Kinross Gold’s Great Bear Project and First Mining Gold’s
Springpole Project. The Electrolode project is fully permitted for exploration drilling and hosts 10
historic mineralized zones with significant expansion potential plus new, untested targets ready for
further exploration.
www.totalmetalscorp.com
Qualified Person
David Burga, P. Geo., Independent Director of the Corporation, is a Qualified Person for Total Metals
as defined under National Instrument 43 -101. Mr. Burga has reviewed and approved the scientific
and technical information in this press release.
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in its
policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Tyler Thorburn
President and Chief Executive Officer
(416) 873-7662
Forward-Looking Information
This press release includes “forward-looking information” that is subject to assumptions, risks and
uncertainties, many of which are beyond the control of the Company. Statements in this news
release which are not purely historical are forward looking. Although the Company believes that any
forward-looking statements in this news release are reasonable, there can be no assurance that any
such forward-looking statements will prove to be accurate. The Company cautions readers that all
forward-looking stateme nts, are based on assumptions none of which can be assured and are
subject to certain risks and uncertainties that could cause actual events or results to differ materially
from those indicated in the forward-looking statements. Such forward-looking statements represent
management’s best judgment based on information currently available. Readers are advised to rely
on their own evaluation of such risks and uncertainties and should not place undue reliance on
forward-looking statements.
The forward-looking statements and information contained in this news release are made as of the
date hereof and no undertaking is given to update publicly or revise any forward-looking statements
or information, whether as a result of new information, future events or otherwise, unless so required
by applicable securities laws or the Exchange. The forward -looking statements or information
contained in this news release are expressly qualified by this cautionary statement.