Total Metals to provide Loan to Kattegat Mining Inc.
Total Metals to provide Loan to Kattegat Mining Inc.
January 12, 2026, Toronto, ON - Total Metals Corp. (“ Total Metals” or the “ Company”) (TSX-V: TT)
(OTCQB: TTTMF) (FSE: O4N) is pleased to announce it has entered into a definitive agreement to
provide a loan (the “ Loan Agreement ”) to Kattegat Mining Inc. (“ Kattegat”) for $3,500,000 (the
“Loan”). The Loan bears an interest of eight percent (8%) and is secured by a general security
agreement, which shall, following the repayment of the Liabilities (as defined below), provide the
Company with a first-ranking security interest over all present and after-acquired personal property
of Kattegat.
Kattegat owns 100% the right and title to the Shoal Lake Property, which is located in northwestern
Ontario, just east of the Manitoba border and north of the state of Minnesota.
Transaction Details
Upon receipt of the Loan, Kattegat is required to repay certain outstanding convertible debentures
and other liabilities of Kattegat (the “ Liabilities”). The Loan is secured by a general security
agreement granting the Company a security interest over all of Kattegat’s present and after-acquired
assets, which constitutes a first-ranking security interest following the repayment and discharge of
Kattegat’s existing Liabilities. The proceeds of the Loan will be used exclusively to repay and
extinguish the Liabilities in full, together with the release of all related security.
The Loan Agreement includes customary events of default, including non-payment, insolvency,
breach of covenants, and misrepresentation, as well as specific protections relating to the existing
Liabilities. These include events of default if the Liabilities are not repaid and discharged as required,
if any holder seeks to enforce or assert security thereunder, if any of the outstanding Liabilities are
amended or converted without consent, or if any related security is not fully released following
repayment.
The Loan is arm’s length and no finder’s fees are payable in connection with the Loan.
Conditions and Closing
The completion of the Loan is conditional upon Katte gat repaying the Liabilities, the approval of the
TSX Venture Exchange (the “ TSXV” or, the “ Exchange”) and other customary closing conditions,
including the receipt of all required regulatory, TSXV, and third-party approvals. There can be no
assurances the Loan will close on the terms described herein, or at all.
About Kattegat Minerals Inc.
Kattegat Mining Inc. is a private company incorporated under the laws of British Columbia and has a
100% ownership interest in the Shoal Lake Property, as described above.
About Total Metals Corp.
Total Metals Corp. is focused on its 100% owned Electrolode Project covering over 3,300 contiguous
hectares in northwestern Ontario. The Electrolode Project is targeting high-potential critical mineral
plus gold resources and targets 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 sign ificant expansion potential plus new, untested
targets ready for further exploration. Total Metals also owns 100% of the High Lake and West Hawk
Lake Project covering 958 hectares in two gold properties located along the Trans-Canada Highway
straddling the Manitoba / Ontario border. The Purex Zone on the High Lake property has significant
exploration potential and will be the primary target for initial exploration and potential future mining
activities. The West Hawk Lake property is comprised of a single mineral lease, located within
southeastern Manitoba.
www.totalmetalscorp.com
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Se rvices 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 informat ion” 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 statements, 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 TSX-V. The forward-looking statements or information contained
in this news release are expressly qualified by this cautionary statement.