MIRAMICHI, NB — February 20, 2026 — Leads & Copy — SLAM Exploration Ltd. (TSXV:SXL) has announced an increase to its non-brokered private placement due to heightened investor demand. The offering, initially announced on February 18, 2026, will now consist of 22,600,000 units at a price of $0.09 per unit, potentially generating gross proceeds of up to $2,034,000.
The offering includes up to 18,000,000 flow-through CMETC units at $0.09 each. These units are designed to allow the company to incur and renounce Canadian exploration expenses, which are expected to qualify as flow-through mining expenditures. These expenditures are intended to be eligible for the Critical Mineral Exploration Tax Credit under the Income Tax Act (Canada).
Additionally, the offering will include up to 3,000,000 flow-through units at $0.09 each, earmarked for Canadian exploration expenses that qualify as ‘Canadian exploration expense’ under the Income Tax Act (Canada). Also included are up to 1,600,000 non-flow-through units priced at $0.09 each.
Each flow-through CMETC and flow-through unit will comprise one flow-through common share and one-half of a common share purchase warrant. Two half-warrants can be exercised together as one whole warrant. Each non-flow-through unit will consist of one common share and one warrant.
Each whole warrant allows the holder to purchase one additional common share at $0.13 per share for two years following the offering’s closing date, with potential acceleration under certain conditions.
SLAM Exploration intends to use the gross proceeds from the flow-through CMETC units to fund eligible Canadian exploration expenses, expected to qualify as flow-through critical mineral mining expenditures, at the company’s Goodwin project. These expenditures are intended to qualify for the 30% Critical Mineral Exploration Tax Credit.
Proceeds from the flow-through units will support eligible Canadian exploration expenses at the company’s gold projects. These expenditures are not expected to qualify as flow-through critical mineral mining expenditures or for the Critical Mineral Exploration Tax Credit.
The company plans to renounce qualifying Canadian exploration expenses to subscribers of flow-through CMETC and flow-through units by December 31, 2026, or another date as permitted by tax legislation.
Net proceeds from the non-flow-through units and any warrant exercises will be allocated to general working capital, corporate development, and other business objectives as determined by management.
The offering is contingent upon acceptance by the TSX Venture Exchange and all other necessary regulatory approvals. Securities issued under the offering will be subject to a statutory hold period of four months and one day from the offering’s closing date, in accordance with Canadian securities laws. Finder’s fees may be applicable according to TSXV policies.
Company insiders may participate in the offering, which would be considered a “related party transaction” under Multilateral Instrument 61-101. The company anticipates using exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, based on the fair market value of the securities issued to related parties not exceeding 25% of the company’s market capitalization.
SLAM Exploration Ltd. has a 40,000-hectare portfolio of mineral claim holdings in New Brunswick, centered on the Goodwin Copper Nickel Cobalt project in the Bathurst Mining Camp. The company completed 10 drill holes in the 2025 diamond drilling campaign on the Goodwin project, following copper, nickel and cobalt intercepts from 15 diamond drill holes reported in 2024.
SLAM Exploration expects to receive cash and share payments in 2026. In 2025, it received 1,200,000 shares plus cash from Nine Mile Metals Inc. (NINE) for the Wedge project agreement and a cash payment of $60,000, along with 180,000 shares of a private company, for the Ramsay gold agreement. The company also holds NSR royalties and expects additional cash and share payments on the Wedge copper zinc project and the Ramsay gold project.
Source: SLAM Exploration Ltd.
