VANCOUVER, BC — December 19, 2025 — Leads & Copy — Sun Peak Metals Corp. has successfully completed its acquisition of Saudi Discovery Company SPV Limited through a share exchange.
The transaction, previously announced, involved Sun Peak acquiring all issued and outstanding shares of Saudi Discovery Company (SDC).
Greg Davis, Chief Executive Officer of Sun Peak, expressed enthusiasm about the completion of the transaction with SDC and the associated $6.7 million financing. He anticipates Sun Peak becoming a leading exploration company in the Arabian Nubian Shield and plans to release details about the 2026 exploration plans early next year. Davis also thanked new investors and shareholders of both Sun Peak and SDC for their support.
Under the terms of the transaction, former SDC shareholders received 58,065,356 common shares of Sun Peak in exchange for all SDC shares. These shares are expected to be listed and available for trading on the TSX Venture Exchange.
The transaction was approved by Sun Peak shareholders at a special meeting held on December 1, 2025. A total of 53,830,685 Sun Peak shares were voted, representing 61.8% of the issued and outstanding shares. According to the company, 100% of the votes cast, excluding those by certain persons, were in favor of the transaction.
Further information about the transaction can be found in Sun Peak’s management information circular dated November 3, 2025, available on the company’s SEDAR+ profile.
In conjunction with the transaction, Sun Peak completed a subscription receipt offering, raising gross proceeds of $6,668,622.10. This included 16,032,470 subscription receipts of a wholly-owned subsidiary (FinCo) and 3,020,736 subscription receipts of Sun Peak, priced at $0.35 per receipt, as announced on November 28, 2025.
Upon the transaction’s closing, each FinCo subscription receipt was automatically converted into one unit of FinCo, comprising one common share and one-half of one warrant of FinCo. Similarly, each Sun Peak subscription receipt was converted into one unit of Sun Peak, consisting of one Sun Peak share and one-half of one warrant, exercisable at $0.50 per share for 36 months, subject to acceleration.
Following the conversion, FinCo amalgamated with another wholly-owned subsidiary of Sun Peak. As a result, each FinCo share was exchanged for one Sun Peak share, and each FinCo warrant was exchanged for one Sun Peak warrant.
The shares issued upon conversion of the Sun Peak subscription receipts are subject to a statutory hold period of four months and one day from the date of issuance. The securities issued upon the amalgamation are not subject to Canadian statutory hold periods.
Saudi Discovery Company is described as an exploration company focused on mineral projects in Saudi Arabia, aligning with Vision 2030.
Sun Peak is focused on advancing the district-scale Shire VMS Project in the Tigray Region of northern Ethiopia. The project covers six exploration licenses totaling approximately 1,450 square kilometers within the Arabian-Nubian Shield.
Greg Davis, President, CEO & Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Greg Davis
(T): +1 (604) 999 1099
(E): info@sunpeakmetals.com
Source: Sun Peak Metals Corp.
