Kinross Increases Ownership in Eminent to 13.8% and Files Early Warning Report

Rhea-AI Summary

Eminent Gold (OTCQB: EMGDF) says Kinross exercised 3,787,118 warrants for gross proceeds of C$2,650,983, increasing its holding to 11,361,355 shares (≈13.8% non-diluted).

The company issued one Incentive Warrant per warrant exercized at $1.50 expiry May 2, 2027, creating a partially diluted stake of 17.6%. Proceeds will help resume drilling at Hot Springs Range and advance Celts toward drilling.

Positive

• Immediate cash infusion of C$2.65M to fund near-term operations
• Strategic validation from Kinross increasing stake to 13.8% non-diluted
• Additional funding optionality via Incentive Warrants at $1.50 until May 2, 2027

Negative

• Partial dilution rising to 17.6% on a partially diluted basis
• Potential future dilution if 3,787,118 Incentive Warrants are exercised

VANCOUVER, BC, March 3, 2026 /PRNewswire/ - Eminent Gold Corp. (TSXV: EMNT) (OTCQB: EMGDF) (FSE: 7AB) ("Eminent" or the "Company") announces that Kinross Gold Corporation ("Kinross") has exercised 3,787,118 common share purchase warrants of the Company ("Warrants") and now owns 11,361,355 common shares of the Company (the "Common Shares"), representing approximately 13.8% of the issued and outstanding Common Shares (on a non-diluted basis) (the "Warrant Exercise"). This Warrant Exercise represents continued participation and support from the Company's strategic partner Kinross.

Kinross exercised the above-noted Warrants for gross proceeds of C$2,650,983. In connection with the Warrant Exercise, the Company issued an additional warrant (an "Incentive Warrant") for each Warrant exercised. Each Incentive Warrant entitles the holder to acquire an additional common share at a price of $1.50 per share until May 2, 2027, consistent with the terms previously announced by the Company.

Early Warning Disclosure of Kinross Gold Corporation

This press release is being issued in accordance with the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in connection with the Early Warning Report (as defined herein) which will be filed by Kinross in connection with its Warrant Exercise and the issuance of the Incentive Warrants.

Prior to the Warrant Exercise and the issuance of the Incentive Warrants, Kinross exercised control and direction over, directly or indirectly, 7,574,237 Common Shares and 3,787,118 Warrants, representing approximately 9.7% of Eminent's issued and outstanding Common Shares, on a non-diluted basis and 13.8% of the issued and outstanding Common Shares on a partially diluted basis. Immediately following the completion of the Warrant Exercise and issuance of the Incentive Warrants, Kinross exercises control or direction over, directly or indirectly, 11,361,355 Common Shares and 3,787,118 Incentive Warrants, representing approximately 13.8% of Eminent's issued and outstanding Common Shares on a non-diluted basis and 17.6% of Eminent's issued and outstanding Common Shares on a partially diluted basis.

An early warning report filed by Kinross in connection with the Warrant Exercise will be available on Eminent's SEDAR+ profile at www.sedarplus.ca (the "Early Warning Report"). Alternatively, you may contact Luke Crosby, Senior Vice President, General Counsel at 647–788–4478 to obtain a copy of the Early Warning Report. Kinross is organized under the laws of the Province of Ontario and its head office is located at 25 York Street, 17th Floor, Toronto, Ontario M5J 2V5. Eminent's head office is located at 3849 Thurston Street, Burnaby, BC, V5H 1H9.

Kinross exercises control and direction over the aforementioned Common Shares and Incentive Warrants for investment purposes. Kinross may, from time to time, increase or decrease its investment in Eminent through market transactions, private placements, treasury issuances or otherwise, including pursuant to the terms of the investor rights agreement between Kinross and Eminent dated April 2, 2025.

Dr. Dan McCoy, CEO of Eminent, commented:
"I would like to thank Kinross for their support. The proceeds from their warrant exercise will enable us to resume drilling at our 100%–owned Hot Springs Range Project in the near term and to advance our Celts project toward drilling in the coming months.

We are also appreciative of Kinross' continued engagement with our technical team, as their insights have been and continue to be valuable to Eminent. Their participation provides further validation of the new oxide, Carlin–style gold system we are in the early stages of identifying."

ON BEHALF OF THE BOARD OF DIRECTORS

Dan McCoy
CEO & Director

For further information, please contact:

Eminent Gold Corp.

Phone: +1 604-505-7751
Email: michael@eminentgoldcorp.com
Website: www.eminentgoldcorp.com
LinkedIn: eminent-gold-corp
Instagram: eminent.gold.corp
Twitter (X): @eminent_gold

About Eminent Gold

Eminent Gold is a gold exploration company focused on the discovery of high-quality gold deposits in Nevada. The Company's multidisciplinary team has a track record of exploration success and applies modern, science–driven approaches to target new gold systems in the Great Basin. Eminent's portfolio includes the Hot Springs Range, Gilbert South, and Celts projects.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.  Forward-looking statements made in this news release include the Incentive Program and anticipated use of proceeds therefrom.  Although Eminent Gold Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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SOURCE Eminent Gold Corp.

FAQ

How many warrants did Kinross exercise in Eminent on March 3, 2026 (EMGDF)?

Kinross exercised 3,787,118 warrants, acquiring common shares for gross proceeds of C$2,650,983. According to the company, this increased Kinross' direct shareholding to 11,361,355 shares (≈13.8% non-diluted) and triggered issuance of matching Incentive Warrants.

What are the terms of the Incentive Warrants issued to Kinross for EMGDF?

Each Incentive Warrant allows purchase of one common share at $1.50 until May 2, 2027. According to the company, one Incentive Warrant was issued per exercised warrant, creating potential partial dilution to 17.6% if exercised.

How will Kinross' warrant exercise affect Eminent's drilling plans (EMGDF)?

The proceeds will enable Eminent to resume drilling at Hot Springs Range and advance Celts toward drilling. According to the company, the C$2.65M infusion supports near-term field programs and technical work with Kinross engagement.

What percentage of Eminent does Kinross own after the March 3, 2026 transaction (EMGDF)?

Post-transaction, Kinross holds ≈13.8% of issued common shares on a non-diluted basis. According to the company, Kinross' position is ≈17.6% on a partially diluted basis including the newly issued Incentive Warrants.

Could Kinross further increase its ownership in Eminent following the March 2026 filing (EMGDF)?

Yes. Kinross may increase or decrease its investment through market trades, private placements or exercising warrants. According to the company, Kinross holds the Incentive Warrants exercisable until May 2, 2027, which could raise ownership if exercised.