Finlay Minerals successfully secures $200,000 from Warrant Exercise by a Key Insider

Rhea-AI Summary

Finlay Minerals (TSXV: FYL) (OTCQB: FYMNF) has received $200,000 from the exercise of 2,000,000 warrants by insider Ilona Barakso Lindsay at $0.10 per warrant. The company recently completed a CSAMT survey on the Silver Hope Property, identifying potential expansion zones and new drill targets. At the SAY Project, exploration revealed the AG Zone with significant copper-silver mineralization, including samples of 0.94% Cu and 18.1 g/t Ag over 9.5 meters. The company has expanded the SAY property by 44% (4,665 hectares) and plans a systematic exploration program for 2025.

Positive

• Secured $200,000 in funding through warrant exercise above market price
• Discovery of AG Zone with high-grade mineralization (0.94% Cu, 18.1 g/t Ag over 9.5m)
• 44% expansion of SAY property (4,665 hectares)
• Insider investment demonstrates management confidence

Negative

• Current market price is below warrant exercise price of $0.10
• Additional exploration funding may be needed for 2025 program

VANCOUVER, BC, Nov. 28, 2024 /PRNewswire/ - Finlay Minerals (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased to announce that it has received proceeds of $200,000 pursuant to the exercise of 2,000,000 warrants (the "Warrants") at an exercise price well above the current market price.

An insider of the Company, Ilona Barakso Lindsay, exercised the Warrants, which were acquired through a private placement transaction completed in 2023, with an exercise price of $0.10 and an expiry date of May 29, 2025.

Ms. Lindsay acquired these securities for investment purposes and may choose to exercise the remaining warrants in the warrant series at her discretion.

No new insiders or control persons were created with this warrant exercise.

"I am very pleased to continue supporting Finlay despite the challenging market conditions. Our recent exploration success on the SAY Project demonstrates our commitment to creating shareholder value," stated Ms. Lindsay.

"In 2024, we completed a Controlled Source Audio-frequency Magnetotellurics (CSAMT) survey on the Silver Hope Property, which indicates the potential expansion of the Main and West Cu-Mo porphyry mineralized zones. This survey also identified East Trends 1 & 2 and Dina East as viable new drill targets.* Additionally, we acquired the highly prospective copper and silver SAY Project in northern British Columbia."

A recently completed program on the SAY Project discovered the AG Zone - a 200-meter by 200-meter zone characterized by multi-directional copper-silver (Cu-Ag) mineralized brittle fracturing. Notably, a 9.5-meter chip sample assayed at 0.94% Cu and 18.1 g/t Ag, while another 4.5-meter chip sample assayed at 0.85% Cu and 35.3 g/t Ag. The AG Zone remains open to the west and south. **

Due to these highly encouraging results, the Company staked an additional 4,665 hectares (ha), increasing the size of the property by 44%. Planning is underway for a substantial and systematic exploration program in 2025 aimed at expanding the new AG Zone, identifying the source of the Cu-Ag mineralizing system, and further evaluating the Cu-Ag fracture mineralization along the 4.3 km long SPUR Trend.

References:

*           Reference Finlay News Release NR10-24 dated July 30, 2024 entitled: "Finlay Minerals confirms Targets on the Silver Hope from completed CSAMT Geophysical Survey."

**          Reference Finlay News Release NR13-24 dated November 20, 2024 entitled: "Finlay Minerals samples 1.17% Cu and 103.5 g/t Ag across 21.7 meters of a Continuous Chip Sample on the SAY Property."

Qualified Person:

Wade Barnes, P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

About Finlay Minerals Ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits with four properties in northern British Columbia.  In addition to the SAY, the Company has two Toodoggone Properties and the Silver Hope Property surrounding the past-producing Equity Silver Mine.

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com 

On behalf of the Board of Directors,

Robert F. Brown, P. Eng.
President, CEO & Director

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

Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future, including all statements regarding future exploration plans at the Company's mineral properties, are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.  Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on several assumptions, including, among other things, assumptions regarding general business and financial conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

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SOURCE Finlay Minerals Ltd.

FAQ

What was the value of warrants exercised in Finlay Minerals (FYMNF) by the insider?

An insider exercised 2,000,000 warrants at $0.10 each, providing Finlay Minerals with proceeds of $200,000.

What were the recent copper-silver assay results from Finlay Minerals' (FYMNF) AG Zone?

The AG Zone revealed a 9.5-meter chip sample with 0.94% Cu and 18.1 g/t Ag, and a 4.5-meter chip sample with 0.85% Cu and 35.3 g/t Ag.

How much did Finlay Minerals (FYMNF) expand its SAY property in 2024?

Finlay Minerals expanded the SAY property by 4,665 hectares, representing a 44% increase in the property size.