Military Metals Receives Mineral Exploration Grant from Government of Nova Scotia
Military Metals secures a Nova Scotia exploration grant and restructures equity incentives and options tied to Trojárová and West Gore objectives.
Rhea-AI Summary
Military Metals (MILIF) has received a C$100,000 exploration grant from the Government of Nova Scotia’s Mineral Resource Development Fund to support its ongoing diamond drilling campaign at the West Gore Antimony-Gold Project.
The funded program, first announced on July 7, 2026, is planned to include seven drillholes totaling 1,750 m, targeting down-plunge extensions of the past-producing deposit and the historically exploited Brook Vein. The company has also granted 2,500,000 Performance Share Units (PSUs), with 80% vesting tied to reinstatement or renewal of the Trojárová Exploration Permit and 20% linked to ESG, stakeholder engagement, and cooperation milestones in Slovakia. Of 3,050,000 PSUs previously outstanding, 300,000 are being cancelled and the remaining 2,750,000 are being amended to the same vesting conditions.
Additionally, Military Metals has issued 6,470,000 stock options to directors, officers, and consultants at an exercise price of C$0.165 for five years, following a CSE-mandated 30‑day period after option termination. All new PSUs and options carry a four-month CSE hold period from the grant date.
Positive
- C$100,000 MRDF grant awarded to support West Gore drilling
- West Gore drill program planned for 7 holes totaling 1,750 m
- New performance-based 2,500,000 PSUs with clear operational vesting targets
- Cancellation of 300,000 previously outstanding PSUs reduces potential dilution
Negative
- Issuance of 6,470,000 options at C$0.165 creates additional equity overhang
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 21, 2026) - Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) (the "Company" or "MILI") is pleased to report the Company has been awarded a
The ongoing West Gore Antimony-Gold Project drill program was announced in a Company news release dated July 7th 2026, and is planned to include:
- Seven drillholes planned totaling 1750m
- Holes to target the down plunge extension of the past producing deposit below historical mine workings
- Holes to target the down plunge extension of the historically exploited Brook Vein occurrence and continuity of a significant historical intercept
Equity Compensation Grants
The Company also announces that it has granted additional Performance Share Units ("PSUs") of the Company to incentivize performance that aligns with current corporate needs. Specifically, the Company has granted 2,500,000 PSUs with
The Vesting Conditions are intended to align the interests of directors and management with the interests of the Company and of shareholders. Of 3,050,000 PSUs that were outstanding prior to this grant of PSUs, 300,000 have been approved for cancellation, and the holders of the outstanding 2750,000 PSUs have agreed to update their entitlements to reflect the Vesting Conditions.
The Company has also completed the 30 day period required by the policies of the Canadian Securities Exchange (the "CSE") since termination of the Company's options as previously disclosed, and has issued an aggregate of 6,470,000 options (the "Options") to the directors, officers, and consultants who had agreed to the option termination. Each of the newly issued Options are exercisable for common shares in the capital of the Company at an exercise price of
About The West Gore Project
West Gore was an important antimony producer during World War One, making significant contributions to the allied war Historical production from the West Gore district, which has been estimated at 7,761 t of Sb concentrate (
Widely accepted historical accounts detail that commercial mining at West Gore took place between 1883 and 1917 (Malcolm 1929). The Mining Association of Nova Scotia reports on its website https://notyourgrandfathersmining.ca/west-gore that production ceased during the First World War when a ship load of antimony concentrate enroute to Wales for processing was torpedoed and sunk. The loss of this revenue bankrupted the mining company and commercial operations were terminated.
Technical and Historical References
Albert, R; Morrissy, C Antimony, West Gore, Hants County, Nova Scotia. Report on Drilling and Drill Core Assays [West Gore Antimony Property License # 11158 Report on 1987 Diamond Drilling - Berggren South Zone, by; Durham Resources Incorporated, Assessment Report ME 1987-050, 1987 https://novascotia.ca/natr/meb/data/ar/1987/ar_me_1987-050.pdf.
Bates, J.L., 1987, Gold in Nova Scotia: Nova Scotia Department of Mines and Energy Information Series 13, 48 p.
Malcolm, W. (1929). Gold fields of Nova Scotia (Geological Survey Memoir 156). Department of Mines, Geological Survey of Canada.
Messervey, J.P., 1932, Antimony in Nova Scotia: Nova Scotia Department of Public Works and Mines Pamphlet 1, 23 p.
Qualified Person
The technical contents of this release were reviewed and approved by David Murray, P.Geo, VP-Exploration for Military Metals and a qualified person as defined by National Instrument 43-101. Mr. Murray personally compiled and verified historical drilling results, including historical drillhole 87-01, from original analytical certificates and drill logs included within the Durham Resources 1987 assessment report: ar_me_1987-050. Furthermore, Mr. Murray has independently and personally reviewed all technical and historical references cited herein.
For more information about Military Metals Corp. and its critical minerals initiatives, please visit: https://www.militarymetalscorp.com.
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About Military Metals Corp.
The Company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition, exploration and development of mineral properties with a focus on antimony.
ON BEHALF OF THE BOARD of DIRECTORS
For more information, please contact:
Scott Eldridge
CEO and Director
scott@militarymetalscorp.com or info@militarymetalscorp.com
For enquiries, please call 604-537-7556
Forward-Looking Information
This news release contains "forward-looking information". Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, without limitation, statements related to the cancellation of 300,000 PSUs, the grant and future vesting of the PSUs, and the term of the Options. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Additional risk factors can also be found in the Company's public filings under the Company's SEDAR+ profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315303
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How will the C$100,000 Nova Scotia grant be used at the West Gore Project?
The C$100,000 grant from the Nova Scotia Department of Natural Resources’ Mineral Resource Development Fund will fund a portion of the ongoing diamond drilling campaign at the West Gore Antimony-Gold Project. The planned program includes seven drillholes totaling 1,750 m, targeting the down-plunge extension of the past-producing deposit below historical mine workings and the down-plunge extension and continuity of the historically exploited Brook Vein occurrence.
How were existing PSUs affected by the new vesting framework at Military Metals?
Before the new grant, there were 3,050,000 PSUs outstanding. Of these, 300,000 have been approved for cancellation. Holders of the remaining 2,750,000 PSUs have agreed to update their entitlements so that these PSUs are now subject to the same Trojárová-related vesting conditions as the newly granted PSUs. All PSUs remain subject to the company’s equity plan and applicable securities laws.
What are the key terms of the 6,470,000 stock options issued by Military Metals?
The company has issued an aggregate of 6,470,000 options to directors, officers, and consultants who had previously agreed to option termination. Each option is exercisable into one common share at an exercise price of C$0.165 for a period of five years. All options are subject to a four‑month hold period from the date of grant, as required by Canadian Securities Exchange policies.
Who is the qualified person responsible for the technical information in this announcement?
The technical contents were reviewed and approved by David Murray, P.Geo, Vice President of Exploration for Military Metals and a qualified person as defined by National Instrument 43‑101. He personally compiled and verified historical drilling results, including drillhole 87‑01, from original analytical certificates and drill logs in the 1987 Durham Resources assessment report, and independently reviewed all technical and historical references cited.