Metalore Announces Results of AGM and Provides JV Update
Metalore will preserve cash as Equinox Gold explores Brookbank, but joint-venture spending could dilute its ownership.
Rhea-AI Summary
Metalore Resources (MTLRF) shareholders and directors agreed not to participate in current Brookbank joint-venture exploration at the September 26 annual meeting.
The decision preserves cash, while joint-venture spending could dilute Metalore's ownership in either project area to 10% or less. If that occurs, the corresponding net smelter return royalty is 1.5% on Cherbourg-Foxear or 1.0% on Walters-Leduc-Legault. Equinox Gold is exploring Brookbank, expects survey and sampling results within weeks, and plans an initial 8,500-metre drilling program.
Shareholders approved all meeting proposals and set the board at five directors. The board then appointed Armen Chilian president and chief executive officer and Ashley Nadon chief financial officer.
Positive
- Current exploration nonparticipation preserves Metalore's cash.
- 1.5% and 1.0% royalties apply to the respective project areas if joint-venture spending dilutes ownership to 10% or less.
- Equinox Gold is exploring Brookbank and plans an initial 8,500-metre drilling program.
Negative
- Joint-venture spending could dilute Metalore's ownership in either project area to 10% or less.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Simcoe, Ontario--(Newsfile Corp. - September 28, 2026) - Metalore Resources Limited (TSXV: MET) ("Metalore" or the "Company") is pleased to announce the results of its recent annual general meeting of shareholders ("AGM"), which was held on September 26, 2026.
A total of 1,292,708 common shares (72.83 % of the votes attached to all outstanding common shares as at the record date) were represented at the AGM. All the matters submitted to the shareholders for approval as set out in the Company's notice of meeting and information circular dated August 31, 2026, were approved by the requisite majority of votes cast at the AGM. Shareholders approved setting the size of the Board to five directors as follows: Armen Chilian, Ashley Nadon, Timothy Cronkwright, Peter Cox and John McVicar. Following the AGM, the Board appointed Armen Chilian as President and Chief Executive Officer, and Ashley Nadon as Chief Financial Officer.
JV UPDATE: Equinox Gold Corp. (Greenstone Gold Mines) is currently exploring the Brookbank properties and expects results from recently completed Ambient Noise Tomography (ANT) surveys, and rock and soil sampling within the next few weeks. An initial 8,500-metre diamond drilling program is planned to follow.
At Metalore's AGM, shareholders and directors unanimously agreed not to participate in the current Joint Venture (JV) exploration of the Brookbank project. This decision allows Metalore to preserve its cash while retaining its Brookbank royalty interests: a
About Metalore Resources Limited
Metalore has produced natural gas from its Southwestern Ontario operations since 1964. Revenues generated from natural gas sales have enabled the Company to explore Northwestern Ontario for gold, copper, zinc, lithium, PGE's and diamonds without dilution to its share structure (currently 1,775,035 shares outstanding). The Company holds a
For further information contact:
Armen Chilian P.Geo. President /CEO
(519) 428 - 2464 www.metaloreresources.ca/contact
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316378
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