Star Gold Corp (SRGZ) Announces Closing of $3.68 Million Non‑Brokered Private Placement

Rhea-AI Summary

Star Gold Corp (OTC: SRGZ) closed a non-brokered private placement of 91.95 million units at $0.04 per unit for gross proceeds of up to $3.68 million. Each unit includes one common share and one non-transferable warrant to buy one-half of a share at an exercise price of $0.08 for 12 months.

Net proceeds are earmarked for mine development and exploration at the Longstreet gold-silver project in Nevada, advancing technical work toward an Environmental Impact Statement and permitting, starting additional drilling, and general working capital. Insider participation totaled $578,231 (15.7% of the placement). Resources cited: over 213,000 gold-equivalent ounces per the December 2025 SK-1300 technical report.

Positive

• Gross proceeds of $3.68 million raised
• Proceeds allocated to Longstreet mine permitting and drilling
• Insider participation of $578,231 (15.7% of placement) indicating alignment
• Declared resource of over 213,000 gold-equivalent ounces (SK-1300 Dec 2025)

Negative

• Issued 91.95 million units at $0.04, creating immediate share dilution
• Warrants exercisable into additional shares for 12 months, potentially expanding float

COEUR D'ALENE, Idaho, Feb. 26, 2026 /PRNewswire/ -- Star Gold Corp. (OTC: SRGZ) ("Star Gold" or the "Company") today announced the closing of a non‑brokered private placement offering (the "Offering") of 91.95 million units (the "Units") at a price of US $0.04 per Unit for gross proceeds of up to $US 3.68M.

Each Unit consists of (i) one share of (1) common stock of the Company (a "Share") and (ii) one non‑transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one-half of one additional Share at an exercise price of $0.08 per whole Share for a period of 12 months from the date of issuance.

Use of Proceeds

The Company intends to use the net proceeds from the Offering to fund the mine development and exploration activities at its Longstreet gold-silver project in Nevada, including advancing technical work toward an Environmental Impact Statement and permitting for the Longstreet Main mine, initiating additional drilling activities, and for general working capital and corporate purposes.

Lindsay Gorrill, Chief Executive Officer of Star Gold stated "This financing allows Star Gold to accelerate the studies and permitting required for the Longstreet project, which has over 213,000 gold-equivalent ounces of resources based on the latest SK-1300 technical report completed in December 2025. We are pleased that both new and existing investors participated in this offering, including, well-known precious metals investors such as Myrmikan Gold Fund, LLC and Bob Moriarty from 321 Gold."

The private placement was led by Myrmikan Gold Fund, LLC. In addition, insider participation totaled $578,231 through the conversion of debt and cash, representing 15.7% of the placement, with contributions from CEO Lindsay Gorrill, Board Director David Segelov, Managing Partner of Reverse Swing Capital, Tom Power, CEO of Sunshine Minting, and CFO Gerry Pascale.

Dan Oliver, Managing Partner of Myrmikan Capital LLC and Myrmikan Gold Fund LLC, commented: "We are pleased to participate in Star Gold's private placement. Star Gold's strategic assets are in one of the world's premier mining jurisdictions and position it for significant growth, particularly with the backdrop of a favorable macroeconomic environment that supports gold and silver prices over the long-term."

Bob Moriarty, Founder of 321gold.com, stated: "I have been on the property and with their open-pit, heap-leach gold and silver project in Nevada's prolific Walker Lane district, Star Gold represents a compelling value opportunity in the junior mining space in terms of both existing resources and exploration potential. I am pleased to participate in this private placement and support the Company's development and exploration efforts."

About Star Gold Corp.

Star Gold is a U.S.-focused precious metals company developing scalable, high-margin gold and silver assets in Nevada. In one of the world's premier and most established mining jurisdictions. Star Gold is focused on advancing its flagship Longstreet Gold-Silver Project in Nye County, Nevada. The 100% owned Longstreet Project spans approximately 2,600 acres, comprising of 137 unpatented mining claims and 5 additional unpatented claims. Star Gold is strategically progressing the technical studies and documentation required to support a potential Environmental Impact Statement (EIS) and move to production, Star Gold is dedicated to responsible exploration and sustainable development.

For more information, visit www.stargoldcorp.com

Investor Contact
Lindsay Gorrill
Chief Executive Officer
Lgorrill@stargoldcorp.com
(208) 664-5066

Send your requests to info@stargoldcorp.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/star-gold-corp-srgz-announces-closing-of-3-68-million-nonbrokered-private-placement-302698260.html

SOURCE Star Gold Corp.

FAQ

What did Star Gold (SRGZ) announce in the February 26, 2026 private placement?

Star Gold closed a non-brokered placement of 91.95 million units for $3.68 million. According to the company, each unit includes one share plus a warrant to buy one-half of an additional share at $0.08, exercisable for 12 months.

How will SRGZ use the $3.68 million raised in the February 2026 financing?

The company plans to fund mine development, permitting and exploration at Longstreet. According to the company, proceeds will advance EIS/permit work, initiate additional drilling, and cover general working capital and corporate purposes.

How much insider participation was in Star Gold's SRGZ private placement?

Insiders contributed $578,231, representing 15.7% of the placement. According to the company, contributions came from the CEO and several directors and officers through cash and debt conversion.

What are the warrant terms issued with SRGZ units on February 26, 2026?

Each warrant allows purchase of one-half of one additional share at $0.08 per whole share for 12 months. According to the company, warrants are non-transferable and expire 12 months from issuance.

What resource figure does Star Gold cite for the Longstreet project in 2025?

Star Gold cites over 213,000 gold-equivalent ounces in resources from a SK-1300 report completed December 2025. According to the company, this figure supports advancing technical studies and permitting.