Nine Mile Metals Ltd Stock Price, News & Analysis

Nine Mile Metals (OTC:VMSXF) has announced a private placement financing initiative to raise up to $400,000 through two offerings. The company plans a Flow-through (FT) placement of up to 12.5 million units at $0.02 per unit for proceeds of up to $250,000, and a Non-flow-through (NFT) placement of up to 10 million units at $0.015 per unit for proceeds of up to $150,000.

Each FT unit includes one common share and one warrant exercisable at $0.05 for 36 months. NFT units comprise one common share and a half-warrant, with full warrants exercisable at $0.05 for 36 months. The FT proceeds will fund drilling at the Wedge Project and California Lake East, while NFT proceeds will support operating expenses and working capital.

Nine Mile Metals (CSE: NINE, OTCQB: VMSXF) has maintained its option to purchase the remaining 50% of the Nine Mile Brook Project through a third anniversary payment to Fiddlehead Mining Corp. Instead of the required $50,000 cash payment, the company issued 3,333,333 common shares at $0.015 per share. The $150,000 annual work expenditure requirement has been deferred to the fourth year. The Nine Mile Brook Project spans 50.02 square kilometers across 229 mining claims, located 10km west of the Brunswick #12 Mine. Previous drill program results showed exceptional grades, including samples with up to 18.30% Cu, 2.45% Pb, 2.03% Zn, 173 g/t Ag, and 1.13 g/t Au. The company plans to resume exploration in Fall 2025, utilizing advanced geophysics and 3D modeling to guide their drilling program.

Nine Mile Metals (CSE: NINE, OTC: VMSXF) has secured a $40,000 grant from the New Brunswick Department of Natural Resources and Energy Development for exploration at its California Lake East VMS Project. The grant, awarded through the Junior Mining Assistance Program (NBJMAP), will support exploration along the stratigraphic horizon and EM conductors at Target #6 and #8. The company plans to begin with ground-based geophysics to define priority drill targets, particularly focusing on Target #6, which has been identified as a high-priority new target and potential source of the previously successful VMS drill program at Target #8. The technical team, along with Apex Geoscience, will design ground-based survey methods including fixed and moving loop Electromagnetics to define the conductive trend between the targets.

Nine Mile Metals has appointed Mike Dufresne, President and Co-Founder of APEX Geoscience Ltd., to its Technical Advisory Committee effective June 4th, 2025. Dufresne, a registered Professional Geologist with APEGNB, brings significant expertise in VMS exploration and was part of teams that discovered major gold deposits including George-Goose Lake (4M+ oz) and Three Bluffs (760 oz). APEX Geoscience, with over 100 professionals operating in 35+ countries, specializes in geological consulting, project implementation, and resource estimation. This strategic addition complements Nine Mile's existing partnership with EarthEx Geophysical Solutions, positioning the company to advance its VMS portfolio in the Bathurst Mining Camp, including the West Wedge and TriBag Drill Programs.

Nine Mile Metals (CSE: NINE, OTC: VMSXF) has appointed Jonathan Holmes to its Board of Directors effective April 16, 2025. Holmes, a partner at Dig Media Inc. and co-founder of INN Australia, brings over 15 years of experience in capital market strategies and global expansion.

Holmes has collaborated with more than 200 publicly listed companies across North America and Australia, specializing in venture capital, investor relations, and strategic marketing. He holds a Bachelor of Arts from the University of Western Ontario and has pursued additional studies at Simon Fraser University.

Currently serving on the Board of Reem Capital Corp. (TSXV: REEM) and as a member of the Australian Institute of Company Directors, Holmes is expected to contribute his expertise in global media and capital markets to help Nine Mile navigate challenging markets while expanding investor awareness.

Nine Mile Metals (CSE: NINE, OTC: VMSXF) has successfully completed its private placement offering, raising a total of $388,653. The company issued 6,309,699 units at $0.021 per unit in the second tranche, generating proceeds of $132,503. Each unit includes one common share and one warrant, with warrants exercisable at $0.05 for 60 months.

Company directors participated in the second tranche, purchasing 1,217,857 units for $25,575. The proceeds will support general and administrative obligations. All securities issued are subject to a four-month and one-day hold period, with no commissions paid. The offering includes both the original placement of $157,500 and a previously announced debt conversion.

Nine Mile Metals (VMSXF) has completed its second anniversary payment for the Wedge Project option agreement with Slam Exploration The company paid $9,000 in cash and issued 200,000 common shares, plus an additional 1,000,000 shares at $0.021 per share in lieu of partial cash payment on February 24, 2025.

The Wedge VMS Project spans 35.83 km² and includes the Wedge Mine, West Wedge, and Tribag Targets within an 8km VMS Exploration Trend. The company has completed geophysics work and modeled targets for an upcoming drill program at the West Wedge and Tribag Targets.

According to VP Exploration Gary Lohman, drilling is scheduled for mid to late May 2025, depending on road and water access conditions. The Tribag area shows promising potential with VMS mineralization exposed in surface trenches above the Target Plates B1, C1-C4, and D1, suggesting possibility of a larger system at depth.

Nine Mile Metals (CSE: NINE, OTC: VMSXF) has announced significant changes to its management and board structure. Jimmy Jeon, CPA, has been appointed as Chief Financial Officer, effective February 10th, 2025, while Brett Wallace, LLB, an experienced geoscientist and lawyer, joins the Board of Directors from February 17th, 2025.

The company has also engaged Marrelli Support Services Inc. (MSSI) to provide comprehensive financial services support. This consolidation of financial services aims to enhance operational efficiency by streamlining four advisory relationships into one.

Several departures were announced, including James Bordian (CFO and Director), Charles Malette (President, Director, and Corporate Secretary), and Terry Fields (Director). The restructuring is positioned to support Nine Mile's 2025 drill program and corporate strategy execution.

Nine Mile Metals (CSE: NINE, OTC: VMSXF) has completed the first tranche of a private placement financing, raising $25,000 in cash and converting $231,150 in debt. The company issued 12,197,619 units at $0.021 per unit. Each unit includes one common share and one purchase warrant, exercisable at $0.05 per share for 5 years.

A director and officer participated, purchasing 1,190,476 units in cash ($25,000) and 1,369,048 units ($28,750) through debt conversion. The majority of units (11,007,143) were issued to settle convertible loans due December 14, 2024, including interest. The cash proceeds will be used for general working capital. All securities are subject to a four-month and one-day hold period.