Axo Metals Corp. Announces Upsize of Previously Announced Bought Deal to $55M

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESAll monetary amounts are expressed in Canadian Dollars,...

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

All monetary amounts are expressed in Canadian Dollars, unless otherwise indicated.

HALIFAX, Nova Scotia, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Axo Metals Corp. (TSXV: AXO) (“Axo”, “Axo Metals” or the “Company”) is pleased to announce that due to strong investor demand, it has entered into an amended agreement with Desjardins Capital Markets, on its own behalf and on behalf of a syndicate of underwriters (the “Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 56,123,000 common shares of the Company (the “Shares”) at a price of $0.98 per Share (the “Offering Price”) for gross proceeds to the Company of approximately $55,000,000 (the “Offering”).

The Company will grant the Underwriters an option, exercisable, in whole or in part, at any time until and including 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering. If this option is exercised in full, an additional $8,250,081 in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be approximately $63,250,621.

The Company plans to use the net proceeds from the Offering for exploration and advancement of its San Antonio Gold Project and La Huerta Project, and for general working capital purposes. The Shares will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Québec. The Shares will also be sold in other jurisdictions outside of Canada, provided that no prospectus filing or comparable obligation arises.

The Offering is scheduled to close on or about November 27, 2026 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV and the securities regulatory authorities.

The short form prospectus will be filed with the securities commissions in each of the…

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