News Summary
On December 9, 2025, Arya Resources announced that its previously disclosed Critical Mineral Exploration Tax Credit (CMETC) flow-through offering of C$500,000 is fully subscribed. This offering consists of 1,515,151 shares at C$0.33 per share.
The company also announced an increase to its concurrent standard flow-through financing, from C$600,000 to C$720,000. This tranche will consist of 2,181,818 shares at C$0.33 per share.
A non-flow-through financing of C$600,000, consisting of 2,000,000 shares at C$0.30 per share, remains part of the overall offering. In total, the company is raising approximately C$1.82 million. Proceeds from the flow-through portions will be used for eligible exploration expenditures on its Saskatchewan projects, while the non-flow-through portion will be used for general working capital.
Material Impact
This news is a routine but positive confirmation of the company’s ability to finance its exploration plans following highly successful drill results in October and November 2025. The total raise of C$1.82 million is significant for a company of this size and will provide the necessary capital to follow up on the high-grade gold intercepts at its flagship Wedge Lake Project.
Tracing the company’s financing history reveals a key point: on September 22, 2025, after initial positive visual drill results but before assays, the company announced a financing with flow-through shares priced at $0.40. As the stock price corrected from its $0.47 high (achieved after the first assays), the company amended its financing plans. The current financing, with flow-through shares priced at $0.33, is a more realistic reflection of the current market price, which closed at $0.29 the day prior to this announcement.
The fact that the CMETC offering is fully subscribed and the standard flow-through was increased indicates healthy investor demand. However, the pricing is not at a significant premium to the market (common for flow-through shares due to tax incentives), and the hard-dollar portion at $0.30 is in line with recent trading.
The financing is dilutive, adding approximately 5.7 million shares to the outstanding count (~15% dilution). This is a necessary trade-off for an exploration company to advance a promising project. The impact is positive as it de-risks the company’s balance sheet for the near term, but it is an expected operational step, not a transformative event.
Catalysts
– Closing of Financing: Final confirmation that all tranches of the C$1.82 million financing have closed and funds are in the treasury.
– Winter Drill Program Announcement: Details on the scale, scope, and targets for the next phase of drilling at Wedge Lake, funded by these proceeds. Key questions will be whether they are stepping out from the high-grade hits at the T-6 Zone (e.g., 21.59 g/t Au over 5.84m) and the Twin Zone (3.86 g/t Au over 44.0m) or testing new targets.
– Assay Results: Any pending results from the fall 2025 drill program.
– Dunlop Project Update: News on exploration plans for the Dunlop nickel-copper-cobalt project, as some of the CMETC proceeds are earmarked for it.
Materiality Conclusion
The successful financing is a positive and necessary step for the company to capitalize on its recent exploration success. It ensures the company is funded for its next critical drill program. However, this is a routine event in the life cycle of a junior explorer and was widely anticipated. It does not fundamentally change the investment thesis, which remains entirely dependent on future drill results. Therefore, the news is rated as Routine – Positive.
