News Summary
On December 11, 2025, Silver North announced its intention to complete a non-brokered private placement of 6,000,000 flow-through common shares at a price of C$0.35 per share for gross proceeds of C$2.1 million. The proceeds are designated for exploration on the company’s Haldane and GDR mineral properties in the Yukon. The financing is subject to TSX Venture Exchange approval and finder’s fees of 7% cash and 7% warrants may be paid.
This announcement followed a morning news release on the same day detailing high-grade lead (76.8%) and previously reported silver (2,860 g/t) results from selective grab samples at the Veronica property.
Material Impact
The announcement of a C$2.1 million financing is materially positive for Silver North. The company is an exploration-stage junior miner with no revenue and is entirely dependent on equity financing to fund its operations and exploration programs.
– Context is Key: This financing comes directly on the heels of a series of highly successful drill results from the flagship Haldane project, reported on November 17 and December 10, 2025. The results included the best hole drilled on the property to date (13.15 metres of 818 g/t silver) and confirmed the extension of mineralization. Management is prudently capitalizing on the positive market reaction to fund the next phase of work.
– Removes Financing Overhang: The C$2.1 million in gross proceeds, assuming the placement closes successfully, fully funds the company for its planned 2026 exploration season. This removes a significant near-term risk and uncertainty for shareholders.
– Favorable Pricing: The financing is priced at C$0.35 per flow-through share. This is a strong price, just above the previous day’s closing price of C$0.34. Securing funding at or above the market price, even with the tax incentives of flow-through shares, is a strong indicator of investor confidence in the company’s projects and management. This pricing is a significant step-up from financings earlier in the year which were done at C$0.10, C$0.15, and C$0.21.
– Execution on Strategy: The company stated in its January 2025 outlook that it would raise funds for Haldane as the market improved. Following excellent drill results, they have executed this strategy effectively.
In summary, the financing is a necessary and well-timed event that strengthens the company’s balance sheet and allows it to aggressively pursue the expansion of its recent high-grade discovery at Haldane. While dilution is inherent, raising capital from a position of strength is the correct strategic move.
Catalysts
– Closing of the Financing: Confirmation that the C$2.1 million placement has been successfully closed and is not downsized.
– Remaining 2025 Assay Results: The December 10 news release mentioned receiving results from “two of the four remaining holes.” The market will be looking for the results from the final two holes of the 2025 program to further confirm continuity and grade at the Main Fault target.
– 2026 Exploration Program Details: A detailed announcement of the scope, meterage, and targets for the 2026 drill program at Haldane, which is now fully funded.
– Coeur Mining (Tim Project) Updates: Assay results from Coeur’s 2024 drilling at the Tim property were expected in late February 2025 but have not been mentioned since the May 2025 update. Any news on results or Coeur’s 2025/2026 exploration plans for Tim would be a catalyst.
Materiality Conclusion
The financing is a material and positive event. It de-risks the company’s ability to operate and explore for the next 12 months and demonstrates strong market support for the Haldane silver discovery. This allows the company to build on its exploration momentum.
