ERRINGTON METALS CORP. ANNOUNCES UPSIZE OF PRIVATE PLACEMENT TO $30 MILLION

Canada NewsWire /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ THUNDER BAY, ON , July 15, 2026 /CNW/ -- Errington Metals Corp.  (TSXV: EM)  (the " Company ") is pleased to announce that it has amended its engagement with Stifel Canada in connection with a "best efforts" private placement offering that has been increased to aggregate gross proceeds of up to $30,003,630. The Company and Stifel Canada, on its own behalf and on behalf of a syndicate of agents (collectively, the " Agents "), have entered into an amended agreement pursuant to which the Agents have agreed to offer for sale, on a "best efforts" agency private placement basis, (i) up to 5,715,000 common shares of the Company (the " Offered Common Shares ") at a price of $3.50 per Offered Common Share for gross proceeds of up to $20,002,500, and (ii) up to 1,927,000 common shares of the Company that will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the " Tax Act ") (the " Flow-Through Shares ") at a price of $5.19 per Flow-Through Share for gross proceeds of up to $10,001,130 (collectively, the " Offering "). The Offered Common Shares and the Flow-Through Shares are collectively referred to as the " Offered Securities ".

The Company has agreed to grant the Agents an option to sell up to an additional 15% of the number of Offered Securities sold under the Offering, exercisable in whole or in part at any time up to 48 hours prior to the closing of the Offering, on the same terms as the Offering. The net proceeds of the Offering from the sale of the Offered Common Shares will be used for continued exploration of the Company's Sudbury Basin Complex, and for general working capital purposes. The Company will use the gross proceeds from the sale of the Flow-Through Shares pursuant to the Offering to incur (or be deemed to incur) eligible resource exploration expenses which will qualify as (i) "Canadian exploration expenses" (as defined in the Tax Act), (ii) "flow-through critical mineral mining expenditures" (as defined in subsection 127(9) of the Tax Act), and (iii) "eligible Ontario critical mineral exploration expenditures" within the meaning of subsection 103(4.1) of the Taxation Act, 2007 (Ontario) (collectively, the " Qualifying Expenditures ").

Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the Flow-Through Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2027, and will be renounced by the Company to the initial purchasers of the Flow-Through Shares with an effective date no later than December 31, 2026. The Offered Securities will be offered by way of private placement in each of the provinces and territories of Canada on a basis exempt from the prospectus requirements of applicable Canadian securities laws and, in the case of the Offered Common Shares, in the United States on a private placement basis to "qualified institutional buyers" and/or institutional "accredited investors", and in such other jurisdictions as may be permitted provided that no prospectus, registration statement or other similar document is required to be filed in the United States or such other jurisdiction. The Offered Securities will be subject to a statutory hold period in Canada of four months and one day from the Closing Date (as defined below).

No offering memorandum will be delivered in connection with the Offering. The Offering is expected to close on or about August 11, 2026 (the " Closing Date ") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from such registration requirements.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Errington Metals Errington Metals Corp. is a focused Canadian exploration and development company targeting critical and precious metals. The Company is advancing its wholly-owned Sudbury Basin Project, which hosts high‑grade volcanogenic massive sulphide ("VMS")–style mineralization in the world‑renowned Sudbury mining district.

Errington Metals aims to efficiently assess this opportunity and advance high-quality targets through systematic drilling and technical studies. In 2026, the Company is advancing a planned 45,000-metre drill program designed to support an initial mineral resource estimate and test regional targets. For further information about the Company, please visit www.erringtonmetals.com and sign up for email updates.

On Behalf of Errington Metals Corp. "Matthew Gollat" President & CEO, Errington Metals Cautionary Note Regarding Forward-Looking Information This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements with respect to the terms of the Offering, the use of proceeds of the Offering, the timing and ability of the Company to close the Offering, the timing and ability of the Company to receive necessary regulatory approvals, including the acceptance of the Offering from the TSX Venture Exchange, the renunciation to the purchasers of the Flow-Through Shares and timing thereof, the tax treatment of the Flow-Through Shares, and the plans, operations and prospects of the Company. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements.

Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company and the Project. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect.

Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this news release are made as of the date of this news release and are expressly qualified by the foregoing cautionary statement.

Except as expressly required by securities law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Errington Metals Corp. View original content: http://www.newswire.ca/en/releases/archive/July2026/15/c0198.html Canada Newswire July 15, 2026 - 8:54 AM PDT News by QuoteMedia www.quotemedia.com