Drilling to Start at Coyote Copper's Arizona Copper Project the First Half of November and 97.7% of the Accelerated Warrants Were Exercised

Coyote Copper Mines raises C$3.37 million and prepares for drilling in Ontario next month.

What the company is saying

Coyote Copper Mines Inc. reports that 97.7% of its outstanding warrants have been exercised, raising C$3,368,556.63. The company frames this high exercise rate as a sign of investor confidence, with CEO Dan Weir stating that 97.75% participation reflects belief in the company's work. Funds will be used to support ongoing and planned exploration, as well as new mining claim acquisitions. The announcement emphasizes imminent operational milestones: a drilling contract has been signed, all permits are secured, and drill roads and pads are under construction, with drilling expected to begin in the first half of November. The company highlights a recent site visit attended by 35 people, including four geologists from major mining and fund companies, and mentions positive feedback from large mining companies. The tone is upbeat, with claims that geophysical programs are yielding 'great results,' though no technical data is provided. Michael N. Feinstein, PhD, CPG, is named as the Qualified Person who has reviewed and approved the technical disclosure.

What the data suggests

The company has secured C$3,368,556.63 through the exercise of 7,311,901 warrants at $0.15, 10,622,351 warrants at $0.20, and 1,052,152 finder's warrants at $0.14, representing 97.7% of outstanding warrants. This capital injection provides sufficient funding for near-term exploration and claim acquisition. Operationally, all necessary permits are in hand, and infrastructure for drilling is being built, with drilling scheduled to start in the first half of November, pending completion of another company's project. Geophysical, soil, and channel sampling programs are ongoing, but no quantitative results or technical data have been released. The company references strong investor participation and positive site visit attendance, but these are qualitative signals. No resource estimates, grades, widths, or assay results are disclosed at this stage. The announcement is transparent about financing and operational readiness but lacks technical detail on exploration outcomes.

Analysis

The announcement provides concrete, realised facts regarding the exercise of warrants, raising C$3.37 million, and the imminent commencement of drilling, with a signed contract and all permits in hand. These are credible, near-term operational milestones for an exploration-stage company. However, the tone is notably upbeat, with phrases such as 'excited to see drilling begin' and references to 'great results' from geophysics, despite no actual technical results or resource data being disclosed. Several claims about the impact of the funds, the quality of geophysical results, and positive feedback from major mining companies are forward-looking or qualitative, lacking supporting evidence. The capital intensity flag is triggered because the funds are earmarked for exploration and claim acquisition, activities that are inherently long-dated and uncertain in their financial return. Overall, while the operational progress is real and the financing event is significant, the narrative somewhat overstates the immediate investment case by implying imminent value creation before any technical results are available.

Risk flags

• ●The absence of technical results from geophysical, soil, or channel sampling programs means that the quality and scale of the mineralisation remain unproven; this is a key uncertainty for investors, as the value of upcoming drilling depends on these factors.
• ●The announcement relies on qualitative statements about investor confidence and positive site visit feedback, but does not provide direct evidence or third-party validation of project potential, increasing the risk that expectations may not be met by future technical results.
• ●While C$3.37 million in new funding supports near-term exploration, ongoing capital requirements for further drilling, resource definition, and potential development may be substantial, and future financing needs are not addressed.

Bottom line

Coyote Copper Mines has raised C$3,368,556.63 by exercising 97.7% of its outstanding warrants, providing the capital needed to launch its next phase of exploration in Ontario. Drilling is set to begin within weeks, with all permits secured and infrastructure in progress, but no technical results have been disclosed from ongoing geophysical or sampling programs. The company presents strong investor participation and site visit attendance as positive signals, but these do not substitute for hard data on mineral potential. Investors should expect the next catalyst to be the release of technical results from geophysics, soil, and channel sampling, followed by initial drill results. The most important takeaway is that while the company is well-funded and operationally ready, investment value will depend entirely on forthcoming technical outcomes.

Announcement summary

(TSXV:CCMM) Coyote Copper Mines Inc. announced that it has signed a drilling contract, with drilling scheduled to commence in the first half of November. As of October 15, 2026 at 4:00 pm, 7,311,901 Warrants with an exercise price of $0.15 from a financing completed in July and August 2025 were exercised. 10,622,351 Warrants with an exercise price of $0.20 from a financing completed in January and February 2026 were exercised. 1,052,152 finder's Warrants with an exercise price of $0.14 from a financing completed in January and February 2026 were exercised. The total amount received by the Company from the exercising of the Warrants was C$3,368,556.63. 97.7% of the Warrants were exercised. The funds received from the Warrant exercise will be used to help fund the ongoing and planned exploration program and to fund additional mining claims being staked and acquired. The previously announced geophysical programs will be completed shortly, and results will be released once completed and interpreted. Soil and channel sampling are ongoing, with results to be disseminated prior to drilling. Drill roads and pads are currently being built, and all necessary permits are in hand. The drill for the program is currently finishing another company's project, so the exact start date for drilling is not yet known. Dan Weir, CEO of Coyote Copper Mines Inc., stated that the company is excited to see drilling begin in approximately 20 to 30 days and that the geophysics programs are yielding great results. A site visit was completed at the end of November, attended by 35 people, including 4 geologists from major mining and fund companies and numerous investors. Dan Weir also acknowledged the work of the company's geologists and geophysical contractors and noted positive comments from large mining companies that have visited the project. Michael N. Feinstein, PhD, CPG, is the Qualified Person under National Instrument 43-101 who has reviewed and approved the scientific and technical disclosure in this press release and is independent of the Company.

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