Scottie Resources Announces Closing of Second and Final Tranche of Non-Brokered Private Placement

Scottie Resources raised C$23.8 million, but project value remains long-dated and uncommitted.

What the company is saying

Scottie Resources Corp. (TSXV:SCOT, OTCQB:SCTSF, FSE:SR80) is announcing the close of its second and final tranche of a non-brokered private placement, issuing 823,369 shares (128,369 as Flow-Through Shares) at C$2.90 and C$3.10 per share, raising C$2,413,443.90 in this tranche. The company emphasizes the total capital raised across all recent offerings—C$23,795,909.30 from 8,183,239 shares, including 322,581 Flow-Through Shares—framing this as a significant financial milestone. Management highlights that net proceeds will fund working capital, technical studies, and permitting at the Scottie Gold Mine Project, while Flow-Through proceeds are earmarked for qualifying Canadian exploration expenses. The announcement stresses compliance with MI 61-101 for related party transactions and notes the regulatory hold period and requirement for final TSX Venture Exchange acceptance. The company presents its 100% ownership of key properties and a resource estimate of 703,000 ounces at 6.1 g/t gold (Inferred) as evidence of asset quality. The tone is confident, underlining a recently completed PEA with after-tax NPV(5%) scenarios up to $832 million, but acknowledges that no toll-milling agreement is in place.

What the data suggests

The company has successfully raised C$2,413,443.90 in the second tranche, with total non-brokered offering proceeds of C$14,921,111.80 and aggregate gross proceeds of C$23,795,909.30 when including the brokered offering. 823,369 shares were issued in the second tranche (128,369 Flow-Through), with 24,175 Flow-Through Shares going to related parties, and 35,700 finder's warrants issued at C$2.90, expiring October 22, 2028. The statutory hold period for these shares expires February 23, 2027. The company controls 58,500 hectares in British Columbia's Golden Triangle and holds a 100% interest in the Scottie Gold Mine Property and several other assets. The current resource estimate is 703,000 ounces at 6.1 g/t gold (Inferred) in 3.6 million tonnes. The PEA outlines a DSO scenario with after-tax NPV(5%) of $215.8-$668.3 million at US$2,600-$4,200/oz gold, and a toll-milling scenario with NPV(5%) of $380-$832 million, initial capex of $129 million, average annual production of ~65,400 oz over seven years, and payback of 1.7 years (DSO) or 0.9 years (toll-milling at US$2,600/oz). No construction or production decision has been made, and the toll-milling scenario is contingent on a future agreement. The offering remains subject to final TSX Venture Exchange acceptance.

Analysis

The announcement is factually detailed regarding the closing of the private placement, share issuance, and capital raised, all of which are realised and well-supported by numerical data. However, the narrative shifts to forward-looking statements when discussing the use of proceeds (technical studies, permitting, exploration) and especially when referencing the PEA economics, which are based on scenarios with no current development agreement in place. The PEA outlines substantial potential value (NPV, payback, production), but these are contingent on future project development, permitting, and financing, with no immediate earnings impact. The capital intensity is high, with a $129 million initial capex cited, but no construction or production decision has been announced. The tone is optimistic, but the actual progress is limited to capital raising and early-stage project advancement, not operational or profitability milestones.

Risk flags

• ●The company's project economics are based on a PEA with no binding development or toll-milling agreement in place, making the projected NPV and payback periods aspirational rather than guaranteed. This creates a risk that actual project value could be materially lower or delayed if agreements are not secured.
• ●The non-brokered offering remains subject to final acceptance from the TSX Venture Exchange, introducing regulatory risk that could delay or alter the capital raise outcome. Any delay in approval could impact the company's ability to deploy funds as planned.
• ●The use of proceeds is broadly described for working capital, technical studies, and permitting, but lacks a detailed allocation or timeline, making it difficult for investors to assess near-term progress or capital efficiency. This opacity increases the risk of proceeds not translating into tangible project advancement.

Bottom line

Scottie Resources has closed its latest financing, bringing total gross proceeds to C$23.8 million and significantly strengthening its cash position for ongoing technical and permitting work. The company controls a sizable land package in British Columbia and reports a robust resource estimate and positive PEA economics, but these valuations are based on scenarios that require further agreements and regulatory steps before any revenue or production can be realized. The main project remains in the study and permitting phase, with no construction or production start date disclosed and the toll-milling option still hypothetical. Investors should see this as a successful capital raise for an early-stage developer, but the pathway to unlocking the headline project value is long and contingent on future milestones. The most important takeaway is that while the company is now well-funded for its next steps, the investment case still hinges on execution of permitting, technical studies, and eventual project development agreements.

Announcement summary

(TSXV:SCOT) (OTCQB:SCTSF) (FSE:SR80) Scottie Resources Corp. has closed the second and final tranche of its previously announced non-brokered private placement, issuing 823,369 Offered Shares (including 128,369 Flow-Through Shares) at a price of C$2.90 per Non-Brokered Share and C$3.10 per Flow-Through Share, raising aggregate gross proceeds of C$2,413,443.90. In connection with this tranche, the company paid cash finder's fees of C$103,530.00 and issued 35,700 finder's warrants, each exercisable at C$2.90 for 24 months expiring on October 22, 2028. Of the Flow-Through Shares issued in this tranche, 24,175 were issued to related parties, constituting a related party transaction under MI 61-101, but the company is exempt from formal valuation and minority approval requirements as the transaction does not exceed 25% of market capitalization. The company did not file a material change report more than 21 days before closing due to the late settlement of details and the desire to close on an expedited basis. The Offered Shares are subject to a statutory hold period expiring on February 23, 2027. Net proceeds from Non-Brokered Shares will be used for working capital and general corporate purposes, including technical studies and permitting at the Scottie Gold Mine Project. Gross proceeds from Flow-Through Shares will be used to incur eligible Canadian exploration expenses qualifying as flow-through mining expenditures related to the Scottie Gold Mine Project in British Columbia, and all such expenditures will be renounced to subscribers effective on or before December 31, 2026. In total, the Non-Brokered Offering raised C$14,921,111.80 through the issuance of 322,581 Flow-Through Shares and 4,800,383 Non-Brokered Shares. Combined with the brokered offering closed on October 9, 2026, the company issued an aggregate of 8,183,239 common shares (including 322,581 Flow-Through Shares) and raised aggregate gross proceeds of C$23,795,909.30. The Non-Brokered Offering remains subject to final acceptance from the TSX Venture Exchange. Scottie Resources holds a 100% interest in the Scottie Gold Mine Property, including the Scottie Gold Mine and Blueberry Contact Zone, as well as a 100% interest in the Georgia Project, Cambria, Sulu, and Tide North properties. The company controls approximately 58,500 hectares of mineral claims within the Stewart Mining Camp in British Columbia's Golden Triangle. The current resource estimate for the Scottie Gold Mine Project is 703,000 gold ounces at an average grade of 6.1 g/t (Inferred category) in 3.6 million tonnes. A recently completed PEA (Bird et al., October 28, 2025) outlines a DSO development scenario with after-tax NPV(5%) of $215.8-$668.3 million at gold prices of US$2,600-$4,200/oz, and under a toll-milling scenario, after-tax NPV(5%) of $380-$832 million. The PEA estimates initial capital costs of $129 million, average annual production of ~65,400 oz gold over seven years, and a payback period of 1.7 years for the DSO case, reduced to 0.9 years under the toll-milling scenario at US$2,600/oz.

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