PMET Resources Inc. ($PMET) Announces Successful Financing
MONTREAL, Feb. 19, 2026 – Sydney, Australia – PMET Resources Inc. (TSX: PMET) is thrilled to announce the successful completion of significant funding initiatives aimed at advancing its Shaakichiuwaanaan Project.
Ken Brinsden, President, CEO, and Managing Director of PMET, expressed his excitement about this achievement, stating, "This is a tremendous outcome for PMET which reflects the quality of the Shaakichiuwaanaan Project and the expertise of our team. With these financings finalized, we have significantly bolstered our balance sheet at a pivotal moment for Shaakichiuwaanaan. The funds will allow us to enhance the CV5 Feasibility Study, progress CV13, and incorporate high-value co-products such as caesium and tantalum into a development-ready plan, all while taking a disciplined approach toward a Final Investment Decision (FID)."
Brinsden further noted that this funding mitigates risks associated with reaching FID while maintaining strategic flexibility during engineering, permitting, and commercial discussions.
As PMET transitions into a more execution-focused phase, the Board has established a dedicated Technical Committee, chaired by Aline Côté, including members Blair Way and Ken Brinsden. This move underscores the company’s commitment to meticulous capital allocation and effective risk management as it advances this multi-commodity critical minerals project.
Following a prior news release on February 9, 2026, PMET has successfully completed multiple offerings: (i) a Prospectus Offering of 11,484,099 common shares at C$5.66 each, yielding approximately C$65 million; (ii) an additional issuance of 1,365,631 common shares, generating about C$7.7 million; and (iii) a Flow-Through Offering of 6,992,255 charity Flow-Through Shares at approximately C$9.30 per share, totaling around C$65 million. These offerings, which saw conditional approval from the TSX, reinforce PMET's growth strategy.
The offerings were spearheaded by Raymond James Ltd. as the sole global coordinator and bookrunner, with BMO Nesbitt Burns Inc. as co-lead agent, supported by a syndicate of co-managers. The Flow-Through Offering was facilitated by PearTree Securities Inc., while the Reoffering has been managed by Euroz Hartleys Limited and Canaccord Genuity (Australia) Limited.
PMET is also in discussions with Volkswagen Finance Luxemburg S.A. (VW), which has indicated a potential participation in a separate private placement estimated at C$14 million at C$5.66 per share, subject to internal approvals. This could increase VW's interest in PMET to approximately 9.553%, pending necessary approvals.
Settlement of the Reoffering is expected on February 20, 2026. The Flow-Through Shares will convert into 69,922,550 CDIs trading on the ASX. Participants are advised that these CDIs cannot be converted back into common shares of PMET for trading in Canada until four months post-settlement.
For further information about PMET and its ongoing projects, visit www.pmet.ca or check out Inside Ticker for the latest updates.