Announcement • May 06
Madoro Metals Corp. announced that it expects to receive CAD 1.23 million in funding Madoro Metals Corp announced a non-brokered private placement to issue 15,000,000 HD Units at a price of CAD 0.05 for the proceeds of CAD 750,000 and 6,000,000 FT Units at a price of CAD 0.08 per FT Unit for gross proceeds of CAD 480,000 on May 4, 2026. The Private Placement is expected to be completed concurrently with the closing of the Proposed Transaction. Each HD Unit will consist of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, an “HD Warrant”). Each HD Warrant will entitle the holder to purchase one Common Share at a price of CAD 0.08 for a period of two (2) years from the Closing. Each FT Unit will consist of one Common Share that will qualify as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant (each whole warrant, an “FT Warrant”). Each FT Warrant will entitle the holder to purchase one Common Share at a price of CAD 0.12 for a period of two (2) years from the Closing. The Private Placement remains subject to, among other things, the negotiation and execution of customary subscription documentation, receipt of TSXV acceptance and all other required regulatory approvals. All securities issued in connection with the Private Placement will be subject to a statutory hold period in accordance with applicable Canadian securities laws. The Company may pay finder’s fees and issue finder’s securities in connection with the Private Placement, in accordance with the policies of the TSXV and applicable securities laws. Announcement • Feb 03
Assets of Narrow River Resources Pty Ltd. signed a letter of intent to acquire Madoro Metals Corp. (TSXV:MDM) in a reverse merger transaction. Assets of Narrow River Resources Pty Ltd. signed a letter of intent to acquire Madoro Metals Corp. (TSXV:MDM) in a reverse merger transaction on January 30, 2026. The transaction is subject to negotiation and execution of definitive agreemet, audited and unaudited financial statements, obtaining all necessary consents, orders and regulator and shareholder approvals, completion of concurrent financing, and approval of shareholders of Madoro. New Risk • Jun 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 118% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (46% average weekly change). High level of non-cash earnings (118% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (CA$2.73m market cap, or US$2.00m). 
