New Risk • Mar 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 101% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Market cap is less than US$100m (CA$20.3m market cap, or US$15.0m). Announcement • Mar 10
Orex Minerals Inc. announced that it has received CAD 5 million in funding from 2176423 Ontario Ltd. and other investors. On March 9, 2026, Orex Minerals Inc. closed the transaction. The company issued 30,303,030 units at a price of CAD 0.165 per Unit for aggregate gross proceeds of CAD 4,999,999.95. Each Unit consists of one common share of the Company and one warrant. Each Warrant entitles the holder thereof to acquire one Common Share of the Company at a price of CAD 0.22 per Common Share for a period of 24 months from the closing date of the Offering. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 3,030,300 Units pursuant to the Offering for total consideration of CAD 500,000. Prior to the Offering, Sprott beneficially owned or controlled 3,666,667 Common Shares of the Company, representing approximately 9.5% of the outstanding Common Shares of the Company on a non-diluted basis. As a result of the Offering, Sprott now beneficially owns or controls 6,696,967 Common Shares and 3,030,300 Warrants of the Company, representing approximately 9.7% on a non-diluted basis and 13.5% on a fully-diluted basis assuming the exercise of such Warrants. In connection with the Offering, the Company has paid certain parties finder's fees in the form of an aggregate of CAD 56,880 in cash and has issued 233,818 Units (each, a "Finder's Unit"). The Finder's Units have the same terms as the Units issued to subscribers in the Offering and also bear a legend indicating that they are subject to the Contractual Hold Period. In connection with the Offering, certain insiders of the Company subscribed for a total of 803,000 Units for gross proceeds of CAD 132,495. In addition to the Contractual Hold Period, all securities issued pursuant to the Offering will be subject to a hold period in accordance with applicable Canadian securities laws, expiring four months and one day following the Closing Date of the Offering. Completion of the Offering remains subject to the receipt of all final approvals of the TSX Venture Exchange. Announcement • Feb 03
Orex Minerals Inc. announced that it expects to receive CAD 5 million in funding Orex Minerals Inc. announced a non-brokered private placement financing (the "Offering") to raise gross proceeds of up to CAD 5,000,000 from the sale of up to 30,303,030 units ("Units") at a price of CAD 0.165 per Unit on February 2, 2026. Each Unit consisting of one common share of the Company (each, a "Share") and one warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Share from the Company at a price of CAD 0.20 per Share for a period of 24 months from the closing date of the Offering. The Offering is anticipated to close on or about February 12, 2026. The closing of the Offering is subject to certain conditions, including the approval of the TSX Venture Exchange and certain other conditions customary for a private placement of this nature. All securities issued pursuant to the Offering will be subject to a hold period in accordance with applicable Canadian securities law, expiring four months and one day following the closing date of the Offering. The Company may pay a finder's fee in respect of those purchasers under the Offering introduced to the Company by certain persons (each, a "Finder"). Each Finder will be entitled to receive a cash payment and Warrants equal to 6% of the gross proceeds received by the Company from purchasers under the Offering who were introduced to the Company by such Finder. 
