New Risk • Feb 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% 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 Negative equity (-CA$3.5m). Earnings have declined by 4.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (CA$38.6m market cap, or US$28.4m). Announcement • Feb 13
Metal Energy Corp. Announces CEO Changes Metal Energy Corp. announced the appointment of geologist Charlie Greig as CEO in a management change that reflects a corporate strategy focused on creating value from
BC's Toodoggone Region. Charlie Greig brings a distinguished four-decade career in exploration geology, including a key role as VP Exploration in the discoveries of GT Gold's Saddle North Cu-Au porphyry and the Saddle South high-grade gold-silver system, sold to Newmont in 2021 for $400 million. His extensive track record includes work, principally geologic mapping, on producing and advanced-stage projects such as Brucejack (Pretium-Newmont), Bisha (Nevsun Resources), La India (Grayd Minerals-Agnico Eagle), \and Alamo Dorado (Corner Bay-Pan American Silver), but also includes work in a wide range of roles across the spectrum of hard rock exploration and. Currently, Charlie serves as lead technical advisor for American Eagle Gold's on its NAK copper-gold porphyry project near Smithers, British Columbia, which is being explored in partnership with Teck Resources and South32. Charlie also serves as Executive Chairman of Evergold, a Toodoggone, BC-focused gold-silver exploration company. Metal Energy and its team sincerely thanks former CEO James Sykes for his leadership, contributions and continued support during this management transition. New Risk • Dec 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 89% 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 Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-CA$3.5m). Earnings have declined by 4.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (89% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$34.1m market cap, or US$24.9m). 
