New Risk • Mar 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.2m (US$8.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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). Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (137% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.2m market cap, or US$8.71m). New Risk • Feb 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 52% per year over the past 5 years. Shareholders have been substantially diluted in the past year (137% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$22.8m market cap, or US$16.6m). Announcement • Jan 14
Mercado Minerals Ltd. Announces Initiation of Field Exploration Program at Copalito Mercado Minerals Ltd. announced that it has officially commenced its first field exploration program. The Company's technical team has mobilized to the Copalito Project ("Copalito" or the "Project") in Sinaloa, Mexico, where they will execute the first phase of exploration activities to advance Mercado's asset. Program Highlights. Commencement of a detailed mapping and prospecting program focused across 40% of the Project area, which remains unexplored. Re-sampling of silver, gold, lead and zinc vein mineralization in select historical drill core from the 6 principal known veins. Previous historical results from these veins include: 347 g/t silver, 0.22 g/t gold, 0.17% lead and 0.38% zinc over 13.10 m from 54.00 m in BDH-20-004 at the 5 Senores vein. 125 g/t silver, 2.00 g/t gold, 0.,34% lead and 0.58% zinc over 23.00 m from 78.00 m in BDH -21-055 at the El Agua vein. Re-logging of targeted historic drill core to refine geological understanding. Advancing logistics for the upcoming first-phase diamond drill program. Further refinement of drill targets at Copalito. Surface Sampling Program. Mercado's exploration team will conduct detailed mapping, sampling and prospecting across approximately 40% of Copalito, which has never undergone systematic grassroots exploration. Integration of geophysical data with data from this program will help further define high-potential exploration targets. All samples collected will be sent for laboratory analysis to support the development of additional drill targets. Re-Sampling and Re-Logging. Selected intervals of historical drill core will be re-logged and re-sampled in order to verify and align previously collected data with Mercado's internal standards, ensuring consistency and accuracy as the Project advances towards its inaugural drill program. Logistics and Target Refinement. The Company is progressing with field preparations, including securing drill pad access, water sources, power, drill and equipment contractors, and other necessary operational infrastructure for the planned Phase 1 drill campaign. In parallel, the technical team will continue to review and refine drill targets based on ongoing field evaluations. Technical information and data for the Copalito property appears to be of a good standard; However, the Qualified Person has not conducted sufficient work to independently validate the drill core results and other pertinent property data. As a result, the Company is treating drill results from the Copalito Project as historical in nature and are not to be relied on. The Qualified Person will independently verify results of the historic work during a site visit that coincides with the 2026 field program. Qualified Person. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and was reviewed and approved by Kelson Willms, P.Geo., of Archer, Cathro & Associates (1981) Limited. Mr. Willms is a Qualified Person for the purposes of National Instrument 43-101. Announcement • Dec 04
Mercado Minerals Ltd. announced that it has received CAD 1.005 million in funding On December 4, 2025, Mercado Minerals Ltd closed the transaction. Finder’s fees of CAD 70,350 were paid in cash and 351,750 finder’s warrants were issued to certain eligible parties in connection with closing of the Offering. Each finder’s warrant is exercisable at CAD 0.35 until December 4, 2028. All securities issued with respect to the Offering are subject to a four month and a day hold period expiring on April 5, 2026. Announcement • Dec 02
Mercado Minerals Ltd. announced that it has received CAD 5.598 million in funding from Vizsla Silver Corp. On December 1, 2025, Mercado Minerals Ltd. closed the transaction. The company announced that it has issued 27,990,000 units at a price of CAD 0.20 per Unit for gross proceeds of CAD 5,598,000. The Offering included participation and a strategic investment from Vizsla Silver Corp (“Vizsla”) in Mercado. Each Unit consists of one common share and one half of one Common Share purchase warrant. Each Warrant is exercisable by the holder thereof to acquire one Common Share at a price of CAD 0.35 until November 28, 2028. Finder’s fees of AD 218,400 were paid in cash and 1,074,500 finder’s warrants were issued to certain eligible parties. Each finder’s warrant is exercisable at CAD 0.35 until November 28, 2028. All securities issued with respect to the Offering are subject to a four month and a day hold period expiring on March 29, 2026. Announcement • Nov 20
Mercado Minerals Ltd. announced that it expects to receive CAD 1.005 million in funding Mercado Minerals Ltd. announces a non brokered private placement to issue 5,025,000 units at a price of CAD 0.20 per unit for gross proceeds of up to CAD 1,005,000. on November 19, 2025. Each unit in the subsequent offering shall consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share at a price of CAD 0.35 for a period of 36 months. All securities issued under the subsequent offerings will be subject to a hold period of four months and one day in accordance with applicable securities laws. The closing of the subsequent offering is subject to receipt of all necessary regulatory approvals, including from the Canadian Securities Exchange. Announcement • Nov 14
Mercado Minerals Ltd. announced that it expects to receive CAD 5.5 million in funding Mercado Minerals Ltd. announces a non-brokered private placement to issue 27.5 million units at a price of CAD 0.20 per unit for gross proceeds of CAD 5,500,000 on November 13, 2025. Each unit shall consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share at a price of CAD 0.35 for a period of 36 months. Finders' fees of up to 7% in cash and 7 per cent in finders' warrants will be paid to eligible parties. Each finder's warrant is exercisable at CAD 0.35 for a period of 36 months. Announcement • Oct 21
Mercado Minerals Ltd. (CNSX:MERC) completed the acquisition of Concordia Silver Company S.A. DE C.V. Mercado Minerals Ltd. (CNSX:MERC) signed a letter of intent to acquire Concordia Silver Company S.A. DE C.V. on June 6, 2025. Mercado Minerals Ltd. (CNSX:MERC) entered into a definitive share purchase agreement to acquire Concordia Silver Company S.A. DE C.V. for $0.95 million on September 26, 2025. Under the terms of the agreement Mercado Minerals Ltd. will pay $0.105 million and the issuance of $6 million common shares to Concordia shareholders. Mercado will issue a further $2 million common shares on the first anniversary of closing the acquisition and a further $2 million common shares on the second anniversary of closing the acquisition. The acquisition includes Concordia and its underlying property rights in Mexico, including the Copalito property and the Zamora property. Both properties are located along the western side of the Sierra Madre Occidental.
In addition to the the letter of intent Mercado has entered into a bridge loan for $0.2 million with Concordia to allow for the acquisition of an additional mineral property in Sinaloa, Mexico.
Completion of the acquisition of Concordia remains subject to a number of conditions, including negotiation of definitive documentation and receipt of any required regulatory approvals. The acquisition cannot be completed until these conditions have been satisfied, and there can be no assurance the acquisition will be completed as presently contemplated.
Mercado Minerals Ltd. (CNSX:MERC) completed the acquisition of Concordia Silver Company S.A. DE C.V. on October 20, 2025. Board Change • Aug 22
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director David Grandy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 17
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director David Grandy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 24
Mercado Minerals Ltd. announced that it has received CAD 0.8105 million in funding On December 23, 2024, Mercado Minerals Ltd. closed the transaction. The placement consists of 8,105,000 units of the Company (the “Units”) at a price of C$0.10 per Unit for gross proceeds to the Company of CAD 810,500. Each Unit consists of one common share of the Company (each, a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable by the holder thereof to acquire one Common Share (a "Warrant Share") at a price of CAD 0.15 for a period of 24 months expiring on December 23, 2026. The Finder’s fees of CAD 18,235 was paid in cash and 147,350 finder’s warrants were issued to certain eligible parties. Each finder’s warrant is exercisable at CAD 0.15 for a period of 24 months expiring on December 23, 2026. Insiders subscribed in the Offering for an aggregate of 100,000 Units. All securities issued with respect to the Offering will be subject to a hold period expiring on April 24, 2025.The Company does not anticipate proceeding with further tranches of the Offering. Announcement • Dec 12
Mercado Minerals Ltd. announced that it expects to receive CAD 0.75 million in funding Mercado Minerals Ltd. announced a non-brokered private placement that it will issue up to 7,500,000 units of the company at a price of CAD 0.10 per unit for the gross proceeds of up to CAD 750,000 on December 10, 2024. Each unit shall consist of one common share of the company and one-half common share purchase warrant. Each warrant will be exercisable by the holder thereof to acquire one common share at a price of CAD 0.15 for a period of 24 months following the closing date of the offering. Finders' fees of up to 7% in cash and 7% in finders' warrants will be paid to eligible parties. Each finder's warrant is exercisable at CAD 0.15 for a period of 24 months following the closing date of the offering. Insiders may participate in the offering. All securities issued under the offering will be subject to a hold period of four months and one day, in accordance with applicable securities laws. The closing of the offering is expected to occur in mid-December, 2024, subject to the receipt of all necessary regulatory approvals, including from the Canadian Securities Exchange. Board Change • Nov 05
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director David Grandy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director David Grandy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jul 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$149k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$149k free cash flow). Shares are highly illiquid. Revenue is less than US$1m. Market cap is less than US$10m (CA$1.33m market cap, or US$959.3k). Minor Risk Shareholders have been diluted in the past year (26% increase in shares outstanding). Board Change • Jul 26
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director David Grandy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% This is considered a minor 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 Shares are highly illiquid. Revenue is less than US$1m. Market cap is less than US$10m (CA$1.55m market cap, or US$1.13m). Minor Risk Shareholders have been diluted in the past year (28% increase in shares outstanding). Announcement • May 23
Heartfield Mining Corp. announced that it has received CAD 0.174023 million in funding Heartfield Mining Corp. announced a non-brokered private placement offering to issue 4,616,000 units at an issue price of CAD 0.0377 per Unit for gross proceeds of CAD 174,023.2 May 22, 2024. Each Unit consists of one common share and one common share purchase warrant entitling the holder to acquire a further common share at a price of CAD 0.05 per share until May 22, 2025. No finders’ fees or commissions were paid in connection with the completion of the Offering, and all securities issued in the Offering are subject to a four-month-and-one-day statutory hold period until September 23, 2024. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. CFO, Secretary & Director Sean McGrath was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 27
High number of new directors CFO, Secretary & Director Sean McGrath was the last director to join the board, commencing their role in 2021. Announcement • Jul 21
Heartfield Mining Corp. Completes Work Program on the Newly Acquired EL Medio Property Contiguous with the Porter Property Heartfield Mining Corp. announced that it has completed an initial work program on the El Medio claim which is contiguous with the company's 2,422.14 hectare Porter Property located 30 kilometers west of Port Alberni, British Columbia. The Apex vein occurrence is located on the El Medio claim. Recent logging activity has exposed an extension of the Apex Vein and has resulted in the discovery of high grade gold, copper, zinc bearing mineralization in rock samples from 3 zones over a 275 meter distance. The location of the Apex Extension is approximately 65m NE of the Apex showing (MINFILE Number 092F 150). The outcrop is roughly 24m wide and about 3m high. Overburden is ~1.5m thick dominated by glacial tills. The lithology of the area appears to be dominantly pillow basalts of the Triassic Karmutsen Formation. There is a noted possible massive porphyritic flow on the east side of the outcrop which is generally more competent than the pillows. The outcrop is cut by significant faulting and shearing which appears to trend ~040°- 050° and dips steeply to the north at approximately 80°. This fault zone is approximately 4-5m wide but due to the overburden above the lateral extent of the zone to the north is unknown. Numerous shears are noted with dominantly clay alteration. Quartz veining ranges from mm to 40cm thick Mineralization is dominantly pyrite with lesser chalcopyrite and possible sphalerite and arsenopyrite. A quartz vein which is located in the area of the historic Apex Showing was discovered in a creek located approx. 60m west of the Apex Extension. The creek is approximately 5m wide and was accessed via the new logging road. The vein is hosted in what appears to be fine grained basalt possibly chilled from vein contact. The vein itself is a massive grey quartz with up to 20-50% locally massive blebs of pyrite and trace chalcopyrite. Several float boulders of similar quartz and sulphides were observed in the creek. This site correlates with the reported Apex vein striking 070° noted in the MINFILE (# 092F 150). Sample number 907068 taken from this creek returned 8.63 g/t Au. Sample number 907067 of a quartz vein hosted in fragmental basalt was taken 150 meters east of the Apex Extension area and returned 1.1 g/t Au. Soil sampling performed over the El Medio returned highs of 0.81 g/t and 1.04 g/t Au respectively. Silt samples taken from the main 1st order creek draining the Apex area returned 320 ppb and 199 ppb gold with additional high-grade values of 188 ppm and 199 ppm copper, and 180 ppm and 294 ppm zinc. The extension of the Apex Vein has resulted in the discovery of gold, copper, and zinc bearing mineralization over a 275-meter strike length. New Risk • Jun 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$355k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$355k free cash flow). Shares are highly illiquid. Revenue is less than US$1m. Market cap is less than US$10m (CA$693.0k market cap, or US$523.1k). Minor Risk Less than 3 years of financial data is available. Announcement • Dec 02
Heartfield Mining Corp. announced that it has received CAD 0.1 million in funding Heartfield Mining Corp. announced a non-brokered private placement of 1,000,000 flow through common shares at a price of CAD 0.10 per common share for proceeds of CAD 100,000 on December 1, 2022. the shares are subject to a restriction period that will expire on April 1, 2023. No finders’ fees or commissions were paid by the company in connection with completion of the transaction. The transaction included participation from insiders of the company for 300,000 shares. Announcement • Nov 26
Heartfield Mining Corp. Commences Follow Up Work Program on the Porter Property Gold Project Heartfield Mining Corp. announced that it has commenced the first phase of exploration activities at the Porter Property Gold Project (the "Project") located within the Alberni mining division of British Columbia, Canada. The program is in accordance with the recommendations of the technical report prepared for the Company in respect of the Project and is being performed by Rio Minerals Ltd. under the supervision of Andrew Molnar.