New Risk • May 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% 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 Shares are highly illiquid. Negative equity (-CA$1.7m). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$1.21m market cap, or US$877.4k). Announcement • May 07
International Iconic Gold Exploration Corp. announced that it has received CAD 0.1 million in funding On May 6, 2026, International Iconic Gold Exploration Corp. closed the transaction. No finders' fees were paid in connection with the financing. New Risk • May 05
New major risk - Negative shareholders equity The company has negative equity. Total equity: -CA$1.7m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$1.7m). Revenue is less than US$1m. Market cap is less than US$10m (CA$1.01m market cap, or US$743.5k). Announcement • Apr 01
International Iconic Gold Exploration Corp. announced that it expects to receive CAD 0.1 million in funding International Iconic Gold Exploration Corp. announces a non brokered private placement to issue 666,667 units at a price of CAD 0.15 per unit for gross proceeds of CAD 100,000. on March 31, 2026. Each Unit will consist of one common share in the capital of the Company and one transferable Common Share purchase warrant, each Warrant to be exercisable at CAD 0.15 for a period of 36 months following the closing of the Financing. Announcement • Dec 05
International Iconic Gold Exploration Corp., Annual General Meeting, Dec 23, 2024 International Iconic Gold Exploration Corp., Annual General Meeting, Dec 23, 2024. Location: office of 9th floor, 1021 west hastings st, british columbia, v6e 0c3, vancouver Canada New Risk • Dec 01
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$87k 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$87k free cash flow). Share price has been highly volatile over the past 3 months (35% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$2.03m market cap, or US$1.45m). New Risk • Apr 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (35% average weekly change). High level of non-cash earnings (131% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (CA$3.55m market cap, or US$2.58m). Announcement • Oct 31
International Iconic Gold Exploration Corp., Annual General Meeting, Dec 29, 2023 International Iconic Gold Exploration Corp., Annual General Meeting, Dec 29, 2023. Board Change • Oct 19
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Daniel Buffone was the last independent director to join the board, commencing their role in 2005. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 12
Black Gold Exploration Corp. completed the acquisition of oil and gas asset, El Carmen of International Iconic Gold Exploration Corporation from International Iconic Gold Exploration Corp. (TSXV:ICON). Black Gold Exploration Corp. entered into a purchase agreement to acquire oil and gas asset, El Carmen from International Iconic Gold Exploration Corporation for $2.1milion on January 31, 2023. The deemed transaction price of $1.00 per share for value of $0.1million and additional of $2million BGX Shares at a deemed price of $1.00 per share will be issued, (i) $1million BGX Shares will be released from escrow upon the Property entering
production of natural gas and (ii) $1million BGX Shares will be released from escrow upon the Property entering production of oil.
Black Gold Exploration Corp. completed the acquisition of oil and gas asset, El Carmen of International Iconic Gold Exploration Corporation from International Iconic Gold Exploration Corp. (TSXV:ICON) on July 10, 2023. Board Change • Mar 30
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Daniel Buffone was the last independent director to join the board, commencing their role in 2005. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 02
Black Gold Exploration Corp. entered into a purchase agreement to acquire oil and gas asset, El Carmen from International Iconic Gold Exploration Corporation $2.1milion. Black Gold Exploration Corp. entered into a purchase agreement to acquire oil and gas asset, El Carmen from International Iconic Gold Exploration Corporation for $2.1milion on January 31, 2023. The deemed transaction price of $1.00 per share for value of $0.1million and additional of $2million BGX Shares at a deemed price of $1.00 per share will be issued, (i) $1million BGX Shares will be released from escrow upon the Property entering
production of natural gas and (ii) $1million BGX Shares will be released from escrow upon the Property entering production of oil. Board Change • Jan 28
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Daniel Buffone was the last independent director to join the board, commencing their role in 2005. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Daniel Buffone was the last independent director to join the board, commencing their role in 2005. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 09
International Iconic Gold Exploration Corp. Announces Change in Directors International Iconic Gold Exploration Corporation announced a change in its board of directors. On December 6, 2022, Greg Burnett tendered his resignation as a director of the Company. Mr. Burnett has served the Company as director for 18 years. The Company announced the appointment of Janaki Prosdocimi, replacing Mr. Burnett, to its board of directors. Ms. Prosdocimi is a strategic financial thinker, with many years of experience across a wide range of industries. She gained her qualification as a Chartered Accountant in the City of London, England, at Coopers &Lybrand (now PWC). She has worked with multinationals as well as growth stage companies in audit, corporate finance and on AIM listings. From there, she worked in growth industries from the Digital Revolution. Ms. Prosdocimi has also worked on political strategy for the Conservative Party Forum and now continues to work in the financial markets. Announcement • Jul 23
International Iconic Gold Exploration Corp., Annual General Meeting, Sep 23, 2022 International Iconic Gold Exploration Corp., Annual General Meeting, Sep 23, 2022. Location: 885 West Georgia - #900 Vancouver British Columbia Canada Announcement • Jan 29
Iconic Gold Announces Retirement of Dick Walters as Executive Vice President International Iconic Gold Exploration Corporation announced that Richard “Dick” Walters has retired from his position as Executive Vice President to the Company. Mr. Walters has served the Company as an officer and director for 21 years from 2000 to June 2021, when he stepped down as a director and up until December 31, 2021, when he retired from his officer position. After an illustrious career spanning some 55 years, Mr. Walters has decided to retire but will remain as an Advisor to Iconic Gold. The Company thanks Mr. Walters for his services and is delighted to retain his expertise on ongoing projects. Announcement • Dec 02
International Iconic Gold Exploration Corp. Launches New Gold Exploration Program in the Castaño District International Iconic Gold Exploration Corporation announced its current greenfield gold exploration focus is on the Castaño Viejo mining district located in the eastern front of the Andes Cordillera at moderate altitudes of 2,000 to 3,000 meters in San Juan Province, a top mining friendly jurisdiction in Argentina. It is accessible by roads 4 hours’ drive from the provincial capital city of San Juan. To date, Iconic Gold has acquired 3,946 hectares of mining claims and has applications pending for another 1,380 hectares. Of the acquired claims, 108 hectares are Minas, or mining concessions, and 3,838 hectares are Cateos, or exclusive mineral exploration rights. The Castaño Viejo mining district was a noted lead-silver and zinc producer in the 1950s, that historically displayed numerous lead-zinc-silver and also copper-gold vein prospects with small diggings and abandoned mines on many of them. The Company holds an exploration model wherein these veins are thought to be symptomatic of hydrothermal metals zoning peripheral to nearby igneous intrusive hosted gold-copper prospects, as they lie within a geologically mapped north trending structural (deep seated faults) belt of hydrothermally altered intrusives (granodiorite and quartz-monzonite porphyries) and associated hydrothermal breccias commonly showing geochemically anomalous gold and copper. This structurally controlled mineral belt exceeds 100 kilometers in length. A reconnaissance field examination by Iconic Gold’s geologists confirmed this prospective zone to be a component of the northeast trending complex of prospective hydrothermally altered intrusives and volcanic breccias. There is intense revitalized industry interest in the Castaño mineral belt. It is a frenzy of activity now crowded with mining claims. Numerous junior mining companies have competed for and acquired claim positions in the district, notably Sable Resources Ltd. in joint venture partnership with mining investment giant South 32 Ltd. of Australia. Another is Canadian junior Turmalina Metals Corporation (“Turmalina”), which company recently announced a high grade copper-gold discovery within the Castaño mineral belt just 10 kilometers north of Iconic Gold’s mining claims. Shown on Turmalina’s website, their discovery is based on 47 drill holes that penetrate a circular tourmaline (a crystalline boron silicate mineral) breccia pipe about 100 meters in diameter hosting heavy sulfide mineralization that is likely rooted in a kilometer deep igneous intrusion of porphyry copper nature. Iconic Gold has a substantial technical database generated by former explorers of the Castaño Viejo mining district as well as its own preliminary geological field investigation there. From this, it has identified numerous and various types (sediment, soil, regolith and outcrop) of geochemical gold anomalies as well as tourmaline breccia pipes on the mine rights it holds and/or has applied for. The Company is currently fielding a consulting geological contractor with a mission to verify those gold anomalies and to continue and expand its investigative geochemical sampling of its mining claims. Board Change • Jul 31
High number of new directors Director James Carter was the last director to join the board, commencing their role in 2021. Announcement • Mar 19
Marifil Mines Limited announced that it has received CAD 2 million in funding from 1053345 B.C. Ltd. and other investors On March 18, 2021, Marifil Mines Limited (TSXV:MFM) closed the transaction. The transaction included participation from returning investor, 1053345 B.C. Ltd. for 2,800,000 units and Greg Burnett, a director of the company, for 500,000 units. The company did not pay any finders' fees in the transaction. Announcement • Feb 24
Marifil Mines Limited announced that it expects to receive CAD 2 million in funding Marifil Mines Limited (TSXV:MFM) announced a non-brokered private placement of up to 40,000,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 2,000,000 on February 22, 2021. Each unit will consist of one common share of the company and one common share purchase warrant, with each warrant entitling the holder to purchase one share at a price of CAD 0.05 per share for a period of three years following the closing of the transaction. Finders' fees may be payable in connection with the transaction in accordance with the policies of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering. Completion of the offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the exchange. Announcement • Sep 03
Marifil Mines Limited to Report Q2, 2020 Results on Oct 14, 2020 Marifil Mines Limited announced that they will report Q2, 2020 results at 7:43 PM, GMT Standard Time on Oct 14, 2020 Announcement • Jun 18
Marifil Mines Limited Auditor Raises 'Going Concern' Doubt Marifil Mines Limited filed its Annual on Jun 15, 2020 for the period ending Dec 31, 2019. In this report its auditor, Dale Matheson Carr-Hilton, gave an unqualified opinion expressing doubt that the company can continue as a going concern. 