Star Metro - Sun Peak Closes Non-Brokered Private Placement

VANCOUVER, BC / ACCESS Newswire / October 19, 2026 / Sun Peak Metals Corp. (TSXV:PEAK)(OTCQB:SUNPF) ("Sun Peak" or the "Company") is pleased to announce that on October 16, 2026, the Company closed its second and final tranche (the "Final Tranche") of its non-brokered private placement, as previously announced on September 17, 2026, September 23, 2026, and October 6, 2026 (the "Offering") for gross proceeds of $1,689,404.

With the closing of the Final Tranche, the Company has now issued a total of 28,496,907 units of the Company (the "Units"), at a price of $0.40 per Unit for total aggregate gross proceeds in the Offering of $11,398,762.

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 Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share (each a "Warrant Share") at a price of $0.55 per Warrant Share for a period of two (2) years from the date of closing of the applicable tranche of the Offering.

The Warrants will be subject to an accelerated expiry provision such that, if the volume-weighted average price of the Company's Common Shares on the TSX Venture Exchange (the "TSXV") equals or exceeds $1.10 for ten (10) consecutive trading days, then the Warrants will expire thirty (30) days following the date on which the Company either provides notice of acceleration to the holders of the Warrants or issues a news release announcing the acceleration, in each case at the Company's election.

The net proceeds of the Offering will be used for exploration on the Company's projects located in the Kingdom of Saudi Arabia and Ethiopia, the costs of the Offering and for general working capital.

In connection with the closing of the Final Tranche, the Company issued 221,160 non-transferable finder's warrants (each a "Finder's Warrant") to certain arm's length finders and issued 221,160 Units (each a "Finder's Unit") to an arm's length finder. Each Finder's Warrant is exercisable to acquire one Common Share of the Company at a price of $0.55 per Common Share for a period of two (2) years from the date of closing of the applicable tranche of the Offering. Each Finder's Unit has the same terms as the Units issued to subscribers in the Offering.

In connection with the Offering, the Company paid cash finder's fees of $103,440, issued 929,363 non-transferable Finder's Warrants to certain arm's length finders, and issued 670,763 Finder's Units to an arm's length finder.

The securities issued in connection with the Offering are subject to a four (4) month and one (1) day hold period under applicable securities laws. The Offering remains subject to the final acceptance of the TSXV.

Insider Participation

Insiders of the Company subscribed for a total of 375,000 Units in the Offering, for aggregate gross proceeds of $150,000. The participation of the insiders in the Offering constitutes a "related party transaction", within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61‑101"). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61‑101, in respect of the related parties' participation in the Offering, as neither the fair market value (as determined under MI 61‑101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the insiders, exceeded 25% of the Company's market capitalization (as determined under MI 61‑101).

Cautionary Note to U.S. Investors

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer to sell securities, nor a solicitation of an offer to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S. Securities Act.

ABOUT SUN PEAK METALS CORP.

Sun Peak's portfolio is located within the Arabian-Nubian Shield, a highly prospective Precambrian mineral belt that hosts numerous VMS, intrusion-related and orogenic gold systems, including Jabal Sayid and Mansourah in Saudi Arabia and the Bisha Mine and Asmara Projects in Eritrea. The Company's exploration strategy is focused on systematically advancing a pipeline of projects from regional target identification through drill testing.

In the Kingdom of Saudi Arabia, the Company holds 13 exploration licences totaling 1,072 km² along established VMS and gold trends, with applications pending for two additional exploration licences covering approximately 200 km².

In Ethiopia, the Company's Shire Project comprises six exploration licences covering approximately 1,450 km².

Sun Peak's team has a strong track record of multiple mine discoveries within the Arabian-Nubian Shield, supported by significant capital-markets strength and experience.

ON BEHALF OF THE BOARD OF DIRECTORS OF SUN PEAK METALS CORP.

Greg Davis,President, CEO & Director

FOR FURTHER INFORMATION, PLEASE CONTACT:

Greg Davis
(T): +1 (604) 999 1099
(E): [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

This news release contains certain statements and information that may be considered "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking information contained in this news release may include, without limitation: the terms of the Offering; the receipt of all necessary regulatory and other approvals, including the final acceptance of the TSXV; and the advancement of projects from regional target identification through drill testing. Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with rising global inflation and increased potential supply chain disruptions; the impact of international trade disputes and the imposition of tariffs, international conflict and other geopolitical tensions and events; the political, security, regulatory, tax, social and economic conditions in Saudi Arabia and Ethiopia; the Company's inability to generate sufficient cash flow or raise additional capital; the Company's history of losses and negative cash flow; general economic conditions; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; the Company's relationships with the communities in which it operates or proposes to operate; future legislative and regulatory developments in the mining sector; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions proves not to be valid or reliable, which could result in delays, or cessation in planned work; risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits; the possibility that results will not be consistent with the Company's expectations; as well as other assumptions, risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company's public disclosure documents filed on the SEDAR+ website at www.sedarplus.ca.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

SOURCE: Sun Peak Metals Corp.

View the original press release on ACCESS Newswire

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