Dilution Watch: Teck and Altius took no warrant. The 10 cent deals gave away half a warrant each

Junior miners on the TSX Venture and CSE announced or closed more than a dozen financings between September 30 and October 5. We read the releases for the ones that matter. The pattern from last week held: the companies with strategic money behind them gave nothing away, and the companies selling 10 cent paper paid for it in warrants.

The deals

Company	Size	Price	Warrant	Status
Perseverance Metals (TSXV: PMI)	$11.78M	$0.65	None	Closed
ONGold (TSXV: ONAU)	up to $9.26M	$0.58 to $0.93	Half, at $0.88	Upsized LIFE, closing about Oct 27
Antimony Resources (CSE: ATMY)	$5.0M	$0.47 flow-through	None	Closed
CopAur Minerals (TSXV: CPAU)	up to $5.0M	$0.10	Half, at $0.20	Upsized from $3M
Daura Gold (TSXV: DGC)	$3.04M	$0.23	Half, at $0.375	Closed, upsized from $2M
Corcel Exploration (CSE: CRCL)	up to $2.5M	$0.10	Half, at $0.20	Upsized from $1.5M
GoldHaven (CSE: GOH)	$1.0M	$0.265 flow-through	None	Fully subscribed
Graphano Energy (TSXV: GEL)	up to $0.9M	$0.075	Full, at $0.12	Announced

Who paid nothing

Perseverance Metals closed $11,778,926.90 on October 2: 18,121,426 shares at $0.65, with no warrant attached. The buyers named in the release are Teck Resources, Altius Minerals, Crescat Capital, NQ Investissement Minier and two Canadian asset managers. Finders received $42,543 in cash and 65,450 warrants. That is a fee of about 0.36% of the money raised. The cash goes to drilling at the Voyageur nickel, copper, cobalt and PGE project in Michigan's Upper Peninsula, plus Lac Gayot in Quebec and Armit Lake in Ontario.

GoldHaven sold $1 million of critical mineral flow-through shares at $0.265 for its Magno project in northern BC. The release says plainly that "no unit warrants will be issued."

Antimony Resources closed $5 million of flow-through shares at $0.47, also with no warrant for buyers. The broker, Castlewood Capital, took $245,000 in cash, 4.9% of the raise, plus 521,277 broker warrants at $0.75. The money goes to the Bald Hill antimony project in New Brunswick.

Who paid in warrants

CopAur Minerals raised its target to $5 million from $3 million: up to 50 million units at $0.10, each with half a warrant at $0.20. That is up to 25 million warrants. If the stock closes above $0.30 for 10 straight trading days, starting four months after closing, the company can force holders to exercise within 30 days.

Corcel Exploration made the same trade on a smaller scale. It upsized to $2.5 million from $1.5 million at $0.10 a unit, with half a warrant at $0.20 for two years. Up to 25 million units means up to 12.5 million warrants. Closing is expected October 8.

Graphano Energy is giving a full warrant with every unit. Up to 12 million units at $0.075, each with a warrant at $0.12 that runs for 36 months. The warrant is struck 60% above the issue price, and it is a full one, so every new share comes with the right to buy another.

ONGold: two prices for the same shares

ONGold launched a LIFE offering through Paradigm Capital on October 5 for up to $5.35 million and upsized it the same day to up to $9.26 million. The same unit, one share and half a warrant at $0.88, is sold at three prices:

• Ontario flow-through units: $0.81, for up to $6.0 million
• Manitoba flow-through units: $0.93, for up to $1.5 million
• Hard dollar units: $0.58, for up to $1.75 million

Flow-through buyers pay a premium of 40% to 60% for the tax deduction. The hard dollar price is the one closest to what the market will pay for the stock. LIFE shares are free trading from the day the deal closes, which ONGold expects around October 27.

F3 paid Denison in shares at a quarter of the conversion price

F3 Uranium issued 797,872 shares to Denison Mines to cover part of a quarter's interest on a 9% debenture. The shares were priced at $0.141, the 20 day volume weighted average to September 28. F3 also paid $225,000 in cash.

The debenture can be converted by Denison at $0.56 a share. The interest shares went out at about 25% of that price. By our arithmetic the shares cover about $112,500, one third of the quarter's interest, the maximum the debenture allows F3 to pay in stock.

Why it matters

Teck, Altius and Crescat can buy a stock without a sweetener. A 10 cent unit with half a warrant cannot be sold that way. The warrant is the price of the money, and it is paid by every existing shareholder when it is exercised.

Sources: company news releases distributed by Newsfile and GlobeNewswire between September 30 and October 5, 2026, for Perseverance Metals, ONGold, launch, ONGold, upsize, Antimony Resources, CopAur Minerals, Daura Gold, Corcel Exploration, GoldHaven, Graphano Energy and F3 Uranium.