Core Viewpoint - Metalsource Mining Inc. has successfully closed a non-brokered private placement, raising a total of $1,020,000 to fund its exploration projects and general working capital [1]. Group 1: Offering Details - The company issued 3,400,000 units at a price of $0.30 per unit, with each unit consisting of one common share and one-half of a share purchase warrant [2]. - Each warrant allows the holder to acquire one additional common share at an exercise price of $0.40 for a period of two years from the closing date [2]. - The units are subject to a four-month and one-day hold period under Canadian securities laws, and no finders fees were paid in connection with the offering [3]. Group 2: Major Shareholder Information - Eric Sprott, through 2176423 Ontario Ltd., acquired all 3,400,000 units for a total consideration of $1,020,000 [4]. - Following the offering, Mr. Sprott now beneficially owns or controls 10,900,000 shares and 5,450,000 warrants, representing approximately 17.5% of the outstanding shares on a non-diluted basis and 24.1% on a partially-diluted basis [5]. Group 3: Use of Proceeds - The proceeds from the offering will be used to advance exploration at the Silver Hill and Byrd-Pilot projects in North Carolina, focusing on expanding Silver Hill's silver potential [8]. - Additionally, funds will support ongoing work on the Aruba manganese project in Botswana and provide general working capital [8]. Group 4: Company Overview - Metalsource Mining Inc. is engaged in the acquisition, exploration, and development of mineral property assets, with a focus on economic precious and base metal properties [9]. - The Aruba Property, located in Botswana, covers 4,663 square kilometers and is prospective for platinum group metals, gold, silver, and manganese mineralization [9].

Core Thesis - TMC The Metals Company has transitioned from a speculative venture to a credible operation, with its Clarion-Clipperton Zone (CCZ) project expected to commence production by 2026, supported by successful pilot initiatives and environmental assessments [3][4] - The company has completed pilot collection campaigns and enhanced processing technology, securing strategic funding for the next phase of development [3][5] Financial Performance - TMC reported minimal revenue in 2023 and 2024, focusing on research and pilot collection, but projections indicate potential annual revenues of $1–1.5 billion once full-scale production begins [4][9] - The stock is currently trading at approximately 8–9x forward sales, a significant increase from under 1x at the beginning of 2025, reflecting optimism regarding commercialization and the scarcity of scalable, ESG-aligned metal sources [5][9] Growth Catalysts - The global demand for electric vehicle (EV) metals is driving interest in TMC's seabed nodules, which are rich in nickel, cobalt, copper, and manganese [12] - The International Seabed Authority (ISA) is nearing the finalization of a mining code that could approve TMC's commercial license, facilitating production [12] - TMC claims that collecting seabed nodules results in up to 70% lower carbon emissions compared to terrestrial mining, providing both an ESG benefit and a cost advantage [12] - The company is pursuing long-term supply contracts with battery and EV manufacturers to ensure revenue visibility as production commences [12] - Recent capital raises and debt financing have extended TMC's cash runway, supporting enhancements to mining systems and processing capacity through 2026 [12] Market Position - TMC has evolved from a speculative penny stock into a high-stakes investment opportunity, with rapidly improving fundamentals [8][10] - If TMC successfully initiates production by 2026 and achieves projected revenues, the current stock price could be justified or seen as conservative in the long term [9][10]

Group 1 - The company, Metalsource Mining Inc., has entered into a loan agreement to borrow $50,000 at a 5% annual interest rate and will issue 25,000 warrants exercisable at $0.20 per share for a term of 2 years [1] - Metalsource Mining is focused on the acquisition, exploration, and development of mineral property assets, particularly in the Kalahari Desert region of Botswana, covering 4,663 square kilometers [2] - The company's exploration program is aimed at locating and developing economic properties for precious and base metals, including platinum group metals, gold, silver, and manganese [2]