Mayo Lake Minerals Inc. (CSE: MLKM) has announced a non-brokered private placement of up to $700,000 to fund its autumn 2026 exploration program on the 86-square-kilometre Anderson Gold Trend in the Yukon's Mayo-Keno district. The financing combines common share units and flow-through units, with flow-through proceeds earmarked for geochemical reprocessing and 3D magnetic inversion modelling. The work is designed to prioritise up to six drill targets ahead of a planned 2027 diamond drilling campaign. Investors may be watching the placement's closing timeline and how target-ranking results will shape the spring-summer 2027 program.

Key Points

  • Mayo Lake Minerals Inc. (CSE: MLKM) is a Yukon-focused precious metals explorer active in the Mayo-Keno district.
  • The company is raising up to $700,000 through a non-brokered private placement of CS Units at $0.04 each and FT Units at $0.045 each.
  • Flow-through proceeds will fund reprocessing of geochemical soil data and 3D magnetic inversion modelling to rank up to six drill targets across the Anderson Gold Trend.
  • The initial tranche is expected to close prior to end of October 2026, with a final closing targeted on or about November 4, 2026.

Anderson Gold Trend Targets and Geological Systems Under Review

The 2026 program centres on five prospect areas within the Anderson Gold Trend: Andy Owl, Dawn Gulch, Peak, Steep Creek, and Norman. The release states that data collected at Dawn Gulch and Andy Owl is indicative of Reduced Intrusion-Related Gold Systems (RIRGS), Norman is indicative of epithermal veins, while Peak and Steep Creek show potential for either RIRGS, epizonal veins, or a combination. A 640-metre RC drill program at Andy Owl previously intercepted a gold structure continuous along strike for 50 metres, with one hole recording 0.9 g Au/t over 3.1 metres expanding to 0.77 g Au/t over 6.1 metres, though the company cautions width and grade remain open.

Flow-Through Funds to Support Geochemical Reprocessing and 3D Magnetic Modelling

Flow-through proceeds will be applied to two primary technical workstreams. The first involves reprocessing and reinterpreting existing geochemical soil survey results to detail and rank up to six drill targets, including refining collar locations, azimuths, and declinations. The second involves commissioning 3D magnetic inversion modelling over portions of the Anderson Gold Trend and, potentially by January 2027, over the Carlin-Roop and Edmonton properties. The company states this modelling is intended to delineate buried igneous intrusions associated with RIRGS and related epithermal systems, which it considers foundational for a productive 2027 diamond drilling campaign.

Private Placement Structure, Warrants, and Use of CS Unit Proceeds

The offering includes a minimum of 5,000,000 CS Units at $0.04 each, representing at least $200,000 in gross proceeds, and up to 10,000,000 FT Units at $0.045 each for up to $500,000. Each CS Warrant is exercisable at $0.07 per common share for 30 months from closing; each FT Warrant is exercisable at $0.08 for the same period. An acceleration clause applies if the volume-weighted average price reaches $0.24 or more for 21 consecutive trading days after the six-month anniversary of issuance. CS Unit proceeds are designated for working capital, property acquisitions, and general operating costs. Securities will be subject to a four-month-and-one-day statutory hold period in Canada.