en.Wedoany.com Reported - Pacific Ridge Exploration Ltd. (TSXV: PEX) has completed a C$8.5 million financing, with Peruvian mining group Minsur S.A. subscribing for approximately 13.8% of its shares through its subsidiary Cumbres del Sur S.A.C., becoming a strategic corporate investor. The financing will provide funding for the company's entry into the 2026 drilling season. In addition to gaining technical access rights to the RDP copper-gold project and a nine-month right of first refusal, Minsur has also signed an investor rights agreement covering participation and top-up rights in future financings, as well as an agreement to negotiate potential strategic transactions.
Pacific Ridge Exploration is a company focused on copper-gold exploration in British Columbia (BC), Canada. Its flagship Kliyul project already has an initial resource of 334 million tonnes at a copper equivalent grade of 0.33%, corresponding to approximately 2.42 billion pounds of copper equivalent or 5.7 million ounces of gold equivalent. The company's 2026 drilling program focuses on new discoveries rather than simple resource expansion. The Kliyul project has currently drilled 36 holes along a mineralized trend approximately 6 kilometers long, with only three holes testing areas outside the main zone. The approximately 2,500 meters of drilling planned for this year will begin at the M39 target in the southeast corner of the property, with the remainder allocated based on results.
On the RDP project, Pacific Ridge Exploration plans to drill 2,500 meters in 2026, primarily targeting the area between the eastern and western mineralized magnetic lobes, which the company believes contains an undrilled porphyry center. In addition to the central area, additional holes will further delineate the western magnetic lobe, and a property-wide airborne magnetic survey is planned to optimize future targets. As the RDP project continues to produce high-grade porphyry copper-gold mineralization in BC, exploration progress in this area has attracted significant investor attention. President and CEO Blaine Monaghan stated that RDP's grades are very attractive, with approximately 1,500 to 2,000 meters of drilling directly targeting the central area. Management believes that RDP's high-grade mineralization characteristics make it more suitable than Kliyul for eventual underground mining scenario planning.
Following the completion of the financing, Pacific Ridge Exploration holds over C$9 million in cash, which will be roughly evenly allocated between exploration expenditures for Kliyul and RDP and corporate administrative costs. The company's share capital was approximately 63 million shares before the financing, increasing to approximately 97 million shares afterward. Management believes that with approximately 160 million shares traded since September 2025, the shareholder register has largely turned over, and the old selling pressure has been largely cleared. Minsur's share subscription was not a traditional placement but rather an acquisition of shares issued through a subsequent transaction involving flow-through shares, with the related proceeds to be used for exploration expenditures. Against the backdrop of a tightening exploration financing window in BC, Blaine Monaghan stated that the oversubscription and introduction of a strategic investor sent a strong market signal.
Regarding non-core assets, Pacific Ridge Exploration has granted Labrador Gold Corp. (LabGold) an option on its wholly-owned Yukon gold properties, Mariposa and Eureka Dome. LabGold can acquire a 100% interest in both projects by paying approximately C$1.5 million in cash and share issuances and incurring C$5.4 million in exploration expenditures over four years. LabGold will fund and execute a multi-stage 2026 program including 808 line-kilometers of airborne magnetic survey and extensive soil sampling. This arrangement provides Pacific Ridge with a non-dilutive option for a second commodity and jurisdiction while ensuring that its BC copper mine project funding remains undiluted.
