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Mayo Lake cancels share consolidation and LIFE financing offering

Mon, 31 Aug 2026 10:22:18 -0400

Mayo Lake Minerals Inc. (CSE: MLKM) has terminated its previously announced Listed Issuer Financing Exemption offering and a concurrent one-for-three consolidation of its common shares, which had been scheduled to close on or about August 28, 2026.

The cancelled offering had contemplated the issuance of common share units at $0.08 per unit and flow-through units at $0.105 per unit on a post-consolidation basis. The board concluded that proceeding on those terms would result in excessive dilution to existing shareholders relative to recent trading values.

According to a company statement, the board reviewed recent exploration developments in the Tombstone Gold Belt, Mayo's mineral

Mayo Lake Terminates Plans for Share Consolidation and LIFE Offering

Mon, 31 Aug 2026 10:20:00 -0400

Based on recent market and operational developments, the Board has determined not to proceed with the proposed LIFE financing on the previously announced terms

Key Factors Considered by the Board

Banyan Gold's Recent Nitra Results: Banyan has reported recent exploration results at its Nitra property. Mayo considers certain geological and structural features reported at Nitra relevant to its exploration model for the Anderson Gold Trend and its Reduced Intrusion-Related Gold System (RIRGS) targets;
Trail-Minto NSR: Mayo retains a 2% net smelter return (NSR) royalty on Banyan's Trail-Minto property, where Banyan has identified a high-priority exploration target;
Tombstone Gold Belt Activity: Snowline Gold,

Mayo Lake Terminates Plans for Share Consolidation and LIFE Offering

Mon, 31 Aug 2026 10:20:00 -0400

Based on recent market and operational developments, the Board has determined not to proceed with the proposed LIFE financing on the previously announced terms
Key Factors Considered by the Board
Banyan Gold's Recent Nitra Results: Banyan has reported recent exploration results at its Nitra property. Mayo considers certain geological and structural features reported at Nitra relevant to its exploration model for the Anderson Gold Trend and its Reduced Intrusion-Related Gold System (RIRGS) targets;
Trail-Minto NSR: Mayo retains a 2% net smelter return (NSR) royalty on Banyan's Trail-Minto property, where Banyan has identified a high-priority exploration target;
Tombstone Gold Belt Activity: Snowline Gold,