By Robb M. Stewart

PMET Resources shares fell sharply Monday after the critical-minerals explorer moved to raise up to 130 million Canadian dollars (US$95 million) via an equity raising to fund work at its flagship project in Quebec.

In morning trading, the shares were 12% lower at C$5.56, narrowing the advance over the last three months to 75%.

PMET said it was working to raise funding through an offering of almost 11.5 million of its shares at a price of $5.66 each, for estimated proceeds of about C$65 million. The offering agents will have an overallotment option to buy up to an additional 1.72 million shares.

At the same time, the company said it has an agreement with PearTree Securities to raise C$65 million through the issue of almost 7 million "charity flow-through" shares to institutional and professional investors at C$9.30 a share, a 48% premium to last Friday's closing price.

The stock offerings are expected to close on or about Feb. 19, and PMET said the closing of each offering isn't conditional on the closing of the other.

PMET, which is focused on advancing its Shaakichiuwaanaan property in the Eeyou Istchee James Bay region of Quebec, said Volkswagen Finance Luxemburg agreed to participate in a separate private placement for about C$14 million of shares at not less than C$5.66 each. VW currently is PMET's largest shareholders with about a 9.6% interest in the company.

Proceeds from the offerings will go toward exploration and development of the Shaakichiuwaanaan Project, as well as on an updated feasibility study, PMET said. The financing will significantly derisk the company's funding requirements as it moves toward a final investment decision, the company said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 09, 2026 11:18 ET (16:18 GMT)

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