REG - Medcaw Investments - Grant of Exploration Permit and Issue of CLN

Medcaw InvestmentsAnnouncement

25/03/2026 07:00

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RNS Number : 9420X  Medcaw Investments PLC  25 March 2026

25 March 2026

Medcaw Investments plc

("Medcaw" or the "Company")

 

Grant of Exploration Permit for the Eagle Lake Gold Project

And Issue of Convertible Loan Note

 

Medcaw Investments plc is pleased to announce that the Ontario Ministry of
Energy and Mines (the "Ministry") has granted an Early Exploration Permit
(Permit Reference: PR-25-000274) in respect of the Eagle Lake Gold Project
(the "Project"), located in the Buchan Bay Area, District of Kenora, Ontario,
Canada.

Highlights

•      Early Exploration Permit PR-25-000274 granted by the Ontario
Ministry of Energy and Mines on 19 March 2026, issued pursuant to subsection
78.3(2) of the Mining Act (Ontario)

•      The Permit is effective for a period of three years and
authorises early exploration activities across the Project area

•      The Project comprises 95 contiguous mining claims covering
approximately 1,986 hectares within Ontario's Wabigoon Greenstone Belt.

•      The grant of the Permit represents a material de-risking
milestone for the Project and enables the Company to advance its planned
exploration programme following completion of the proposed reverse takeover of
90 per cent. of Wedgetail Mining Ltd ("Wedgetail"), which holds 100 per cent.
of the Project (the "RTO")

•      The RTO remains subject to the conditions set out in the
Company's announcement of 19 December 2025, which include shareholder
approval, an equity fundraise and admission to trading on AIM.

Background

As announced on 19 December 2025, the Company has entered into binding heads
of terms with Ulvestone Ltd ("Ulvestone") for the proposed acquisition, by way
of a reverse takeover, of 90 per cent. of Wedgetail, a British Columbia
incorporated company which holds 95 contiguous mining claims comprising the
Project (the "Acquisition").

The total consideration for the Acquisition is £4.17 million, comprising
£170,000 in cash and £4.0 million in new ordinary shares to be issued at 1.5
pence per share. The Acquisition remains conditional upon, inter alia,
completion of due diligence, execution of a definitive share purchase
agreement, shareholder approval, an equity fundraise and admission to trading
on AIM. The long-stop date for completion is 31 October 2026.

Exploration Permit

On 19 March 2026, the Ontario Ministry of Energy and Mines granted Early
Exploration Permit PR-25-000274 in respect of the Project, pursuant to
subsection 78.3(2) of the Mining Act, R.S.O. 1990, Chapter M.14 (the
"Permit"). The Permit authorises early exploration activities across the
Project area, as identified in the accompanying permit maps and Activity
Details Report, and is effective for a period of three years.

The Permit was issued to 10148942 Manitoba Ltd, the current registered holder
of the mining claims on behalf of the vendor group. As previously announced,
Wedgetail is required to acquire 100 per cent. of the legal and beneficial
ownership of the Project prior to completion of the Initial Transaction. The
Permit is binding upon and enforceable against any transferee, assignee or
successor of the person to whom it was issued, and accordingly will transfer
to Wedgetail (and, indirectly, to the Company) upon completion of the
requisite title transfers and the Acquisition.

The grant of the Permit represents a significant regulatory milestone for the
Project. The Permit enables systematic early-stage exploration work to
commence on the Project's claims, which sit within the prospective Wabigoon
Greenstone Belt - a geological terrain known to host significant gold
mineralisation in the Kenora-Dryden region of north-western Ontario.

Historical drilling conducted between 1982 and 1985 intersected multiple
gold-bearing zones, including 3.05 metres at 7.54 g/t gold, with recent 2025
sampling returning three samples exceeding 25 g/t gold.

The Board considers the grant of the Permit to be an important de-risking step
in advance of the planned AIM admission and equity fundraise, as it
demonstrates the Project's readiness to progress to an active exploration
phase.

Commenting on the permit grant, Charlie Wood, Director of Medcaw, said:

"Securing the Permit removes a significant gating item for the Project. We can
now plan our initial work programme with confidence, and we look forward to
getting boots on the ground at Eagle Lake following completion of the RTO."

Update on the RTO

The Company continues to progress the conditions required for completion of
the Acquisition and AIM admission. A further announcement will be made in due
course.

Trading in the Company's shares remains temporarily suspended pending
publication of an AIM admission document.

Issue of Convertible Loan Note

In lieu of payment in cash for an invoice due to an adviser, the Company has
agreed to issue unsecured Convertible Loan Notes ("CLN's") with a value of
£24,000. These CLN's have been issued under the CLN facility announced by the
Company on 24 September 2025 and will convert into fully paid ordinary shares
of the Company at a conversion price of £0.01 per share on completion of the
RTO.  In addition, the CLN holder will, upon conversion, be granted warrants
to subscribe for one new ordinary share for every two shares received on
conversion. The warrants will carry an exercise price of £0.03 per share and
will be exercisable for a period of 12 months from the date of grant.

Enquiries:
 Medcaw Investments plc              +44 (0) 203 475 6834

 Charlie Wood, Director
 Bowsprit Partners Limited (Broker)  +44 (0)203 883 4430

 James Sheehan

 

Notes to Editors

Medcaw Investments plc is an investment company focused on acquiring
prospective mining projects in the precious metals sector. On 19 December
2025, the Company announced binding heads of terms for the proposed
acquisition of 90 per cent. of Wedgetail Mining Ltd, which holds the Eagle
Lake Gold Project in the Kenora Mining Division, Ontario, Canada. The Company
has appointed Cairn Financial Advisers LLP as its Nominated Adviser in
connection with the proposed RTO and intended admission to trading on AIM.

Market Abuse Regulation

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation (EU No. 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018). Upon the publication
of this announcement, this inside information is now considered to be in the
public domain.

Forward-Looking Statements

This announcement may contain forward-looking statements. These statements are
made by the Directors in good faith based on the information available to them
at the time of their approval of this announcement and such statements should
be treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking
information.

 

 

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