Metal Energy Corp (MERG) Financings
TSXV: MERG · Copper, Gold, Molybdenum · Exploration stage
- Market cap$21.0M
- Share price$0.420
- 52-week range$0.175 – $1.37
- Shares outstanding49,985,315
- ExchangeTSXV
- Websitewww.metalenergy.ca
Metal Energy Corp. is a critical metals exploration company focused on copper and gold assets in Canada. The Company's flagship asset, NIV, is a fully permitted and drill-ready copper-gold-molybdenum project located in British Columbia's prolific Toodoggone District, a region known for both significant porphyry copper-gold and epithermal gold-silver deposits. Drilling at NIV commenced on June 29, 2026, marking the start of a 6,000-metre program at what the Company considers to be one of the most prospective undrilled copper-gold porphyry projects in British Columbia. This 2026 program is the first-ever drill campaign at NIV, which hosts extensive and coincident soil geochemical, Induced Polarization (IP), and airborne magnetic anomalies, all in a favourable geological setting. The Company's Highland Valley Project is a second permitted, drill-ready asset, offering investors additional discovery upside and further exposure to copper. Metal Energy is supported by two major mining companies, each a 9.9% strategic investor ( view news release here ), giving the Company a treasury of over $9 million and leaving it fully funded for its 2026 exploration programs. Readers are cautioned that mineralization, exploration results, mines, deposits or projects on properties adjacent to or proximate to the NIV Project, including the Kemess mine complex, the Aurora discovery, the Greater Shasta-Newberry property and the Kliyul and RDP projects, are not necessarily indicative of mineralization on the NIV Project, and the Company has no interest in or right to acquire any interest in those properties. The NIV Project does not host a mineral resource or mineral reserve estimate prepared in accordance with National Instrument 43-101. The Company's Qualified Person has not verified, and the Company is not relying upon, information disclosed by the owners or operators of those adjacent or proximate properties. Readers are further cautioned that the soil geochemical, Induced Polarization and airborne magnetic anomalies at the NIV Project are exploration targets only and are not necessarily indicative of the presence, continuity, extent or grade of mineralization, and that there is no assurance that drilling will result in the discovery of a mineral deposit. Metal Energy's portfolio includes three high-potential projects: NIV Project (Cu-Au-Mo, 100% controlled), Toodoggone District, British Columbia Highland Valley Project (Cu-Mo-Ag-Au-Re, 100% owned), British Columbia Manibridge Project (Ni-Cu-Co-PGE, 85% owned), Manitoba.
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Metal Energy Corp financial statements
Key figures read from 21 of 21 financial statement filings, Apr 26, 2021 to Aug 27, 2026. Each column is the period as the company first filed it.
Balance sheet: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | C$9,660,623 | C$1,296,913 | C$1,735,369 | C$2,777,482 | C$7,014,348 |
| Total current liabilities | C$4,083,180 | C$1,341,989 | — | — | — |
| Total assets | C$9,796,515 | C$1,375,592 | C$1,843,225 | C$3,163,051 | C$7,068,225 |
| Total liabilities | C$7,361,502 | C$4,523,685 | C$84,173 | C$754,179 | C$723,491 |
| Shareholders' equity | C$2,435,013 | (C$3,148,093) | C$1,759,052 | C$2,408,872 | C$6,344,734 |
Income statement: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Dec 2025 | FY Dec 2024 | FY Dec 2023 | FY Dec 2022 | FY Jan 2022 | |
|---|---|---|---|---|---|
| Exploration and evaluation expense | C$1,100,913 | C$5,414,678 | C$942,458 | C$4,596,264 | C$4,596,264 |
| General and administrative | C$668,816 | C$350,335 | C$436,672 | C$392,302 | C$392,302 |
| Share-based compensation | C$95,690 | C$99,476 | C$87,407 | C$43,159 | C$43,159 |
| Net income (loss) | (C$2,104,348) | (C$6,155,105) | (C$1,673,868) | (C$4,774,021) | (C$4,774,021) |
Cash flow statement: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Dec 2025 | FY Dec 2024 | FY Dec 2023 | FY Dec 2022 | FY Dec 2021 | |
|---|---|---|---|---|---|
| Operating cash flow | (C$891,337) | (C$1,403,109) | (C$1,610,358) | (C$4,236,866) | — |
| Investing cash flow | — | — | — | C$0 | — |
| Financing cash flow | C$9,255,047 | C$964,653 | C$568,245 | C$0 | — |
| Change in cash | C$8,363,710 | — | — | (C$4,236,866) | — |
| Cash at end of period | C$9,660,623 | C$1,296,913 | C$1,735,369 | C$2,777,482 | C$7,014,348 |
Metal Energy Corp financings
4 financings announced or closed by Metal Energy Corp, read by Mining News Terminal, newest first.
| Date | Company | Type | Stage | Amount | Unit price | Release |
|---|---|---|---|---|---|---|
| 2026-08-21 | Metal Energy Corp (MERG) | Private placement | Announced | $490K | $0.890 | Metal Energy Closes Additional Investment from Strategic Investors |
| 2025-11-27 | Metal Energy Corp (MERG) | Flow-through | Closed, 1 tranche | $9.3M | $0.730 | Metal Energy Announces $9.3 Million Financing; Centerra Gold to Become a Strategic Shareholder |
| 2024-12-04 | Metal Energy Corp (MERG) | Flow-through, non-brokered | Closed, 1 tranche | $1.0M | $0.040 | Metal Energy Announces Financing with Lead Order from Orecap Invest |
| 2023-12-11 | Metal Energy Corp (MERG) | Flow-through, non-brokered | Closed, 1 tranche | $640K | $0.050 | Metal Energy Announces Private Placement |