Total Metals to provide Loan to Kattegat Mining Inc.
Toronto, January 12, 2026 - Total Metals Corp. ("Total Metals" or the "Company") (TSX-V: TT) (OTCQB: TTTMF) (FSE: O4N) is pleased to announce it has entered into a definitive agreement to provide a loan (the "Loan Agreement") to Kattegat Mining Inc. ("Kattegat") for $3,500,000 (the "Loan"). The Loan bears an interest of eight percent (8%) and is secured by a general security agreement, which shall, following the repayment of the Liabilities (as defined below), provide the Company with a first-ranking security interest over all present and after-acquired personal property of Kattegat. Kattegat owns 100% the right and title to the Shoal Lake Property, which is located in northwestern Ontario, just east of the Manitoba border and north of the state of Minnesota.
Transaction Details
Upon receipt of the Loan, Kattegat is required to repay certain outstanding convertible debentures and other liabilities of Kattegat (the "Liabilities"). The Loan is secured by a general security agreement granting the Company a security interest over all of Kattegat's present and after-acquired assets, which constitutes a first-ranking security interest following the repayment and discharge of Kattegat's existing Liabilities. The proceeds of the Loan will be used exclusively to repay and extinguish the Liabilities in full, together with the release of all related security.
The Loan Agreement includes customary events of default, including non-payment, insolvency, breach of covenants, and misrepresentation, as well as specific protections relating to the existing Liabilities. These include events of default if the Liabilities are not repaid and discharged as required, if any holder seeks to enforce or assert security thereunder, if any of the outstanding Liabilities are amended or converted without consent, or if any related security is not fully released following repayment.
The Loan is arm's length and no finder's fees are payable in connection with the Loan.
Conditions and Closing
The completion of the Loan is conditional upon Kattegat repaying the Liabilities, the approval of the TSX Venture Exchange (the "TSXV" or, the "Exchange") and other customary closing conditions, including the receipt of all required regulatory, TSXV, and third-party approvals. There can be no assurances the Loan will close on the terms described herein, or at all.
About Kattegat Minerals Inc.
Kattegat Mining Inc. is a private company incorporated under the laws of British Columbia and has a 100% ownership interest in the Shoal Lake Property, as described above.
About Total Metals Corp.
Total Metals Corp. is focused on its 100% owned Electrolode Project covering over 3,300 contiguous hectares in northwestern Ontario. The Electrolode Project is targeting high-potential critical mineral plus gold resources and targets in three favorable geologic trends, located near major mines in the Red Lake Gold camp and is strategically located between Kinross Gold's Great Bear Project and First Mining Gold's Springpole Project. The Electrolode Project is fully permitted for exploration drilling and hosts 10 historic mineralized zones with significant expansion potential plus new, untested targets ready for further exploration. Total Metals also owns 100% of the High Lake and West Hawk Lake Project covering 958 hectares in two gold properties located along the Trans-Canada Highway straddling the Manitoba / Ontario border. The Purex Zone on the High Lake property has significant exploration potential and will be the primary target for initial exploration and potential future mining activities. The West Hawk Lake property is comprised of a single mineral lease, located within southeastern Manitoba.
www.totalmetalscorp.com
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in its policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Tyler Thorburn
President and Chief Executive Officer
info@totalmetalscorp.com
(416) 873-7662
Forward-Looking Information
This press release includes "forward-looking information" that is subject to assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements in this news release which are not purely historical are forward looking. Although the Company believes that any forward-looking statements in this news release are reasonable, there can be no assurance that any such forward-looking statements will prove to be accurate. The Company cautions readers that all forward-looking statements, are based on assumptions none of which can be assured and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements.
The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the TSX-V. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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