Radisson Mining's Strategic Warrant Exercises and O'Brien Gold Project Momentum

Strengthening Balance Sheet Through Warrant Exercises

Radisson's ability to convert warrants into liquidity has been a critical enabler of its exploration strategy. In October 2025, the company reported the exercise of 5.49 million class A warrants at $0.27 per share and 113,856 early-exercised warrants at $0.37, generating total gross proceeds of C$1.5 million . These exercises, combined with a robust treasury of approximately C$36 million as of October 2025, have positioned Radisson to fund its ambitious 140,000-meter step-out drill program at the O'Brien Gold Project .

The company's warrant structure remains a tailwind: 5.43 million warrants at $0.37 remain outstanding, potentially unlocking an additional C$2 million in capital if fully exercised . This flexibility is particularly valuable in a rising gold environment, where maintaining liquidity to advance high-grade projects is paramount. By leveraging its warrant overhang, Radisson avoids dilutive equity raises while preserving financial flexibility-a rarity in the junior gold sector.

O'Brien Gold Project: A PEA-Backed Path to Development

The O'Brien Gold Project's Preliminary Economic Assessment (PEA), filed in late 2025, provides a robust foundation for near-term value realization. According to the technical report prepared by Ausenco Engineering Canada ULC and other consultants, the project boasts an after-tax NPV5% of $532 million, an IRR of 48%, and a payback period of 0 years at a gold price of US$2,550 per ounce . These metrics are underpinned by an 11-year mine life, 740,000 ounces of gold mined, and 647,000 ounces recovered at an 87% average recovery rate .

The PEA's economic viability is further enhanced by the project's proximity to existing infrastructure, including nearby mills and low-cost grid power (4 cents per kilowatt-hour). This strategic positioning reduces capital expenditures to $175 million and life-of-mine sustaining capital to $173 million, creating a low-risk development pathway . For investors, the PEA represents more than a technical document-it is a validation of Radisson's ability to transform a high-grade gold deposit into a cash-generating asset.

Exploration Momentum: High-Grade Results and Resource Expansion

Recent drilling results have reinforced the O'Brien Gold Project's potential to exceed initial resource estimates. In October 2025, Radisson announced 15 new drill holes that intersected high-grade gold mineralization, including 14.90 g/t Au over 1.5 meters at 1,000 meters vertical depth and 12.60 g/t Au over 1.5 meters at 1,100 meters . These results, part of a 140,000-meter program targeting a 1.5 million-ounce resource base, demonstrate the deposit's vertical and lateral continuity.

The company's CEO, Matt Manson, emphasized that these intercepts extend mineralization 160 meters below historic mine workings and suggest the potential to close the gap between Trends #1 and #2 . Such discoveries are critical for resource expansion, as they validate the project's scalability and justify further capital allocation. With a discovery cost of $30-40 per ounce and current valuations at $150 per ounce, Radisson is generating immediate shareholder value accretion .

A Rising Gold Environment and Strategic Positioning

The O'Brien Gold Project's economics are inherently tied to gold prices, which have surged to US$2,550 per ounce in 2025. This price environment amplifies the PEA's NPV and IRR while reducing the payback period, making the project more attractive to lenders and partners. Radisson's recent $20 million bought-deal financing through Cormark Securities further underscores its ability to secure capital in a bullish market .

For investors, the combination of a strong balance sheet, a PEA-validated asset, and high-grade exploration results creates a compelling narrative. Radisson is not merely a gold explorer-it is a company with a clear path to development, supported by both geological and financial catalysts.

Conclusion

Radisson Mining's strategic warrant exercises and O'Brien Gold Project momentum exemplify how junior miners can navigate the challenges of the gold sector. By converting warrants into liquidity, validating projects with robust PEA metrics, and delivering high-grade drilling results, the company is building a foundation for near-term value realization and long-term growth. In a rising gold environment, Radisson's disciplined approach and geological momentum position it as a standout opportunity for investors seeking exposure to the next phase of the gold cycle.