Valhalla Metals Announces Upsize to Private Placement

About this update from Valhalla Metals Inc.

Valhalla Metals Announces Upsize to Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 4, 2026) - Valhalla Metals Inc. (TSXV: VMXX) (OTCQB: VMXXF) ("Valhalla" or the "Company") is pleased to announce that, due to strong investor demand, it has increased the size of its non-brokered private placement (the "Offering") of subscription receipts (the "Subscription Receipts") previously announced on April 30, 2026 (the "Upsized Offering"). Pursuant to the Upsized Offering, the Company will raise aggregate gross proceeds of up to $12,500,000, at a price of $0.65 per Subscription Receipt. The Offering is being undertaken in connection with the Company's previously announced acquisition of the copper-gold-silver-zinc Smucker Project (the "Smucker Project") from Teck American Incorporated, a subsidiary of Teck Resources Limited (the "Transaction") (see news release dated April 21, 2026). The completion of the Offering is a condition to the closing of the Transaction which is expected to be completed in June 2026.The net proceeds of the Offering are expected to fund exploration expenditures at the Company's Sun Property (approximately $8 million), including a drill program and, at the Company's combined Smucker Project following completion of the Transaction, for mapping and survey work (approximately $300,000) plus for general and administrative costs.Subscription Receipt TermsThe gross proceeds of the Offering will be placed in escrow pending completion, satisfaction or waiver of all conditions precedent to the Transaction in accordance with its terms (the "Escrow Release Condition"). Upon satisfaction of the Escrow Release Condition, the proceeds of the Offering will be released from escrow and the Subscription Receipts will, without any further action by the holder of such Subscription Receipt and for no additional consideration, be automatically converted into common shares in the capital of the Company ("Common Shares"). If (i) the Escrow Release Condition is not satisfied by 5:00 p.m. (Vancouver time) on the date that is 90 days following the closing of the Offering or (ii) the Transaction does not proceed, then the Subscription Receipts will be cancelled and the escrowed funds will be returned to the holders. The Offering is subject to customary closing conditions. The Company may pay finder's fees in connection with the Offering, in accorda...

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