Gold Candle Closes Private Placement for Total Gross Proceeds of $87.3 Million

All figures in Canadian dollars

TORONTO, Sept. 15, 2025 (GLOBE NEWSWIRE) -- Gold Candle (“Gold Candle” or the “Company”) is pleased to announce that on September 9, 2025, the Company closed the final tranche of a private placement for total gross proceeds of $87.3 million.

The private placement consisted of the issuance of an aggregate of 27.3 million common shares. This included 12.8 million ordinary common shares and 2.9 million flow-through shares priced at $2.75 per share, and 11.6 million charity flow-through shares priced at $3.80 per share. After completion of the private placement, the Company has 201.0 million common shares outstanding.

The capital raise was strongly supported by existing Gold Candle shareholders, including the Board, management and Trinity Capital Partners, as well as select new institutional investors.

“I am thrilled by the success of this recent financing as it is a critical step in our strategy to advance and de-risk the Kerr-Addison Project. I want to thank all those who participated; we appreciate your support and we will work hard to continue to earn your trust as we progress this exciting project,” stated Rick Howes, Chief Executive Officer.

Gold Candle intends to use the proceeds from the private placement to fund an aggressive exploration program, completion of technical, engineering and economic studies, baseline permitting work on Gold Candle’s 100%-owned Kerr-Addison Project, and for general corporate purposes. The completion of the private placement leaves Gold Candle well capitalized as the Company continues to advance towards a targeted initial public offering in 2026.

About Gold Candle
Gold Candle is a privately funded Canadian exploration company led by a diverse and experienced team of mining professionals. In 2015, the Company acquired claims over the historic Kerr-Addison Gold Mine and surrounding area in McGarry Township, located in the Timiskaming District of Ontario. Gold Candle is committed to responsible mineral exploration that benefits local communities, employees and shareholders while respecting people and the environment.

Contact:
Hannes Portmann
Chief Financial Officer (CFO)
hportmann@goldcandle.com

Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation (collectively herein referred to as “forward-looking information”). All forward-looking information in this news release is qualified by this cautionary note. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “budget”, “guidance”, “scheduled” “estimates”, “forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and variations of these or similar words) and statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or “will be taken” (and variations of these or similar expressions).

Forward-looking information includes, but is not limited to, statements related to Gold Candle’s intended use of the proceeds from the private placement, plans for an initial public offering and other objectives, strategies, and intentions of the Company. Forward-looking information is not, and cannot be, a guarantee of future results or events.

Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. Forward-looking information is provided for the purpose of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes.

Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information as a result of new information or future events, or for any other reason.

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