Deal Check: Talamore's shareholders approved the $450 million facility. Now the warrant clock starts

Talamore Mining (TSX: TALA) said on October 5 that shareholders approved both resolutions at its special meeting: the warrants attached to its $450 million project debt facility for the Coffee Project, and the warrant early exercise incentive program. We covered the terms of the facility last week.

The release does not give the vote percentages.

The incentive, in numbers

• Eligible: 35.2 million warrants exercisable at $2.50, which the company calls its 2025 Warrants
• Window: October 15 to November 16, 2026
• Reward: half of a new warrant for each warrant exercised
• New warrants: exercisable at $15.50, expiring October 15, 2033

If every eligible warrant is exercised in the window, Talamore receives $88 million in cash and issues up to 17.6 million new warrants. The new warrants carry the same $15.50 price as the 47.25 million warrants going to the lenders.

What it means for holders

The $2.50 warrants pay Talamore now instead of later. The holders get a seven year option on the stock at $15.50 for doing so. Shareholders who hold no warrants get the cash in the treasury now, and up to 64.85 million warrants at $15.50 hanging over the stock until 2033.

The debt

Talamore plans to close the first tranche of the facility in mid-October. As reported last week, the largest tranche, up to $350 million, depends on final construction permits for Coffee.

Sources: Talamore Mining news release, October 5, 2026; Talamore Mining news release, September 29, 2026.