Upside Gold Corp. Provides Update on Use of Funds Following Oversubscribed Financing
Calgary, Alberta — February 22, 2026 — Leads & Copy —
Upside Gold Corp. has released an updated summary of its use of funds following the completion of an oversubscribed non-brokered private placement on January 26, 2026, which generated gross proceeds of $800,000.
The update comes at the request of the Canadian Securities Exchange.
According to its prospectus dated December 19, 2025, the Corporation initially estimated total use of funds at $900,000. Following the financing, this estimate has been updated to $1.7 million.
The Corporation intends to allocate proceeds from the financing to investor awareness and market making ($480,000), exploration ($123,000), a US listing on the OTC Markets ($38,000) and working capital ($159,000).
On January 26, 2026, Upside Gold completed the Financing of 2,000,000 common shares at a price of $0.40 per share for gross proceeds of $800,000. The Corporation paid finders fees of $30,450 cash and 76,125 non-transferable finder’s warrants in connection with the financing. Each warrant entitles the holder to acquire one common share at a price of $0.40 for twelve months from issuance.
Upside Gold had fully completed its proposed $443,000 “Kena Gold-Copper Property – Recommendations – Project” work program. The amount of $261,000 was what remained to be spent on the work program as of November 30, 2025.
As a result of the financing, the Corporation intends to increase the extent of its work program planned for the summer 2026 and incur additional exploration costs of $123,200.
The Corporation intends to increase spending on investor awareness programs and has signed short-term agreements three companies to provide market making and investor awareness programs for an estimated incremental cost of $480,000. In addition, the Corporation has initiated a listing on the OTC Markets US exchange for an estimated additional cost of $38,000.
The Corporation plans to utilize unallocated working capital for: (i) follow up exploration work if warranted based on results from its planned exploration programs; (ii) the identification, acquisition and advancement of potential new mineral project opportunities; and (iii) a cash reserve for the Corporation. As a result of the availability of proceeds from the Financing, the Corporation intends to allocate an additional $159,000 to working capital.
Upside Gold has elected to allocate a significant portion of its financial resources to investor awareness initiatives in Europe, as a substantial number of participants in the recent private placement are based in Germany and elsewhere in the region. Following its Frankfurt listing, the Corporation believes it is appropriate to support shareholder communication, market awareness and liquidity in those jurisdictions in connection with its dual listings.
Upside Gold Corp. is a Canadian gold-copper exploration company focused on advancing the Kena Gold-Copper Project, located in southeastern British Columbia, approximately 7 kilometres southwest of Nelson. The Kena Project consists of 198 mineral claims covering 10,114.8 hectares, together with 11 crown grants covering approximately 92 hectares.
The Kena Project hosts a historical gold resource comprising an Indicated Mineral Resource of 32,146,000 tonnes at an average grade of 0.544 g/t Au for 0.561 million ounces of gold, and an Inferred Mineral Resource of 177,507,000 tonnes at an average grade of 0.486 g/t Au for 2.77 million ounces of gold.
The historical resource estimate is disclosed in the technical report entitled “NI 43-101 Resource Estimate for the Kena and Daylight Properties” prepared by Sue Bird, P.Eng. of Moose Mountain Technical Services, dated May 3, 2021, and filed on SEDAR on behalf of West Mining Corp.
A Qualified Person, as defined by National Instrument 43-101, has not done sufficient work to classify the historical estimate as current mineral resources, and Upside Gold Corp. is not treating the historical estimate as current mineral resources. The historical estimate is provided for information purposes only and should not be relied upon.
Source: Upside Gold Corp.
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