Captivision receives positive mining assessment for Montana Tunnels acquisition

Captivision Inc. (NASDAQ: CAPT) announced that an independent assessment by Colorado-based Hard Rock Consulting has reaffirmed gold and precious metals resources at Montana Tunnels Mining Inc., the company it plans to acquire.

The report identified additional mining opportunities that could potentially extend the projected mining life of Montana Tunnels beyond the current 10-year estimate through exploration and expanded mining activity using available technology.

"The HRC report confirms the foundational quality of this asset - substantial reserves of gold, silver, and other precious metals with significant embedded growth potential including mining life," said Gary Garrabrant, Chairman and CEO of Captivision.

Captivision has executed a letter of intent to acquire Montana Tunnels Mining Inc., with the transaction expected to close in the first quarter of 2026. The parties are negotiating an extension of the letter's mutual exclusivity period. The acquisition remains subject to due diligence completion, board approval, and Nasdaq compliance requirements.

Upon completing the acquisition, Captivision plans to reposition as a diversified gold mining and related services business and rename itself Montana Gold Inc. (NASDAQ: MGI). The company intends to restart mining operations this year and plans to disclose mineral resources and reserves through a Regulation SK-1300 filing.

Montana Tunnels Mining Inc. is a wholly owned subsidiary of Montana Goldfields Inc. and operates the Montana Tunnels Mine. Following the acquisition, Captivision plans to discontinue its legacy architectural media glass and LED businesses.

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