Western Metallica Announces Bridge Funding

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TORONTO, Jan. 16, 2025 (GLOBE NEWSWIRE) – Western Metallica Resources Corp. (TSXV: WMS) (“Western Metallica” or “Company”) announces that it has received a bridge loan in the amount of CDN$100,000 (a “bridge loan”) from Gregory Duras, Chief Executive Officer and Director of the Company (the “Borrower”), to further advance its exploration activities for the Luz Maria copper-molybdenum target, located within the Company’s 100% owned Caña Brava Project, in Northern Peru.

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The Bridge Loan has an interest rate of 10% per annum. The Bridge Loan will be repaid (principal and accrued interest) in cash before June 30, 2025; or the date the Company obtains financing (whether debt, equity, or otherwise) of an amount equal to or greater than the Bridge Loan. The Company may repay any and all amounts under the Bridge Loan at any time without penalty. The Bridge Loan is unsecured, and no securities will be issued in respect of the Bridge Loan.

The Bridge Loan constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders from Special Transactions (“MI 61-101”) as the Lender is a related party (as defined in MI 61-101 ) of the Company. The Company relies on the exemption from minority shareholder review and approval of MI 61-101 contained in sections 5.5(a) and (b) and 5.7(1)(f) of MI 61-101.

The Company is expected to require additional funds to satisfy the Company’s obligations as they become due.

Grant of RSUs

The Company also announces that it has granted 4,550,000 restricted share units (“RSUs”) of the Company to various officers, directors and consultants of the Company. RSUs will be awarded to the fund as follows: (i) 1/3^rd of RSUs exercisable on December 1, 2025; (ii) 1/3^rd of RSUs exercisable on December 1, 2026; and (iii) 1/3^rd of RSUs will vest on December 1, 2027, subject to the terms of the Company’s Omnibus Plan. The grant of RSUs is always subject to the approval of TSX Venture.

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Information about the company Western Metallica Resources Corp.
Western Metallica is an Ontario registered company with its head office in Toronto, Ontario, trading on the TSX Venture Exchange under the symbol WMS. Western Metallica is in the mineral exploration and development business and has a 100% interest in the Caña Brava copper-molybdenum project located in the Department of La Libertad, Peru. Western Metallica is also developing its 100% owned Nueva Celti Copper Property in the Ossa Morena belt in Andalusia, Spain, and three other Spanish gold projects in the “Navelgas Gold Belt” in Asturias, Spain (Penedela, Valledor and Sierra Alta).

More information on the Company can be found at: www.westernmetallica.com

For more information please contact:

Western Metallica Resources Corp.
Gregory Duras
Chief Executive Officer
Email: gduras@westernmetallica.com

Investor relations
Email: info@westernmetallica.com

Cautionary Notes

The TSXV has neither approved nor disputed the content of this press release. Neither the TSXV nor its Legal Services Provider (as that term is defined in TSXV policies) accepts responsibility for the adequacy or accuracy of this press release.

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This press release contains statements that include “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

Although the Company believes that, due to the experience of its officers and directors, current conditions and expected future developments and other factors deemed appropriate that the expectations expressed in this forward-looking information are reasonable, it should not be unduly relied upon. because the Company cannot guarantee that it will be true. When used in this press release, the words “estimate”, “project”, “believe”, “anticipate”, “intend”, “anticipate”, “plan”, “forecast”, “may” or “should” are negative. words or such variations or similar words are intended to identify forward-looking statements and information. Forward-looking statements and information in this press release include information related to the planned drilling program and development of the Company’s and other mining projects and prospects, the impact of the addition of management to the Company; and the potential and economic viability of the Caña Brava Project. Such statements and information reflect the Company’s current opinion. Risks and uncertainties that could cause actual results to differ materially from those contemplated by such forward-looking statements and information.

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By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other future events, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this news release represents the Company’s expectations as of the date of this news release and, as appropriate, may change after that date. Readers should not place undue importance on forward-looking information and should not rely on this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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