Scotia Metals emerges with a 1,200 km² lithium platform in Nova Scotia

Scotia Metals Corp. has completed a business combination that transforms the former Cross River Ventures into a newly financed battery-metals explorer with full exposure to the L3 Lithium Project in Nova Scotia.

Through the acquisition of all outstanding shares of Scotia Lithium Corp., the company now indirectly controls 100% of Continental Lithium Ltd. and the L3 Lithium Project. The transaction was completed in exchange for 13 million post-consolidation Scotia Metals shares and was accompanied by a corporate restructuring, new leadership team and approximately C$5.8 million in fresh capital.

Subject to final approval from the Canadian Securities Exchange, the company expects its shares to resume trading on or around August 4, 2026, under the new symbol SMET.

Capital raised for exploration

The concurrent financing included approximately C$1.22 million raised through flow-through shares priced at C$0.325 and approximately C$4.58 million from non-flow-through shares issued at C$0.25.

The proceeds are expected to fund transaction costs, working capital and, most importantly, exploration at the L3 Lithium Project. Funds raised through the flow-through component will be allocated to eligible Canadian exploration expenses qualifying as “flow-through critical mineral mining expenditures” under Canadian tax legislation.

That financing structure is significant. Junior exploration companies increasingly compete not only for geological opportunities, but also for the capital required to advance them. Scotia Metals begins its new phase with funding specifically directed toward testing a large, underexplored lithium land position.

A district-scale position in Nova Scotia

The L3 Lithium Project comprises approximately 1,200 km² across 109 mineral licences, covering more than 100 kilometres of prospective lithium-pegmatite strike in western Nova Scotia.

The project lies along strike from Champlain Mineral Ventures’ Brazil Lake Lithium Project and immediately south of the former East Kemptville Tin Mine. Multiple priority targets have been identified within the Silurian White Rock Formation, where coarse-grained pegmatites are associated with the South Mountain Batholith.

The scale of the land package offers Scotia Metals more than a single exploration target. It provides an opportunity to evaluate a potentially broader pegmatite system across a region that remains comparatively underexplored.

A newly filed NI 43-101 technical report, effective June 15, 2026 and prepared by independent qualified person Jesse R. Halle, P.Geo., establishes the current technical foundation for the project.

Infrastructure could become a competitive advantage

Early-stage mineral exploration is driven by geology, but development potential is also shaped by infrastructure.

The L3 Lithium Project benefits from access to roads, power and ports, as well as proximity to Halifax and its international airport. For a battery-metals project in Atlantic Canada, this combination could become increasingly important if exploration confirms a mineralized system capable of supporting more advanced studies.

It also places the project within a stable Canadian jurisdiction at a time when governments, manufacturers and investors are seeking more secure North American sources of lithium and other strategic raw materials.

From transaction to execution

The completion of the business combination gives Scotia Metals a new identity, a reconstituted management team and a clear exploration focus. Rodrigo Roso will lead the company as Chief Executive Officer and Director, supported by James Abson as Vice President of Exploration and Brian Talbot as Chairman.

The transaction itself creates the platform. The more important test now begins underground.

With its financing completed and ownership consolidated, Scotia Metals must convert the scale of the L3 property into systematic exploration results. In the junior mining sector, large land packages create optionality, but drilling, geological interpretation and disciplined capital deployment determine whether that optionality becomes value.