Montauk Metals Announces Assignment into Bankruptcy – The Canadian Business Journal

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TORONTO, Nov. 20, 2025 (GLOBE NEWSWIRE) — Montauk Metals Inc. (TSX-V:MTK) (“Company” or “Montauk“) filed for corporate bankruptcy under Bankruptcy and Insolvency Law (Canada) (“BMAThe announcement comes after the Board of Directors failed to reach a settlement with its creditors.

Fuller Landau Group Inc. has been appointed as a licensed insolvency representative (“trustee» within the framework of bankruptcy proceedings. Three (3) directors and officers of Montauk resigned immediately prior to the bankruptcy proceedings.

All further issues will be decided by the Trustee. The trustee will manage the process of distributing any realizable assets to qualified creditors, which consist of cash balances that are less than liabilities and have no surplus to distribute to shareholders. Trustee contact information and bankruptcy details can be found at fullerllp.com/services/corporate-restructuring-and-insolvency/selected-active-engagements/.

Trading in the Company's shares was suspended by the TSX Venture Exchange and cease-trading orders were issued by Canadian securities administrators for failure to file audited annual financial statements, management's discussion and analysis, and related CEO and CFO certifications for the year ended December 31, 2024 by the April 30, 2025 due date as required by National Instrument 51-102 – Continuing Disclosure Obligations information. The Company's activities are not expected to resume.

About Montauk Metals Inc. (formerly Galway Gold Inc.)

The gold property that Montauk Metals was exploring for and to which it had rights was expropriated without compensation by the Colombian government. The Company has discovered significant reserves of very high grade gold (224,900 ounces M&I at 10.5 g/t plus 377,000 ounces Inferred at 10.3 g/t). The company estimates that it incurred sunk costs and total loss of value of the gold mining properties in excess of US$16 million. The company went to an international court to seek damages; he lost with a score of 2:1. The company was unable to obtain another mineral claim despite numerous applications. The Council sought the support of its largest lender to advance a formal proposal under the BIA, whose support was essential to the success of such a proposal. However, the Board was unable to gain support.

RISK DISCLOSURE: The company is insolvent and is no longer a going concern. Trading in the Company's shares and any investment in the Company is highly speculative. No trading or investment in the Company's securities should be made without the possibility of losing the entire amount of such funds. See “Cautionary Note Regarding Forward-Looking Statements” below. Investors are advised to seek professional advice before making any decision to trade or invest in the Company's securities.

Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this press release constitute “forward-looking statements” as that term is used under applicable securities laws of Canada and the United States. Any statements that express or involve discussions of projections, expectations, beliefs, plans, forecasts, goals, assumptions or future events or are not statements of historical fact and should be considered “forward-looking statements.” These statements relate to analyzes and other information that are based on projections of future results, estimates of amounts not yet determined and management's assumptions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the Company's corporate bankruptcy, the issuance of cease-trading orders and trading suspensions on the TSX-V, the bankruptcy proceedings, the overall lack of potential for recovery of shareholder value, the expected outcome that the Company will not be reinstated and the financial condition of the Company.

Forward-looking statements reflect the Company's current expectations and are based on a number of assumptions, factors and expectations that, although considered reasonable by the Company, are inherently subject to significant business, economic, financial and regulatory uncertainties and contingencies. These assumptions include, but are not limited to, expectations regarding the ability of the Trustees to manage the bankruptcy in a timely and effective manner. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to differ materially from those expressed or implied by such forward-looking information, including, but not limited to: risks associated with bankruptcy; risks of claims from creditors and other interested parties; and general risks and broader economic conditions.

There can be no assurance that the Company will successfully complete bankruptcy proceedings, and the Company is not expected to resume operations. As a result, investors should not place undue reliance on any forward-looking information. All forward-looking information in this press release is provided as of the date hereof and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release. Forward-looking statements contained herein are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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