Zonte Grants 2.71 Million Options at a $0.10 Strike

Zonte Metals Inc. (TSXV: ZON) said on September 10, 2026 that it granted 2,710,000 five-year stock options to officers, directors and consultants at an exercise price of $0.10 per share, vesting in three equal tranches over 18 months.

Zonte Metals Inc. (TSXV: ZON), which also trades in the United States under the symbol EREPF, said on September 10, 2026 that it has issued 2,710,000 stock options to officers, directors and consultants under its existing stock option plan. The options carry a five-year term, an exercise price of $0.10 per share, and a vesting schedule spread across 18 months, with 33-1/3% of the grant becoming exercisable after each six-month period.

For a junior explorer, an option grant is rarely a market-moving event on its own. It is, however, one of the few disclosures that tells outside shareholders how a board is choosing to pay the people running the company when cash is scarce — and at what price it expects the stock to be worth something to them.

What the grant is worth, and when

The mechanics are straightforward. Three tranches vest at six, twelve and eighteen months. Splitting the grant into thirds implies roughly 903,333 options becoming exercisable at each milestone, an illustrative figure derived from the total disclosed rather than a number the company broke out. Nothing vests immediately, which means the recipients cannot convert paper into shares before next spring at the earliest.

If every option were eventually exercised at the stated $0.10 strike, the company would take in $271,000 — again, an arithmetic illustration based on the grant size and exercise price, not a forecast. For a junior exploration company, that is not a financing plan; it is a rounding line in a treasury. The point of the grant is retention and alignment, not fundraising.

The five-year term matters more than it looks. Exploration timelines run long: claims get staked, permits get issued, drills get mobilised, assays come back months later. A five-year window gives holders time for a discovery cycle to play out rather than forcing a decision against a single season's results.

The strike sits well above where the stock last traded

The grant's most striking feature is the distance between the exercise price and the market. Zonte's OTC line, EREPF, last traded at 0.04, down 33.66% from a previous close of 0.06, with the day range flat at 0.04 to 0.04 as of the close on Friday, September 11, 2026. The exercise price on the new options is $0.10.

Taken at face value, and setting aside that the TSXV listing and the OTC line are quoted in different currencies, that is a gap of roughly 150% between the last OTC print and the strike — an illustrative comparison, not a company-stated figure. In plain terms: the options are out of the money on day one. They are worth nothing to the people receiving them unless the share price climbs substantially and stays there.

That is not unusual for a junior, and it is arguably the more shareholder-friendly version of an option grant. Options struck deep below the market hand out value immediately; options struck above it only pay if the equity re-rates. The board has effectively told management that the reward arrives after the market agrees the exploration work was worth something.

The dilution question is harder to answer from the outside. The company did not disclose shares outstanding in the announcement, so the 2,710,000 options cannot be expressed as a percentage of the capital structure without reaching for a figure that was not provided. Shareholders wanting that number will need the most recent filed share count.

Four assets across two countries

The grant lands against a portfolio that is unusually spread out for a company of this size. Zonte holds 100% of the MJ project in the Tintina Gold Belt in Yukon Territory — the belt that has produced some of northern Canada's most closely watched gold discoveries. It also holds the Wings Point project in what the company describes as the new Central Newfoundland Gold Belt, and the Cross Hills Copper project in Newfoundland and Labrador.

The fourth piece is the one that draws attention. In Colombia, Zonte and a partner have an application over open areas sitting on top of the open pit outline of the Gramalote Deposit, which is held by B2Gold Corp. (TSX: BTO, NYSE: BTG). An application is not a title. Until issuance, it is a claim on ground, not ownership of it, and the announcement notes the title issuance process was still in train. Investors should treat the Colombian exposure as contingent until the paperwork lands.

The company describes its strategy as advancing projects with the scale to attract major partners — which is the standard junior model. Explorers of this size rarely build mines. They generate targets, drill them, and hope a producer with a balance sheet wants the result. That framing explains why option terms are structured the way they are: the payoff for insiders is tied to an outcome that may be several years and several financings away.

What to watch from here

Three things will determine whether this grant ever has value. First, whether the Colombian title is issued and on what terms, since that is the asset with the clearest read-through to a named producer's deposit. Second, whether any of the three Canadian projects see meaningful drilling, and whether the company can fund it — juniors with sub-dime share prices typically finance through placements that dilute existing holders far more than an option grant does. Third, the share price itself, which as of the most recent close leaves the new options a long way underwater.

The broader market gave no help to microcaps on the day. The S&P 500 tracker closed at $764.29, up 0.85%, with the Nasdaq 100 proxy at $714.88, up 0.87%, and the Dow tracker at $525.79, up 0.97%. Large-cap strength and junior exploration liquidity have never been the same trade, and the 33.66% one-day drop in EREPF on a flat 0.04 to 0.04 range is a reminder of how thin the US quote is — a single print can define the day.

The announcement was carried by INN Precious Metals. Beyond the grant itself, the company disclosed no new exploration results, no financing and no change to its project slate.

For shareholders, the practical takeaway is narrow but real: insiders now have a five-year incentive priced above the current market, vesting in thirds, and no reason to celebrate unless the stock moves considerably higher than where it last changed hands.

Key facts

• Options granted: 2,710,000 to officers, directors and consultants
• Terms: $0.10 exercise price, five-year term, 33-1/3% vesting every six months
• EREPF last close: 0.04, -33.66%, as of 20:00 GMT Sept. 11, 2026
• Projects: MJ (Yukon), Wings Point and Cross Hills (Newfoundland), Gramalote-area application (Colombia)

Frequently asked questions

How many stock options did Zonte Metals grant?

Zonte Metals announced on September 10, 2026 that it granted 2,710,000 stock options to officers, directors and consultants under the terms of its existing stock option plan. The options carry a five-year term and an exercise price of $0.10 per share. The company did not disclose how the grant was split among individual recipients.

When do the options vest?

Vesting runs over 18 months in three equal instalments, with 33-1/3% of the grant becoming exercisable after each six-month period. That means no portion is exercisable at the date of grant, and the full award is only available after a year and a half of continued service to the company.

Are the options in the money?

No. The exercise price is $0.10 per share, while Zonte's OTC line, EREPF, last traded at 0.04 as of the close on September 11, 2026, after falling 33.66% on the day. The options only deliver value to holders if the share price rises well above the strike before the five-year term expires.

What projects does Zonte Metals own?

Zonte owns 100% of the MJ project in the Tintina Gold Belt in Yukon Territory, the Wings Point project in the Central Newfoundland Gold Belt, and the Cross Hills Copper project in Newfoundland and Labrador. It also has, with a partner, an application over open areas atop the open pit outline of the Gramalote Deposit in Colombia.

What is the connection to B2Gold?

The Gramalote Deposit in Colombia is held by B2Gold Corp. (TSX: BTO, NYSE: BTG). Zonte and a partner have filed an application over open areas sitting on top of the deposit's open pit outline. The application is not a granted title; the issuance process was still under way at the time of the announcement.

How much dilution does the grant represent?

That cannot be calculated from the announcement, because Zonte did not disclose its current shares outstanding. The grant covers 2,710,000 options, but expressing that as a percentage of the capital structure requires the company's most recent filed share count, which was not included in the release.

Sources

• Zonte Grants Stock Options — INN Precious Metals

Photo: Francesco Ungaro · Pexels Licence — source