1911 Gold Targets 2027 Restart of Fully Permitted True North Mine

1911 Gold Corporation is targeting a return to production at its fully permitted True North mine in Manitoba, with test mining underway across two zones and a formal production decision anticipated in 2027. The company has a $30 million credit facility with Auramet International funding the remaining mill and underground development spend.

The 2026 Preliminary Economic Assessment models an after-tax NPV5% of $391 million and an IRR of 105% at a base case gold price of $3,000 per ounce, with all-in sustaining costs of $1,897 per ounce. The company is pursuing organic growth towards a 100,000 ounce annual run rate by linking True North's four underground mines to a single shaft and mill.

True North has produced roughly 2 million ounces since the 1930s but last ran before shutting down again in 2015 due to issues with oversized equipment and insufficient delineation drilling. The company has recruited technical leadership, including COO Éric Vinet, who previously worked at Sigma Lamaque specifically to avoid repeating those mistakes.

The PEA outlines a steady ramp: roughly 26,000 ounces in the first partial year, rising to around 46,000 ounces in 2028 and reaching a steady-state run rate of approximately 58,000 ounces annually from 2029. At that steady state, the mill is modelled to process 1,215 tonnes per day at a 4.40 g/t Au head grade with 93.5% recovery.