1911 Gold Delivers Positive PEA for True North Highlighting Robust Economics with Low Capital Intensity and High Returns
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1911 Gold Delivers Positive PEA for True North Highlighting Robust
Economics with Low Capital Intensity and High Returns
Vancouver, February 10, 2026 – 1911 Gold Corporation ("1911 Gold" or the "Company") (TSXV: AUMB;
OTCQX: AUMBF; FRA: 2KY) is pleased to announce significant positive results from the independent
Preliminary Economic Assessment (“ PEA”) for the True North Gold Project (“ True North ”), located in
southeastern Manitoba, Canada. The PEA was prepared by AMC Mining Consultants (Canada) Ltd.
(“AMC”), in accordance with National Instrument 43 -101 Standards of Disclosure for Mineral Project (“NI
43-101”), with all financial figures expressed in Canadian Dollars unless otherwise stated.
The PEA outlines a robust gold mining operation utilizing the fully built and permitted infrastructure ,
including shafts, underground workings, and the processing and tailings management facility . 1911 Gold
has estimated the infrastructure replacement value as being in excess of $400 million. The plan targets
steady-state production of 58,114 ounces per annum with a mine life of 11 years. Management will host a
webinar on Tuesday, February 10, 2026 at 10am PT (1pm ET), to discuss the PEA results and to answer
any questions with respect to the PEA and the planned production restart strategy. Please refer to the
details at the end of this release.
PEA Highlights:
• Robust Economics (After-tax): Net present value (5%) (“NPV”) of $391 million, internal rate of
return (“IRR”) of 105%, and a payback period of 2.2 years at a long-term gold price of US$ 3,000
per ounce (“oz”); at a constant gold price of US$4,800/oz, the NPV is $998 million, no calculated
IRR due to no years with a negative cash flow , and an almost immediate payback period of 1.0
year.
• Production Profile: Steady-state production profile of 1,215 tonnes per day (“ tpd”) for a verage
payable gold production of 58,100 oz per annum (“oz/year”) (Years 3-8) with an 11-year life of mine
(“LOM”).
• LOM Cash Flow: Total payable gold production of 527,100 oz LOM with the current mineral
resources, generating $545 million undiscounted after-tax free cash flow1 and generating 326 full-
time jobs.
• Fully Permitted, Low Capital Project: Initial capital expenditures (“Capex”) of $ 59.2 million,
utilizing the currently built and permitted payable infrastructure. Additional Capex of $46.7 million
during the first 2 years of ramp -up, and $367.2 million of sustaining capital over LOM with a high
profitability index of 6.6 and low peak investment of $59.2 million in Year 1.
• Processing: Average diluted mill head grade of 4. 32 grams per tonne gold (“g/t”, “Au”) with gold
recoveries of 93.5% over the LOM.
• Cash Costs and AISC 1: Producing gold at a cash cost of US$1,390/oz and all in sustaining cost
(“AISC”) of US$1,897/oz.
• Near-Term Production: Production due to start in the first half of 2027 (“H1 2027”) with test mining
planned for the second half of 2026 (“H2 2026”).
• Production Growth: 1911 Gold has identified exc ellent potential to increase production by
developing recently discovered zones such as San Antonio Southeast (“SAM SE”), San Antonio
West (“SAM W”), and Shore which are adjacent to existing infrastructure and not included in the
study, in addition to regional targets.
1. AISC and Free Cash Flow are non -IFRS financial measures and have no standardized meaning under IFRS Accounting
Standards (“IFRS”), and may not be comparable to similar measures used by other issuers.
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"The delivery of this PEA marks another defining moment for 1911 Gold, outlining a highly efficient, low -
capital path to the first phase of production with robust economics and exceptional returns,” stated Shaun
Heinrichs, President and Chief Executive Officer of 1911 Gold. “This plan leverages existing
infrastructure and a mining strategy suited to the ore body, significantly reducing the project’s capital
intensity and technical hurdles that challenged previous operators. Our staged development approach
provides a disciplined roadmap to ramp up operations toward an initial steady-state production. This PEA
proves that True North is not just a restart story, but is the cornerstone of a district-scale gold project in one
of Canada’s premier mining jurisdictions.”
Eric Vinet, Chief Operating Officer of 1911 Gold, stated “This PEA outlines a foundational plan to restart
operations at True North by optimizing existing infrastructure and confirms the economic viability of a safe
and efficient multi-mine operation. Beyond the scope of this study, we see significant potential to further
optimize these economics by establishing a centralized 'super -level' on Level 16. By connecting the
adjacent zones at Hinge, 007, and, potentially, Cohiba directly to the True North Main S haft, we can
transition to a gravity-fed, horizontal haulage model. The proximity of these zones - notably Hinge, located
within 100 m of existing infrastructure - supports the technical rationale for centralized hoisting, which has
the potential to materially reduce operating costs.”
True North PEA Overview
Table 1: Summary of True North Project Economics
General Unit LOM Total / Avg.
Gold price assumption (Long Term) per ounce US$3,000
Gold price assumption (2027) per ounce US$3,500
Gold Price assumption (2028) per ounce US$3,200
Exchange rate ($US:$CAD) 0.72
Mine life years 11
Total mill feed tonnes 4,066,000
Average diluted grade (LOM) g/t Au 4.32
Economics (pre-tax) Unit LOM Total / Avg.
Net present value (NPV 5%) millions 526.7
Internal rate of return (IRR) % 118%
Payback years 2.2
LOM avg. annual cash flow millions 67.1
LOM cumulative cash flow millions 732.8
Steady State (yrs 3-8) avg. annual cash flow millions 93.0
Economics (after-tax) Unit LOM Total / Avg.
Net present value (NPV 5%) millions 390.6
Internal rate of return (IRR) % 105%
Payback years 2.2
LOM avg. annual cash flow millions 48.9
LOM cumulative cash flow millions 544.5
Steady Sate (yrs, 3-8) avg. annual cash flow millions 68.2
Profitability index (NPV/initial capital) ratio 6.6
Peak investment (Annual) millions 59.2
Production Unit LOM Total / Avg.
Mill head grade g/t Au 4.32
Mill head grade (years 2029-2034) g/t Au 4.40
Mill recovery rate (average LOM) % 93.5%
Average mining rate (years 2029-2034) tpd 1,215
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Production cont… Unit LOM Total / Avg.
Average annual gold production LOM ounces 47,945
Average gold production (years 2029-2034) ounces 58,114
Peak grade (year 2031) g/t Au 4.70
Peak gold production (year 2031) ounces 61,327
Total LOM recovered gold ounces 527,400
Operating Costs Unit LOM Total / Avg.
Mining cost $/t milled 175
Processing cost $/t milled 38
G&A cost $/t milled 37
Total operating costs $/t milled 250
Refining & transport cost $/oz 3.17
Royalty NSR % 0%
Cash costs* US$/oz 1,390
AISC** US$/oz 1,897
Capital Costs Unit LOM Total / Avg.
Initial capital millions 59.2
Pre-commercial production capital millions 46.7
Sustaining capital millions 367.2
Closure costs millions 7.3
Salvage value millions 2.3
Notes
* Cash costs consist of mining costs, processing costs, mine-level general & administrative expenses and refining charges and
royalties.
** AISC includes cash costs plus sustaining capital, closure cost and salvage value.
The PEA is preliminary in nature, includes inferred Mineral Resources that are considered too speculative
geologically to have economic considerations applied to them that would enable them to be categorized as
Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability.
Sensitivities
1911 Gold has conducted a sensitivity analysis using the PEA financial model on the base case pre -tax
and after-tax NPV and IRR of the Project, using the following variables: metal price, initial capex, total
operating costs, and foreign exchange. Table 2 shows the a fter-tax sensitivity analysis results at various
long term gold price assumptions.
As shown in Table 3 and Table 4, the sensitivity analysis revealed that the project is most sensitive to
changes in gold prices, and foreign exchange and less sensitive to capital and operating costs.
Table 2: After-Tax Sensitivity Summary
Gold Price
(US$/oz) $2,000 $2,600
$3,000
Long-term
(Base Case)
$3,800 $4,800 $5,500
After-tax NPV(5%),
millions ($41) $247 $391 $665 $998 $1,237
IRR -1.3% 50.0% 105.3% 611.0% NA* NA*
Profitability index -0.7 4.2 6.6 11.2 16.9 20.9
Payback (years) 17.0 4.4 2.2 1.2 0.9 0.7
Notes:
* There are no years with negative cash flow to calculate an IRR
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Table 3: After-Tax NPV5% Sensitivity
Gold Price After-Tax NPV5% Initial CAPEX
(CAD$M)
Total OPEX
($CADM)) FX (CAD$M)
(US$/oz) (Base Case) (-25%) (+25%) (-25%) (+25%) (-25%) (+25%)
$2,000 ($41) ($5) ($82) $140 ($233) ($322) $213
$2,600 $247 $283 $204 $371 $95 ($67) $476
$3,000 $391 $426 $348 $506 $268 $92 $647
$3,600 $595 $631 $552 $712 $478 $281 $902
$4,000 $731 $767 $688 $1,012 $785 $391 $1,066
$4,700 $971 $1,007 $928 $1,081 $853 $570 $1,365
Table 4: After-Tax IRR Summary
Gold Price After-Tax IRR Initial CAPEX
(CAD$M) Total OPEX (CAD$M) FX (CAD$M)
(US$/oz) (Base Case) (-25%) (+25%) (-25%) (+25%) (-25%) (+25%)
$2,000 -2% 4% (6%) 28% NA* NA* 41%
$2,600 50% 98% 31% 99% 20% (6%) 167%
$3,000 105% 420% 58% 214% 55% 19% 516%
$3,600 341% NA* 119% 1,813% 159% 60% NA*
$4,000 1727% NA* 189% NA* 349% 105% NA*
$4,700 NA* NA* 595% NA* NA* 289% NA*
Notes:
* There are no years with negative cash flow to calculate an IRR
Mining
The True North Gold Project will consist of underground mining extraction via four access points: the Main
“A” Shaft, the Hinge decline, the Cohiba decline and later the SG-1 decline. Initial mining and development
will be through the Main “A” shaft, providing access to Level 16 (-695 metres) and Level 26 (-1,145 metres),
and the Hinge decline , maximizing current underground development to accelerate development and
minimize initial capital costs . The initial plan for the development is to ramp up to a steady-state daily
production rate of 1,215 tpd (from years 3-8).
The mineral deposits and zones used in the mine plan are contained in a number of deposit areas over a
lateral distance of over 4,500 metres (‘m”) and down to depths of over 1,450 m below surface through a
series o f winzes and internal declines . The deposits are all amenable to underground mining using
longitudinal long-hole open stope mining methods, with minimum dimensions of 25 m long by 1.5 m wide
by 18 m high between sublevels, assuming 15% dilution with no gold grade and 97% mining recovery. The
mining cycle will incorporate a strategic backfill plan, utilizing development waste rock to fill depleted stopes.
This will enhance ground stability and significantly reduce operating costs by minimizing the volume of
waste material required to be hoisted to surface, thereby optimizing available shaft capacity for high-grade
ore.
A total of 4,066,000 tonnes at an average diluted g rade of 4.32 g/t Au will be extracted under the current
proposed plan for a total of 527,100 oz of payable gold produced.
Table 5: Mining Areas and Projected Production*
Access Deposit Tonnes Grade Ounces
Shaft/Decline Zone t g/t Au oz
A Shaft 710 Complex 1,163,297 4.67 174,812
Deep East 196,967 4.94 31,309
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Access Deposit Tonnes Grade Ounces
Shaft/Decline Zone t g/t Au oz
L24 189,780 3.83 23,393
Cartwright 284,082 4.14 37,849
Sub-total 1,834,128 4.53 267,363
Hinge Decline
Hinge 191,776 3.98 24,564
L13 71,124 3.02 6,915
007 345,201 3.63 40,332
L10 352,372 5.15 58,390
Sub-Total 960,475 4.22 130,201
Cohiba Cohiba 71,902 4.73 10,944
SG-1 and new portal Normandy 1,199,399 4.03 155,557
Total 4,065,904 4.32 564,065
Notes
*Tonnage and grade estimates derived from the Mineral Resource estimate prepared by Lions Gate Geological Consulting (Q.P
Susan Lomas, P.Geo), effective date 29 August 2024 (see below). AMC applied a cut-off grade of 2.7 g/t Au to the resource model
and then allowed for dilution and mining losses. Gold price used in the cut-off calculation was US$2,500 per ounce, exchange rate
of 0.72 CA dollars to one US dollar.
Within the “A” shaft, mineralized material will be loaded on the Level 26 loading pocket and skipped to the
mill at surface and, for the decline, accessed deposits will be hauled via trucks to the True North processing
facility. Processed tailings will be pumped to the central operating and permitted tailings management
facility. Development waste is currently planned to be stored on surface and used for ongoing infrastructure
projects, including possible tailings dam wall lifts in the future.
Processing
The fully permitted processing facility operated for a number of years and is reported to have produced
1.93 million oz of gold historically from 9.60 million tonnes at a grade of 6.65 g/t Au . The process plant
consists of a crushing and grinding circuit, with a portion of the circulating load passed through gravity
concentrators. The concentrate from th e gravity concentration i s upgraded on a shaking table and the
resulting concentrate direct smelted. The tails from the concentrat ion are returned to the head of the
grinding mill and the fines from the grinding circuit are fed into a flotation circuit to produce a flotation
concentrate which is reground and leached with the remaining process feed using a six -stage carbon-in-
pulp (“CIP”) circuit. Dissolved gold is then eluted and gold doré is smelted and poured at site with an electric
induction furnace.
An upgrade of the crushing circuit is required to restart commercial production, otherwise the remainder of
the processing plant is intact and recently operated. Historically, the process plant has recorded average
recoveries of 94.0% of contained gold and has operated up to 2,250 tpd.
Table 6: Mining & Processing Inputs
Mine life - Total years 11
Mining Rate
Underground* tpd 1,215
Total mill feed million tonnes 4.07
Gold grade (diluted) g/t 4.32
Processing
Feed rate* tpd 1,215
Total tonnes processed million tonnes 4.07
Mill head grade g/t Au 4.32
LOM gold recovery % 93.5%
Notes:
* Steady state average daily mining rate (Years 3 to 8)
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Tailings Management
The Tailings Management Facility (“ TMF”) is located 1.6 km north of the process ing facility in an area
naturally defined by bedrock ridges around the perimeter of a flat area. Tailings have been pumped from
the processing facility to the TMF via pipeline. During mine operations the tailings are transported as slurry,
with 34% solids by weight. An expansion of the facility was completed in 2015 with the construction of the
East Tailings Management area, located immediately east of the TMF, including the polishing pond, where
water is pumped in and discharged as required. Enough storage exists within the TMF for approximately
775,000 tonnes or over 2 years production under the PEA mine plan and permits are in place to expand
the capacity of the TMF as needed.
Figure 1: Tonnage Production Profile
Figure 2: Gold Production Profile
Operating Costs
Operating costs have been estimated using the following sources and assumptions:
• Mining unit costs have been estimated based on AMC benchmark data as well as 2025 quotes and
1911 Gold historical costs escalated as per the Bank of Canada inflation calculator.
• Processing unit costs have been estimated based on AMC benchmark data, as well as 1911 Gold
historical costs escalated as per the Bank of Canada inflation calculator.
• G&A (General and Administrative) costs are based on AMC benchmark data.
0
100,000
200,000
300,000
400,000
500,000
600,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
Gold production (oz)
Production (t)
Total mined - ore Gold metal-Cumulative
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
Gold grade (g/t)
Gold production (oz)
Gold metal Gold grade
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Table 7: Total Life of Mine Operating Costs
Operating Costs (life of mine average)
Mining costs (underground) $/t milled 175
Processing costs $/t milled 38
G&A costs $/t milled 37
Total site operating costs $/t milled 250
Cash Costs
Cash costs (LOM)* US$/oz 1,390
AISC (LOM)** US$/oz 1,897
Notes
* Cash costs consist of mining costs, processing costs, mine-level general & administrative expenses and refining charges and
royalties.
** AISC includes cash costs plus sustaining capital, closure cost and salvage value.
Initial and Sustaining Capital Costs
The total initial (pre-production) capital cost is estimated to be $59.2 million with an additional $46.7 million
of capital during the first 2 years ramp -up period, prior to commercial production . Sustaining capital costs
are estimated to be $367.2 million over the LOM (excluding $5.0 million of closure costs and salvage value).
The initial and sustaining capital costs were compiled using the following sources:
• Mining capital costs were developed by AMC, based on the mine plan
• Processing, infrastructure, project development and project in-directs were developed by AMC, and
are inclusive of the underground development required to restart production, upgrade of the
crushing circuit for the processing plant, camp expansion and other required infrastructure
• Sustaining capital costs consist of mining costs including underground resource infill and
delineation costs, development costs, tailings storage facility expansions, and water management
structures
Table 8: Total Capital Costs
Description Initial Capital
Cost
Pre-Commercial
Production*
Capital Cost
Total Sustaining
Cost Total Capital Cost
(millions) (millions) (millions) (millions)
Mining Development $3.3 $29.5 $300.8 $333.5
Process Plant $0.6 $1.5 $6.7 $8.8
Infrastructure On-site $52.8 $6.4 $64.8 $123.9
Total Directs $56.6 $37.4 $372.2 $466.2
Project in-directs including
owner’s cost and EPCM $0.5 $1.9 $0.0 $2.4
Contingency $2.0 $7.5 $0.0 $9.5
Total Capital Costs $59.2 $46.7 $372.2 $478.1
Notes:
*Capital during ramp-up in years 1 and 2, prior to commercial production
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LOM Cash Flow
The project is expected to generate $545 million undiscounted after -tax free cash flow (Base Case), and
$1,314 million undiscounted after-tax free cash flow (at a gold price of US$4,800). Once operational, the
mine is expected to support approximately 3 26 full-time positions, contributing to local employment and
regional economic development.
Figure 3: LOM Undiscounted After-Tax Free Cash Flow
1911 Gold Opportunities
The PEA results offer consideration of several initiatives that may enhance the Project, including:
Processing Capacity & Efficiencies:
• Existing Processing Capacity - Additional capacity currently exists within the processing
plant to increase throughput to the mill with additional mine production.
• Expand Current Processing Facility - Ability to expand the capacity beyond the current
processing capabilities of the plant, by upgrading the secondary crushing circuit and increasing
CIP retention time with additional tank capacity
Additional Resource Opportunities:
• Immediate Resource Expansion – Significant potential exists as extensions of the mineral
resources used for the PEA mine plan due to the lack of sufficient drilling density.
• Additional Resource Potential (Mine Footprint) – Recent exploration discoveries within the
True North mine footprint occur adjacent to mine infrastructure, with high potential to add
resources, including SAM W, SAM SE, and Shore.
• Potential Addition of New Resources from Regional Targets – Additional resources and
resource potential exists within the Rice Lake Greenstone Belt, over a 9 0-km strike length
within 1911 Gold’s 100% owned ~62,000 hectares of ground. The Rice Lake Properties include
the Ogama-Rockland gold deposit, all of which have road access, are within trucking distance
to the mill, and are proximal to hydro-electric power.
Waste Reduction and Operational Efficiencies:
• Integrated Underground Waste Management – Potential to utilize development waste for
rock filling depleted stopes, significantly reducing the volume of waste hoisted to the surface.
This strategy is expected to lower operating costs and maximize available shaft capacity for
high-grade mill feed.
(400)
(200)
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800
(50)
(25)
0
25
50
75
100
2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
Cumulative cashflow ($M)
Cashflow ($M)
Undiscounted cash flow (post tax) Undiscounted Cashflow-Cumulative (post-tax)