Gold X2 Mining Delivers Preliminary Economic Assessment and Updated Mineral Resource Estimate for the Moss Gold Project
Gold X2 Mining Delivers Preliminary Economic Assessment and Updated
Mineral Resource Estimate for the Moss Gold Project
All Amounts are in Canadian dollars (“$”) unless otherwise indicated
VANCOUVER, B.C., January 26, 2026: Gold X2 Mining Inc. (TSXV: AUXX / OTCQB: GSHRF / FRA: DF8 ) (“Gold
X2” or the “ Company”) is pleased to announce the results of its Preliminary Economic Assessment 1 (the
“PEA”) and updated Mineral Resource Estimate2 (“MRE”) for its 100% owned Moss Gold Project in Ontario,
Canada (the “Moss Gold Project”, “Moss” or the “Project”).
Summary of PEA Results3
• Base Case (US$2,750/oz Au, US$35.00/oz Ag, $1.34 USD/CAD): After-tax NPV5% of $2.232 billion,
IRR of 22.1% and payback of 3.2 years.
• Long-Term Consensus Gold Price (US$3,137/oz , US$37.74/oz Ag, $1.3 5 USD/CAD): After-tax
NPV5% of $3.152 billion, IRR of 28.1% and payback of 2.5 years.
• Spot Gold Price (US$4,600/oz, US$90.00/oz Ag, $1.35 USD/CAD): After-tax NPV5% of $6.578 billion,
IRR of 48.6% and payback of 1.0 years.
PEA and MRE Summary
• PEA results reflective of the potential for a top 10 producing gold mine in Canada: Estimated
average annual payable gold production of approximately 265,000 ounces and silver production of
374,000 ounces respectively over an initial 13.2 year mine life1,4.
• Strong margins support rapid payback and significant free cash flow generation: All in Sustaining
Costs (“AISC”)5 of US$1,188/oz and Cash Costs of US$999/oz rank the Moss Gold Project in the
second quartile of the cost curve. The Project forecasts after-tax free cash flow of $4.035 billion over
the life of mine (“LOM”) at US$2,750/oz gold and $10.466 b illion at the current gold price of
US$4,600/oz.
• Detailed capital and infrastructure costs: Initial capital costs of C$2.001 billion (US$1.493 billion)
including contingencies of $303 million and excluding working capital.
1 Preliminary Economic Assessment, Effective Date: January 26, 2026.
2 Mineral Resource Estimate, Effective Date: January 16, 2026.
3 The PEA is preliminary in nature and includes Inferred Mineral Resources. Inferred Mineral Resources are considered too
speculative geologically to have the 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.
4 Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves have
been calculated for the Project. There is no guarantee that any part of the mineral resources discussed herein will be
converted to a mineral reserve in the future.
5 Refer to the “Non-GAAP Financial Measures” section of this news release for more information.
• PEA represents a true base-case scenario at a gold price of US$2,750, silver price of US$35.0, with
a clear path to improving economic performance and mine life extension.
o Optimizing mine scheduling using stockpile management to improve grade in early years of
production.
o Potential for improved processing and metallurgical recoveries through evaluation of a
gravity circuit.
o Potential to increase mine life through additional drilling of mineralized zones both within
and immediately adjacent to the Reasonable Prospects of Eventual Economic Extraction
(“RPEEE”) open pit shell.
• Updated Mineral Resource Estimate for Moss Gold Deposit – improved geological model and
resource confidence
o Indicated Resources of 2.125 Moz Au at 1.03 g/t Au, 3.160 Moz Ag at 1.53 g/t Ag contained
within 64.3 Mt.
o Inferred Resources of 3.910 Moz Au at 0.97 g/t Au, 6.273 Moz Ag at 1.55 g/t Ag contained
within 125.9 Mt.
o 73% increase in Indicated ounces following newly completed structural and lithological
models and 2025 drilling.
o Ten primary shear corridors contain 55% of resource within the Moss Deposit
Gold X2 retained G Mining Services (“ G Mining” or “ GMS”) to complete the PEA and prepare a technical
report in in compliance with the guidelines of National Instrument 43 -101 Standards of Disclosure for
Mineral Projects ("NI 43-101").
The PEA is derived using the Company’s MRE effective as at January 16, 2026. The effective date of the PEA
is January 26, 2026, and a NI 43-101 compliant technical report (the "Technical Report") will be filed on the
Company’s website and under its SEDAR+ profile within 45 days of this news release.
Michael Henrichsen, CEO of Gold X2 commented: “The Moss d eposit MRE and PEA represents a major
milestone for the Company as we have clearly demonstrated the potential for the Moss Deposit to be a top
ten gold producer in Canada1,2. The Project benefits from exceptional infrastructure with the Trans-Canada
highway and high-voltage powerlines within 12 kms of the proposed mine site. The PEA has outlined robust
economics at a gold price of US$2,750, representing a base case scenario that the Company believes can be
improved through potential resource expansion immediately adjacent to the design pit, enhanced
metallurgical recoveries, and optimization of the mine schedule.
The Company has done extensive work internally and with G Mining to ensure a realistic high-quality study
underpinned by solid geological and engineering work. We look forward to advancing the Project towards
a Feasibility Study and the formal permitting process in the second half of 2027.”
PEA Summary
Property Description, Location and Access
Gold X2 Mining’s Moss Gold Project is located approximately 110km west of Thunder Bay, the largest
population centre in Northern Ontario with a population of over 110,000. Moss benefits from well -
established infrastructure, including: (1) Trans-Canada highway connectivity to city of Thunder Bay; (2) low-
cost high-voltage hydroelectric power line capacity within 12km of the Project; (3) deep-water port access
in Thunder Bay; and (4) railway access.
The PEA is based on a conventional open pit mining and milling-flotation-leach operation with a nameplate
processing capacity of 30,000 tonnes per day. The study illustrates average annual payable gold production
of approximately 265,000 ounces and 374,000 ounces of silver, respectively, over an initial 13.2 year mine
life. Table 1 presents the key operating and financial highlights from the PEA, using the base case
assumptions of US$2,750/oz gold, long term consensus gold price forecast of US$3,137/oz, and spot gold
prices of US$4,600/oz.
Source: Broker Consensus Estimates from CIBC Capital Markets on January 7, 2026: Gold US$3,137/oz, Silver
US$37.74/oz USD/CAD $1.35
Table 1: Operating and Financial Summary6
PEA Results Summary Units
Production – Open Pit Mining
Total Waste Rock Tonnes Mined kt 668,255
Total Overburden Tonnes Mined kt 72,208
Total Mineralized Tonnes Mined kt 138,982
Strip Ratio (total waste) W:O 5.3
Total Tonnes Mined kt 879,445
Total Mill Feed Tonnes kt 138,982
Mill Feed Daily Production t/d 30,137
Mill Feed Annual Production Mt/y 11
Mill Head Grade Au g/t 0.88
Mill Head Grade Ag g/t 1.37
Mill Recovery Au % 91.6
Mill Recovery Ag % 82.8
Total Mill Ounces Recovered Au koz 3,589
Total Mill Ounces Recovered Ag koz 5,053
Total Average Annual Production Au koz/y 265
Total Average Annual Production Ag koz/y 374
Operating Costs
Mining Cost CAD/t milled $18.88
Processing Cost CAD/t milled $12.29
G&A Cost CAD/t milled $3.16
Total Site Cost CAD/t milled $34.33
6 Refer to the “Non-GAAP Financial Measures” section of this news release for more information.
Royalty CAD/t milled $0.11
Total Operating Cost CAD/t milled $34.44
Cash Cost CAD/oz $1,339
Cash Cost USD/oz $999
AISC CAD/oz $1,592
AISC USD/oz $1,188
Capital Costs
Initial Capital CAD $2,001M
Sustaining Capital CAD $839M
Closure Costs & Monitoring CAD $49M
Working Capital during construction CAD $26M
Salvage Value CAD $32M
PEA Results Summary Units Base Case Long Term
Consensus Spot Price
General
Gold Price USD/oz $2,750 $3,137 $4,600
Silver Price USD/oz $35.0 $37.7 $90.0
Exchange Rate USD:CAD 1.34 1.35 1.35
Fuel Price CAD/L $1.10 $1.10 $1.10
Mine Life yrs 13.22 13.22 13.22
Financials - Pre-Tax
Free Cash Flow CAD $5,860M $7,849M $15,247M
NPV @ 5% CAD $3,390M $4,731M $9,718M
IRR % 27.5% 35.1% 60.9%
Payback yrs 2.6 1.9 0.9
Financials - Post Tax
Free Cash Flow CAD $4,035M $5,396M $10,466M
NPV @ 5% CAD $2,232M $3,152M $6,578M
IRR % 22.1% 28.1% 48.6%
Payback yrs 3.2 2.5 1.0
Updated Mineral Resource Estimate
Figure 1: Moss Deposit and East Coldstream Deposit MRE (January 2026)
Notes to the Mineral Resource statement:
1. The mineral resources described above have been prepared in accordance with the CIM Standards (Canadian
Institute of Mining, Metallurgy and Petroleum, 2014) and follow Best Practices outlined by the CIM (2019).
2. The Qualified Person , as defined by NI 43 -101, (“QP”) for this MRE for both the Moss Deposit and the East
Coldstream Deposit is Mr. Dominic Lussier, P .Geo., of G Mining Services Inc., who is responsible for the MRE . The
effective date of the MRE is January 16, 2026, and is not aware of any environmental, permitting, legal, title,
taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral
Resource estimate
3. Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves
have been calculated for the Project. There is no guarantee that any part of the mineral resources discussed herein
will be converted to a mineral reserve in the future.
4. The quantity and grade of reported Inferred Mineral Resources are uncertain, and there has not been sufficient
work to define these Mineral Resources as Indicated or Measured. Further work may result in the upgrading of
portions of the Inferred Mineral Resources. There is no certainty that Inferred Mineral Resources will be converted
to Measured or Indicated Mineral Resources.
5. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market, or
other relevant factors.
6. Known underground works at the Moss Deposit have been incorporated into the block model, and zero density has
been assigned to the blocks located within the voids.
7. Tonnage estimates are based on individually measured and calculated bulk densities for geological units ranging
from 2.69 to 2.725 g/cm³. Overburden density is set at 1.8 g/cm³.
8. A total of 122 mineralized zones for the Moss Deposit (used for both Au and Ag estimation) and 12 mineralized
zones for the East Coldstream Deposit were modeled using Leapfrog geo. High -grade capping for gold estimation
of between 15.0 and 55.0 g/t (Moss Deposit) and 12 g/t (East Coldstream Deposit) was applied before compositing.
High grade capping for Ag estimation of 30.0 g/t (Moss Deposit) was applied before compositing.
9. The MRE was completed using Leapfrog Edge with parent block size of 5 m x 5 m x 5 and a 1.25 m x 1.25 m x 1.25
m minimum sub block size for both the Moss Deposit and the East Coldstream Deposit. Interpolation method used
for the Moss Deposit are Ordinary Kriging for the principal shears modeled and ID2 for the secondary shears. East
Coldstream Deposit was interpolated using only Ordinary Kriging. Both estimations are using hard boundary
between modeled domains.
10. Open pit Mineral Resources are reported within an optimized Geovia Whittle pit shell generated at a surface cut -
off of 0.35 g/t Au using a gold price of US$2,200/oz; a USD/CAD exchange rate of 1.33, a mining cost of 3.67/t and
a G&A cost from $2.21/t, processing cost of $12.04/t, pit slope angles of 50° for bedrock and 27° for unconsolidated
material. Mineral Resources are reported at a cut-off grade of 0.35 g/t Au within this pit shell and are reported as
undiluted and in situ.
11. Tonnage has been expressed in the metric system, and gold metal content has been expressed in troy ounces.
12. The tonnages have been rounded to the nearest 1,000 tonne, and the metal content has been rounded to the
nearest 1,000 ounce. Totals may not sum due to rounding.
The MRE has focused on the open pit mineralization at the main deposits, being the Moss Deposit and the
East Coldstream Deposit, and excludes any underground resources , as well as the Span Lake satellite
deposit.
Structural domain modelling and grade interpolation utilises 357 historical diamond drill holes (105,445m)
and 210 Gold X2 diamond drill holes (94 ,094m) at Moss, and 132 historical diamond drill holes (29 ,841m)
and 15 Gold X2 diamond drill holes (7 ,479m) at East Coldstream Deposit. Both models use a parent block
size of 5 x 5 x 5m – the selective mining unit (SMU) – to focus the construction of the resource on mineable
block sizes. This is sub-celled to 1.25 x 1.25 x 1.25m to improve volumetric precision.
Both models are based on an updated, robust structural model that utilises oriented drill core
measurements from Gold X2’s drilling. Along with increased drill density a t Moss, this has resulted in
improved grade continuity and geostatistical metrics that have resulted in a 73% increase in the ounces
reported in the Indicated category.
Resource categories uses an average 3DDH isotropic search of <45 meters for Indicated, which is manually
edited to remove isolated pods, and an average 3DDH isotropic search of <90 meters for Inferred.
The Moss D eposit has sufficient silver mineralization for an estimate of silver to be included in the MRE.
Silver concentrations are lower at East Coldstream and have not been modelled.
The PEA is based exclusively on the Mineral Resource defined at the Moss Deposit. The resource model has
been regularised to the 5 x 5 x 5m SMU and a 1m dilution skin to contact blocks to account for mining
dilution.
The PEA is preliminary in nature and includes Inferred Mineral Resources. Inferred Mineral Resources are
considered too speculative geologically to have the 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.
Production Profile
The PEA outlines an average annual production profile of approximately 265,000 ounces of gold and
374,000 ounces of silver respectively over an initial 13.2 year mine life. Total gold production is estimated
to be 3.6 million ounces with an average milled grade of 0.88 g/t Au, and a total of 4.5 million ounces of
silver at an average milled grade of 1.37 g/t Ag.
Figure 2: Illustrates the Gold Equivalent ounce production profile over the LOM based on payable Gold and Silver calculated u sing US$2,750/oz Au and US$35.00/oz Ag.
Mining
The mine plan is based on conventional open pit truck-and-shovel methods with a mill processing capacity
of approximately 30,000 tpd over the 13.2 LOM. The pit optimization study used a gold price of
US$2,000/oz. The optimal pit shell was selected on the basis of maximum NPV and correspond ed to a
revenue factor of 0.81. This pit shell contains approximately 138,982 kt of mill feed at 0.88 g/t, 668,255 kt
of waste, and 72,208 kt of overburden resulting in a strip ratio of 5.3:1. The open pit operation is planned
to be executed over 3 phases, including 20 months of pre-production mining and 6 months of ramp up
processing, with an owner operated mining fleet.
Processing and Recovery
The PEA envisions a 30,000 tonne-per-day processing facility based on a standard metallurgical flowsheet,
consisting of grinding to p80 =55 microns, rougher flotation, regrind of concentrate to p80 =15 microns,
carbon-in-leach (CIL) of flotation tailings and concentrate, and adsorption to produce gold doré. CIL tailings
will be treated in a cyanide destruction circuit and pumped to a traditional tailings storage facility.
Metallurgical testing indicates clean, non -refractory gold mineralization with an average gold recovery of
91.7% for gold and 82.8% for silver for the PEA. Figure 3 illustrates the processing flow sheet for the Moss
Deposit.