Gold X2 Provides an Update to the Environmental Baseline Studies at the Moss Gold Project and Issues Equity Grant
Gold X2 Provides an Update to the Environmental Baseline Studies at the Moss
Gold Project and Issues Equity Grant
VANCOUVER, B.C., November 07, 2025: Gold X2 Mining Inc. (TSXV: AUXX / OTCQB: GSHRF
/ FWB: DF8) (“Gold X2” or the “ Company”) is pleased to announce a significant update to the
environmental baseline work which began in 2021 at the Moss Gold Project in Northwest Ontario,
Canada (the “Moss Gold Project”). The assessment has grown in scope through 2025 keeping
pace with the Company’s development plans. The key strategy employed by Gold X2 and led by
CSL Environmental & Geotechnical Ltd. ( “CSL”) focuses on de -risking the project from an
environmental permitting perspective, while simultaneously expanding the various components
of the program to ensure all permitting milestones are achieved.
Key accomplishments have included advancing long-term water quantity and quality studies and
expanding the overall environmental baseline with the addition of several studies required for the
project's review by the Canadian Federal Impact Assessment Agency, including:
Stage 2 Archaeological Assessment: Stage 2 Archaeological Study was performed during the
2025 field season. To date nothing of archaeological significance has been discovered. Gold X2
and the archaeological team are proposing to continue this work in 2026 to incorporate
information shared by Indigenous Communities.
Waste Geochemical Assessment: In 2025, a sampling program was initiated to characterize
waste rock material and assess the metal leaching and acid rock drainage risk. Geochemical
analysis is ongoing and will continue into 2026, covering both waste rock and tailings material.
Results to date suggest most of the waste material is non-acid generating with insignificant metal
leaching.
Enhanced Fisheries Assessment : In 2025, aquatic field programs were conducted to
characterize baseline conditions in lakes and streams potentially influenced by the proposed
mine, as well as nearby upstream systems that may serve as future reference sites. Building on
this progress, further fisheries assessment work will resume in the spring of 2026 with enhanced
studies focusing on suitable habitat lakes.
Advanced Hydrogeological Field Assessment: In 2025, two key hydrogeological milestones
were achieved: the completion of a deep bedrock packer hole assessment and the installation of
a baseline monitoring well network. The 2026 field and technical programs planned are designed
with de-risking and characterization in mind and have been developed at an EA level.
Geophysical Assessment : In 2025, the Company conducted a seismic survey to map the
overburden and develop a bedrock surface model in conjunction with existing drill hole data .
Additional seismic work is planned for the tailings management facility area to inform
hydrogeology, geotechnical and mining studies.
Advanced Hydrological Assessment: In 2025, the hydrological study expanded, adding fifteen
additional hydrometric stations for a total of 25 data points covering the entire project area. In
2026, work will include detailed modelling to assess inundation and stream augmentation studies,
and the development of a baseline hydrological report.
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Geospatial Data Acquisition : During the fall of 2025, Gold X2 commissioned an aerial lidar
survey covering over 80 km2, providing the team with an ortho-imagery file and details elevation
data with 40 points per square metre. This information will be used to calibrate both hydrological
and bedrock models through the course of 2026. It will also facilitate detailed engineering studies
in 2027-28.
Enhanced Terrestrial Biological Assessment: Terrestrial assessment work has been ongoing
since 2021, focusing on Species at Risk (SAR) and other biological components. Studies
conducted between 2022 -2025 include ecosystem mapping, wetland evaluation, wildlife, bird,
mammal, reptile, and amphibian assessments . To date, Gold X2 has not been informed of any
significant SAR unique to the project area. This work will continue in 2026, culminating in a final
baseline terrestrial biology report.
Looking ahead to 2026, the Company will focus on completing the above ongoing studies while
initiating additional studies in parallel, including:
Air Assessment: Ambient air quality monitoring of contaminants expected to be emitted from the
proposed project is to be conducted in 2026
Noise Assessment : The Environmental Noise and Vibration Assessment and Acoustic
Assessment Report work will commence in 2025, with a 2026 study consisting of a 3 -phase
approach: assessing baseline conditions, reviewing proposed facility operations, and evaluating
predicted site-wide noise and vibration impacts from equipment, haulage, and truck routes.
Socio-economic Evaluation : The project team will assess the socio -economic setting,
examining cultural, social, and economic environments, and in 2026, will work with Indigenous
Communities to develop strategies that enable their meaningful contribution and self -
determination in the project's impact assessment.
Mine Closure Planning: Planning will begin with developing conceptual site closure options for
discussion with local and Indigenous Communities, aiming to develop a preferred mine closure
plan.
Michael Henrichsen, CEO of Gold X2, commented: "Our baseline studies are crucial in informing
our decision-making and enabling us to minimize environmental impacts throughout the project's
lifecycle. We're on track to complete these studies by the end of 2026, which will position Gold
X2 to enter the f ormal permitting process alongside a feasibility study in 2027. This work is
foundational to our project's success, and we're committed to conducting it thoroughly and
responsibly. By engaging with Indigenous Communities and incorporating their insights, we're
building a project that not only meets regulatory requirements but also aligns with the needs and
values of the communities we're working with. We're excited to take the next steps in advancing
our project and look forward to continued collaboration with all stakeholders involved."
Chris Perusse, President of CSL , had the following statement: “The efforts to date are a strong
indicator of project value and commitment to ensuring a full understanding of the environmental
baseline setting. Gold X2 demonstrates that cultural values and historical land use are an
important value set and continue to keep Indigenous Communities informed throughout the
process. The approach employed by CS L, supported by Gold X2 , has been designed and
implemented such that Indigenous Communities engagement helps drive baseline data
acquisition and inform key decision makers.
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“Overall, the project is progressing toward submission of both Provincial and Federal
Environmental Assessment during Q3 2027. This will begin the process with various government
agencies leading to project approval.”
Equity Grant to Management, Directors and Consultants
The Company further announces that the board of directors of the Company has approved the
grant of 11,770,000 incentive stock options (the "Options") and 3,870,000 restricted share units
pursuant to the Company's Omnibus Incentive Plan, to officers, directors and consultants of the
Company. The Options are exercisable at $0.51 per share for a period of five (5) years and vest
as follows: 1/3 on May 06, 2026, 1/3 on May 06, 2027, and 1/3 on May 06, 2028. The RSU's vest
12 months from the date of grant on November 06, 2026.
Qualified Person
Chris Perusse, P.Geo., President/Sr. Geoscientist of CSL, and a qualified person under National
Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the scientific and
technical information contained in this news release.
Mr. Perusse has verified the data disclosed. To verify the information related to the various
environmental baseline programs at the Moss Gold Project, Mr. Perusse has visited the property
several times; discussed and reviewed results and strategy with responsible project team
members; discussed and reviewed analytical results and QA/QC results with responsible
personnel; and reviewed supporting documentation.
Peter Flindell, PGeo, MAusIMM, MAIG, Vice -President, Exploration, of the Company, and a
qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects,
has approved the scientific and technical information contained in this news release.
Mr. Flindell has verified the data disclosed. To verify the information related to the winter drill
program at the Moss Gold Project, Mr. Flindell has visited the property several times; discussed
and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with
responsible site staff; discussed and reviewed assay and QA/QC results with responsible
personnel; and reviewed supporting documentation, including drill hole location and orientation
and significant assay interval calculations. He has also overseen the Company’s health and safety
policies in the field to ensure full compliance, and consulted with the Project’s host indigenous
communities on the planning and implementation of the drill program, particularly with respect to
its impact on the environment and the Company’s remediation protocols.
About Gold X2 Mining
Gold X2 is a growth -oriented gold company focused on delivering long -term shareholder and
stakeholder value through the acquisition and advancement of primary gold assets in tier -one
jurisdictions. It is led by the ex -global head of structural geology for the world’s largest gold
company and backed by one of Canada’s pre -eminent private equity firms. The Company’s
current focus is the advanced stage 100% owned Moss Gold Project which is positioned in
Ontario, Canada, with direct access from the Trans -Canada Highway, hydroelectric power near
site, supportive local communities and skilled workforce. The Company has invested over $75
million of new capital and completed approximately 100,000 meters of drilling on the Moss Gold
Project, which, in aggregate, has had over 255,000 meters of drilling. The 2024 updated NI 43 -
101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold
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resources at 1.23 g/t Au, contained within 38.96 million tonnes and 5.20 million ounces of Inferred
gold resources at 1.11 g/t Au, contained within 146.24 million tonnes. The MRE only
encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and
along strike and is one of the few remaining major Canadian gold deposits positioned for
development in this cycle. Please see NI 43 -101 technical re port titled: “Technical Report and
Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada,” dated March
20, 2024 with an effective date of January 31, 2024 available under the Company’s SEDAR+
profile at www.sedarplus.ca. For more information, please visit SEDAR+ (www.sedarplus.ca) and
the Company’s website (www.goldx2.com)
For More Information – Please Contact:
Michael Henrichsen
President, Chief Executive Officer and Director
Gold X2 Mining Inc.
W: www.goldx2.com
T: 1-604-404-4335
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of
the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that constitute “forward -looking statements.” Such
forward-looking statements involve known and unknown risks, uncertainties and other factors that
may cause the Company’s actual results, performance or achievements, or developments to differ
materially from the anticipated results, performance or achievements expressed or implied by
such forward -looking statements. Forward -looking statements are statements that are not
historical facts and are generally, but not always, identified by the words “expects,” “plans,”
“anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or
that event s or conditions “will,” “would,” “may,” “could” or “should” occur. Forward -looking
statements in this news release include, among others, statements relating to expectations
regarding the exploration and development of the Moss Gold Project; the potential mineralization
at the Moss Gold Project based on the winter drill program, including the potential for additional
mineral resources; the enhancement of the Moss Gold Project; statements regarding the
Company’s future drill plans, including the expected benefits and results thereof; the potential for
resource growth at Moss and the fact that the results have the potential to significantly impact the
economic performance of the deposit moving forward; the potential for a much larger mineralized
system and that it will be pursued in the near future through additional drilling; and other
statements that are not historical facts.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or achievements, or other future
events, to be materially different from any future results, performance or achievements expressed
or implied by such forward -looking statements. Such factors and risks include, among others:
uncertainty and variation in the estimation of mineral resources; risks related to exploration,
development, and operation activities; exploration and development of the Moss Gold Project will
not be undertaken as anticipated; the Company may require additional financing from time to time
in order to continue its operations which may not be available when needed or on acceptable
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terms and conditions acceptable; the economic performance of the deposit may not be consistent
with management’s expectations; the Company’s exploration work may not deliver the results
expected; the fluctuating price of gold; unknown l iabilities in connection with acquisitions ;
compliance with extensive government regulation; delays in obtaining or failure to obtain
governmental permits, or non -compliance with permits; environmental and other regulatory
requirements; domestic and foreign laws and regulations could adversely affect the Company’s
business and results of operations; risks related to natural disasters, terrorist acts, health crises,
and other disruptions and dislocations; global financial conditions; uninsured risks; climate change
risks; competition from other companies and individuals; conflicts of interest; risks related to
compliance with anti -corruption laws; the Company’s limited operating history; intervention by
non-governmental organizations; outside contractor risks; the stock markets have experienced
volatility that often has been unrelated to the performance of companies and these fluctuations
may adversely affect the price of the Company’s securities, regardless of its operating
performance; and other risks associated with executing the Company’s objectives and strategies
as well as those risk factors discussed in the Company’s continuous disclosure documents filed
under the Company’s SEDAR+ profile at www.sedarplus.ca.
The forward -looking information in this news release is based on management’s reasonable
expectations and assumptions as of the date of this news release. Certain material assumptions
regarding such forward-looking statements were made, including without limitation, assumptions
regarding: the future price of gold; anticipated costs and the Company’s ability to fund its
programs; the Company’s ability to carry on exploration, development and mining activities; prices
for energy inputs, lab our, materials, supplies and services; the timing and results of drilling
programs; mineral resource estimates and the assumptions on which they are based; the
discovery of mineral resources and mineral reserves on the Company’s mineral properties; the
timely receipt of required approvals and permits ; the costs of operating and exploration
expenditures; the Company’s ability to operate in a safe, efficient, and effective manner; the
Company’s ability to obtain financing as and when required and on reasonable terms; that the
Company’s activities will be in accordance with the Company’s public statements and stated
goals; that the Company’s exploration work will deliver the results expected; and that there will be
no material adverse change or disruptions affecting the Company or its properties.
The forward-looking information contained in this news release represents the expectations of the
Company as of the date of this news release and, accordingly, is subject to change after such
date. There can be no assurances that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such statements.
Readers should not place undue importance on forward -looking information and should not rely
upon this information as of any other date. The Company undertakes no obligation to update
these forward-looking statements in the event that management’s beliefs, estimates or opinions,
or other factors, should change.