Goldshore Announces Name Change to Gold X2 Mining, Appointment of Tom Obradovich to the Board of Directors, Corporate Update and Management Transition
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Goldshore Announces Name Change to Gold X2 Mining, Appointment of Tom
Obradovich to the Board of Directors, Corporate Update and Management
Transition
• Rebranded from Goldshore Resources, Gold X2 Mining continues to prioritize the holistic
de-risking of the Moss Gold Project through permitting, technical studies and community
engagement, to effectively advance Moss to a construction decision and its vision of
building a top-10 producing gold mine in Canada.
• Seasoned Mining Executive Tom Obradovich Joins Board of Directors, bringing 42 years
of industry expertise with a storied track record of value creation – notably as a founding
member of Aurelian Resources which discovered the Fruta Del Norte gold deposit in
Ecuador, and through the resource development and ultimate sale of the Young-Davidson
mine in Ontario to Northgate Minerals.
• Release of the Preliminary Economic Assessment (PEA) in conjunction with an u pdated
Mineral Resource Estimate (MRE) is scheduled for Q4 and will incorporate over 21,000
meters of new drilling data, highlighting multiple extensions to the resource , and over
15,000 meters of re-assayed historical core with the goal of increasing life of mine grades.
• Gold X2 remains well funded to execute on its corporate objectives through Q1 2026 ,
supporting a 50,000-meter drill program set for completion in Q1 2026.
VANCOUVER, B.C., September 2, 2025: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Gold X2” or the “Company”), is pleased to announce that the Company
has changed its name from " Goldshore Resources Inc. " to " Gold X2 Mining Inc. " (the " Name
Change"). The Name Change was approved by the Company's Board of Directors on August 26,
2025. The Company’s common shares will commence trading under its new name and ticker
symbol “[AUXX]” on the TSX Venture Exchange at market open on September 4, 2025.
In connection with the name change, the following new CUSIP (38076G103) and ISIN
(CA38076G1037) numbers have been assigned to the common shares of the Company. No
action is required to be taken by shareholders with respect to the name change. Outstanding
common share and warrant certificates bearing the old name of the Company are still valid and
are not affected by the name and ticker symbol change.
Appointment of Tom Obradovich to Board of Directors
The Company is also pleased to announce the appointment of Tom Obradovich to its Board of
Directors, effective September 2, 2025.
Mr. Obradovich is a graduate of the Haileybury School of Mines in Mining Technology and
Advanced Field Geophysics and brings over forty -two years of diverse expertise in mining
exploration, development and financing . His professional achievements include co -founding
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Canadian Royalties Inc., which successfully discovered and developed the Raglan South Nickel
Belt. Mr. Obradovich also spearheaded the acquisition of most of the Matachewan Gold Camp in
Ontario and following a strategic reverse takeover of Young -Davidson Mines , successfully
upgraded and doubled the resource. The Young-Davidson project was subsequently acquired by
Northgate Minerals in 2005 and has since become one of Canada's largest underground gold
mines, currently producing over 200,000 ounces of gold per year under the ownership of Alamos
Gold Inc.
One of Mr. Obradovich's most notable achievements was his role as a founding member of
Aurelian Resources Inc., which discovered the Fruta Del Norte gold deposit in Ecuador. Following
its acquisition by Kinross, the project was brought into production by Lundin Gold, earning its
place as one of the world's lowest-cost gold producers.
Equity Grant to Director
The Company also announces that in connection with his appointment as Director, Mr. Tom
Obradovich has been granted 325,000 incentive stock options (“Options”) and 275,000 restricted
share units (“RSUs”), pursuant to the Company’s omnibus incentive plan. T he Options are
exercisable at the grant date share price for a period of five (5) years and vest as follows: 1/3 on
March 2, 2026, 1/3 on March 2, 2027 and 1/3 on March 2, 2028. The RSUs become fully vested
on September 2, 2026.
CFO Transition
The Company also announces that Erica Borgstrom will be stepping down as Chief Financial
Officer, effective as of September 30, 2025. The Company thanks her for her hard work and
professionalism and wishes her every success in her future endeavors. Following Ms. Borgstrom's
departure, Juciane Gomes Goncalves will assume the role of Interim Chief Financial Officer. Ms.
Goncalves brings over 20 years of experience in finance and financial management, and is a
seasoned professional with a strong track record. Currently, an employee of Fehr & Associates,
the Company's provider of accounting and financial reporting services, Ms. Goncalves is well -
positioned to ensure a seamless transition and continue to drive the Company's financial
strategy forward.
Michael Henrichsen, CEO of Gold X2, commented, "Goldshore Resources' rebranding to Gold
X2 Mining marks a pivotal moment in our evolution, as we prepare to release an updated Mineral
Resource Estimate (MRE) and Preliminary Economic Assessment (PEA), and advance the Moss
Gold Project into its next phase of development. As we embark on th is new chapter, we're
sharpening our focus on holistic de -risking, driving value creation, and positioning Gold X2 for
long-term success. We're also delighted to welcome Tom Obradovich to our board, whose 42
years of mining expertise, experience working on iconic gold mines, and vast industry network
will undoubtedly move Gold X2 forward."
Corporate Update
• Economic Study and Advanced Technical Work: The Company is working closely with G
Mining Services to publish a Preliminary Economic Assessment (PEA) in late Q4, which
will feature an updated Mineral Resource Estimate (MRE) incorporating 21,329 meters of
new drilling data and 15,972 meters of re-assayed historical drill core
• Environmental & Permitting Work: Our consultants are pro gressing environmental base
line studies on schedule, including the initial sampling of aquatic species across thirty sites
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in the Wawiag and neighbouring catchments, the initial analyses to evaluate waste rock
geochemistry, and stage 2 archaeological field studies with the assistance of local
community members. Additionally, the Company has been expanding access to allow the
drilling of the remaining nested water well pairs in the vicinity of the potential tailings
management facility.
• Resource Expansion and Growth: With the aim of resource expansion the Company has
commenced 29,000 meters of drilling in the “Moss Block”, an area approximately 8 km x
6 km that is centred on the Moss Gold deposit containing 91% of the current Mineral
Resource ounces of the project . Management believes that t his ongoing drilling will
ultimately help continue growing the project ounces and protect performance as the
Company shifts focus from PEA to PFS.
In addition, the Company is pleased to have completed the repurchase of a 1% NSR from
Wesdome Gold Mines, thereby reducing future project obligations and enhancing the Moss Gold
Project’s long-term economics by preserving future cash flow. Furthermore, Gold X2 Mining is
actively working towards meeting the requirements for a potential listing on a major US exchange,
targeting the second half of 2026 to satisfy requirements and list securities in the United States.
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
resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. 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 report 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.goldshoreresources.com)
For More Information – Please Contact:
Michael Henrichsen
President, Chief Executive Officer and Director
Gold X2 Mining Inc.
W: www.goldshoreresources.com
T: 1-604-404-4335
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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 the Company’s
plans to advance and de -risk the Moss Gold Project through permitting, technical studies,
community engagement, environmental baseline studies, archaeological field studies, and
infrastructure access improvements, with the objective of advancing the project toward a future
construction decision; the Company’s vision of developing the Moss Gold Project into a top -10
producing gold mine in Canada; the expected timing, scope, and outcomes of the Preliminary
Economic Assessment and updated Mineral Resource Estimate anticipated in Q4, including the
incorporation of new drilling data and re -assayed historical core, and management’s belief that
these studies may increase grades and extend mine life; the anticipated continuation and results
of ongoing drilling programs, including 29,000 metres at the “Moss Block,” with the stated
objective of expanding resources, increasing ounces, and supporting progression from PEA to
PFS; the Company’s belief that it is well funded to execute its corporate objectives through Q1
2026, including a 50,000-metre drill program scheduled for completion in Q1 2026; management’s
expectations regarding the seamless transition of financial leadership from the current CFO to the
Interim CFO, and the belief that the Interim CFO will drive the Company’s financial strategy
forward; the expected contributions of newly appointed director Tom Obradovich to advancing the
Company’s strategic objectives; the anticipated benefits of the repurchase of a 1% NSR royalty,
including the potential for non -dilutive financing; and the Company’s goal of meeting the
requirements for, and securing, a potential listing on a major U.S. exchange in the second half of
2026.
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: the
Company’s ability to advance the Moss Gold Project through permitting, technical studies, and
community engagement may not occur on the anticipated timeline or at all ; the results of
exploration, drilling programs, the updated Mineral Resource Estimate, the Preliminary Economic
Assessment, or any future prefeasibility/feasibility studies may not be consistent with
management’s expectations ; the timing and success of permitting processes, including
environmental baseline studies, archaeological studies, and community engagement initiatives,
may be delayed or unsuccessful; commodity price volatility, particularly the market price of gold,
may impact the economic viability of the Moss Gold Project; uncertainties relating to potential U.S.
listing, including satisfaction of listing requirements and timing thereof; Mr. Obradovich's director
term may be terminated early or unexpectedly and may not result in the benefits anticipated; the
Company may fail to recruit a permanent CFO to replace the incoming interim CFO; the NSR
repurchase may not result in the benefits anticipated; uncertainty and variation in the estimation
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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 terms and conditions acceptable; the
economic performance of the deposit may not be consistent with management’s expectations;
the Company’s PEA may not deliver the results expected; the fluctuating price of gold; unknown
liabilities 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 re lated 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 and other commodities will remain at levels that support the
advancement of the Moss Gold Project ; anticipated costs and the Company’s ability to fund its
programs; the Company’s ability to carry on exploration, development and mining activities;
exploration, drilling, technical studies, and permitting activities will proceed on the expected
timelines and yield results consistent with management’s expectations; prices for energy inputs,
labour, materials, supplies and services; Mr. Obradovich's appointment will provide the Company
with the expected benefits and his term will not be terminated unexpectedly; that the Company
will complete the PEA within the timeframe expected and that it will include the data and results
currently expected by management; that the Company will be successful in developing a top-10
producing gold mine in Canada; with 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 Company will be able to retain and attract key personnel, including the successful
transition of the Chief Financial Officer role; the costs of operating and exploration expenditures;
the Company’s ability to operate in a safe, efficient, and effective manner; the Company will derive
the expected benefits from the NSR repurchase; 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; the Company will meet all listing requirements in order to secure a
listing on a major U.S. exchange and within the timeframe 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
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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.