Minnova Corp. PL Gold Mine Re-Start Plan, In-Fill Drill Program Update, and Option Grant
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
Minnova Corp. PL Gold Mine Re-Start Plan, In-Fill Drill Program Update, and
Option Grant
October 21 , 2025, Toronto, O ntario – Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF)
("Minnova" or the "Company") is pleased to provide and update on current PL Gold Mine restart
plan and a path to near term gold production.
PL Gold Mine Restart Plan Update
A&B Global Mining (“ABGM”) have completed an internal mine development concept study to
restart the PL Gold Mine as an open pit mining operation before transitioning to underground
mining operations. Given the rapid advancement of their mine development plan the Company
has determined it is appropriate to complete a Preliminary Economic Assessment (“PEA”) as an
interim study as we advance toward a full Feasibility Study. The PEA will be based on an updated
Mineral Resource Estimate (”MRE”) and is expected to be completed by the end of Q1 2026. This
work will be followed by a second MRE update and Feasibility Study to be completed by the end
of Q3 2026.
The existing MRE ( dated November 1, 2017 ) estimated Measured and Indicated mineral
resources of 282,500 ounces of gold in 1,481,000 tonnes grading 5.93 g/t gold and Inferred
mineral resources of 301,700 ounces of gold in 1,846,000 tonnes grading 5.08 g/t gold based on
a gold price of US$1,250 per ounce. The first MRE update will include all historical drilling on the
property including current drill program results up to the end of November (approximately 4,000
meters). The second MRE will include all historical drilling on the property including current drill
program results up to the end of April 2026 (approximately 15,000 meters) . Current MRE and
Mineral Reserves disclosure can be found at t his link Minnova Corp. Announces Positive
Feasibility Study for the PL Gold Mine.
The PEA will evaluate the restart of mining operations by open pit mining methods at a run -of-
mine (“ROM”) throughput rate of 1,000 tonnes per day ( “tpd”) to match the nameplat e process
plant capacity.
The PEA and first MRE will use a base case gold price of US$2,500 per ounce versus U$1,250
per ounce used on previous studies.
Gorden Glenn, President and CEO commented “ We are very encouraged by ABGM’s mine
development plan, noting that it emphasises cost -effective open pit mining for restarting the PL
Gold Mine before moving on to underground operations . The current infill drill program is well
underway with encouraging results, including identification of visible gold (‘VG”) in drill core at
target depths. The completion of a PEA in the first quarter of 2026 is an important milestone to
initiate discussions with lenders and mining contractors as we advance to the Feasibility Study”.
AECOM Engaged to Advise on Environmental Compliance and Permitting
The Company is pleased to announce it has engaged AECOM to support the Company's
environmental compliance obligations and various work permit and regulatory filings. AECOM has
conducted several water and environmental studies for the PL Gold Mine, addressing both current
permits and proposed permit amendments. The Company has existing water and mining permits
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
in place and will file permit amendments, where required, to reflect the new open pit development
plan being developed by ABGM.
Drilling Program Update
Minnova personnel and drill crews were mobilized to the PL Mine Site in early September to
initiate a Phase 1, 1,500 meter drill program in preparation for a 8,500 meter Phase 2 infill and
resource expansion drill program. Based on positive results we expanded the Phase 2 program
to 15,000 meters to achieve sub-25m meter spacing on mineralized structures.
Updates about the drill program will be shared as results are recieved. The drill program has two
objectives:
• Resource delineation drilling within the current preliminary pit shell.
• Resource expansion drilling to test extensions of existing open pit and underground
resources and test expansion potential of the Nokomis satellite deposit.
Drill results, together with other technical programs, will deliver critical technical data to update
the first and second MRE’s, validate mining methods, inform development decisions, and unlock
additional exploration opportunities at the PL Gold Mine.
QA/QC
All samples are sawn and separated with one half being returned to the core box for reference
and the other being bagged in a plastic sample bag which is labeled, tagged, documented and
sealed. All core samples are placed in labelled rice sacks and sealed with a security zip- tie.
Samples are delivered to SRC labs in Saskatoon, Saskatchewan. Receipt of the samples are
signed off at the preparation lab and was tracked by the Company. Pulps of each sample are
prepared and followed by fire assay and gravimetric analysis, if required. The QA/QC program
includes the regular insertion by the Company of duplicates, blanks and standards . Sample
lengths may vary according to geology and mineralization with quartz veins regularly sampled.
Option Grant
Pursuant to the Company's LTIP the Company announces that its board of directors has approved
an option grant of 2,500,000 options to purchase common shares of the Company exercisable at
a price of $0. 30 per common share for a period of 5 years, to certain directors, officers,
employees, and consultants. The common shares issuable upon exercise of the options are
subject to a four month hold period from the original date of grant. These stock options vest
immediately.
Qualified Person
Chris Buchanan, MSc, PGeo, is an independent consultant of the company and a qualified person
under National Instrument 43 -101, has reviewed and approved the scientific and technical
information in this news release.
About Minnova Corp.
Minnova Corp. is focused on the restart of its PL Gold Mine, which included completion of a
Positive Feasibility Study in 2018, based on a gold price of US$1,250 per ounce. The study
concluded the restart of the PL Mine, at an average annual production rate of 46,493 ounces over
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 217 Queen Street W., Suite 401
www.minnovacorp.ca Toronto, Ontario M5V 0R2
a minimum 5 -year mine life, was economically robust. Importantly the global resource remains
open to expansion, as does the reserve. The PL Gold Mine benefits from a short pre- production
timeline forecast at 15 months a valid underground mining permit (Environment Act 1207E), and
a 1,000 tpd processing plant. The project is fully road accessible and close to existing mining
infrastructure in the prolific Flin Flon Greenstone Belt of Central Manitoba.
About AECOM
AECOM is a leading global infrastructure consulting firm providing advisory, planning, design,
engineering, and program and construction management services across the transportation,
buildings, water, new energy, and environment sectors. AECOM’s global network of nearly 51,000
employees delivers projects in over 150 countries and is unified by common goals and values —
delivering unrivalled expertise, protecting people and the environment, and making the world a
better place. AECOM has been named one of the World’s Most Admired Companies by Fortune
magazine for a tenth consecutive year.
AECOM Canada ULC is a proud Canadian business that strongly supports Canadian interests
across the country and abroad. AECOM’s legacy in Canada spans over 114 years, driven by an
unwavering commitment to shaping the nation’s infrastructure and continually adapting to meet
Canada’s evolving needs. AECOM Canada ULC has 28 offices across Canada and employs
approximately 3,400 skilled professionals.
More information about AECOM can be found at aecom.ca
For more information please contact:
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
For further information, please contact Investor Relations: [email protected]
Visit our website at www.minnovacorp.ca
Forward Looking Statements
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Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward
looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”,
“estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or
conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions
and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ materially from those projected in the forward-looking information.
For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the
Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking
information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is
cautioned not to place undue reliance on forward-looking information.
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