Sixty North GOLD Announces Project Financing to Restart Operations at the High-Grade MON GOLD MINE
SIXTY NORTH GOLD ANNOUNCES PROJECT FINANCING TO RESTART
OPERATIONS AT THE HIGH-GRADE MON GOLD MINE
VANCOUVER, British Columbia -- (Newsfile Corp. – November 18, 2025) Sixty North
Gold Mining Ltd. (CSE: SXTY, FKT: 2F40, OTC-Pink: SXNTF) (the “Company” or “Sixty
North Gold”) is pleased to report that on November 17, 2025 it signed a binding
commitment letter from Vesta Wealth Partners Ltd. (“Vesta”), an independent investment
firm, on behalf of certain accounts and funds managed by it as investment advisor or
investment manager, to provide the Company with a $3,600,000 term loan (the “Loan”)
to fund development to production of its wholly-owned flagship Mon Gold Mine. Vesta
operates at arm’s length to the Company. The Mon Gold Mine is located 45 km north of
Yellowknife, NWT and will be the only operating gold mine in the Northwest Territories
and except for the Mon Mine’s initial development in the 1990’s, it the first mine to be
started in the Yellowknife Gold Belt since the Discovery Mine started operations in 1948.
Dave Webb, President and CEO reports “It is exciting to be able to bring mining back to
Yellowknife. This high-grade camp hosts the past-producing Con Mine, Giant Mine, and
Discovery mines that produced 14 million ounces of gold at grades greater than 16 gpt,
as well as the Mon Gold Mine that produced at 30 gpt gold in the 1990’s (see Technical
Report, August 3, 2023).”
Jared Wolk, Chief Investment Officer of Vesta, commented on the transaction: “We at
Vesta Wealth Partners are incredibly excited to be involved in a project of this
significance. The Mon Gold Mine represents a unique opportunity to restart production in
a historic and proven high-grade gold camp. Our financing commitment reflects our
confidence in the operational plan, the quality of the Mon Gold asset, and the vision of
Dr. Webb and the Sixty North Gold team to bring the Yellowknife Gold Belt back to active
production.”
Subject to the negotiation of definitive agreements and approval of the Canadian
Securities Exchange, Vesta will provide the Loan in three scheduled payments totaling
$3,600,000, repayable within 36 months of closing. No finder’s fees were paid or are
payable on the Loan agreement. Sixty North Gold has agreed to the following terms:
● paying 12% interest per annum on any outstanding principal, with no principal
payments required until December 2026;
● issuing Vesta 6,650,000 share purchase warrants, exercisable at $0.14 per
warrant for a period of three years following issuance;
● providing a 2.5% net smelter return royalty on activities at the Mon Gold Mine for
a minimum of four years, which is subject thereafter to a buyback for a repurchase
price of up to $5,000,000;
● Sixty North Gold will provide a first ranking senior security interest over the Mon
Gold Mine; and
● appointing two qualified nominees from Vesta to its board of directors during the
Loan term.
Dr. Webb further adds “Development of the Mon Gold Mine mirrors the development of
the Con Mine that started at 100 tpd in 1936, the Discovery Mine that started at 100 tpd
in 1948, and the Giant Mine that started at 235 tpd in 1948. These high-grade nuggety
mines are difficult to assess by drilling. Initial production at the Con Mine exceeded the
drill hole results used to define the stopes by over 400% (Gold in the Yellowknife
Greenstone Belt, Northwest Territories: Results of the EXTECH III Multidisciplinary
Research Project, 2006). Drilling to define the structure and then mining to evaluate the
grade of mineralization has been the principal method to develop gold mines in the
Yellowknife Belt.”
About the Company
Sixty North Gold is developing mining operations for gold on its 100-per-cent-owned Mon
Gold Project. Mining in the 1990’s extracted 15,000 tonnes of ore to depths of only 15
metres below surface, recovering an estimated 15,000 ounces of gold in the 1990s
(Company Technical Report NI 43 -101, August 3, 2023 on SEDAR or
https://sixtynorthgold.com/projects/technical-report/. The North Ramp has been reopened
and has been extended to intersect the vein 17 m below the historic stopes. The company
plans to develop stopes in the East Limb, West Limb and DD Zone to extract and to feed
its 100 tpd gravity-flotation mill.
Additional gold, silver and base metal targets occur on the property and will be explored
and developed as warranted.
The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better
(Discovery Mine with one million ounces of gold produced, and Sixty North Gold’s Mon
Mine), and two that averaged 15 gpt or better for a total production of over 14 million
ounces of gold (Con Mine and Giant Mine); (ref. Company Technical Report NI 43-101,
August 3, 2023).
The technical content of this release has been reviewed and approved by Dr. D.R.
Webb, P.Geol, President and CEO of Sixty North Gold Mines Ltd.
For more information, please refer to the Company’s public filings available on SEDAR
(www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dave Webb”
Dave Webb, President & CEO
For further information, please contact:
Dave Webb
Tel.: 604 818-1400
Email: [email protected]
Website: www.sixtynorthgold.com
Statements about the Company's future expectations and all other statements in this
press release other than historical facts are "forward looking statements". Such forward-
looking statements are based on numerous assumptions, and involve known and
unknown risks, uncertainties and other factors, including risks inherent in mineral
exploration and development, which may cause the actual results, performance, or
achievements of the Company to be materially different from any projected future results,
performance, or achievements expressed or implied by such forward-looking statements.
Further details about the risks applicable to the Company are contained in the Company’s
public filings available on SEDAR (www.sedarplus.ca), under the Company’s profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR
DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.