Minnova Corp. PL Gold Mine Re-Start Plan, In-Fill Drill Program Update, and Option Grant

The October 21, 2025 press release provides an update on Minnova's PL Gold Mine re-start plan. Key points include: - Consultant A&B Global Mining (ABGM) has completed an internal mine development concept study. - A Preliminary Economic Assessment (PEA) is now planned for completion by the end of Q1 2026. This PEA will evaluate an open pit mining scenario at 1,000 tpd using a base case gold price of US$2,500/oz. - Following the PEA, an updated Mineral Resource Estimate (MRE) and a full Feasibility Study (FS) are targeted for the end of Q3 2026. - The current in-fill drill program is underway, with visible gold ("VG") identified in the drill core at target depths. - The company has granted 2,500,000 stock options to directors, officers, employees, and consultants with an exercise price of $0.30, vesting immediately, and a five-year term.

This news is a routine, incremental step forward for the company, making it Routine - Positive.

Positives: - Execution on Stated Plan: The company is following through on its previously announced plan to advance the PL Gold Mine by completing the initial concept study with ABGM. - Clear Timelines: Management has provided specific target dates for key de-risking milestones (PEA in Q1 2026, FS in Q3 2026), which provides a clear roadmap for investors to follow. - Drilling Progress: The confirmation that drilling is active and has encountered visible gold is encouraging, although it is purely qualitative until assays are released.

Critical Assessment & Risks: - Aggressive & Unfunded Timelines: The timeline for a PEA and FS within the next year is ambitious for a company with a history of severe financial distress. As of the September 12, 2025 release, the company acknowledged a working capital deficiency and the need for another private placement to fund its work programs. The capital for the extensive work required for a PEA and FS does not appear to be in the treasury. - Highly Optimistic Gold Price: Using US$2,500/oz gold as the base case for the PEA is a significant red flag. While gold prices may be high, this is an aggressive assumption that will inflate the project's projected economics. A prudent analysis requires sensitivity tables showing the project's viability at much lower, more conservative gold prices (e.g., US$1,800-$2,000/oz). - Unquantified Drilling Results: "Visible gold" is promotional and has no analytical value. The market needs to see assay results with grade (g/t) over width (m) to assess the drill program's success. - Contradictory Option Pricing: Granting options at $0.30 is inconsistent with the company's recent financing activities. In July 2025, the company settled $800,000 of debt and raised $575,500 in cash by issuing shares at $0.05. The $0.30 strike price appears intended to signal confidence, but it is disconnected from the price at which the company has recently transacted, suggesting it is more promotional than substantive.

Overall, while the news demonstrates progress, it does not materially change the company's high-risk profile. The core challenges of a weak balance sheet and the need for significant, dilutive financing remain. The success of this plan is entirely dependent on their ability to raise capital and on a sustained high gold price.

Minnova Corp. is a Canadian junior resource company focused on the exploration and development of its 100%-owned, advanced-stage PL Gold Mine in the Flin Flon-Snow Lake greenstone belt of central Manitoba, Canada. The project is a past-producing mine with significant existing infrastructure, including a 1,000 tpd processing plant, over 7,000 meters of developed underground ramp, and a valid mining permit. The company's strategy, re-focused in 2025, is to advance the PL Mine back to production, starting with a lower-cost open-pit operation before transitioning to underground mining.