Sixty North Gold Closes Project Financing to Restart Operations at the High-Grade Mon Gold Mine

Executive Summary

• Sixty North Gold Mining Ltd. closed a $3,600,000 term loan with Vesta Wealth Partners Ltd., providing capital for the development and production restart of its Mon Gold Mine in the Northwest Territories.
• The loan carries 12% annual interest, is payable over 36 months (no principal payments required until Dec 2026), and includes issuance of 6,650,000 share purchase warrants at $0.14 each, a 2.5% net smelter return royalty for four years (with an optional buy‑back up to $5 M), and senior security over the Mon Gold Mine.
• Vesta will appoint two qualified nominees to Sixty North’s board, and the funds are earmarked for mobilizing a new 100‑tpd mill, winter road construction, installation, commissioning, and achieving first gold pours in the coming months.

Key Details

• Loan Amount: $3,600,000 term loan.
• Lender: Vesta Wealth Partners Ltd., acting on behalf of certain accounts/funds it manages.
• Interest Rate: 12% per annum on any outstanding principal.
• Repayment Terms: No principal payments required until December 2026; full repayment due within 36 months of closing.
• Warrant Coverage: 6,650,000 share purchase warrants issued to Vesta, exercisable at $0.14 per warrant for three years from issuance.
• Royalty: 2.5% net smelter return royalty on Mon Gold Mine activities for a minimum of four years; buy‑back option up to $5 M thereafter.
• Security: First‑ranking senior security interest over the Mon Gold Mine granted to Vesta.
• Board Representation: Two qualified nominees from Vesta will join Sixty North’s board for the loan term.
• Use of Proceeds:
• Mobilization and transportation of a newly purchased 100 tpd gravity‑flotation mill to site.
• Installation, commissioning, and start‑up of the mill.
• Construction of winter roads and related infrastructure.
• Funding initial production activities leading to first gold pours.
• Project Context: Mon Gold Mine is the flagship asset, located ~45 km north of Yellowknife, NWT; expected to become the only operating gold mine in the Northwest Territories upon restart. Historical mining (1990s) produced ~15,000 oz Au from 15,000 t ore (~30 g/t).
• Management Comments:
• Dave Webb (President & CEO) highlighted near‑perfect weather for winter road construction and expectations of first gold pours in the next few months.
• Jared Wolk (CIO, Vesta) emphasized confidence in the high‑grade potential of the Yellowknife Gold Belt and the partnership’s long‑term outlook.

Notable Quotes

• “The Mon Gold Mine is designed to produce 100 tpd of feed to our recently purchased mill… we expect these funds to cover the costs to mobilize our new mill to site, complete installation and commissioning, and see us to our first gold pours.” – Dave Webb, President & CEO, Sixty North Gold.
• “We are pleased to close this financing and move forward into the execution phase of the Mon Gold Mine restart… we look forward to working closely with the Board and management as the project hits its development milestones through 2026.” – Jared Wolk, Chief Investment Officer, Vesta Wealth Partners.