Gold X2 Discovers Extension to the Span Prospect with Intersection of 40.4m of 2.05 g/t Au from 343.6m Indicating the Potential NE Extension of the Moss Deposit

Gold X2 Mining Inc. (AUXX) has reported phase one drilling results at the Span Prospect, located approximately 2 km northeast of the eastern edge of the Moss Gold Deposit in Northwest Ontario. The program consisted of 11 holes totaling 4,581 meters. According to the release, eight holes were drilled along strike to test for extensions, while three holes were drilled into the historical Span Prospect to confirm 1980s and 2017 drilling.

The headline intercept came from hole MSD-26-404, which returned 40.4 meters at 2.05 g/t Au from 343.6 meters, including 24.05 meters at 3.17 g/t Au from 345.95 meters. Additional parallel shear discoveries included 5.0 meters at 5.34 g/t Au from 161.0 meters in hole MSD-26-397, which included 2.0 meters at 12.7 g/t Au, as well as 11.0 meters at 1.22 g/t Au from 233 meters in hole MSD-26-401.

Confirmation holes at the historical Span prospect returned 30.0 meters at 0.38 g/t Au from 377.0 meters in hole MSD-26-395 and 7.15 meters at 2.60 g/t Au from 262.9 meters in hole MSD-26-427, which included 4.0 meters at 4.34 g/t Au. The company states that the drilling intersected a parallel shear approximately 200 meters northwest of the main Span shear, hosted in a Moss-style granodiorite intrusion, and a possible extension of the Sloane fault, which may represent a faulted offset of the Moss deposit. Follow-up drilling is planned to start this month with a third drill contractor.

Gold X2 Mining Inc. (AUXX) is an advanced developer with a substantial existing resource base, comprising 2.458 moz Indicated at 1.04 g/t Au and 4.209 moz Inferred at 0.97 g/t Au. The company’s Preliminary Economic Assessment (PEA) indicates a Net Present Value (NPV) of C$2.23B at US$2,750/oz gold, supported by a recent US$116M strategic placement from AngloGold Ashanti and Hess Capital. With a market capitalization of roughly C$1.06B, the equity already prices in substantial resource and exploration optionality, and the stock is currently near its 52-week high.

The recent Span prospect result represents an early-stage step-out rather than an infill or resource-definition result, meaning it does not currently change the resource, mine plan, or Net Asset Value (NAV). While the release provides genuinely new exploration information, it consists of a single hole in a new area with no follow-up yet and no continuity established. Compared with the company’s own recent infill intercepts that exceeded 100-150 gram-metres, the 82.8 gram-metre Span hole is positive but not transformative. Against the embedded expectation of a well-funded developer with district-scale ambitions, this release is likely to be seen as encouraging but incremental.

Gold X2 Mining Inc. (AUXX) is a gold developer focused on the 100%-owned Moss Gold Project in Northwest Ontario, located near the Trans-Canada Highway with access to hydroelectric power. The company also owns Huronian and other consolidated land positions in the Shebandowan Greenstone Belt.

The 2026 updated NI 43-101 mineral resource estimate for Moss and East Coldstream includes: * 2.458 moz Indicated gold at 1.04 g/t Au * 4.209 moz Inferred gold at 0.97 g/t Au * Additional silver resources

The January 2026 Preliminary Economic Assessment (PEA) outlines a 30,000 t/d open-pit operation with an average annual payable production of approximately 265,000 oz gold over a 13.2-year life. The project is projected to yield a life-of-mine (LOM) production of approximately 3.6 moz gold, with an all-in sustaining cost (AISC) of US$1,188/oz. At a gold price of US$2,750/oz, the project carries an initial capital expenditure of C$2.001B and an after-tax net present value (NPV5) of C$2.232B.

Strategic investors in the company include AngloGold Ashanti, holding approximately 9.9% equity, and Hess Capital. As of Q2 2026, the company held cash of approximately C$105.6M with no bank debt and had a fully funded 160,000 m drill program scheduled for 2026.