Gold X2 Provides an Update to the Environmental Baseline Studies at the Moss Gold Project and Issues Equity Grant

Executive Summary

• Gold X2 Mining provided a comprehensive update on the expanded environmental baseline studies at the Moss Gold Project, detailing work completed in 2025 and plans for 2026‑2028 across archaeology, waste geochemistry, fisheries, hydrogeology, geophysics, hydrology, terrestrial biology, air quality, noise, socio‑economic evaluation, and mine closure planning.
• The company announced the board’s approval of an equity incentive program granting 11.77 million stock options at $0.51 per share (5‑year term) and 3.87 million restricted share units to officers, directors and consultants, with vesting schedules through May 2028 and November 2026.
• Management emphasized that the baseline work de‑risks permitting and positions Gold X2 to commence formal provincial and federal environmental assessments in Q3 2027, paving the way for a feasibility study in 2027.

Key Details

• Environmental Baseline Progress (2025):
• Archaeology – Stage 2 study completed; no significant findings.
• Waste Geochemical Assessment – Sampling of waste rock and tailings initiated; results indicate non‑acid‑generating material with minimal metal leaching.
• Fisheries – Aquatic baseline surveys conducted; further work slated for spring 2026.
• Hydrogeology – Deep bedrock packer hole completed; baseline monitoring well network installed.
• Geophysics – Seismic survey mapped overburden and produced bedrock surface model; additional seismic work planned for tailings area.
• Hydrology – Added 15 hydrometric stations (total 25) across the project; detailed modelling to follow in 2026.
• Geospatial – Aerial LiDAR covering >80 km² captured ortho‑imagery and elevation data (40 pts/m²).

• Terrestrial Biology – Ongoing SAR assessments since 2021; no significant SAR identified to date.

• Planned 2026 Activities:

• Continue all ongoing studies (archaeology, waste geochemistry, fisheries, hydrogeology, geophysics, hydrology, terrestrial biology).

• Initiate Air Quality Monitoring, Noise & Vibration Assessment, Socio‑economic Evaluation, and Mine Closure Planning.

• Regulatory Timeline:

• Target submission of Provincial and Federal Environmental Assessments in Q3 2027, enabling entry into formal permitting process and feasibility study phase (2027).

• Equity Incentive Grant:

• 11,770,000 incentive stock options at an exercise price of $0.51 per share; five‑year term; vesting 1/3 on May 6 2026, May 6 2027, and May 6 2028.

• 3,870,000 restricted share units vesting 12 months from grant date (November 6 2026).

• Qualified Persons:

• Chris Perusse, P.Geo., President/Sr. Geoscientist, CSL – approved environmental baseline information.
• Peter Flindell, P.Geo., VP Exploration, Gold X2 – verified technical data and compliance with NI 43‑101.

Notable Quotes

• Michael Henrichsen, CEO: “Our baseline studies are crucial in informing our decision‑making… We’re on track to complete these studies by the end of 2026, positioning us to enter the formal permitting process alongside a feasibility study in 2027.”
• Chris Perusse, President, CSL: “Overall, the project is progressing toward submission of both Provincial and Federal Environmental Assessment during Q3 2027… This will begin the process with various government agencies leading to project approval.”