PL Gold Mine Restart Update
Minnova’s PL Gold Mine MRE validates restart economics under a $3,000/oz gold price assumption.
Minnova Corp. released its 2026 Mineral Resource Estimate (MRE) for the PL Gold Mine in Manitoba. The MRE defines 601,158 Measured & Indicated gold ounces at 4.98 g/t and 202,810 Inferred ounces at 3.78 g/t. The resource is characterized as a high-grade open-pit opportunity, with a planned restart at 1,000 tpd expanding to 2,000 tpd in year two. Target production is ~45,000 ounces initially, scaling to ~90,000 ounces post-expansion. Economic assumptions utilize a US$3,000/oz gold price, with open-pit mining costs at US$6.70/t ore and US$5.48/t waste. The 2025-2026 infill drilling program successfully increased Measured & Indicated categories, with future drilling targeting down-dip extensions and the Nokomis satellite deposit. Qualified Person: Nicholas Ross King.
Minnova Corp. (MCI) released a Mineral Resource Estimate (MRE) that serves as a direct follow-up to its July 2026 drill results and the October 2025 restart plan. The update confirms the high-grade nature of the deposit and validates the company's pivot to a lower-cost open-pit mining model.
Resource growth has been significant, increasing from 282,500 oz M&I in the 2017 MRE to 601,158 oz M&I in the 2026 MRE. This expansion aligns with the company's expanded 13,500m drill program.
The estimate utilizes a US$3,000/oz gold price assumption, which reflects current market conditions. At this price point, the stated mining and processing costs yield strong theoretical margins, although the assumption introduces sensitivity risk if gold prices normalize.
The news is considered expected and incremental. It does not introduce new strategic shifts but rather confirms the technical and economic viability of the planned restart.
Minnova Corp. is a Canadian exploration and development company focused on the PL Gold Mine (Puffy Lake) in Manitoba. The project, a permitted past producer from 1988, is currently in the advanced development stage. The flagship PL Gold Mine features an existing 1,000 tpd processing plant, underground development, and all-weather access.
A secondary asset, the Nokomis Deposit, is located 7km northeast and contains 41,000 oz Indicated and 19,000 oz Inferred resources. The company is transitioning from an underground-only model to a lower-cost open-pit restart, leveraging existing infrastructure.