1911 Gold Provides Update on Key Operational Milestones at True North

1911 Gold Corporation (AUMB) issued an operational update regarding its wholly-owned True North Gold Project in Manitoba. The company clarified that the release serves as an execution and project-development update rather than an earnings, financing, or drill-result announcement.

Key operational milestones disclosed include the completion of dewatering at the A-Shaft and Level 26, alongside the nearing completion of loading pocket rehabilitation for ore handling. The Level 16-to-26 ore pass chute is now operational, and the primary ball mill and new freshwater system have been commissioned. Additionally, the on-site assay lab is operational, and the crusher building foundation has been poured with the legacy jaw crusher and apron feeder removed.

The company awarded its underground development contract to SCR Mining & Tunnelling, with crews and equipment now mobilized. Ventilation improvements on Level 16 include the installation of rigid hard-duct ventilation, which eliminates the need for booster fans and frees approximately 300 hp. Equipment deliveries are underway, with new underground mobile equipment arriving through September and October, and Westpro crushing equipment expected in mid-November or early Q4.

Looking ahead, the company plans to begin shaft skipping this fall, followed by Level 26 electrification and crusher installation in Q4. Hinge ramp dewatering to the bottom is expected by January 2027, along with the rehabilitation of the 007 escapeway. The release reiterated that no production decision has been made and no feasibility study of mineral reserves has been completed.

1911 Gold Corporation (AUMB) released an incremental operational progress update, though most milestones had been previously telegraphed. Underground development and contractor mobilization were announced in May 2026, while Level 26 access and dewatering progress were reported in April 2026 and subsequent updates. Ball mill commissioning and metallurgical progress were reported in August 2026, and the new crushing circuit and equipment purchases were already part of the restart plan and prior financing releases.

The genuinely new details are mainly the contractor name and mobilization, the completed ore pass, and near-term equipment delivery timing. These are positive but not market-moving in themselves. There is no new resource estimate, no new financing, no drill results, no production decision, no updated PEA, and no amendment to the previously identified NI 43-101 technical report issue.

The update is consistent with management’s stated 2026 test mining and 2027 production decision plan. It does not disclose a material near-term miss. The release does not resolve the larger investment question: whether True North can be successfully restarted on schedule and funded without excessive dilution.

1911 Gold Corporation (AUMB) is an advanced gold explorer and developer focused on its 100%-owned True North Gold Project, located in Manitoba’s Archean Rice Lake greenstone belt. The company controls approximately 62,000 hectares, encompassing multiple past-producing assets including Ogama-Rockland, Central Manitoba, Gunnar, and Jeep.

The True North project features existing permitted infrastructure, including shafts, underground workings, a 1,350 tpd mill, a tailings facility, a camp, and access to approximately 20 MW of hydroelectric power. Historical production at True North totaled about 2.0 million ounces.

A preliminary economic assessment (PEA) released in February 2026 outlined a restart scenario with a throughput of 1,215 tpd. This plan projects average steady-state production of approximately 58,114 ounces of gold per year over an 11-year period. The assessment calculated an after-tax net present value (NPV) of C$391 million, an internal rate of return (IRR) of 105%, and initial capital expenditures (capex) of C$59 million. At a gold price of US$3,000/oz, the all-in sustaining costs (AISC) were estimated at US$1,897/oz.

Mineral resources for True North as of 2024 include an Indicated category of 3,516,000 tonnes at 4.41 g/t for 499,000 ounces of gold, and an Inferred category of 5,490,000 tonnes at 3.65 g/t for 644,000 ounces. Updated Inferred resources for the Ogama-Rockland project in 2026 total 3,314,000 tonnes at 6.68 g/t for 712,000 ounces. No mineral reserves have been defined, and no feasibility study has been completed.

Management includes Shaun Heinrichs as President and CEO and Éric Vinet as COO. The company’s investor presentation lists its royalty position as “No royalties.”