1911 Gold Delivers Positive PEA for True North Highlighting Robust Economics with Low Capital Intensity and High Returns

The most recent news release (February 10, 2026) announces a positive Preliminary Economic Assessment (PEA) for the True North Gold Project in Manitoba. Key findings include an after-tax NPV5% of $390.6 million (CAD) and an exceptionally high IRR of 105%. The project benefits from low initial capital expenditure ($59.2 million CAD) due to the use of existing permitted mill and mine infrastructure. Production is targeted for H1 2027, with a steady-state annual output of 58,114 ounces over an 11-year mine life. However, the study assumes a long-term gold price of US$3,000/oz and projects a high All-In Sustaining Cost (AISC) of US$1,897/oz.

This PEA is a material milestone that validates the company's "restart strategy" first messaged in late 2024. - Positive Impact: The 105% IRR and $59M initial capex are significantly better than most greenfield projects of this size, largely because the $300M+ replacement cost infrastructure is already in place. This reduces the financing hurdle for the 2027 restart. - Risk/Sensitivity: The AISC of US$1,897/oz is high. While the IRR is robust at US$3,000 gold, the project's margin would compress rapidly if gold prices return to historical averages ($2,000-$2,200). - Execution Consistency: Management has successfully transitioned from re-entering the mine (Q1 2025) to a resource update (Q4 2024) and now a PEA (Q1 2026), staying exactly on the timeline communicated 12 months ago.

1911 Gold Corporation is focused on the Rice Lake Greenstone Belt in Manitoba. Its flagship asset is the True North Gold Project, a past-producing mine with a fully permitted 1,300 tonne-per-day mill. The project has a combined resource of approximately 1.1 million ounces. The strategy is a phased restart of operations by 2027, leveraging existing infrastructure to minimize capital risk.