Gold X2 Mining Announces Agreement to Assume Option for Greenfields Target at Star Lake

Executive Summary

• Gold X2 Mining entered a definitive agreement with Sky Gold Corp. to acquire, in stages, Sky Gold’s interest in an option agreement for the 10,540‑ha Star Lake Property, expanding its land package in the Shebandowan Greenstone Belt to 40,456 ha.
• The deal provides Gold X2 control of three of four significant gold‑in‑till anomalies in the belt and positions the company to pursue exploration on the undrilled Star Lake anomaly beginning late 2026 with a gradient‑array geophysical survey.
• Concurrently, CFO Michael Kanevsky was appointed Corporate Secretary, replacing Juciane Gomes.

Key Details

• Property & Land Package – Star Lake Property (10,540 ha) located ~23 km east of the Moss Gold Project; total company landholdings now 40,456 ha in the emerging Shebandowan Greenstone Belt.
• Option Acquisition Stages
• Stage 1 (50% interest) – Provide $395,200 assessment credits (already delivered), issue Sky Gold shares valued at $75,000, pay Local Prospector $200,000 (cash or shares) and issue $25,000 of Gold X2 shares to the prospector; complete Sky Gold’s $1 M exploration spend by 14 Mar 2028.
• Stage 2 (75% interest) – Additional $250,000 exploration spend on Star Lake, issue Sky Gold shares valued at $100,000 and issue Local Prospector shares valued at $50,000 (no time limit).
• Stage 3 (100% interest) – Further $250,000 exploration spend, issue Sky Gold shares valued at $125,000, pay Sky Gold $250,000 cash, and issue Local Prospector shares valued at $50,000.
• Exercise of Option – Upon 100% acquisition, Gold X2 may acquire the Star Lake mineral rights by issuing shares to the Local Prospector equal in value to 125,000 Sky Gold shares (valuation on issuance date). The prospector retains a 2 % NSR royalty; Gold X2 holds an option to purchase this royalty for $3 M and must make minimum/advance royalty payments of $20,000 annually from 2030‑2033.
• Share Issuance Hold Period – All Gold X2 shares issued under the agreement are subject to a four‑month‑plus‑one‑day hold period per securities law requirements.
• No Finder’s Fees / No Non‑Arm’s Length Parties – The transaction involves no finders’ fees or commissions and all parties are arm’s length.
• Corporate Secretary Appointment – CFO Michael Kanevsky appointed Corporate Secretary; Juciane Gomes steps down.

Notable Quotes

“We are very excited to have assumed the option to explore the highly prospective undrilled Star Lake property… it represents the opportunity to make another major discovery in the emerging Shebandowan Greenstone Belt.” – Michael Henrichsen, President & CEO

Materiality Assessment: Material – Positive (significant land acquisition and future exploration potential that could materially affect the company’s valuation).