Gold X2 Appoints Chief Geologist and Provides Update on 2026 Technical and Corporate Objectives

Gold X2 Mining Inc. (AUXX) released a corporate and technical update on August 27, 2026, detailing its Q2 financials and outlining recent operational milestones. The company reported a cash position of C$105 million for the second quarter, with approximately $85 million in cash and cash equivalents as of September 15, 2026.

In leadership news, Steven Scott was appointed Chief Geologist effective immediately. Scott brings more than 15 years of experience to the role, having previously held a senior technical position at Orla Mining, where he focused on geological models, target generation, and resource growth.

On the capital markets front, Gold X2 was added to the VanEck GDXJ index effective at market close on September 18, 2026. The company commenced trading on the NYSE American under the ticker "AUXX" following a 6:1 share consolidation. Research coverage was initiated by Stifel, National Bank Financial, and B. Riley Securities.

The company also announced plans to spin out a 1.00% net smelter return (NSR) on future Moss production into a wholly-owned SpinCo, which will be distributed pro-rata to shareholders. An arrangement agreement and record date have yet to be determined. Additionally, Gold X2 entered into a binding letter of intent with Bold Ventures to acquire certain mineral claims for C$500,000 in cash, 150,000 Gold X2 shares, and a 2.00% NSR on rare earth elements. The agreement includes exclusivity until October 31, 2026, and is subject to definitive agreements and TSXV approval.

Drilling activity remains a central focus, with a 160,000-meter program underway for 2026. As of September 15, 2026, 223 holes totaling 99,257 meters had been completed. The company currently operates six rigs and is seeking to add three more to achieve a drilling rate of 20,000 to 25,000 meters per month.

Key drill intercepts from the program include:

• Resource Expansion (101 holes, 51,575 m): Highlighted 173.0 meters of 0.89 g/t Au from 685.0 meters in hole MQD-26-474.
• Resource Development (109 holes, 42,303 m): Highlighted 26.65 meters of 4.22 g/t Au from 197.7 meters in hole MMD-26-415 (Main Zone) and 86.0 meters of 1.37 g/t Au from 314.0 meters in hole MQD-26-366 (QES Zone). These results show positive reconciliation versus the mineral resource estimate, implying the presence of unmodelled medium-grade secondary shears.
• Exploration (13 holes, 5,379 m): Highlighted 40.4 meters of 2.05 g/t Au from 343.6 meters in hole MSD-26-404 (Span).

Looking ahead, Gold X2 aims to complete the remaining 60,000 meters of drilling ahead of a December 31 modeling cutoff. An updated mineral resource estimate is targeted for Q1 2027, followed by mine optimization in Q2 2027. A technical study and project description are scheduled thereafter, with a feasibility study and formal permitting targeted for Q1 2028.

Development studies are progressing across several fronts, including tailings and waste management by SRK, pit slope geotechnical analysis by Knight Piésold, and power spur route and IESO/Waasigan applications. Metallurgical flow sheet test work is being conducted by Woods Process Services, with testing scheduled to begin in October 2026. Tulloch is handling claims-to-lease matters.

Environmental baseline studies are also underway, with terrestrial biology surveys planned for Q4 2026. Hydrogeology and water modeling are targeted for Q1 2027, followed by aquatic biology studies in Q2 2027. Socio-economic studies will be refined with Indigenous communities in 2027, and air monitoring is expected to continue into Q3 2027.

Peter Flindell, PGeo, MAusIMM, MAIG, COO, serves as the Qualified Person and has approved the scientific and technical information contained in this update.

Gold X2 Mining Inc. (AUXX) is a developer and explorer that has completed a Preliminary Economic Assessment (PEA), defined a large resource of 2.458 million ounces of Indicated and 4.209 million ounces of Inferred gold, and funded a 160,000-meter drilling program. The company is not a grassroots discovery story nor a producer.

The recent release does not change the resource, deposit, or investment thesis. It contains no new assay data, no resource update, and no economic milestone, instead restating known results and confirming existing corporate steps.

The stock’s current valuation reflects the market’s assessment of the PEA, the C$115.9 million financing from AngloGold and Hess, and the ongoing drill campaign. The shares re-rated from approximately C$2.67 in September 2025 to C$11.58 in March 2026, and are currently trading at C$8.37. This price is roughly three times the lows but approximately 28% below the high. The market is not pricing in this release, but rather the expected March 2027 Mineral Resource Estimate (MRE) and subsequent resource update.

The genuinely new items in the release are minor: the hiring of a Chief Geologist, the acquisition of claims for C$500,000 plus 150,000 shares, and confirmation that the royalty spin-out continues. None of these moves materially impact the net asset value.

For a company of this scale, only a materially larger or higher-grade resource, or a change in mine life or capital expenditure, typically moves the equity. A recapitalization is considered neutral. The release is not expected to move the shares more than a few percent either way, as it confirms rather than surprises.

Gold X2 Mining Inc. (AUXX) is a growth-oriented gold developer listed on the NYSE American, TSXV, and FSE (DF80). The company focuses on its 100%-owned Moss Gold Project in the Shebandowan Greenstone Belt of Ontario, a site characterized by direct Trans-Canada Highway access, nearby hydroelectric power, and a skilled local workforce.

The company’s land package has expanded to approximately 40,456 hectares through acquisitions including Kesselrun (Huronian, Bluffpoint), Coldstream claims, the Star Lake option, and proposed Bold Ventures claims. Strategic holders include AngloGold Ashanti, which holds approximately 9.9%, and Hess Capital.

As of the second quarter of 2026, Gold X2 Mining reported C$105.6 million in cash and total equity of C$156.6 million. The company recorded a net loss of C$28.2 million for the first half of 2026, with an operating cash outflow of C$23.2 million during the same period. There are 101,110,096 shares outstanding, and a going-concern flag was included in the Management’s Discussion and Analysis.

A 2026 NI 43-101 Mineral Resource Estimate for the Moss and East Coldstream deposits outlines 2.458 million ounces of indicated gold at 1.04 g/t Au across 73.8 million tonnes, and 4.209 million ounces of inferred gold at 0.97 g/t Au across 134.7 million tonnes. Silver resources include 3.16 million ounces of indicated silver at 1.53 g/t Ag and 6.273 million ounces of inferred silver at 1.55 g/t Ag.

A preliminary economic assessment, dated January 26, 2026, with a technical report filed by G Mining Services on March 12, 2026, projects an after-tax NPV5% of C$2.232 billion and an internal rate of return of 22.1%. The project demonstrates a 3.2-year payback at US$2,750/oz, with an all-in sustaining cost of US$1,188/oz. The plan outlines a 13.2-year mine life producing approximately 265,000 ounces of gold per year, requiring an initial capital expenditure of C$2.001 billion.