Gold X2 Drilling Intersects a Combined 172.0m of 0.96 g/t Au in Infill Drilling

Gold X2 Mining Inc. (AUXX) reported results from 21 total drill holes, comprising nine infill holes at the Main Zone and 12 at the Southwest Zone, all conducted within the existing pit and resource framework. The program included no discovery holes or step-outs outside the pit shell.

At the Main Zone, hole MMD-26-430 returned 172.0m of 0.96 g/t Au from 195.0m. This interval includes 39.0m @ 1.31 g/t (from 195.0m), which further includes 18.5m @ 2.44 g/t (from 209.5m). The hole also intersected 67.0m @ 0.97 g/t cut / 1.18 g/t uncut (from 255.0m), including 2.0m @ 15.9 g/t (from 320.0m), and 33.0m @ 0.96 g/t (from 334.0m).

Other Main Zone intercepts included: - MMD-26-425: 69.55m @ 0.42 g/t (from 303.4m) and 58.5m @ 0.60 g/t (from 391.5m). - MMD-26-454: 11.4m @ 1.84 g/t (from 213.6m) and 130.95m @ 0.55 g/t (from 353.05m), including 21.45m @ 1.14 g/t. - MMD-26-452: 4.85m @ 4.75 g/t from 5.8m.

In the Southwest Zone, the best intercepts were: - 33.25m @ 0.78 g/t (MMD-26-438) - 28.0m @ 0.76 g/t (MMD-26-436) - 60.65m @ 0.55 g/t (MMD-26-421) - 86.0m @ 0.42 g/t (MMD-26-441) - 74.15m @ 0.71 g/t (MMD-26-456) - 39.0m @ 0.58 g/t (MMD-26-429)

The company stated that the Main Zone shears were 67% wider but 28% lower grade than the model, while the Southwest shears were 87% wider but 39% lower grade, describing this as a "net positive reconciliation." One hole, MMD-26-433, failed to locate the core shear system along the Snodgrass Fault boundary.

Gold X2 Mining Inc. (AUXX) released infill drilling results that serve as a resource definition update, anchoring to the existing resource grades of 1.04 g/t Indicated, 0.97 g/t Inferred, and 0.88 g/t PEA mill feed. Main Zone infill at an aggregate 0.87 g/t is on plan with increased width, while the Southwest zone showed a 39% grade decline. The framework treats infill at or above resource grade as a confirmation; this holds true for the Main Zone and partially for the Southwest on a contained-metal basis.

The results align with the "wider but lower grade, net positive reconciliation" theme present in nearly every drill release since November 2025. Historical reconciliation data includes 23%/8% for November 2025 and January 2026, 32%/13% for February 2026, 72%/12% for June 2026, 13%/32% for the Main Zone and 60%/10% for Southwest in August 2026, and 67%/28% for the Main Zone and 87%/39% for Southwest in October 2026. The information content is considered low, with the direction of grade reconciliation at Southwest deteriorating rather than improving.

Scale increased marginally, with contained ounces rising by 21% in the Main Zone and 14% in the Southwest per hole. Grade was marginally lower, with Southwest dilution being the most significant yet. Odds for conversion confidence and strip-ratio improvement saw marginal gains, supporting the Mineral Resource Estimate (MRE) upgrade scheduled for Q1 2027. Gold X2 Mining Inc. is a well-funded development-stage explorer with a filed Preliminary Economic Assessment (PEA) showing an NPV5% of C$2.23bn after tax at US$2,750/oz, an IRR of 22.1%, and C$2.0bn in initial capex. The company holds C$105.6m in cash. As a development-stage entity rather than a grassroots explorer or producer, the bar is the resource model, which this release clears modestly.

The stock has declined approximately 23% over the past month, falling from C$8.99 on August 10, 2026, to C$6.90 on October 13, 2026, and is roughly 40% below its March 4, 2026, high of C$11.58. The September 10 QES Deeps release, which reported 227m/272m @ 0.73 g/t, failed to arrest the slide. The release is expected to have little impact on the share price, viewed by some as additional grade dilution.

Gold X2 Mining Inc. (NYSE American: AUXX; TSXV: AUXX; FSE: DF80) is a growth-oriented gold developer focused on its 100%-owned Moss Gold Project in Northwest Ontario. The project features direct access from the Trans-Canada Highway, near-site hydroelectric power, and a Waasigan Line spur application.

The company’s 2026 NI 43-101 Mineral Resource Estimate for the Moss and East Coldstream deposits includes 2.458 moz of Indicated gold at 1.04 g/t across 73.8 Mt, and 4.209 moz of Inferred gold at 0.97 g/t across 134.7 Mt. Silver resources at Moss include 3.160 moz of Indicated silver at 1.53 g/t and 6.273 moz of Inferred silver at 1.55 g/t.

A Preliminary Economic Assessment (PEA), effective Jan. 26, 2026, and filed Mar. 12, 2026, by G Mining Services, outlines a 13.2-year mine life with an annual production of approximately 265,000 payable ounces of gold. The assessment assumes a 30,000 t/d plant processing 138,982 kt of mill feed at 0.88 g/t and a 5.3:1 strip ratio. Gold recovery is projected at 91.7%, with silver recovery at 82.8%. At a gold price of US$2,750/oz, the project yields an after-tax NPV5% of C$2.232bn, an internal rate of return (IRR) of 22.1%, and a 3.2-year payback period. At US$3,137/oz, the NPV rises to C$3.152bn, and at US$4,600/oz, it reaches C$6.578bn. Initial capital expenditure is estimated at C$2.001bn, with sustaining capital of C$839m, resulting in an all-in sustaining cost (AISC) of US$1,188/oz.

Gold X2 has aggressively consolidated its land package. This includes the completion of the Kesselrun acquisition (Huronian and Bluffpoint), 939 ha of Coldstream claims, and a Star Lake option covering 10,540 ha, bringing the total package to 40,456 ha. A letter of intent with Bold Ventures is in place, and an additional nine patents at the southwest end of the belt are pending final payment in October 2026.

Corporate developments include a 6:1 share consolidation resulting in approximately 101.1 million shares. The company secured a NYSE American listing on Sept. 8, 2026, and was included in the GDXJ on Sept. 18, 2026. A proposal to spin out a 1.00% Moss NSR into a new entity, SpinCo, has been introduced. AngloGold Ashanti holds approximately 9.9% as a strategic investor with an investor rights agreement, top-up rights, and a joint technical committee. Additionally, Hess Capital units with warrants are available at C$1.42.

As of June 30, 2026, the balance sheet reported C$105.6m in cash, total equity of C$156.6m, and a book value of C$1.55 per share. The company holds no debt and has working capital of C$78.2m, which includes a C$21.9m non-cash flow-through share premium liability. The company reported a net loss of C$28.2m for the first half of 2026, with no revenue generated.