Minnova Announces Positive Preliminary Economic Assessment for the PL Gold Mine Restart: After-Tax NPV5% of US$181 Million and 111% IRR at US$3,000/oz Gold, Rising to US$439 Million at US$4,000/oz

Minnova Corp. released a Preliminary Economic Assessment (PEA) for the restart of its 100%-owned PL Gold Mine in central Manitoba. The base case, assuming a gold price of US$3,000/oz, projects an after-tax net present value (NPV5%) of US$180.6 million, an after-tax internal rate of return (IRR) of 111%, and a payback period of 0.7 years from the start of production.

The project outlines a 10-year mine life from 2028 to 2037, utilizing a combined open-pit and underground mining method to target 621.5 koz of recovered gold. Pre-production capital is estimated at US$53.4 million, leveraging existing infrastructure and a 1,000 tpd mill that will expand to 2,000 tpd in year two. The PEA is based on an updated September 2026 Mineral Resource Estimate defining 601,158 Measured & Indicated ounces at 4.98 g/t Au.

Next steps include advancing metallurgical test work, securing firm contractor pricing, preparing a costed closure plan, and advancing permitting and community engagement.

Minnova Corp. (MCI) released a Preliminary Economic Assessment (PEA) that confirms the project’s strong economics and validates a strategic shift toward a lower-cost open-pit start before transitioning to underground mining. The study projects an 111% internal rate of return (IRR) and a 0.7-year payback period under conservative gold price assumptions, a significant improvement over prior feasibility studies that utilized a US$1,250/oz base case.

The PEA is not a bankable Feasibility Study, and key uncertainties remain regarding final contractor pricing, power supply arrangements, and permitting timelines. The market impact is likely muted in the short term due to the company’s severe cash constraints and negative equity. The US$53.4 million pre-production capital requirement far exceeds the company’s $792,815 in cash, necessitating a substantial equity raise or project financing. The news is expected and incremental to the restart plan announced throughout 2025, serving as a necessary technical milestone rather than a sudden market-moving event.

Minnova Corp. is a pre-revenue gold exploration and development company focused on the PL Gold Mine in central Manitoba, Canada. The PL Gold Mine is a permitted past producer from 1988 with existing infrastructure, including a 1,000 tpd processing plant, camp, and access roads. The restart plan prioritizes a lower-cost open-pit mining phase from 2028 to 2030 before transitioning to underground mining from 2031 to 2037. The company also holds the Nokomis satellite deposit, located 7km northeast of the PL mill, which remains open on strike and down dip. The project aims to leverage existing assets to minimize initial capital expenditure and accelerate cash flow generation.