Ximen Mining Corp Engineered Mine Design Initiated for Kenville Underground Project

Recent Operational Progress

• Ximen Mining Corp has initiated engineering work on detailed mine design drawings for the planned underground development at the Kenville mine project.
• Closure plans and cost estimates for the New Venango, 257, and 275 portals have been submitted to the Ministry of Energy and Critical Minerals.
• The new underground decline is designed to access gold-bearing quartz veins identified in previous surface drilling west and south of the historic Kenville mine.

Regulatory Compliance Steps

• Engineered designs are required for submission to the Ministry upon commencement of operations, indicating regulatory alignment.
• This follows the receipt of water licenses (April 2026) and the advancement of water retention plan design (May 8, 2026).
• Management views this as a key step toward constructing the decline, moving closer to breaking ground.

Incremental Progress vs. Market Expectations

• The news is consistent with previous announcements regarding the "final stretch" before construction commencement made in April 2026.
• No new capital raised or resource estimates updated; this is a procedural milestone rather than a value-accretive event.
• The market likely anticipated these engineering submissions given the water license approval and prior portal closure plan updates.

Risk of Execution Delays

• While positive, engineering design initiation does not guarantee immediate construction start dates due to potential regulatory review timelines.
• Funding for actual underground decline construction (millions) is not confirmed in this release; only working capital was raised previously ($500k total).
• The materiality is limited as it confirms the timeline rather than accelerating it or de-risking the project significantly beyond prior expectations.

Project Focus

• Primary asset is the Kenville Gold Mine project in Nelson, British Columbia.
• Flagship initiative involves constructing a new underground decline to access gold-bearing quartz veins intersected in surface drilling.
• Secondary exploration focus includes the Brett Project (Vernon, BC), where high-grade intercepts were reported in late 2025.

Development Stage

• Currently in pre-construction phase; engineering and permitting are being finalized before physical construction begins.
• Historic mine infrastructure exists but requires new development to access deeper or adjacent mineralization.