1911 Gold Reports 14.86 g/t Gold over 7.20 Metres from Infill Drilling at True North

1911 Gold Corporation (AUMB) has completed thirty underground diamond drill holes, totaling 6,483 meters, from Level 16, located 720 meters below surface, on the L10 Zone. The drilling program was split between the V-1020 vein, which accounted for 11 holes and 2,406 meters, and the V-1010 vein, which comprised 19 holes and 4,077 meters. The stated purpose of the work is infill and delineation, aiming to convert inferred resources to indicated resources in blocks scheduled for the early years of the Preliminary Economic Assessment (PEA) mine plan and to support a restart decision in 2027.

All holes intersected the modelled veins, with all returning significant results except for hole UG16-26-101. Results from the V-1020 vein were reported as in line with expectations, while results from the V-1010 vein were slightly lower than expected, a variance attributed to pinch-and-swell geometry that requires tighter spacing. Eleven holes intersected hanging-wall mineralization outside the 2024 Mineral Resource Estimate (MRE), identifying a down-plunge extension of up to 75 meters on V-1020 and 70 meters on V-1011.

Reported intercepts, above a 2.25 g/t Au cutoff, with maximum 2.50 m internal dilution, no top capping, and core length representing 60–90% of true width, include:

• UG16-26-102 (V-1010), 202.40–209.60 m: 7.20 m @ 14.86 g/t Au, including 202.40–203.00 m 0.60 m @ 22.20 g/t Au and 204.10–208.70 m 4.60 m @ 19.52 g/t Au, which includes 205.30–205.90 m 0.60 m @ 31.70 g/t Au and 207.50–208.70 m 1.20 m @ 23.25 g/t Au (including 0.60 m @ 25.80 g/t Au)
• UG16-26-083 (V-1020), 124.00–126.10 m: 2.10 m @ 22.64 g/t Au, including 124.60–125.40 m 0.80 m @ 50.30 g/t Au
• UG16-26-089 (V-1020), 115.00–115.70 m: 0.70 m @ 25.50 g/t Au; and 119.00–119.60 m 0.60 m @ 6.09 g/t Au
• UG16-26-093 (V-1020), 192.80–194.00 m: 1.20 m @ 13.98 g/t Au (including 0.60 m @ 25.10 g/t Au); plus 196.50–197.50 m 1.00 m @ 6.10 g/t Au
• UG16-26-099 (V-1020), 181.30–183.00 m: 1.70 m @ 13.84 g/t Au, including 0.50 m @ 35.70 g/t Au
• UG16-26-091 (V-1020), 179.80–180.40 m: 0.60 m @ 18.70 g/t Au
• UG16-26-095 (V-1020, outside 2024 MRE), 224.50–225.30 m: 0.80 m @ 18.10 g/t Au
• UG16-26-105 (V-1020), 148.10–150.00 m: 1.90 m @ 8.70 g/t Au, including 0.60 m @ 22.70 g/t Au
• UG16-26-107 (V-1011), 207.00–207.60 m: 0.60 m @ 14.30 g/t Au; UG16-26-108, 192.50–193.30 m: 0.80 m @ 7.79 g/t Au
• UG16-26-111 (V-1011), 195.90–198.60 m: 2.70 m @ 6.04 g/t Au, including 0.90 m @ 9.56 g/t Au
• UG16-26-098 (V-1020, outside MRE), 161.20–163.40 m: 2.20 m @ 3.69 g/t Au (including 0.90 m @ 6.25 g/t Au); UG16-26-106, 181.90–182.40 m: 0.50 m @ 5.56 g/t Au
• UG16-26-092 (V-1011) 180.60–181.20 m: 0.

1911 Gold Corporation (AUMB) has released results from an infill drilling programme targeting the L10 sub-zone, a well-defined area within its broader property. The company’s 2024 resource estimate for L10 comprises 363,000 tonnes at 4.99 g/t gold for 67,000 ounces indicated, and 479,000 tonnes at 3.96 g/t gold for 61,000 ounces inferred. These figures contribute to a global True North resource total of 499,000 ounces indicated and 644,000 ounces inferred.

The new drill holes have confirmed the modeled resource blocks, with grades at or above the resource model over intervals consistent with the narrow-vein mining method outlined in the Preliminary Economic Assessment (PEA). Additionally, the programme identified 70–75 meters of down-plunge extension on two hanging-wall veins. Against an equity valuation of approximately C$200 million, the results suggest improved odds for converting inferred resources to indicated status and for tonnage growth in the Q4 2026 estimate, without altering the overall scale of the system.

The latest results compare favorably to previous high-grade intercepts on the L10 target. The prior best results were released on September 10, 2026, including hole UG16-26-072, which returned 10.73 g/t over 8.90 meters (95.5 g·m, true width ~5.3–8.0 m), and UG16-26-076, which returned 50.61 g/t over 1.60 meters (81 g·m). A subsequent release on October 6 added an intercept of 7.55 g/t over 5.00 meters (37.8 g·m). Today’s best result, totaling 107 g·m at a higher grade over a shorter length, is comparable to or marginally better in gram-metres, though slightly narrower in true width.

Market reaction has been muted, with the stock closing at C$0.81 on September 10 and C$0.69 on October 6. The share is currently trading at C$0.57, representing a 59% decline from the C$1.40 high in January and a 37% drop from the C$0.90 peak on September 3. The share price also sits below the C$0.64 unit price from the July 2026 bought deal and below the C$0.752 to C$0.793 flow-through prices, indicating that the market is currently weighting execution and dilution risks more heavily than drill results. The company has simultaneously flagged the V-1010 zone as below expectation.

1911 Gold Corporation (TSXV: AUMB, OTCQX: AUMBF, FRA: 2KY) is an advanced gold explorer and developer whose sole material asset is the 100%-owned True North complex. Located in the Archean Rice Lake greenstone belt of southeastern Manitoba, the project sits within a approximately 62,000-hectare land package. The complex is fully built and permitted, featuring shafts including A Shaft and the Hinge decline, underground workings extending to Level 26, a mill permitted at 1,350 tonnes per day that is readily expandable, and a tailings facility. The company values this infrastructure at over US$400 million in replacement cost.

The True North deposit holds an indicated resource of 499,000 ounces at 4.41 grams per tonne, plus an inferred resource of 644,000 ounces at 3.65 grams per tonne, based on a 2.25 grams per tonne cutoff. Approximately 45 kilometers by road from the mill, the Ogama-Rockland property holds a filed NI 43-101 inferred resource of 712,000 ounces at 6.68 grams per tonne, comprising 3.314 million tonnes at a 2.50 grams per tonne cutoff, according to a September 24, 2026 technical report. Historical production at Ogama-Rockland totaled approximately 45,000 ounces at 11.25 grams per tonne between 1948 and 1951.

An amended and restated preliminary economic assessment outlines an 11-year operation producing approximately 58,114 ounces per year. At a gold price of US$3,000 per ounce, the project projects an after-tax net present value of C$391 million and an internal rate of return of 105%, with an all-in sustaining cost of US$1,897 per ounce and initial capital expenditure of C$59.2 million.

In the first quarter of 2026, the company reported a net loss of $10.66 million, cash holdings of $25.4 million, and total debt of $15.7 million from Auramet Tranche 1. Total equity stood at $41.1 million, with a book value of approximately C$0.13 per share based on 309.8 million shares outstanding as of March 31, 2026, prior to a July 2026 raise of $35.65 million gross. The stock trades at roughly 4.4 times book value and at approximately half the PEA's after-tax net present value.