Sixty North Gold Announces Project Financing to Restart Operations at the High-Grade Mon Gold Mine

Executive Summary

• Sixty North Gold Mining Ltd. signed a binding commitment letter with Vesta Wealth Partners for a $3.6 million term loan to fund development of the Mon Gold Mine.
• The loan carries 12% annual interest, is payable within 36 months, and includes issuance of 6,650,000 share purchase warrants at $0.14 each, plus a 2.5% net smelter return royalty for four years (buy‑back option up to $5 M).
• Vesta will receive two board seats and a first‑ranking senior security interest over the Mon Gold Mine; no finder’s fees are payable.

Key Details

• Loan Amount: $3,600,000 term loan.
• Interest Rate: 12% per annum on any outstanding principal.
• Repayment Terms: No principal payments required until December 2026; full repayment due within 36 months of closing.
• Disbursement Schedule: Loan to be provided in three scheduled payments (totaling $3,600,000).
• Warrants Issued to Vesta: 6,650,000 share purchase warrants, exercisable at $0.14 per warrant for a period of three years from issuance.
• Royalty Provision: 2.5% net smelter return royalty on Mon Gold Mine activities for a minimum of four years; thereafter subject to buy‑back by Sixty North Gold for up to $5,000,000.
• Security: First‑ranking senior security interest over the Mon Gold Mine granted to Vesta.
• Board Representation: Two qualified nominees from Vesta will be appointed to Sixty North Gold’s board of directors for the loan term.
• Use of Proceeds: Funding development and production ramp‑up of the wholly‑owned flagship Mon Gold Mine (located 45 km north of Yellowknife, NWT).

Notable Quotes

“It is exciting to be able to bring mining back to Yellowknife… The high‑grade camp hosts historic mines that produced over 14 million ounces of gold.” – Dave Webb, President & CEO, Sixty North Gold.

“Our financing commitment reflects our confidence in the operational plan, the quality of the Mon Gold asset, and the vision of Dr. Webb and the Sixty North Gold team.” – Jared Wolk, Chief Investment Officer, Vesta Wealth Partners.