Minnova Corp. Evaluates Small-Scale Open Pit Bulk Sample Program for Toll Milling or Direct Sale of Mineralised Material at PL Gold Mine

Minnova Corp. (MCI) is evaluating a small-scale open pit bulk sample program at its 100%-owned PL Gold Mine in Manitoba. The initiative aims to validate near-surface mineralization grades, mining dilution, and metallurgical characteristics. Objectives include assessing the feasibility of toll milling or the direct sale of mineralized material to generate early revenue. This evaluation supports the ongoing Pre-Feasibility Study (PFS) and builds on the October 14, 2026 Preliminary Economic Assessment (PEA).

Regulatory status for the project indicates that the existing Environment Act Licence No. 1207E covers underground work only. Bulk sampling is classified as advanced exploration. The company is applying for casual quarry permits and seeking regulatory clarification on extraction methods and commercial sale permissions. The Qualified Person for the project is Nicholas Ross King.

Minnova Corp. (MCI) has initiated a standard technical validation step in its mine development lifecycle, following the October 2026 Preliminary Economic Assessment (PEA) and the September 2026 Mineral Resource Estimate (MRE). The PEA previously outlined a phased restart strategy targeting initial production from mid-2028, with output scaling from 1,000 tonnes per day (tpd) to 2,000 tpd. The current bulk sample program serves as an expected precursor to the Pre-Feasibility Study (PFS), aiming to de-risk the open-pit mining plan.

The announcement does not introduce new financial metrics, revised timelines, or unexpected catalysts. While the company is considering toll milling or direct sales as a contingency to potentially generate early revenue, this approach does not alter the core development strategy or capital requirements. The market had already priced in the strong PEA economics, which cited a net present value at a 5% discount rate (NPV5%) of $180.6 million and an internal rate of return (IRR) of 111% at a gold price of $3,000/oz. This announcement confirms the execution of planned technical work, with the impact being incremental and aligned with the company's stated development roadmap.

Minnova Corp. (MCI) is a pre-revenue gold exploration and development company focused on the PL Gold Mine in central Manitoba. The company’s flagship project is the PL Gold Mine, also known as Puffy Lake, a permitted past producer that operated in 1988.

The development plan outlines a phased restart targeting a 10-year mine life from 2028 to 2037. Initial production will utilize open-pit mining at a rate of 1,000 tonnes per day (tpd), with plans to expand to 2,000 tpd in year two. Underground mining is scheduled to commence in mid-2028, supplying mill feed from 2031.

Minnova also holds a secondary asset, the Nokomis satellite deposit, located 7km northeast of the PL mill. This deposit contains 41,000 ounces of Indicated resources and 19,000 ounces of Inferred resources. The project benefits from existing infrastructure, including a 1,000 tpd processing plant, a 22 km power line connecting to the Manitoba Hydro grid, and all-weather access.