Sixty North Gold Updates Scheduled Development at Mon Gold Mine, NWT

Executive Summary

• Sixty North Gold Mining Ltd. reports a delay in its planned commencement of gold production at the Mon Gold Mine due to a new Mackenzie Valley Land and Water Board (MVLWB) policy requiring additional baseline environmental sampling.
• The company has submitted twelve management plans, with six already approved, and is currently mobilizing crews and equipment to the site pending further regulatory approvals.
• Management remains optimistic about resolving the regulatory matter expediently but cannot provide a revised production timeline until clarity is obtained from the MVLWB.

Key Details

• MVLWB policy change mandates additional baseline sampling for mine/mill developers lacking an approved Water Management Plan, citing environmental shifts from recent Northwest Territories droughts and wildfires.
• Company baseline data extends back to the 1990s, with recent sampling conducted in 2024 following the 2023 wildfire season.
• Only limited activity is currently permitted on-site while discussions with MVLWB inspectors continue.
• Twelve management plans submitted to MVLWB; six approved to date.
• Recently submitted plans include the Mill Design and Construction Plan, Ore Stockpile Design and Management Plan, and Dry Stack Tailings (DST) Design and Construction Plan.
• Submission of the Dry Stack Tailings Management Plan is contingent upon MVLWB approval of the DST Design and Construction Plan.
• The Interim Closure and Reclamation Plan is being replaced by a revised Closure and Reclamation Plan.
• The Advanced Exploration Plan (authorized via board directive on October 24, 2022) is no longer effective.
• Mining and milling equipment, along with necessary supplies, are already on-site; crews are mobilizing for preparatory work pending approvals.
• Historical production (1990s) extracted 15,000 tonnes of ore to depths of 15 meters, yielding an estimated 15,000 ounces of gold.
• Recent underground development has intersected the productive A-Zone 17 meters below historic stopes, and a newly discovered DD-Zone has been exposed in the main ramp.
• Future development plans include mining stopes in the East Limb, West Limb, and DD Zone, plus ramp extension for deeper levels.
• Additional exploration targets include silver-rich VMS deposits, large shear zone-hosted gold targets, and critical-element-enriched IOCG-style mineralization.

Notable Quotes

• Dave Webb, President & CEO: "We had been operating under an Advanced Exploration Plan under a board directive dated October 24, 2022, but that is now no longer effective. All mining and milling equipment and necessary supplies are on the property and crews are mobilizing to the property to commence preparatory work pending additional MVLWB approvals. We will comment further as soon as we have clarity on how the above change will impact our start-up time line, but remain optimistic that this matter will be expediently and satisfactorily resolved."