Gold X2 continues Moss baseline studies

Executive Summary

• Gold X2 Mining Inc. provided a significant update on the environmental baseline studies for its Moss Gold Project in Northwestern Ontario, detailing progress across multiple technical disciplines (hydrogeology, fisheries, archaeology, etc.) and outlining the schedule for 2026 and 2027.
• The company announced the grant of 11.77 million incentive stock options and 3.87 million restricted share units (RSUs) to officers, directors, and consultants, with specific vesting schedules and exercise prices.
• The environmental work is on track to support the submission of provincial and federal environmental assessments in Q3 2027, positioning the project for a feasibility study and permitting process in 2027.

Key Details

• Environmental Baseline Studies Progress (2025 Field Season):
  • Archaeology: Stage 2 assessment completed; no significant findings to date. Work to continue in 2026 incorporating Indigenous community input.
  • Waste Geochemical Assessment: Sampling initiated to characterize waste rock for acid rock drainage and metal leaching. Preliminary results indicate most waste is non-acid generating with insignificant metal leaching. Analysis continues into 2026.
  • Fisheries Assessment: Aquatic field programs conducted to characterize baseline conditions in lakes and streams. Further enhanced studies focusing on suitable habitat lakes to resume in spring 2026.
  • Hydrogeology: Completed deep bedrock packer hole assessment and installed a baseline monitoring well network. 2026 programs focus on derisking and characterization at an Environmental Assessment (EA) level.
  • Geophysics: Seismic survey conducted to map overburden and develop a bedrock surface model. Additional seismic work planned for the tailings management facility area in 2026.
  • Hydrology: Expanded to include 15 additional hydrometric stations (total 25 data points). 2026 work includes detailed modeling for inundation and stream augmentation, and development of a baseline hydrological report.
  • Geospatial Data: Aerial lidar survey commissioned in fall 2025 covering over 80 square kilometers (40 points per square meter). Data to be used for calibrating hydrological and bedrock models in 2026 and engineering studies in 2027-2028.
  • Terrestrial Biology: Ongoing since 2021, covering ecosystem mapping, wetlands, and wildlife (birds, mammals, reptiles, amphibians). No significant Species at Risk (SAR) unique to the area identified. Final baseline report expected to culminate the 2026 work.
• 2026 and Future Plans:
  • Air Assessment: Ambient air quality monitoring for contaminants to be conducted in 2026.
  • Noise Assessment: Baseline conditions assessment, facility operation review, and impact evaluation for noise and vibration to be conducted in 2026.
  • Socioeconomic Evaluation: Assessment of cultural, social, and economic environments; collaboration with Indigenous communities on impact assessment strategies.
  • Mine Closure Planning: Development of conceptual site closure options for discussion with local and Indigenous communities.
  • Permitting Timeline: Submission of provincial and federal environmental assessments targeted for Q3 2027.
• Equity Grant Details:
  • Incentive Stock Options: 11.77 million options granted to officers, directors, and consultants.
    • Exercise Price: $0.51 per share.
    • Term: 5 years.
    • Vesting Schedule: One-third on May 6, 2026; one-third on May 6, 2027; one-third on May 6, 2028.
  • Restricted Share Units (RSUs): 3.87 million RSUs granted to officers, directors, and consultants.
    • Vesting Date: 12 months from grant date (November 6, 2026).
• Mineral Resource Estimate (from "About" section):
  • Indicated: 1.54 million ounces at 1.23 g/t Au (38.96 million tonnes).
  • Inferred: 5.20 million ounces at 1.11 g/t Au (146.24 million tonnes).
  • Context: MRE covers 3.6 km of a 35+ km mineralized trend, open at depth and along strike.

Notable Quotes

• Michael Henrichsen, CEO: "Our baseline studies are crucial in informing our decision-making and enabling us to minimize environmental impacts throughout the project's life cycle. We're on track to complete these studies by the end of 2026, which will position Gold X2 to enter the formal permitting process alongside a feasibility study in 2027."
• Chris Perusse, President of CSL: "Over all, the project is progressing toward submission of both provincial and federal environmental assessment during Q3 2027. This will begin the process with various government agencies leading to project approval."