55 North Mining arranges $1.18-million financing

Executive Summary

• 55 North Mining Inc. announced a non-brokered flow-through private placement expected to close on or about February 26, 2026.
• The company intends to raise approximately $1.19 million by issuing 1,596,000 flow-through common shares at a price of 74.5 cents per share.
• Proceeds will be used for eligible Canadian exploration expenses related to the Last Hope gold project, where active drilling is currently underway.

Key Details

• Transaction Structure: Non-brokered flow-through private placement.
• Closing Date: On or about February 26, 2026, subject to customary closing conditions and regulatory approvals.
• Shares Issued: 1,596,000 flow-through (FT) common shares.
• Price Per Share: 74.5 cents CAD.
• Gross Proceeds: Approximately $1,189,020 CAD.
• Warrants: None issued in connection with this private placement.
• Hold Period: All securities issued are subject to a four-month hold period.
• Use of Proceeds: To incur eligible Canadian exploration expenses qualifying as flow-through mining expenditures under the Income Tax Act (Canada), specifically for the exploration of the Last Hope gold project.
• Operational Update: Exploration drilling activities are currently underway, with one drill rig operating on the Last Hope gold project. A more detailed operational update is expected in a subsequent news release.