55 North completes payment for Last Hope

Executive Summary

• 55 North Mining Inc. has completed the final property payment, securing 100% ownership of the Last Hope gold project in Manitoba.
• The company is mobilizing a drill rig to the site with drilling expected to commence in mid-January 2026 as part of its 2025-2026 program.
• The drill program aims to grow the mineral resource through stepout drilling along an 800-metre strike length, with an updated mineral resource estimate targeted for later in 2026.

Key Details

• Ownership Status: 55 North Mining now holds 100% ownership of the Last Hope gold project following the completion of the required property payment.
• Drilling Schedule: Mobilization of a drill rig has begun; drilling is expected to start in mid-January 2026.
• Drill Program Objectives:
  • Focus on stepout drilling to the south of existing zones.
  • Plan to drill fences of two to three holes approximately every 120 metres along strike.
  • Goal is to expand the footprint of known mineralization and test for potential extensions over an approximate 800-metre strike length.
• Timeline for Results: Drill results are anticipated approximately eight to 10 weeks following the completion of drilling, subject to laboratory turnaround times.
• Future Resource Estimate: An updated mineral resource estimate is planned for later in 2026, integrating new drill results.
  • Previous estimate (September 2021) was based on a $1,650 (U.S.)/ounce gold price.
  • Current higher gold prices may support a lower cut-off grade and a larger reported resource.
• Qualified Person: Peter Karelse, PGeo, Head of Exploration, has reviewed and approved the technical information.

Notable Quotes

• "Securing full ownership of Last Hope is a major milestone for 55 North," said Bruce Reid, chief executive officer of 55 North Mining. "With drilling expected to begin in mid-January, we will focus on stepout drilling designed to test potential extensions of known mineralization and support an updated geological model. The results from this program will guide our plans for an updated mineral resource estimate later in 2026."