55 North receives drill permits for Last Hope

Executive Summary

• 55 North Mining Inc. has received formal drill authorization from the Province of Manitoba for its Last Hope gold project, enabling the company to proceed with mobilization for its 2025-2026 winter drill program.
• The company announced the grant of 1.65 million incentive stock options to directors, officers, employees, and consultants.
• The drill program targets down plunge and along-strike extensions of the high-grade mineralized system at Last Hope, with the goal of expanding the system as the company builds momentum into 2026.

Key Details

• Drill Permits: Formal drill authorization received from the Province of Manitoba for the Last Hope gold project, located near Wasekwan Lake in the Lynn Lake region.
• Drill Program Scope: The approvals enable mobilization for the 2025-2026 winter drill program.
• Drill Targets: The program targets down plunge and along-strike extensions of the high-grade mineralized system at Last Hope.
• Stock Option Grant: Board of directors approved the issuance of 1.65 million incentive stock options.
• Option Recipients: Directors, officers, employees, and consultants.
• Exercise Price: 50 cents per share.
• Option Terms: Each option is exercisable to acquire one common share.
• Validity Period: Five years from the date of grant.
• Regulatory Compliance: Options are subject to the provisions of the company's stock option plan and the policies of the Canadian Securities Exchange.

Notable Quotes

• "Receiving drill permits keeps us firmly on track to advance our 2025-2026 winter program at Last Hope," said Bruce Reid, chief executive officer of 55 North Mining. "With authorization now in place, we're prepared to mobilize quickly, begin drilling as soon as conditions allow and continue expanding the high-grade system as we build momentum into 2026."