Minnova continues PL gold mine restart plan

Executive Summary

• Minnova Corp. has updated its PL gold mine restart plan, engaging A&B Global Mining (ABGM) to complete a Preliminary Economic Assessment (PEA) by Q1 2026 and a full feasibility study by Q3 2026.
• The company has expanded its Phase 2 infill and resource expansion drill program from 8,500 meters to 15,000 meters to achieve sub-25m spacing on mineralized structures, with results intended to update mineral resource estimates (MRE).
• Minnova engaged AEcom for environmental compliance and permitting support and granted 2.5 million stock options to directors, officers, and employees.

Key Details

• Mine Restart Plan & Studies:
  • A&B Global Mining (ABGM) completed an internal mine development concept study for an open pit restart transitioning to underground mining.
  • A Preliminary Economic Assessment (PEA) is underway, expected to be completed by the end of Q1 2026.
  • A second MRE update and feasibility study are scheduled for completion by the end of Q3 2026.
  • The PEA will evaluate open pit mining at a run-of-mine (ROM) throughput rate of 1,000 tonnes per day (tpd), matching the nameplate process plant capacity.
  • The base case gold price for the PEA and first MRE is set at $2,500 USD/oz, an increase from the previous $1,250 USD/oz.
• Mineral Resource Estimates (MRE):
  • Existing MRE (Nov 1, 2017):
    • Measured and Indicated: 282,500 oz Au in 1,481,000 tonnes grading 5.93 g/t Au.
    • Inferred: 301,700 oz Au in 1,846,000 tonnes grading 5.08 g/t Au.
  • First MRE Update: Will include all historical drilling plus current drill program results up to the end of November (approx. 4,000 meters).
  • Second MRE Update: Will include all historical drilling plus current drill program results up to the end of April 2026 (approx. 15,000 meters).
• Drilling Program:
  • Phase 1 (1,500 meters) initiated in early September.
  • Phase 2 expanded to 15,000 meters to achieve sub-25m spacing on mineralized structures.
  • Objectives: Resource delineation within the current preliminary pit shell and resource expansion drilling to test extensions of existing open pit/underground resources and the Nokomis satellite deposit.
  • Recent results include the identification of visible gold (VG) in drill core at target depths.
• Environmental & Permitting:
  • AEcom engaged to advise on environmental compliance, water studies, and regulatory filings for permit amendments related to the new open pit development plan.
• Option Grant:
  • 2.5 million options granted to directors, officers, employees, and consultants.
  • Exercise price: $0.30 per common share.
  • Term: 5 years.
  • Vesting: Immediate.
  • Hold period: 4 months from the date of grant.

Notable Quotes

• "We are very encouraged by ABGM's mine development plan, noting that it emphasises cost-effective open pit mining for restarting the PL gold mine before moving on to underground operations. The current infill drill program is well underway with encouraging results, including identification of visible gold (VG) in drill core at target depths. The completion of a PEA in the first quarter of 2026 is an important milestone to initiate discussions with lenders and mining contractors as we advance to the feasibility study." — Gorden Glenn, President and CEO