55 North Mining Inc. Announces Completion of Third and Final Tranche of Private Placement for a Total of $4,202,000

Executive Summary

• 55 North Mining closed the final tranche of its non‑brokered private placement, raising $200,000 in gross proceeds.
• The third tranche consisted of 400,000 common shares issued at $0.50 per share, bringing total funds raised under the offering to $4,202,000.
• Proceeds will be used to fund property payments, advance drilling at the Last Hope Gold Project, and support general working capital and corporate overhead.

Key Details

• Tranche Structure: Third (final) tranche of a previously announced private placement.
• Shares Issued: 400,000 common shares.
• Price per Share: $0.50.
• Gross Proceeds for Tranche: $200,000.
• Total Funds Raised to Date: $4,202,000 (all tranches combined).
• Hold Period: All issued common shares subject to a statutory hold period of four months plus one day from issuance date.
• Use of Proceeds:
• Property payments on mining claims.
• Advancement of drilling programs at the Last Hope Gold Project.
• General working capital and corporate overhead.
• Post‑Closing Share Count: Approximately 33.25 million common shares issued and outstanding.
• CEO Comment: Bruce Reid highlighted strong gold prices, continued shareholder interest, and the capital’s role in advancing drilling and delivering progress into 2026.

Notable Quotes

“With gold prices remaining strong, we are seeing continued interest from both new and existing shareholders,” said Bruce Reid, CEO of 55 North Mining. “The support we've received across all tranches reflects growing recognition of the potential scale and grade of the Last Hope system. This additional capital further positions us to advance drilling and deliver meaningful progress going into 2026.”