55 North Mining Announces Closing of Second Tranche of Non-Brokered Private Placement Financing

Executive Summary

• 55 North Mining closed the second tranche of its non‑brokered private placement, raising $415,000.
• The tranche consisted of 830,000 common shares issued at $0.50 per share, bringing total proceeds to $4,002,000.
• Proceeds will fund property payments, initiate drilling at the Last Hope Gold Project, and support working capital; the company now has ~32.83 million shares outstanding.

Key Details

• Offering Structure: Non‑brokered private placement, second tranche only (no finder's shares or warrants).
• Shares Issued: 830,000 common shares at $0.50 per share.
• Gross Proceeds – Tranche 2: $415,000.
• Cumulative Gross Proceeds: $4,002,000 (including initial tranche of $3,587,000 closed on Oct 30, 2025).
• Use of Proceeds: Fund property payments, commence drilling programs at Last Hope, and provide general working capital/corporate overhead.
• Share Count Post‑Closing: Approximately 32.83 million common shares issued and outstanding.
• Potential Additional Closings: Company may complete one or more further closings of the Offering in the near term, subject to customary conditions.
• CEO Quote: “We continue to see strong interest in the financing from both new and existing shareholders… This second tranche further strengthens our balance sheet as we prepare to begin drilling at Last Hope.” – Bruce Reid, CEO

Notable Quotes

"We continue to see strong interest in the financing from both new and existing shareholders," said Bruce Reid, CEO of 55 North Mining. "This second tranche further strengthens our balance sheet as we prepare to begin drilling at Last Hope."