55 North Mining Receives Drill Permits for Last Hope Gold Project and Announces Grant of Stock Options

Executive Summary

• Received formal drill authorization from the Province of Manitoba for the Last Hope Gold Project, enabling mobilization of the 2025‑2026 winter drilling program.
• The authorized program will target down‑plunge and along‑strike extensions of the high‑grade mineralized system at Last Hope.
• Board approved issuance of 1,650,000 incentive stock options at $0.50 per share, exercisable for five years.

Key Details

• Drill Permit: Formal authorization granted by Manitoba for drilling at the Last Hope Gold Project (near Wasekwan Lake, Lynn Lake region).
• Program Timeline: Mobilization for the 2025‑2026 winter drill program can commence immediately; drilling to begin as soon as field conditions allow.
• Drill Focus: Targeting down‑plunge and along‑strike extensions of the known high‑grade mineralized system.
• Stock Option Grant: Board approved 1,650,000 incentive stock options for directors, officers, employees, and consultants.
• Option Terms: Exercise price $0.50 per common share; each option exercisable for one share; five‑year term from grant date; subject to the Company’s Stock Option Plan and CSE policies.

Notable Quotes

“Receiving drill permits keeps us firmly on track to advance our 2025‑2026 winter program at Last Hope,” said Bruce Reid, CEO 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.”