Gold X2 Intersects 26.65m of 4.22 g/t Au Including 10.9m of 9.02 g/t in Infill Drilling at Moss Main

Gold X2 Mining Inc. (AUXX) reported results from 21 infill and expansion drill holes at the Moss Main and Southwest zones, which are part of the company’s ongoing 160,000-meter 2026 drilling program.

In the Main Zone, five infill holes were drilled. Hole MMD‑26‑415 returned 26.65 meters at 4.22 grams per tonne gold (4.85 grams per tonne uncut), including a higher-grade interval of 10.9 meters at 9.02 grams per tonne gold (10.5 grams per tonne uncut) starting from 197.7 meters. Hole MMD‑26‑407 intersected 51.95 meters at 0.98 grams per tonne gold, including 5.4 meters at 4.67 grams per tonne. Hole MMD‑26‑406 recorded 41.6 meters at 0.86 grams per tonne, including 8.0 meters at 2.87 grams per tonne. While Main Zone widths were 13% wider than modeled, grade reconciliation showed a -32% variance in one hole, as MMD‑26‑359 failed to repeat a historic high-grade interval.

Eight infill holes were completed in the Southwest Zone. Hole MMD‑26‑400 returned 2.0 meters at 17.59 grams per tonne gold from a depth of 525 meters. Other holes provided broad, low-grade intercepts, including 30.3 meters at 0.65 grams per tonne, 50.0 meters at 0.51 grams per tonne, and 4.95 meters at 3.79 grams per tonne. Infill shears in this zone were found to be 60% wider than modeled, with grades 10% lower than expected.

Eight expansion holes were drilled in the Southwest Zone below the RPEEE pit. These holes intersected mineralized shears, but the grades and widths were insufficient to support a deeper pit. Seven of the eight holes encountered shears outside the current model, resulting in a net positive reconciliation. A standout result came from hole MMD‑26‑403, which returned 6.45 meters at 4.38 grams per tonne gold from 449 meters.

The company noted that a geological model update is required for the Southwest Zone due to unmodeled late brittle faults and diverging shears.

Gold X2 Mining Inc. (AUXX) is currently in the development stage, having previously released a Preliminary Economic Assessment (PEA) that indicated a net present value of C$2.23 billion at a 5% discount rate and US$2,750 per ounce gold, based on a large resource. The company is now conducting infill drilling to support a feasibility study. While a single infill intercept, even an excellent one, is not considered transformational, recent SW expansion results that did not support a deeper pit represent a mild negative that partially offsets the high-grade results from the Main Zone.

The stock rallied from $6.24 to $8.75 in the weeks leading up to the news, between late July and early August, potentially in anticipation of positive infill results or broader gold price movements. Given the company’s high market capitalization of approximately $5.3 billion, which already prices in a large portion of the PEA’s net asset value, these infill results are not sufficiently surprising to re-rate the company. The high-grade results are contained within the existing pit shell and do not dramatically increase ounces or mine life.

The news is incremental, confirming geological continuity and adding confidence to the resource estimate, but it does not change the fundamental thesis.

Gold X2 Mining Inc. (AUXX) is a Canadian junior developer focused on the 100%-owned Moss Gold Project in the Shebandowan Greenstone Belt, NW Ontario. The project hosts a 2026 NI 43-101 MRE of 2.46 moz Indicated Au (1.04 g/t) and 4.21 moz Inferred Au (0.97 g/t), with significant silver credits. A PEA (Jan 2026) outlined a 13.2-year open-pit mine producing ~265 koz/yr Au at AISC US$1,188/oz, with after-tax NPV5% C$2.23 B (base case).

The company is aggressively drilling 160,000 m in 2026 to upgrade resources. Strategic investor AngloGold Ashanti holds ~9.9%. The company has a large land position (40,456 ha) and is acquiring adjacent projects (Huronian, Star Lake). Cash position is strong at C$117 M as of Q1 2026 with no debt.