55 North Mining Announces Flow-Through Financing

Executive Summary

• 55 North Mining Inc. announced a non‑brokered flow‑through private placement of 1,596,000 common shares at $0.745 per share, targeting gross proceeds of approximately $1.19 million.
• Proceeds will be used to fund eligible Canadian exploration expenses for the Last Hope Gold Project in Manitoba.
• The company confirmed that drilling activities are currently underway on the project, with a detailed operational update to follow.

Key Details

• Placement Size: 1,596,000 flow‑through common shares (“FT Shares”).
• Price per Share: $0.745 CAD.
• Aggregate Gross Proceeds: Approximately $1,189,020 CAD.
• Closing Date: Expected on or about February 26, 2026, subject to customary conditions and regulatory approvals.
• Hold Period: All securities issued will be subject to a four‑month hold period.
• Warrants: No warrants are being issued in connection with the private placement.
• Use of Proceeds: To incur eligible Canadian exploration expenses that qualify as “flow‑through mining expenditures” under the Income Tax Act (Canada) for the Last Hope Gold Project.
• Exploration Update: One drill rig is currently operating on the Last Hope Gold Project; a more detailed operational update will be provided in a subsequent news release.

Notable Quotes

• “The proceeds from this financing will enable us to advance our high‑grade Last Hope Gold Project and continue drilling activities that are critical to unlocking value for our shareholders.” – Bruce Reid, Chief Executive Officer, 55 North Mining Inc.