1911 Gold Secures $30M to Revive True North Mine for 2027 Restart

VANCOUVER, BC – February 20, 2026 – 1911 Gold Corporation has taken a decisive step toward reviving a historic Canadian mining asset, announcing it has secured a US$30 million secured credit facility with precious metals merchant Auramet International, Inc. The financing package is poised to unlock the potential of the company’s 100%-owned True North Gold Project in Manitoba, providing the critical capital required to bring the mine back into production by a target date of 2027.

The funds are specifically earmarked for key operational milestones outlined in the company's recent Preliminary Economic Assessment (PEA). This includes purchasing essential mining equipment, advancing underground development at the True North mine, and installing a new crushing circuit at the existing mill. This injection of capital effectively bridges the financial gap for the developer, positioning it to transition into a producer in the near term.

“We are very pleased to secure this credit facility with Auramet, a group that has a long and successful history with the True North Gold Project and a deep understanding of its potential,” stated Shaun Heinrichs, President and CEO of 1911 Gold, in the official announcement. “This US$30 million facility provides the necessary funding to advance the restart plan outlined in our recently released PEA, which showcased a high-return, low-capital-intensity path back to production.”

Deconstructing the Deal: The Cost of Capital

The financing agreement with Auramet is a multifaceted deal characteristic of specialized lending in the mining sector. The US$30 million facility will be disbursed in two equal tranches of US$15 million. The first tranche is available upon closing, expected before the end of February, while the second can be drawn between 90 and 180 days later, subject to certain conditions.

The cost of this capital comes in several forms. The loan carries a 12% annual interest rate, though the first tranche benefits from a six-month interest-free period. Repayment on the initial US$12 million begins 13 months after closing in monthly installments, with the full facility maturing after 24 months.

Beyond interest, the deal includes significant fees and potential shareholder dilution. Auramet will receive a US$1,050,000 arrangement fee (3.5% of the total) and two separate US$375,000 drawdown fees (2.5% of each tranche). 1911 Gold has the option to pay these fees in cash or by issuing common shares, which at current valuations could total over 1.8 million shares.

Furthermore, the deal includes a substantial number of common share purchase warrants. Auramet will receive 4.5 million warrants upon the closing of each tranche, for a total of 9 million warrants. The first set of warrants has an exercise price of C$1.07, a 10% premium to the recent volume-weighted average share price. This structure gives the lender significant potential upside participation in the company's future success, a common feature in development-stage mining finance.

To secure the loan, 1911 Gold has provided a first-ranking security interest on all its personal property and a collateral mortgage against its True North Gold Project and adjacent Rice Lake exploration properties.

Validating the Vision: Inside the True North PEA

The confidence from both 1911 Gold and Auramet is underpinned by a robust Preliminary Economic Assessment for the True North Project, released just weeks ago. The PEA paints a picture of a high-return, low-risk restart, primarily because it leverages a vast amount of existing, permitted infrastructure valued at over $400 million.

Based on a long-term gold price of US$3,000 per ounce, the PEA projects a compelling after-tax Net Present Value (NPV) of C$391 million and an impressive Internal Rate of Return (IRR) of 105%. The payback period is estimated at just 2.2 years. A key factor is the modest initial capital expenditure of only C$59.2 million, a fraction of what a new-build project would require.

Once operational, the mine is projected to produce an average of 58,100 ounces of gold annually during its steady-state years (3-8), with All-in Sustaining Costs (AISC) of US$1,897 per ounce over an 11-year mine life. The plan involves processing ore with an average diluted head grade of 4.32 grams per tonne (g/t) gold, with expected metallurgical recoveries of 93.5%.

Notably, management has indicated that this strong economic case does not yet include results from recent and ongoing drilling programs. An updated resource estimate and PEA are anticipated later this year, which could further enhance the project's scope and economic potential.

A Strategic Partnership and Market Momentum

The deal is more than just a loan; it establishes a deep strategic partnership. As part of the agreement, 1911 Gold has entered into an offtake agreement, committing to sell 100% of its gold production from the True North and Rice Lake properties to Auramet until the loan is fully repaid or for a minimum of 36 months. This arrangement provides 1911 Gold with a guaranteed buyer for its product, de-risking the sales and logistics aspect of the restart, while giving Auramet a secure supply of physical metal.

This financing milestone comes as 1911 Gold enjoys significant market momentum. The company was recently named to the 2026 TSX Venture 50 list of top performers, a recognition of its 468% share price appreciation in 2025. The positive PEA and now the secured financing have been met with strong investor interest, validating the company’s strategy to fast-track the project back to life.

Manitoba's Golden Opportunity

The restart of the True North Gold Project represents a significant economic driver for central Manitoba. The project is located within the traditional territories of the Hollow Water First Nation and the Black River First Nation, and 1911 Gold has emphasized its commitment to cooperative relationships.

The PEA estimates the creation of 326 full-time jobs, providing a substantial boost to local employment. In a forward-thinking move, the company is already in discussions to establish a pilot training partnership with the University College of the North (UCN) to upskill its workforce and create opportunities for members of local First Nation communities.

With financing now in place, 1911 Gold will proceed with procuring equipment and advancing the on-site work required to meet its aggressive timeline. The company is already re-commissioning the main shaft and has been conducting underground work since mid-2025. The coming months will see a ramp-up in activity as the historic Rice Lake Greenstone Belt prepares to once again become a source of Canadian gold production.