1911 Gold Corporation

1911 Gold Corporation is a Canadian junior gold producer and advanced explorer focused on the acquisition, exploration, and development of precious metal deposits. Headquartered in Vancouver, British Columbia, the company aims to build a district-scale gold mining operation around its core assets.

The company's primary asset is the Rice Lake property in Manitoba, encompassing over 61,647 hectares within the Archean Rice Lake greenstone belt. This property includes the True North mine and mill complex, which is a key focus for future production. 1911 Gold also holds interests in the Apex property near Snow Lake, Manitoba, and the Denton-Keefer project in the Timmins-Porcupine Gold Camp of Ontario.

Led by President and CEO Shaun Heinrichs, appointed in March 2022, and with Max Satel joining as CFO in April 2026, 1911 Gold is actively advancing its True North Gold Project towards a targeted production restart in 2027. Recent efforts include dewatering and rehabilitating the True North mine's underground infrastructure and upgrading its mill facilities. The company has also completed a Preliminary Economic Assessment (PEA) for the True North Gold Project, highlighting its near-term production strategy and exploration potential.

Latest updates

1911 Gold Appoints Mining Finance Veteran as CFO Ahead of Production Restart

Event summary

  • 1911 Gold appointed Max Satel as Chief Financial Officer, replacing Carmen Amezquita who will remain with the company during the transition.
  • Satel brings 23 years of experience in mining finance and capital markets, most recently as CFO of Battery Mineral Resources Corp.
  • Satel has raised over C$1.2 billion in capital across debt, equity, and strategic financing structures.
  • Satel was granted 750,000 stock options and 150,000 restricted share units as part of his compensation package.
  • 1911 Gold is targeting a mine restart at the True North Gold Project in 2027.

The big picture

The appointment of a CFO with a proven track record in mine restart financing signals 1911 Gold’s commitment to accelerating production at True North. This move addresses the inherent risk associated with bringing a previously permitted operation back online, particularly given the current volatility in gold prices and the increasing scrutiny of mining projects' environmental and social impact. Satel’s experience in ESG framework development will be crucial for navigating stakeholder expectations and securing future funding.

What we're watching

Capital Strategy
Satel’s experience in securing financing will be critical as 1911 Gold accelerates development; the market will scrutinize his approach to balancing production targets with capital deployment.
Operational Execution
Having led a mine restart at Battery Mineral Resources, Satel’s ability to deliver on 1911 Gold’s 2027 production target will be a key performance indicator.
Governance Dynamics
The transition of CFO roles often signals shifts in strategic direction; investors should monitor how Satel’s influence shapes 1911 Gold’s long-term capital allocation and exploration strategy.

1911 Gold Restores Access to Key True North Infrastructure

Event summary

  • 1911 Gold has re-established access to Level 26 at the True North Mine, after dewatering to approximately 4 meters below the level.
  • Dewatering is expected to be completed by the end of May, enabling rehabilitation work and drilling in the 710-711 zone.
  • Level 26 serves as the primary hoisting infrastructure and loading pocket, crucial for planned test mining on Level 16.
  • The mill is scheduled to be operational in mid-2026, with the new crushing circuit to follow later in the year.

The big picture

Restoring access to Level 26 at True North is a key step in 1911 Gold’s plan to restart operations and expand its resource base. The project’s reliance on a single loading pocket highlights the importance of infrastructure reliability for near-term production, and the focus on the 710-711 zone suggests a strategy to leverage previously explored, high-grade ore bodies. The company’s commitment to community engagement is increasingly important for securing long-term operational viability in the Canadian mining sector.

What we're watching

Operational Execution
The speed of the remaining dewatering and rehabilitation work will be critical to meeting the planned test mining schedule on Level 16, and any delays could impact the 2027 restart timeline.
Resource Expansion
The success of drilling in the 710-711 zone and D Shaft will determine whether the True North project can deliver on its potential for expanded resource base and extended mine life.
Community Relations
Maintaining positive relationships with the Hollow Water First Nation and Black River First Nation will be essential for securing ongoing operational permits and social license to operate.

1911 Gold Confirms Resource Continuity at True North, Advances Mine Development

Event summary

  • 1911 Gold released additional assay results from underground delineation drilling at the True North Gold Project in Manitoba.
  • The drilling program, focused on the Hinge Zone (V-810) vein, confirmed continuity of gold mineralization as outlined in the recent Preliminary Economic Assessment (PEA).
  • Results from 10 drill holes (1,464m) included intercepts of up to 30.70 g/t Au over 0.60m and 12.00 g/t Au over 1.00m.
  • The company plans to mobilize a third underground drill rig next month to continue resource expansion and infill drilling, targeting a mine restart in 2027.

The big picture

1911 Gold's True North project represents a relatively rare opportunity in the gold mining sector: a fully permitted, near-term production asset with significant exploration potential. The current delineation drilling program is a crucial step in de-risking the project and validating the economics outlined in the PEA, but the company's ability to expand the resource base will be essential for long-term success. The project's location within a First Nation community also necessitates a collaborative and socially responsible approach to development.

What we're watching

Resource Expansion
The success of the planned third drill rig mobilization will be critical in expanding the resource base and justifying the 2027 mine restart timeline.
Geological Complexity
The 'pinch-and-swell' geometry of the V-810 vein suggests potential for localized high-grade zones, requiring careful geological modeling and stope design.
Operational Execution
The ability to efficiently integrate the new drill results into the project database and update resource models will be key to optimizing the mine plan and maintaining development momentum.

1911 Gold Outlines Restart Plan for True North Project with $400M Infrastructure in Place

Event summary

  • 1911 Gold filed a NI 43-101 Preliminary Economic Assessment (PEA) Technical Report for its True North Gold Project in Manitoba, Canada, dated March 27, 2026.
  • The PEA estimates a high profitability index of 6.6 and outlines a production restart strategy targeting 58,114 ounces per annum over an 11-year mine life.
  • The PEA highlights existing infrastructure, including shafts, underground workings, and a processing facility, with an estimated replacement value exceeding $400 million.
  • The base-case production scenario is predicated on a gold price of US$3,000 per ounce.

The big picture

1911 Gold's True North project represents a rare opportunity to leverage existing, substantial infrastructure to rapidly enter gold production. The low capital expenditure profile, driven by the pre-existing infrastructure, contrasts with the increasingly capital-intensive nature of new mine development. The project’s success hinges on navigating the complexities of restarting a previously halted operation and maintaining favorable community relations within the Rice Lake Greenstone Belt.

What we're watching

Gold Prices
The restart plan's viability is heavily dependent on maintaining a gold price above US$3,000 per ounce, and any significant price decline could necessitate a reassessment of the project's economics.
Community Relations
Continued positive relationships with the Hollow Water First Nation and Black River First Nation will be crucial for securing necessary permits and maintaining operational license.
Execution Risk
Successfully restarting operations in 2027, after a period of inactivity, will require effective project management and a skilled workforce to avoid delays and cost overruns.

1911 Gold Drill Results Validate True North Resource Model, Boost Restart Prospects

Event summary

  • 1911 Gold’s underground drilling at the True North Gold Project confirmed continuity of mineralization in the Hinge and L10 zones.
  • The drill program, comprising 25 holes and 3,894 meters, expanded the modelled vein widths on average.
  • Highlighted drill results include intercepts of up to 23.60 g/t Au over 0.70 m and 15.90 g/t Au over 0.80 m.
  • The results support the economics outlined in the Preliminary Economic Assessment (PEA) released February 10, 2026, and pave the way for a potential production restart in 2027.

The big picture

1911 Gold’s True North project represents a relatively rare opportunity for near-term gold production in Canada, particularly given the fully permitted infrastructure already in place. The positive drill results de-risk the project and increase the likelihood of a successful restart, but the company's ability to execute on its development plans and maintain community support will be crucial for realizing the project's full potential. The confirmation of wider vein widths suggests potential for upside beyond the initial PEA estimates.

What we're watching

Resource Expansion
Further drilling results will be critical to assess the full extent of the expanded mineralization and its impact on the overall resource estimate.
Operational Execution
The ability to efficiently and safely expand underground operations will be key to meeting the planned 2027 restart timeline.
Community Relations
Maintaining positive relationships with the Hollow Water First Nation and Black River First Nation will be essential for long-term operational success.

1911 Gold Secures $15M Credit Facility from Auramet

Event summary

  • 1911 Gold Corporation has drawn $15 million (Tranche 1) from a $30 million secured credit facility with Auramet International.
  • The facility will fund mining equipment purchases, underground development, and mill upgrades at the True North Gold Project.
  • The credit facility carries a 12% annual interest rate, with interest waived for the first six months. Repayment begins 13 months after closing, amortized over 12 months.
  • Auramet received $1.05 million in arrangement fees (paid in shares) and $375,000 in drawdown fees (also in shares and warrants).

The big picture

This credit facility provides a crucial capital injection for 1911 Gold as it aims to restart operations at the True North mine. Auramet’s willingness to provide this level of financing highlights a continued appetite for project finance within the precious metals sector, but also introduces a significant debt obligation. The arrangement, with fees paid in equity, also signals a potential dilution of existing shareholders as the company progresses its development plans.

What we're watching

Financial Health
The ability of 1911 Gold to meet the 12% interest rate and monthly repayment schedule will be a key indicator of the True North project's operational success and overall financial stability.
Auramet's Role
Auramet's involvement suggests a willingness to finance early-stage gold projects, and future financing rounds could be similarly structured, potentially diluting existing shareholders.
Project Execution
The success of the True North project's expansion, particularly the installation of the new crushing circuit, will directly impact 1911 Gold’s ability to generate returns and repay the debt.

1911 Gold Secures $30M Auramet Facility to Advance True North Restart

Event summary

  • 1911 Gold Corporation secured a US$30 million secured credit facility from Auramet International.
  • The facility will fund mining equipment purchases, underground development, and mill upgrades at the True North Gold Project.
  • US$15 million will be available immediately, with the remaining US$15 million released after 90 days, subject to conditions.
  • The facility carries a 12% annual interest rate, with a six-month interest-free period on the initial tranche.
  • 1911 Gold will issue shares and warrants to Auramet as part of the arrangement, totaling 1,369,600 shares and 9,100,000 warrants.

The big picture

This financing represents a crucial step for 1911 Gold as it aims to restart production at the True North mine, a project with significant potential but also considerable development risk. The deal with Auramet, a specialist in precious metals financing, signals confidence in the project's viability, but the terms highlight the challenges of securing capital for early-stage mining operations. The offtake agreement provides Auramet with a guaranteed gold supply, but also introduces a level of operational dependence for 1911 Gold.

What we're watching

Financial Risk
The 12% interest rate and repayment schedule will place a significant burden on 1911 Gold's cash flow, especially if gold prices decline or production is delayed.
Auramet Alignment
Auramet’s prior involvement with the True North Project suggests a belief in its potential, but the offtake agreement creates a dependency that could limit 1911 Gold’s pricing flexibility.
Share Dilution
The issuance of shares and warrants to Auramet will dilute existing shareholders, and the performance of the share price will be closely tied to the success of the True North restart.
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