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1911 Gold Corporation

Confirmed Link Between L10 and 710-711 Zones at True North

• Resource update expected in Q4 to include SAM W, SAM SE, Shore, L10/710-711
• Extended loan agreement for tranche drawdown availability period to Dec 2026 (from Sept.)
• Trading at 0.33x P/NAV ahead of bulk sample and PEA/mine plan update in Q1 2027

Results To Be Part of Upcoming Property-Wide Resource Update in Q4

• We maintain our C$2.05/sh target price for 1911 Gold Corporation (“1911”) and maintain our Outperform rating after the company announced high-grade results at its True North Gold Project (“True North” 100%, MB). The company released intercepts from eight holes (2,955 m) as part of its underground drill program along Level 16. The program was focused on linking the upper L10 Zone and the larger 710-711 Zone (Figure 1). This is of importance, as this area is outside of the current resource and these results are to be included in the upcoming global resource update in Q4.
• Drilling Highlights: Drilling was conducted from Level 16, which is currently the main access for drilling (and future mining until Level 26 is fully refurbished). Highlight intercepts include: 10.73 g/t Au over 8.90 m (UG16-26-072) including 16.12 g/t Au over 5.40 m (relatively shallow at 245.30 m downhole depth). The remainder of highlight intercepts were high grade but thinner: 50.61 g/t Au over 1.60 m (UG16-26-076), 8.72 g/t Au over 1.70 m (UG16-26-074); 4.05 g/t Au over 3.70 m (UG16-26-077), 11.90 g/t Au over 0.80 m (UG16-26-080), but still potentially economic after dilution. Most of the intercepts were relatively shallow (~150 m to ~250 m downhole depth); however, and more importantly, were also close to A shaft infrastructure for development and access. The company has completed a total of 20 drill holes (6,563 m) as part of the resource expansion drill program on L10, of which 11 drill holes confirmed the L10/710-711 Complex Link.
• Next Steps: Full rehabilitation of Level 26 and inspection of ore pass (from Level 16) allowing for a fourth drill rig. Drilling continues with three drill rigs (two drill rigs active on Level 16 and a third active on the Hinge decline) focused on infill and delineation of areas contemplated for test mining and the early mining years of the PEA. The company’s global resource estimate is based on surface and underground exploration at SAM W, SAM SE and Shore as well as resource expansion drilling at L10 (including the L10/710-711 Complex Link), and the 007 and Hinge Zones. After compilation of all data and following completion of the resource update in Q4/2026, follow-up drilling is planned for 2027.
• Loan Agreement: The company has amended its loan agreement whereby the availability period for the Tranche 2 drawdown has been extended to December 4, 2026, along with a cost to completion estimate requirement to be agreed between the Company and the Lender.

Valuation

• We are maintaining our C$2.05/sh target based on C$2.48 NAV/sh (2026E) while maintaining our Outperform rating, with a blended P/NAV target multiple of 0.83x (Figure 2). We continue to monitor: i) refurbishment progress on Level 26; ii) crusher delivery and testing by December; iii) bulk sample and test mining program (expected Q1 2027); iv) a project-wide resource update; and v) the mine plan update/PEA in 2027. Our target also considers: i) the permitted and operating mill, past-producing status of the True North mine with site facilities already in place; ii) a funded, modest capital program (US$30M loan agreement drawdown availability extended to December 2026 from September 2026); iii) near-term ramp-up of production and cash flow in early 2027; and iv) upside from underground exploration, which we estimate to significantly increase the resource. We estimate annual average EBITDA of C$140M and average FCF of C$80M. At ~US$4,600/oz Au long term, would equate to ~C$3.25h NAV (2026E), ~C$200M EBITDA.

Paul O’Brien

Senior Mining Analyst

T +1 (416) 323 2150
E paul.obrien