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1911 Gold Corporation

Update: Infrastructure Improvements, Refurbishments

• Level 26 dewatering completed; loading pocket refurbishment nearing completion
• Underground crews, equipment mobilized to site; on-site laboratory operational
• Trading at 0.30x P/NAV ahead of bulk sample and PEA/mine plan update in Q1 2027

Test Mining to Commence in Fall after Loading Pockets Commissioned

• We are maintaining our C$2.05/sh target price and Outperform rating for 1911 Gold Corporation (“1911”) after the company announced an operations update at its True North Gold Project (100%, MB) outlining various infrastructure improvements and refurbishments including areas such as the mill (flotation circuit, leach tanks), Level 26 (ore pass, loading pocket) as well as new underground mining fleet delivered (scoops, jumbos, loaders) and processing equipment delivery expected for mid-November.
• Level 26 Activities: Level 26 is an important area of the True North mine as it is the terminus for Level 16 to Level 26 ore pass and houses the loading pocket. Dewatering was completed and the loading pocket refurbishment is nearing completion (by Q4 with new electrical cabling, controls). The ore pass is now operational for handling of development and test mining ore. Upon recommissioning of the ore pass, the mine can commence skipping material in Q4 from underground with the refurbished skip. Access along Level 26 is now towards D Shaft with access to the deepest areas of past mining (“Deep East”) as well as the ramps for 710-711 zone. Other refurbishment activities on Level 16 and Hinge Zone were also completed.
• Crushing Circuit and Mill Progress: The mill is undergoing refurbishment of flotation circuit and leach tanks, while the foundational concrete slabs were poured for the crusher building, and equipment and components are expected for delivery by mid-November. We are focused on the progress of the new crusher.
• 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.

Valuation

• After these operation updates and milestones, we maintain our C$2.05/sh target price based on C$2.48 NAV/sh (2026E) while maintaining our Outperform rating, with a blended P/NAV target multiple of 0.83x (currently 0.30x P/NAV, Figure 1). This company update (and others to follow) should give increased comfort to investors that True North is progressing well and nearing test mining and production phases in early 2027. 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 existing site facilities; 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$4,350/oz Au long term, would equate to ~C$3.305h NAV (2026E), ~C$205M EBITDA.

Paul O’Brien

Senior Mining Analyst

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