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Sixty North Gold Mining Ltd. (CSE: SXTY,OTC:SXNTF) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold") is pleased to report that on November 17, 2025 it signed a binding commitment letter from Vesta Wealth Partners Ltd. ("Vesta"), an independent investment firm, on behalf of certain accounts and funds managed by it as investment advisor or investment manager, to provide the Company with a $3,600,000 term loan (the "Loan") to fund development to production of its wholly-owned flagship Mon Gold Mine. Vesta operates at arm's length to the Company. The Mon Gold Mine is located 45 km north of Yellowknife, NWT and will be the only operating gold mine in the Northwest Territories and except for the Mon Mine's initial development in the 1990's, it the first mine to be started in the Yellowknife Gold Belt since the Discovery Mine started operations in 1948.
Dave Webb, President and CEO reports "It is exciting to be able to bring mining back to Yellowknife. This high-grade camp hosts the past-producing Con Mine, Giant Mine, and Discovery mines that produced 14 million ounces of gold at grades greater than 16 gpt, as well as the Mon Gold Mine that produced at 30 gpt gold in the 1990's (see Technical Report, August 3, 2023)."
Jared Wolk, Chief Investment Officer of Vesta, commented on the transaction: "We at Vesta Wealth Partners are incredibly excited to be involved in a project of this significance. The Mon Gold Mine represents a unique opportunity to restart production in a historic and proven high-grade gold camp. Our financing commitment reflects our confidence in the operational plan, the quality of the Mon Gold asset, and the vision of Dr. Webb and the Sixty North Gold team to bring the Yellowknife Gold Belt back to active production."
Subject to the negotiation of definitive agreements and approval of the Canadian Securities Exchange, Vesta will provide the Loan in three scheduled payments totaling $3,600,000, repayable within 36 months of closing. No finder's fees were paid or are payable on the Loan agreement. Sixty North Gold has agreed to the following terms:
- paying 12% interest per annum on any outstanding principal, with no principal payments required until December 2026;
- issuing Vesta 6,650,000 share purchase warrants, exercisable at $0.14 per warrant for a period of three years following issuance;
- providing a 2.5% net smelter return royalty on activities at the Mon Gold Mine for a minimum of four years, which is subject thereafter to a buyback for a repurchase price of up to $5,000,000;
- Sixty North Gold will provide a first ranking senior security interest over the Mon Gold Mine; and
- appointing two qualified nominees from Vesta to its board of directors during the Loan term.
Dr. Webb further adds "Development of the Mon Gold Mine mirrors the development of the Con Mine that started at 100 tpd in 1936, the Discovery Mine that started at 100 tpd in 1948, and the Giant Mine that started at 235 tpd in 1948. These high-grade nuggety mines are difficult to assess by drilling. Initial production at the Con Mine exceeded the drill hole results used to define the stopes by over 400% (Gold in the Yellowknife Greenstone Belt, Northwest Territories: Results of the EXTECH III Multidisciplinary Research Project, 2006). Drilling to define the structure and then mining to evaluate the grade of mineralization has been the principal method to develop gold mines in the Yellowknife Belt."
About the Company
Sixty North Gold is developing mining operations for gold on its 100-per-cent-owned Mon Gold Project. Mining in the 1990's extracted 15,000 tonnes of ore to depths of only 15 metres below surface, recovering an estimated 15,000 ounces of gold in the 1990s (Company Technical Report NI 43-101, August 3, 2023 on SEDAR or https://sixtynorthgold.com/projects/technical-report/. The North Ramp has been reopened and has been extended to intersect the vein 17 m below the historic stopes. The company plans to develop stopes in the East Limb, West Limb and DD Zone to extract and to feed its 100 tpd gravity-flotation mill.
Additional gold, silver and base metal targets occur on the property and will be explored and developed as warranted.
The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better (Discovery Mine with one million ounces of gold produced, and Sixty North Gold's Mon Mine), and two that averaged 15 gpt or better for a total production of over 14 million ounces of gold (Con Mine and Giant Mine); (ref. Company Technical Report NI 43-101, August 3, 2023).
The technical content of this release has been reviewed and approved by Dr. D.R.
Webb, P.Geol, President and CEO of Sixty North Gold Mines Ltd.
For more information, please refer to the Company's public filings available on SEDAR (www.sedarplus.ca), under the Company's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dave Webb"
Dave Webb, President & CEO
For further information, please contact:
Dave Webb
Tel.: 604 818-1400
Email: dave@drwgcl.com
Website: www.sixtynorthgold.com
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Further details about the risks applicable to the Company are contained in the Company's public filings available on SEDAR (www.sedarplus.ca), under the Company's profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274981
