Sixty North Gold Settles Debt and Grants Options

Sixty North Gold Mining Ltd. has settled a total of $130,000 in accrued management and consulting fees with certain officers and directors of the company. These debts, incurred from October 1, 2025, to September 30, 2026, will be settled by the issuance and delivery of 928,570 common shares of the company at a price of $0.14 per share within the next five business days, subject to the Canadian Securities Exchange (CSE) raising no objection to the closing. GST on the outstanding amounts will be paid in cash by the company. The shares will be subject to resale restrictions for a period of 4 months and one day from their date of issuance.

Additionally, Sixty North Gold has granted incentive stock options to its directors, officers, and consultants to purchase up to 1,275,000 common shares of the company at an exercise price of $0.14 per share until October 2, 2031. These options are not subject to vesting provisions.

The debt settlements with directors and officers of the company constitute related party transactions for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The company intends to rely on the exemption from the formal valuation requirement in MI 61-101 provided under section 5.5(b) of MI 61-101 on the basis that the company's shares are not listed on any of the specified markets listed in MI 61-101. The debt settlements are also exempt from the majority of the minority approval requirement in MI 61-101 under section 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the debt settlements is less than 25% of the company's market capitalization.

Sixty North Gold is developing mining operations on its 100-per-cent-owned Mon Gold Project. The company has designed its operation to be as sustainable as possible. The 100 tpd mill will only require 15 to 20 cubic meters of make-up water each day, sourced first from mine water discharge and lastly from fresh sources. The Mon Mine should use less water than a modest diamond drill program and have no liquid slurry to manage, netting a reduction in fresh water usage by more than 85%.

Mining at the Mon Gold Mine in the 1990s extracted 15,000 tonnes of ore to depths of only 15 meters below surface, recovering an estimated 15,000 ounces of gold (Company Technical Report NI 43-101, August 3, 2023 on SEDAR+ or sixtynorthgold.com/projects/technical-report). Recently, underground development has intersected the productive A-Zone 17 meters below the historic stopes as planned. A newly discovered zone, the DD-Zone, is exposed in the main ramp. The company plans to develop and mine stopes in the East Limb, West Limb, and DD Zone and to extend the ramp to allow for the development of deeper levels.

The silver-rich VMS deposits, the large shear zone-hosted gold targets, and the critical-element-enriched IOCG-style mineralization 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 Yellowknife Gold Belt is an historic gold-producing camp where all of the mines commenced production at less than 100 tpd. Yellowknife has the people, services, and experience to bring this Archean gold belt back to life.