1911 Gold Corporation

Shaun Heinrichs (President & CEO) is a CPA/CA with over 25 years in mining finance, including stints as CEO and CFO of Veris Gold Corp (2008–2015), CFO of VMS Ventures, and CFO of Group Eleven Resources. He is a credentialed financial operator rather than a technical mining geologist, which is appropriate for a mine restart play but limits the geology-driven exploration edge. COO Éric Vinet was appointed specifically to drive the underground restart — a meaningful hire for operational credibility.

Insider and anchor ownership is notable. Eric Sprott holds approximately 17.2% of shares outstanding following his increased participation in the July 2025 C$13.2M bought deal LIFE offering, where he acquired an additional 9.29 million shares. Company insiders (management and board) hold an estimated 6% on top of Sprott's position, bringing combined aligned ownership to roughly 23% — a meaningful alignment signal in the junior space.

A concern is the accountant-heavy leadership profile without a prominent technical/geology co-founder at the helm. Insider ownership at 6% excluding Sprott is modest for a development-stage company asking shareholders to fund a mine restart. No major red flags on related party transactions were identified in available filings. Sprott's continued and increasing involvement is the strongest management quality signal here.

The November 2024 NI 43-101 Technical Report (prepared by Lions Gate Geological Consulting, effective August 29, 2024) reports an underground Mineral Resource Estimate for the True North Gold Project at a 2.25 g/t Au cut-off: Indicated Resource of 3,516,000 tonnes at 4.41 g/t Au containing 499,000 oz Au; Inferred Resource of 5,490,000 tonnes at 3.65 g/t Au containing 644,000 oz Au. There is no Measured Resource and no Mineral Reserves have been declared. Total resource is approximately 1.143 million oz Au, with the Indicated component representing 44% of total gold ounces.

The study level supporting the economics is a Preliminary Economic Assessment (PEA), released February 10, 2026, prepared by AMC Mining Consultants (Canada) Ltd. The PEA mine plan is based primarily on the Indicated resource, with limited Inferred material included. At the US$3,000/oz base case: after-tax NPV(5%) of C$391M, IRR of 105%, 2.2-year payback, 11-year mine life at ~58,114 oz/yr. The deposit is accessed via an existing 695m deep shaft on Level 16 in the Archean Rice Lake Greenstone Belt, a proven camp with ~2.3M oz historical production since 1911.

The grade profile (4.41 g/t Indicated, 3.65 g/t Inferred) is excellent for an underground operation. The primary limitation is the absence of any Measured Resource or Mineral Reserves, and the PEA-only study level. A Pre-Feasibility Study is the stated next milestone but has not been initiated as of the research date. Score of 3: strong grade but majority-Inferred ounce base and PEA-only economics.

As of April 2026, 1911 Gold has approximately 309.78 million shares outstanding (basic) with a market capitalization of approximately C$267M at C$0.86/share. Fully diluted shares include approximately 45M dilutive securities (options and warrants). The July 2025 C$13.2M bought deal LIFE offering and the Auramet credit facility drawdown added shares at modest dilution. The Auramet US$30M secured credit facility (12% per annum interest, 6-month interest holiday on Tranche 1) is the primary balance sheet commitment — US$15M drawn March 2026 for equipment purchases and underground development.

The Auramet facility carries a 100% offtake obligation on all gold production for 36 months or until repayment, which limits pricing optionality. Q3 2025 working capital was C$6.16M with a 9-month operating cash outflow of C$10.3M. Cash burn is significant at the current exploration/development pace. The fully diluted share count has grown approximately 90.9% over the prior year, reflecting the heavy dilution trajectory needed to advance the project to production. The capital structure is functional but carries meaningful execution risk on the path to production restart in 2027.

1911 Gold is in the most catalyst-rich phase of its corporate lifecycle heading into mid-2026. The company is currently operating two underground drill rigs at True North (mobilized October and November 2025) with a third rig being added, targeting ~25,000m in 122 holes. High-grade assay results are releasing on a rolling basis — most recently in March and April 2026 — confirming resource continuity on the V-810 Hinge Zone and V-1030/V-1040 L10 Zone veins adjacent to Level 16 (695m depth). These results directly support the PEA mine plan and will feed into an updated global resource estimate incorporating 2024–2026 drill data.

Near-term catalysts in sequence: (1) continued underground drill assays through Q2 2026; (2) test mining program commencing H2 2026 at True North; (3) updated global resource estimate incorporating new drilling; (4) Ogama-Rockland 2,200m drill program (commenced December 2025) providing regional exploration newsflow; (5) drawdown of Tranche 2 US$15M from Auramet; (6) PFS initiation; (7) production restart H1 2027. The company ranked 4th on the 2026 TSX Venture 50 list with 468% share price appreciation in 2025. At spot gold near US$4,800/oz, all catalysts carry amplified price impact.

The February 2026 PEA (AMC Mining Consultants) at a base case US$3,000/oz gold price delivers an after-tax NPV(5%) of C$391M and IRR of 105% with a 2.2-year payback. With approximately 310M shares outstanding, the PEA NPV(5%) equates to C$1.26/share. Applying the required 50-60% PEA-level discount yields a risk-adjusted intrinsic value range of C$0.50–C$0.63/share — below the current C$0.86 trading price. The stock is currently pricing in approximately 68% of the undiscounted PEA NAV, modestly above the risk-adjusted PEA value.

At spot gold (~US$4,800/oz as of April 2026), after-tax NPV rises to C$998M (~C$3.22/share undiscounted), implying the stock trades at only 27% of spot-price PEA NAV — a compelling discount at current commodity prices. Three analysts have a consensus Buy with an average C$2.30 target (high C$3.00, low C$1.90). The Auramet offtake and 12% debt cost reduce NAV realization potential. Score of 3: at the US$3,000 base case the stock is fairly valued post-PEA discount, but at current gold prices significant upside exists that the market has not yet fully priced.