Gold X2 Mining Inc.

Tier-1 technical and capital markets credentials across the core team. CEO Michael Henrichsen (appointed May 1, 2024) is a structural geologist with 20+ years experience, former Global Head of Structural Geology at Newmont Corporation (2008–2013) where he led programs in Ghana and significantly grew Ahafo district reserves, and former Chief Geological Officer at Torq Resources where he attracted a $15M investment from Gold Fields. He brings the geological framework to advance Moss from bulk-tonnage open pit toward higher-grade underground potential. CFO Michael Kanevsky (appointed January 19, 2026) is ex-New Found Gold Corp. (dual-listed TSXV/NYSE American), with direct experience managing shelf prospectuses, ATM equity offerings, and treasury for a high-profile junior. Chair Tom Obradovich (appointed January 27, 2026) co-founded Aurelian Resources and discovered the Fruta del Norte gold deposit in Ecuador (later acquired by Kinross, now producing under Lundin Gold); he also spearheaded Young-Davidson Mines in Ontario (now an Alamos Gold asset producing 200,000+ oz/yr) and co-founded Canadian Royalties. This is generational discovery-to-production track record. AngloGold Ashanti's strategic investment (9.9% of post-placement shares, approximately C$72.7M in flow-through) is the most significant institutional validation a TSXV junior developer can receive. Hess Capital (Michael Hess, CIO) invested C$22.6M in units. Specific management/director ownership percentages require confirmation from the SEDAR+ management information circular.

NI 43-101 Mineral Resource Estimate (effective January 2026) for Moss Gold Project plus East Coldstream deposit (Shebandowan Greenstone Belt, approximately 100–110 km west of Thunder Bay, Ontario, direct Trans-Canada Highway access): Indicated 73.8 Mt at 1.04 g/t Au = 2.458 Moz Au; Inferred 134.7 Mt at 0.97 g/t Au = 4.209 Moz Au. Indicated ounces increased 60% versus the prior 2024 estimate (1.54 Moz). January 2026 PEA: 30,000 t/day open-pit processing, 13.2-year mine life, approximately 265,000 oz Au/yr average, initial capex C$2.001 billion. After-tax NPV5% at base case US$2,750/oz = C$2.232B; at US$4,600/oz spot = C$6.578B. Active high-grade drilling ongoing: Superion Zone (shallow, near-surface shear zones within the pit shell) returned 6.10 m at 10.4 g/t Au and 9.0 m at 3.13 g/t Au (April 2026); QES Zone deep drilling returned 100.75 m at 1.50 g/t Au from 495 m depth including 14 m at 3.94 g/t Au from 542 m — confirming underground resource potential 280 m below the open-pit shell. Adjacent Huronian Gold Project (acquired via Kesselrun December 2025, 5,181 ha) adds 10 km exploration strike and a past-producing mine. Geology score limited from 5 by absence of Proven/Probable reserves and C$2B capex required for Phase 1 — significant execution threshold ahead.

Post February 2026 private placement shares outstanding approximately 595–596 million (derived from AngloGold Ashanti's 58,992,945 shares representing approximately 9.9% of post-placement total). The February 2026 raise (C$115.9M total: 75,659,611 charity flow-through shares at C$1.233/share plus 23,800,000 units at C$0.95/unit) was completed with AngloGold Ashanti and Hess Capital — the quality of investors at these prices sets a credibility floor. Cash position post-close approximately C$122M, providing substantial feasibility-study runway. Known warrants: 23,800,000 Hess Capital warrants at C$1.42 expiry January 27, 2028 (from unit component of Feb 2026 placement); approximately 1,008,000 legacy warrants at undisclosed strike/expiry (confirm via SEDAR+ MD&A filed April 23, 2026). Options: approximately 25,672,976 per company investor page pre-CFO/management grants; new CFO received 500,000 options. RSUs: approximately 5,887,500. Estimated fully diluted: approximately 652 million shares. The dilutive overhang ratio is modest (approximately 9.4% above basic), and the C$1.42 Hess warrants are above or near current price range — limited near-term pressure. The absolute share count of 595M+ is large for a junior but appropriate given the scale of the deposit and the quality of investors who set that price.

Active 5-drill program running across two high-value targets. Superion Zone (shallow, high-grade, within the open-pit shell): multiple intercepts released in April 2026 including 6.10 m at 10.4 g/t Au and 9.0 m at 3.13 g/t Au — results expected to continue flowing as the zone is systematically drilled. QES Zone deep drilling (testing underground potential at 280–500 m depth): 100.75 m at 1.50 g/t Au and 117 m at 1.21 g/t Au already confirm resource remains open at depth. Ten-kilometre exploration strike across Kesselrun/Huronian claims is an expansion target for 2026–2027 with program underway. Scale-up from 3 to 5 drills on site. Feasibility Study and formal permitting process targeted for H2 2027 — a defined de-risking timeline. Any announcement of underground resource incorporation into a revised MRE or formal underground scoping study would be a significant re-rating event. AngloGold's strategic presence implies potential corporate interest if economics are confirmed by a PFS. Catalyst score limited from 5 by the feasibility study being 18+ months away.

Using market cap range C$584–856M (depending on source/date) versus PEA after-tax NPV5% of C$2.232B at the US$2,750/oz base case, implied P/NAV is approximately 0.26–0.38x. At current gold prices (approximately US$3,300–4,600/oz), actual NPV is C$3.15–6.58B per sensitivity tables, implying P/NAV of approximately 0.09–0.25x — deeply discounted. EV per indicated ounce approximately C$287/oz at mid-range market cap. AngloGold Ashanti's February 2026 strategic investment at the charity flow-through back-end price of approximately C$0.90/share (gross price C$1.233) provides a recent third-party reference point. Two analysts covering: mean Buy with average target approximately C$1.375. PEA-stage open-pit gold developers with comparable scale in Canada typically trade at 0.15–0.40x NPV5% — current valuation is within or below this range depending on gold price used. The C$2.001B Phase 1 capex and the requirement to advance from PEA to PFS before financing is committal constrain the acquisition score to 3 rather than 4.