55 North completes payment for Last Hope

Jan 8, 2026

2026-01-07 18:23 ET – News Release

Mr. Bruce Reid reports

55 NORTH MINING SECURES 100% OWNERSHIP OF THE LAST HOPE GOLD PROJECT

55 North Mining Inc. has completed the required property payment on its Last Hope gold project, resulting in 55 North now owning 100 per cent of the property.

With the property payment complete, 55 North has initiated mobilization of a drill rig to the project site and expects to commence drilling in mid-January as part of its 2025 to 2026 drill program. The company anticipates providing drill results approximately eight to 10 weeks following completion of drilling, subject to laboratory turnaround times.

Drill program objective: grow the resource

The planned drill program will focus on stepout drilling to the south of the company’s existing zones. The company plans to drill fences comprised of two to three holes approximately every 120 metres along strike, expanding the footprint of known mineralization and testing for potential extensions over an approximately 800-metre strike length.

“Securing full ownership of Last Hope is a major milestone for 55 North,” said Bruce Reid, chief executive officer of 55 North Mining. “With drilling expected to begin in mid-January, we will focus on stepout drilling designed to test potential extensions of known mineralization and support an updated geological model. The results from this program will guide our plans for an updated mineral resource estimate later in 2026.”

Updated resource estimate expected later in 2026

Following the 2025 to 2026 drill program, 55 North plans to deliver an updated mineral resource estimate later in the year, integrating the new drill results. The previous mineral resource estimate at the Last Hope gold project was completed in September, 2021, based on a $1,650 (U.S.)/ounce gold price. With gold prices now materially higher, updated price assumptions may support a lower cut-off grade and a larger reported resource.

Upcoming catalysts

Mid-January, 2026: drill program commencement;
Following completion (approximately eight to 10 weeks): drill results expected (subject to laboratory turnaround);
Later in 2026: updated mineral resource estimate.

Qualified person

Peter Karelse, PGeo, a qualified person as defined under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this release. Mr. Karelse is not independent of 55 North Mining, as he is the company’s head of exploration.

About 55 North Mining Inc.

55 North Mining is a Canadian exploration and development company advancing its high-grade Last Hope gold project located in Manitoba, Canada.

We seek Safe Harbor.

https://55northmining.ca/