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1911 Gold Corporation TSXV: AUMB / OTCQX: AUMBF / FRA: 2KY
Introduction
1911 Gold Corporation is an advanced Canadian gold developer focused on restarting the True North Gold Project in Manitoba, Canada. The company’s main asset is the 100 percent owned True North Gold Project, located in the Archean Rice Lake Greenstone Belt, approximately 150 km northeast of Winnipeg. The company controls a large district-scale land package of around 62,000 hectares, with past-producing gold operations located within trucking distance of the existing True North mine and mill complex. (1911 Gold)
The investment case is simple, 1911 Gold is not just a grassroots explorer. This is a near-term restart story with a permitted mine complex, existing infrastructure, a 1,350 tpd mill, underground access, a camp, roads, grid power, and a published 2026 Preliminary Economic Assessment. That makes it very different from many junior gold developers that still need to build everything from scratch.
The 2026 PEA outlines an 11-year mine life, 527,136 oz of total life-of-mine gold production, average annual production of around 47,945 oz, and steady-state production of around 58,114 oz per year from 2029 to 2034. The base case used US$3,000/oz gold and showed after-tax NPV5% of C$391M, after-tax IRR of 105 percent, initial capex of C$59M, AISC of US$1,897/oz, and total life-of-mine free cash flow of C$545M.
The strongest upside comes from four areas. The high-grade underground resource, the low capital intensity restart model, the existing infrastructure, and the large Rice Lake exploration land package. The biggest risk is execution. 1911 Gold must still complete additional drilling, upgrade resources, complete underground rehabilitation and development, install the new crushing circuit, complete further technical work, secure and manage financing, and prove that the restart can work in real operating conditions.
Projects / Location / MRE / Grades
Project 1: True North Gold Project, Manitoba (Flagship Near-Term Restart Asset)
True North is the company’s flagship asset. It is located beside the town of Bissett, on the north shore of Rice Lake, around 150 km northeast of Winnipeg, Manitoba. The project sits on two contiguous mineral leases totaling 1,092 hectares and is 100 percent owned by 1911 Gold. (1911 Gold)
This project is important because it already has major infrastructure in place. The True North Complex includes all-season road access, grid hydroelectric power, broadband communications, on-site maintenance shops, an assay laboratory, warehouse, fuel storage, administrative offices, and a 200-room camp facility with kitchen, dining, recreation, and fitness facilities.
True North is also a historic gold district. Mining in the Rice Lake district occurred in several stages, with 23 zones recording total production of approximately 2.3 million ounces of gold. This matters because 1911 Gold is not trying to prove that gold exists here from zero. The company is trying to restart and modernize a past-producing high-grade underground gold system.
True North Mineral Resource Estimate
The 2024 underground mineral resource estimate for True North includes:
| Resource Category | Tonnes | Grade | Contained Gold |
|---|---|---|---|
| Indicated Resources | 3,516,000 tonnes | 4.41 g/t gold | 499,000 oz gold |
| Inferred Resources | 5,490,000 tonnes | 3.65 g/t gold | 644,000 oz gold |
| Total Indicated + Inferred | 9,006,000 tonnes | — | 1,143,000 oz gold |
The resource is reported within 2.25 g/t gold mineral resource constraining envelopes. The effective date of the MRE is August 29, 2024.
This is a high-grade underground gold resource. A 4.41 g/t indicated grade is strong for a restart project, especially when paired with existing underground infrastructure and a built mill. The inferred grade of 3.65 g/t is also respectable and gives the company a base to grow through conversion, infill drilling, and step-out drilling.
True North PEA Economics
The 2026 PEA is the key technical document for the restart story. The base case used US$3,000/oz gold and a C$/US$ exchange rate of 1.39. Key figures include:
| PEA Metric | Value |
|---|---|
| Mine life | 11 years |
| Life-of-mine gold production | 527,136 oz |
| Average annual gold production | 47,945 oz |
| Steady-state production, 2029–2034 | 58,114 oz per year |
| Steady-state mill throughput | 1,215 tpd |
| Diluted average gold grade | 4.32 g/t gold |
| Mill recovery | 93.5% |
| Initial capex | C$59M |
| Total cash cost | US$1,390/oz |
| AISC | US$1,897/oz |
| After-tax NPV5% | C$391M |
| After-tax IRR | 105% |
| Payback period | 2.2 years |
| Total LOM free cash flow | C$545M |
The numbers are attractive because of the low initial capital. A C$59M capex for an underground gold restart is relatively low compared with a greenfield build. The reason is simple: True North already has the bones of a mine. The mill, camp, roads, power, underground access, and site infrastructure are already there.
The AISC of US$1,897/oz is not extremely low, so this is not a super low-cost producer story. The real attraction is the capital efficiency. At US$3,000/oz gold, the PEA shows a strong margin, fast payback, and high IRR. At higher gold prices, the project becomes highly leveraged to gold.
True North Grade Feel
True North is high grade. The indicated resource grade of 4.41 g/t gold and diluted PEA mine grade of 4.32 g/t gold are strong numbers for an underground restart project. This is the main attraction.
The risk is that underground gold deposits require discipline. Narrow-vein systems can look excellent on paper, but real mining performance depends on dilution control, grade reconciliation, mine planning, ground conditions, development timing, and mill consistency. The restart will need to prove that the grade can be mined profitably and repeatedly.
Project 2: Rice Lake Exploration Properties (District-Scale Upside)
1911 Gold’s second major value driver is the district land package. The Rice Lake exploration properties total over 61,647 hectares and cover prospective parts of the Rice Lake Greenstone Belt, which is described as part of the same belt of greenstones that includes the high-grade Red Lake district around 100 km east in Ontario. (1911 Gold)
This is important because 1911 Gold controls the largest consolidated land position ever assembled in the Rice Lake belt. Historically, the district was fragmented, which made systematic belt-scale exploration difficult. Now the company has the opportunity to apply modern exploration across a large and underexplored gold district.
The Rice Lake property includes 43,895 hectares and extends for approximately 80 km along the Wanipigow Fault. It also includes the True North mine, the most significant past-producer in the belt, with around 2 million ounces of historical gold production.
The Central Manitoba property totals 9,227 hectares and includes the historic Central Manitoba, Gunnar, and Ogama-Rockland mines. These historic mines account for around 300,000 ounces of past gold production.
Ogama-Rockland Optionality
Ogama-Rockland is one of the more interesting optionality assets. It is located around 25 km southeast of the True North Complex on the Central Manitoba property. The historic Ogama and Rockland mines produced around 50,000 oz gold between 1948 and 1951 from ore grading around 11.2 g/t gold.
A historical 2013 resource estimate reported 337,000 oz gold at 8.17 g/t gold, but 1911 Gold does not treat that historical estimate as a current mineral resource. This means investors should treat Ogama-Rockland as upside potential, not as part of the official base-case value today.
The upside is clear. If 1911 Gold can confirm and upgrade Ogama-Rockland into a current resource, it could become a satellite feed source for the True North mill. That could extend mine life, improve mill utilization, and potentially strengthen the long-term district-scale production case.
Project 3: Timmins Exploration Properties (Non-Core Optionality)
1911 Gold also owns Timmins exploration properties in Ontario, including the Tully and Denton-Keefer properties. These assets are located in the Timmins-Porcupine Gold Camp, one of the richest gold districts in the world, with over 70 million ounces of past gold production. The company owns two highly prospective properties in this camp. (1911 Gold)
The Tully property covers 458 hectares and is located around 25 km northeast of Timmins. Denton-Keefer covers 2,106 hectares and is located about 30 km southwest of Timmins, adjacent to paved Highway 101. Denton-Keefer also covers a 6.5 km section of the Abitibi Greenstone Belt and includes part of the Porcupine-Destor Fault.
These assets are not the main investment thesis today. The core story is True North and the Rice Lake district. However, the Timmins properties provide additional optionality in one of Canada’s best gold camps.
Share Structure / Ownership / Insiders
Capital Structure
As of March 10, 2026, 1911 Gold reported:
| Capital Structure Metric | Value |
|---|---|
| Shares outstanding | 309.78M |
| Stock options, RSUs, and DSUs | 12.97M |
| Warrants | 15.03M |
| Fully diluted shares | 334.88M |
| 20-day VWAP share price | C$1.11 |
| 20-day VWAP market capitalization | C$339.07M |
| Average daily volume | 1.85M shares |
| Cash as of Dec. 31, 2025 | C$23.6M |
| Credit facility | US$30M |
Share Structure Feel
The share structure is acceptable but not tight. Fully diluted shares of 334.88M is not small, but it is also not out of control for a developer/restart company with a real asset, infrastructure, a PEA, and a near-term production plan.
The key positive is that dilution risk is partly reduced by the existing infrastructure and relatively low initial capex. The company does not need to fund a massive greenfield build. However, it still needs capital for underground rehabilitation, mine development, equipment, the new crushing circuit, drilling, technical studies, and working capital.
The US$30M credit facility with Auramet is helpful because it provides non-equity funding for development. The first US$15M tranche was completed on March 9, 2026, and the funds are intended for mining equipment, the new crushing circuit, and underground development. The facility carries a two-year term and 12 percent annual interest, so it is useful but not free capital.
Ownership / Insiders
The March 2026 presentation shows the following ownership breakdown:
| Ownership Group | Ownership |
|---|---|
| Eric Sprott | 14% |
| Strategic investors | 7% |
| Insiders | 5% |
| Institutional investors | 13% |
| High-net-worth investors | 16% |
| Retail investors | 45% |
| Total | 100% |
Ownership feel: good. Eric Sprott’s 14 percent position is a strong signal in the junior gold market. Insider ownership at 5 percent is decent, though not extremely high. Institutional ownership at 13 percent gives the story some professional backing, but the stock is still significantly retail-owned.
Overall, we would classify the ownership structure as positive. It has recognized mining capital behind it, but not so much institutional ownership that the story is already fully discovered.
People / Management
Gary O’Connor
Executive Chair
Gary O’Connor has over 40 years of experience as a mineral exploration and development professional. He was recently CEO and President of Moneta Gold. He previously worked as Vice-President of Dundee Resources, where he was responsible for technical due diligence of resource projects for investment purposes, and also held senior exploration roles with Gabriel Resources, European Goldfields, and Freeport-McMoRan Copper & Gold.
Management feel: strong technical and development background. His experience is highly relevant for a company trying to restart and grow a gold district.
Shaun Heinrichs
President and CEO
Shaun Heinrichs has over 25 years of experience in senior financial and operational roles, mainly in the mining industry. He previously served as CFO and CEO of Veris Gold Corp., a precious metals producer listed in Canada and the United States. He also served as CFO of VMS Ventures and Group Eleven Resources, and is a CPA, CA.
Management feel: useful mix of finance, public company, and operating experience. This matters because 1911 Gold’s next challenge is not just exploration. It is financing, restarting, and operating.
Éric Vinet
Chief Operating Officer
Éric Vinet brings more than 30 years of technical and operational mining experience. He was previously Senior Vice President of Operations for New Gold and acted as General Manager at Rainy River, where he worked to re-initiate underground mining operations. He also held operational roles with Semafo, Breakwater Resources, Scorpio Mining, African Barrick, and several underground operations in the Val-d’Or camp.
Management feel: very important hire. A restart story needs real operating people. Vinet’s underground and restart-related experience is a major positive.
Carmen Amezquita
Chief Financial Officer
Carmen Amezquita has over 15 years of resource-sector experience, with a background in financial reporting and compliance for producing and exploration mining companies. She has worked as CFO or corporate controller for several public companies and previously worked at PricewaterhouseCoopers.
Management feel: solid public company finance and reporting background.
Michele Della Libera
Vice President, Exploration
Michele Della Libera has over 30 years of experience as an economic geologist, including exploration of precious and base metal systems across the Americas. He previously served as Director of Exploration for New Gold, with notable work on the Blackwater gold-silver deposit and the C-Zone extension at New Afton.
Management feel: strong exploration background. This is important because the long-term upside for 1911 Gold depends on resource growth at True North, Ogama-Rockland, and the broader Rice Lake district.
Operations Team
1911 Gold has also added operational depth. Sam Bates, Mine Superintendent, has 20 years of mining experience, including work at the Madsen Mine restart with West Red Lake Gold Mines. David Towle, Mill Superintendent, has 40 years of milling and processing experience, including commissioning and startup experience at multiple mines.
Management feel: this is a major positive. A mine restart is won or lost at the operational level. Having people with underground development, mill commissioning, and restart experience improves the probability of execution.
Risks / Catalysts / Timeline
Key Risks
| Key Risk | Why It Matters |
|---|---|
| Mine Restart Risk | True North is a restart, not a brand-new discovery. That is positive because infrastructure already exists, but it also creates risks around underground access, ground conditions, old workings, water management, equipment condition, rehabilitation cost, and development timing. |
| PEA-Level Study Risk | The current mine plan is based on a PEA, which is less reliable than a PFS or DFS. The company plans to start a PFS on True North in H2 2026, so investors need to watch whether the stronger technical study confirms or changes the PEA assumptions. |
| Resource Conversion Risk | Some material in the early mine plan may require infill drilling and resource upgrading before it can be included in higher-confidence mine plans. The company still needs delineation drilling, infill drilling, and resource upgrade drilling. |
| Grade Control Risk | True North is high grade, but underground gold systems can be sensitive to dilution, vein continuity, and mining selectivity. The company must prove that modeled grades can be delivered consistently during mining. |
| Cost Risk | The PEA shows AISC of US$1,897/oz. That provides good margin at US$3,000/oz gold, but the project is not ultra-low cost. If development costs rise, grades disappoint, or the Canadian dollar strengthens, margins can narrow. |
| Financing Risk | The US$30M Auramet facility helps fund development, but it carries 12% annual interest and includes warrants and share issuance as part of the fee structure. Debt can reduce dilution, but it increases financial pressure if timelines slip. |
| Dilution Risk | Fully diluted shares are already 334.88M. More equity may still be required depending on the development schedule, working capital needs, drilling plans, and final restart budget. |
| Exploration Risk | The Rice Lake district has strong upside, but exploration success is not guaranteed. Optionality assets like Ogama-Rockland and regional targets need more drilling, confirmation, and technical work before they can be treated as real mine-plan assets. |
| Commodity Price Risk | Gold price is the major driver. The project looks strong at US$3,000/oz gold, but lower gold prices would reduce cash flow, valuation, financing flexibility, and market sentiment. |
Catalysts
| Timeline | Key Milestone |
|---|---|
| 2026 | Ongoing underground infill and delineation drill results |
| 2026 | Underground resource expansion drilling at True North |
| 2026 | Continued mine rehabilitation and underground access work |
| 2026 | Installation planning for the new crushing circuit |
| 2026 | Additional assay results from the L10 Zone and other targets |
| Late 2026 | Global resource update planned later in the year |
| H2 2026 | Commencement of PFS work on True North |
| 2026–2027 | Underground development and test mining preparation |
| 2027 | Targeted restart of operations at True North |
| Medium Term | Resource updates on near-mine discoveries such as SAM West, SAM Southeast, and Shore |
| Medium Term | Ogama-Rockland confirmation drilling, metallurgy, and possible updated resource work |
| Longer Term | Expansion of a hub-and-spoke Rice Lake district mining model |
Expected Timeline to Full Production
| Year / Period | Focus | What It Means |
|---|---|---|
| 2026 | De-risking year | The company’s focus is drilling, underground access, rehabilitation, mine planning, crushing circuit work, and preparing True North for restart. |
| 2026 | Path to production work | The PEA path includes delineation drilling, infill drilling, extension drilling, underground rehabilitation, underground development, bulk sample / test mining work, and installation of a new crushing circuit. |
| 2027 | Targeted restart year | The company is positioning True North to restart operations in 2027. If the plan stays on schedule, this could be the year 1911 Gold shifts from developer to emerging producer. |
| 2028 onward | Production and growth phase | If True North restarts successfully, the market will begin judging 1911 Gold on production consistency, grade reconciliation, costs, cash flow, and resource growth. |
| 2028 onward | District-scale upside | The next major upside would come from extending mine life, increasing throughput, adding satellite feed, and turning the broader Rice Lake district into a long-life production platform. |
Valuation
Important Valuation Note
This is a simplified high-gold-price torque model, not an official company forecast. It is designed to estimate upside sensitivity at US$6,000/oz and US$7,000/oz gold.
The core valuation is still based on the True North Gold Project, because this is the only asset with a 2026 PEA and disclosed life-of-mine free cash flow sensitivity.
However, 1911 Gold also owns additional project optionality, including:
| Project / Asset | Valuation Treatment |
|---|---|
| True North Gold Project | Main FCF-based valuation using PEA sensitivity |
| Rice Lake district targets | Added as exploration / satellite optionality |
| Ogama-Rockland | Added as optionality based on historical resource potential |
| Timmins properties | Added as non-core exploration optionality |
Optionality Value Assumptions
Because the non-PEA assets do not have current mine plans, reserves, AISC, capex, or official cash-flow models, we used a conservative optionality value instead.
| Optionality Asset | Conservative Value | Base Value | Aggressive Value |
|---|---|---|---|
| Ogama-Rockland historical resource optionality | C$8.4M | C$16.9M | C$25.3M |
| Broader Rice Lake exploration / satellite upside | C$10.0M | C$25.0M | C$50.0M |
| Timmins exploration properties | C$5.0M | C$10.0M | C$25.0M |
| Total Optionality Value | C$23.4M | C$51.9M | C$100.3M |
For the main updated valuation, we use the base optionality value of C$51.9M.
Share count used: 334.88M fully diluted shares
Base optionality value per share:
C$51.9M ÷ 334.88M shares = C$0.15/share
True North FCF Sensitivity Mode
US$6,000/oz Gold Scenario
At US$5,500/oz gold, the company disclosed cumulative LOM free cash flow of C$1.65B.
From US$4,800/oz to US$5,500/oz gold, FCF increases from C$1.34B to C$1.65B.
That equals:
C$310M increase over US$700/oz gold
Estimated sensitivity:
C$0.443M per US$1/oz gold
Gold price uplift from US$5,500 to US$6,000:
US$500/oz
Additional FCF estimate:
US$500 × C$0.443M = C$221.5M
Estimated LOM FCF:
C$1.65B + C$221.5M = C$1.872B
Average annual FCF:
C$1.872B ÷ 11 years = C$170.2M/year
US$7,000/oz Gold Scenario
Gold price uplift from US$5,500 to US$7,000:
US$1,500/oz
Additional FCF estimate:
US$1,500 × C$0.443M = C$664.5M
Estimated LOM FCF:
C$1.65B + C$664.5M = C$2.315B
Average annual FCF:
C$2.315B ÷ 11 years = C$210.4M/year
All-Projects Valuation Table
This table adds the base optionality value of C$51.9M from Rice Lake, Ogama-Rockland, and Timmins on top of the True North FCF valuation.
| Gold Price | Core Asset | Avg Annual FCF Estimate | FCF Multiple | True North Value | Added Optionality Value | Total Implied Value | Implied Value / Share |
|---|---|---|---|---|---|---|---|
| US$6,000/oz | True North + Optionality | C$170.2M | 10× | C$1.702B | C$51.9M | C$1.754B | C$5.24/share |
| US$6,000/oz | True North + Optionality | C$170.2M | 15× | C$2.553B | C$51.9M | C$2.605B | C$7.78/share |
| US$6,000/oz | True North + Optionality | C$170.2M | 20× | C$3.404B | C$51.9M | C$3.456B | C$10.32/share |
| US$7,000/oz | True North + Optionality | C$210.4M | 10× | C$2.104B | C$51.9M | C$2.156B | C$6.44/share |
| US$7,000/oz | True North + Optionality | C$210.4M | 15× | C$3.156B | C$51.9M | C$3.208B | C$9.58/share |
| US$7,000/oz | True North + Optionality | C$210.4M | 20× | C$4.208B | C$51.9M | C$4.260B | C$12.72/share |
Summary & Quick Scorecard
| Category | Points | Overall |
|---|---|---|
| Company Overview | Stock ticker: 1911 Gold Corporation — TSXV: AUMB / OTCQX: AUMBF / FRA: 2KY Main metal: Gold Project phase: Advanced developer / restart-stage gold project Projects country: Canada | — |
| 1. Management | Previous successful project, discovery, mine build, or company sale: Yes Exploration to development experience: Yes Big mining company experience: Yes Capital markets track record: Yes | ✅ Strong |
| 2. Projects | High grades: Yes MRE size: Yes Optionality: Yes | ✅ Strong |
| 3. Cost Structure | Low AISC: Yes Low capex / Existing infrastructure: Yes | ✅ Strong |
| 4. Share Structure Discipline | Fully diluted shares: 334,880,000 Fully diluted market cap: US$227,718,400 | ✅ Strong |
| 5. Insider / Ownership | Insider ownership: around 5% Eric Sprott ownership: around 14% Strategic ownership: around 7% High-net-worth ownership: around 16% Total insider aligned ownership: around 30% | ✅ Strong |
| 6. Location | Country: Canada Tier: Tier 1 jurisdiction Province: Manitoba District: Rice Lake Greenstone Belt | ✅ Strong |
⭐ RT Rating, Commentary
1911 Gold Corporation is on our watchlist.
We would rate this as 5 out of 5 stars.
1911 Gold ticks many important boxes: high-grade underground gold, existing infrastructure, a permitted mine complex, low restart capex, a clear 2027 production target, strong gold leverage, and a large district-scale land package in Manitoba. This is not a pure exploration lottery ticket. This is a restart story with real infrastructure and a defined path toward cash flow.
The bull case is very clear. If 1911 Gold successfully restarts True North, delivers close to PEA-level production, and proves that the resource can grow through underground and regional drilling, the stock could be re-rated from developer to producer. That is where the market usually starts paying much more attention.
The biggest positive is capital efficiency. A C$59M initial capex is powerful because most gold developers need hundreds of millions before they can reach production. 1911 Gold already has the mine site, mill, camp, roads, power, and underground infrastructure. That gives the company a major advantage.
Thing that need to be careful is the execution risk. This is still a restart. Underground rehabilitation, resource conversion, grade control, crushing circuit installation, debt management, operating consistency, and mine planning all need to be proven. Also, the AISC of US$1,897/oz is not low, so the project needs a strong gold price environment to look very attractive.
Overall, 1911 Gold is one of the more interesting near-term gold restart stories in Canada. It has grade, infrastructure, a clear production pathway, and serious exploration upside. If management executes well, this could become a strong small-scale gold producer with district-scale growth potential.
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