Goldshore Resources Inc. press release
Gold X2 Mining Delivers Preliminary Economic Assessment and Updated Mineral Resource Estimate for the Moss Gold Project
TSXV - TSX Venture Exchange · Gold · Copper · Silver · Tellurium · Iron · Graphite · Sulfur · Canada
Gold X2 Mining Delivers Preliminary Economic Assessment and Updated Mineral Resource Estimate for the Moss Gold Project
All Amounts are in Canadian dollars ("$") unless otherwise indicated
Vancouver, British Columbia--(Newsfile Corp. - January 26, 2026) - Gold X2 Mining Inc. (TSXV: AUXX) (OTCQB: GSHRF) (FSE: DF8) ("Gold X2" or the "Company") is pleased to announce the results of its Preliminary Economic Assessment1 (the "PEA") and updated Mineral Resource Estimate2 ("MRE") for its 100% owned Moss Gold Project in Ontario, Canada (the "Moss Gold Project", "Moss" or the "Project").
Summary of PEA Results3
Base Case (US$2,750/oz Au, US$35.00/oz Ag, $1.34 USD/CAD): After-tax NPV5% of $2.232 billion, IRR of 22.1% and payback of 3.2 years.
Long-Term Consensus Gold Price (US$3,137/oz, US$37.74/oz Ag, $1.35 USD/CAD): After-tax NPV5% of $3.152 billion, IRR of 28.1% and payback of 2.5 years.
Spot Gold Price (US$4,600/oz, US$90.00/oz Ag, $1.35 USD/CAD): After-tax NPV5% of $6.578 billion, IRR of 48.6% and payback of 1.0 years.
PEA and MRE Summary
PEA results reflective of the potential for a top 10 producing gold mine in Canada: Estimated average annual payable gold production of approximately 265,000 ounces and silver production of 374,000 ounces respectively over an initial 13.2 year mine life1,4.
Strong margins support rapid payback and significant free cash flow generation: All in Sustaining Costs ("AISC")5 of US$1,188/oz and Cash Costs of US$999/oz rank the Moss Gold Project in the second quartile of the cost curve. The Project forecasts after-tax free cash flow of $4.035 billion over the life of mine ("LOM") at US$2,750/oz gold and $10.466 billion at the current gold price of US$4,600/oz.
Detailed capital and infrastructure costs: Initial capital costs of C$2.001 billion (US$1.493 billion) including contingencies of $303 million and excluding working capital.
PEA represents a true base-case scenario at a gold price of US$2,750, silver price of US$35.0, with a clear path to improving economic performance and mine life extension.Optimizing mine scheduling using stockpile management to improve grade in early years of production.
Potential for improved processing and metallurgical recoveries through evaluation of a gravity circuit.
Potential to increase mine life through additional drilling of mineralized zones both within and immediately adjacent to the Reasonable Prospects of Eventual Economic Extraction ("RPEEE") open pit shell.
Updated Mineral Resource Estimate for Moss Gold Deposit - improved geological model and resource confidenceIndicated Resources of 2.125 Moz Au at 1.03 g/t Au, 3.160 Moz Ag at 1.53 g/t Ag contained within 64.3 Mt.
Inferred Resources of 3.910 Moz Au at 0.97 g/t Au, 6.273 Moz Ag at 1.55 g/t Ag contained within 125.9 Mt.
73% increase in Indicated ounces following newly completed structural and lithological models and 2025 drilling.
Ten primary shear corridors contain 55% of resource within the Moss Deposit.
Gold X2 retained G Mining Services ("G Mining" or "GMS") to complete the PEA and prepare a technical report in in compliance with the guidelines of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
The PEA is derived using the Company's MRE effective as at January 16, 2026. The effective date of the PEA is January 26, 2026, and a NI 43-101 compliant technical report (the "Technical Report") will be filed on the Company's website and under its SEDAR+ profile within 45 days of this news release.
Michael Henrichsen, CEO of Gold X2, commented: "The Moss deposit MRE and PEA represents a major milestone for the Company as we have clearly demonstrated the potential for the Moss Deposit to be a top ten gold producer in Canada1,2. The Project benefits from exceptional infrastructure with the Trans-Canada highway and high-voltage powerlines within 12 kms of the proposed mine site. The PEA has outlined robust economics at a gold price of US$2,750, representing a base case scenario that the Company believes can be improved through potential resource expansion immediately adjacent to the design pit, enhanced metallurgical recoveries, and optimization of the mine schedule.
"The Company has done extensive work internally and with G Mining to ensure a realistic high-quality study underpinned by solid geological and engineering work. We look forward to advancing the Project towards a Feasibility Study and the formal permitting process in the second half of 2027."
PEA Summary
Property Description, Location and Access
Gold X2 Mining's Moss Gold Project is located approximately 110km west of Thunder Bay, the largest population centre in Northern Ontario with a population of over 110,000. Moss benefits from well-established infrastructure, including: (1) Trans-Canada highway connectivity to city of Thunder Bay; (2) low-cost high-voltage hydroelectric power line capacity within 12km of the Project; (3) deep-water port access in Thunder Bay; and (4) railway access.
The PEA is based on a conventional open pit mining and milling-flotation-leach operation with a nameplate processing capacity of 30,000 tonnes per day. The study illustrates average annual payable gold production of approximately 265,000 ounces and 374,000 ounces of silver, respectively, over an initial 13.2 year mine life. Table 1 presents the key operating and financial highlights from the PEA, using the base case assumptions of US$2,750/oz gold, long term consensus gold price forecast of US$3,137/oz, and spot gold prices of US$4,600/oz.
Source: Broker Consensus Estimates from CIBC Capital Markets on January 7, 2026: Gold US$3,137/oz, Silver US$37.74/oz USD/CAD $1.35
Table 1: Operating and Financial Summary6
PEA Results SummaryUnits
Production - Open Pit Mining
Total Waste Rock Tonnes Minedkt668,255
Total Overburden Tonnes Minedkt72,208
Total Mineralized Tonnes Minedkt138,982
Strip Ratio (total waste)W:O5.3
Total Tonnes Minedkt879,445
Total Mill Feed Tonneskt138,982
Mill Feed Daily Productiont/d30,137
Mill Feed Annual ProductionMt/y11
Mill Head Grade Aug/t0.88
Mill Head Grade Agg/t1.37
Mill Recovery Au%91.6
Mill Recovery Ag%82.8
Total Mill Ounces Recovered Aukoz3,589
Total Mill Ounces Recovered Agkoz5,053
Total Average Annual Production Aukoz/y265
Total Average Annual Production Agkoz/y374
Operating Costs
Mining Cost CAD/t milled$18.88
Processing CostCAD/t milled$12.29
G&A CostCAD/t milled$3.16
Total Site CostCAD/t milled$34.33
RoyaltyCAD/t milled$0.11
Total Operating CostCAD/t milled$34.44
Cash CostCAD/oz$1,339
Cash CostUSD/oz$999
AISCCAD/oz$1,592
AISCUSD/oz$1,188
Capital Costs
Initial CapitalCAD$2,001M
Sustaining CapitalCAD$839M
Closure Costs & MonitoringCAD$49M
Working Capital during constructionCAD$26M
Salvage ValueCAD$32M
PEA Results SummaryUnitsBase CaseLong Term ConsensusSpot Price
General
Gold PriceUSD/oz$2,750$3,137$4,600
Silver PriceUSD/oz$35.0$37.7$90.0
Exchange RateUSD:CAD1.341.351.35
Fuel PriceCAD/L$1.10$1.10$1.10
Mine Lifeyrs13.2213.2213.22
Financials - Pre-Tax
Free Cash FlowCAD$5,860M$7,849M$15,247M
NPV @ 5%CAD$3,390M$4,731M$9,718M
IRR%27.5%35.1%60.9%
Paybackyrs2.61.90.9
Financials - Post Tax
Free Cash FlowCAD$4,035M$5,396M$10,466M
NPV @ 5%CAD$2,232M$3,152M$6,578M
IRR%22.1%28.1%48.6%
Paybackyrs3.22.51.0
Updated Mineral Resource Estimate
Figure 1: Moss Deposit and East Coldstream Deposit MRE (January 2026).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/281544_ca6b25b6d4633a0c_001full.jpg
Notes to the Mineral Resource statement:
The mineral resources described above have been prepared in accordance with the CIM Standards (Canadian Institute of Mining, Metallurgy and Petroleum, 2014) and follow Best Practices outlined by the CIM (2019).
The Qualified Person, as defined by NI 43-101, ("QP") for this MRE for both the Moss Deposit and the East Coldstream Deposit is Mr. Dominic Lussier, P.Geo., of G Mining Services Inc., who is responsible for the MRE. The effective date of the MRE is January 16, 2026, and is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.
Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves have been calculated for the Project. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future.
The quantity and grade of reported Inferred Mineral Resources are uncertain, and there has not been sufficient work to define these Mineral Resources as Indicated or Measured. Further work may result in the upgrading of portions of the Inferred Mineral Resources. There is no certainty that Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources.
The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market, or other relevant factors.
Known underground works at the Moss Deposit have been incorporated into the block model, and zero density has been assigned to the blocks located within the voids.
Tonnage estimates are based on individually measured and calculated bulk densities for geological units ranging from 2.69 to 2.725 g/cm³. Overburden density is set at 1.8 g/cm³.
A total of 122 mineralized zones for the Moss Deposit (used for both Au and Ag estimation) and 12 mineralized zones for the East Coldstream Deposit were modeled using Leapfrog geo. High-grade capping for gold estimation of between 15.0 and 55.0 g/t (Moss Deposit) and 12 g/t (East Coldstream Deposit) was applied before compositing. High grade capping for Ag estimation of 30.0 g/t (Moss Deposit) was applied before compositing.
The MRE was completed using Leapfrog Edge with parent block size of 5 m x 5 m x 5 and a 1.25 m x 1.25 m x 1.25 m minimum sub block size for both the Moss Deposit and the East Coldstream Deposit. Interpolation method used for the Moss Deposit are Ordinary Kriging for the principal shears modeled and ID2 for the secondary shears. East Coldstream Deposit was interpolated using only Ordinary Kriging. Both estimations are using hard boundary between modeled domains.
Open pit Mineral Resources are reported within an optimized Geovia Whittle pit shell generated at a surface cut-off of 0.35 g/t Au using a gold price of US$2,200/oz; a USD/CAD exchange rate of 1.33, a mining cost of 3.67/t and a G&A cost from $2.21/t, processing cost of $12.04/t, pit slope angles of 50° for bedrock and 27° for unconsolidated material. Mineral Resources are reported at a cut-off grade of 0.35 g/t Au within this pit shell and are reported as undiluted and in situ.
Tonnage has been expressed in the metric system, and gold metal content has been expressed in troy ounces.
The tonnages have been rounded to the nearest 1,000 tonne, and the metal content has been rounded to the nearest 1,000 ounce. Totals may not sum due to rounding.
The MRE has focused on the open pit mineralization at the main deposits, being the Moss Deposit and the East Coldstream Deposit, and excludes any underground resources, as well as the Span Lake satellite deposit.
Structural domain modelling and grade interpolation utilises 357 historical diamond drill holes (105,445m) and 210 Gold X2 diamond drill holes (94,094m) at Moss, and 132 historical diamond drill holes (29,841m) and 15 Gold X2 diamond drill holes (7,479m) at East Coldstream Deposit. Both models use a parent block size of 5 x 5 x 5m - the selective mining unit (SMU) - to focus the construction of the resource on mineable block sizes. This is sub-celled to 1.25 x 1.25 x 1.25m to improve volumetric precision.
Both models are based on an updated, robust structural model that utilises oriented drill core measurements from Gold X2's drilling. Along with increased drill density at Moss, this has resulted in improved grade continuity and geostatistical metrics that have resulted in a 73% increase in the ounces reported in the Indicated category.
Resource categories uses an average 3DDH isotropic search of <45 meters for Indicated, which is manually edited to remove isolated pods, and an average 3DDH isotropic search of <90 meters for Inferred.
The Moss Deposit has sufficient silver mineralization for an estimate of silver to be included in the MRE. Silver concentrations are lower at East Coldstream and have not been modelled.
The PEA is based exclusively on the Mineral Resource defined at the Moss Deposit. The resource model has been regularised to the 5 x 5 x 5m SMU and a 1m dilution skin to contact blocks to account for mining dilution.
The PEA is preliminary in nature and includes Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
Production Profile
The PEA outlines an average annual production profile of approximately 265,000 ounces of gold and 374,000 ounces of silver respectively over an initial 13.2 year mine life. Total gold production is estimated to be 3.6 million ounces with an average milled grade of 0.88 g/t Au, and a total of 4.5 million ounces of silver at an average milled grade of 1.37 g/t Ag.
Figure 2: Illustrates the Gold Equivalent ounce production profile over the LOM based on payable Gold and Silver calculated using US$2,750/oz Au and US$35.00/oz Ag.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/281544_figure_2.jpg
Mining
The mine plan is based on conventional open pit truck-and-shovel methods with a mill processing capacity of approximately 30,000 tpd over the 13.2 LOM. The pit optimization study used a gold price of US$2,000/oz. The optimal pit shell was selected on the basis of maximum NPV and corresponded to a revenue factor of 0.81. This pit shell contains approximately 138,982 kt of mill feed at 0.88 g/t, 668,255 kt of waste, and 72,208 kt of overburden resulting in a strip ratio of 5.3:1. The open pit operation is planned to be executed over 3 phases, including 20 months of pre-production mining and 6 months of ramp up processing, with an owner operated mining fleet.
Processing and Recovery
The PEA envisions a 30,000 tonne-per-day processing facility based on a standard metallurgical flowsheet, consisting of grinding to p80=55 microns, rougher flotation, regrind of concentrate to p80=15 microns, carbon-in-leach (CIL) of flotation tailings and concentrate, and adsorption to produce gold doré. CIL tailings will be treated in a cyanide destruction circuit and pumped to a traditional tailings storage facility. Metallurgical testing indicates clean, non-refractory gold mineralization with an average gold recovery of 91.7% for gold and 82.8% for silver for the PEA. Figure 3 illustrates the processing flow sheet for the Moss Deposit.
Figure 3: Moss Deposit Processing Flowsheet.
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https://images.newsfilecorp.com/files/8051/281544_ca6b25b6d4633a0c_004full.jpg
Power
The process plant is contemplated to utilize 40 megawatts of power that can be supplied via a 12km power spur from the main Hydro One power line along Highway 11. Hydro One with its indigenous partners is currently installing the Waasigan power line that will add 350 megawatts capacity to the power corridor. Expected power costs are 11 cents/kilowatt hour based on discussions with Hydro One and a review of the Ontario power tariffs.
Operating Costs
LOM operating costs are estimated at US$999 per ounce of gold produced, excluding royalty costs, as summarized below. The LOM AISC is estimated to be US$1,188 per ounce of gold produced based with operating costs anticipated to average C$34.44/tonne processed as outlined in Table 2 below. The cost structure places the Project in the second quartile of the global gold cost curve7.
Table 2 - Summary of Operating and Capital Costs8
Base CaseUnits
Operating CostsCAD/t milledUSD/t milled
Mining Cost$18.88$14.09
Processing Cost$12.29$9.17
G&A Cost$3.16$2.36
Total Site Cost$34.33$25.62
Royalty$0.11$0.08
Total Operating Cost$34.44$25.70
Operating CostsC$/ozUSD/oz
Cash Cost$1,339$999
AISC$1,592$1,188
Capital CostsCADUSD
Initial Capital$2,001M$1,493M
Sustaining Capital$839M$626M
Closure Costs & Monitoring$49M$36M
Working Capital during construction$26M$19M
Salvage Value$32M$24M
Project Royalties
Only mineralized blocks on the fringe of the deposit are subject to a net smelter returns ("NSR") royalty that is equivalent to an average LOM NSR of 0.11% across the deposit. There is a Net Profit Interest of 7.25% on the Moss Deposit that is payable after costs associated with acquisition, exploration, development, initial and sustaining capex, operating expenses, royalties, taxes, and corporate overheads not exceeding 5% of sales are deducted.
Capital Cost Estimates
The initial capital cost ("capex") is estimated to be $2.001 billion and excludes working capital. An 18% contingency of $303 million is included in the estimate. The total construction period, including the early earthworks program, is forecast to be 30 months. The project is anticipated to have a ramp up during the last 6 months of the construction period and is anticipated to generate revenue prior to commercial production.
Figure 4: Illustrates the initial CAPEX and sustaining cost breakdown.
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https://images.newsfilecorp.com/files/8051/281544_ca6b25b6d4633a0c_005full.jpg
The sustaining capex is estimated to be $839 million earmarked for additional equipment, replacement units, and major repairs. Other sustaining capex captures tailings storage facility, power line and surface infrastructure costs. Working capital during construction is budgeted at $39 million and closure and monitoring costs at $49 million.
Economic Analysis1,2
The PEA provides an after-tax NPV5% of $2.232 billion, an IRR of 22.1% and a payback period of 3.2 years from first production at a gold price of $2,750/oz and an exchange rate $1.34 USD/CAD. Table 3 presents the sensitivity analysis after-tax NPV5%, IRR, payback period and cumulative Free Cash Flow to changes in gold price. It should be noted that sensitivities apply to the financial model only; pit selection, cut-off grade and processing schedules are based on a US$2,000 gold price and would likely be redesigned to optimize for significantly higher or significantly lower fold price scenarios.
Table 3 - Base Case Sensitivity to Gold Price (Other Constant Assumptions Ag: US$35.00/oz, USD/CAD $1.34)
Gold Price
(USD/oz)NPV5%
C$MIRR
( %)FCF
C$MPayback
Years
$2,000558.210%$1,5766.30
$2,2501,119.614%$2,3964.76
$2,5001,675.918%$3,2153.78
Study Price$2,7502,231.522%$4,0353.16
$3,0002,787.126%$4,8562.70
$3,2503,343.629%$5,6782.28
$3,5003,900.433%$6,5011.84
Environmental and Permitting
Gold X2 has, through CSL Environmental & Geotechnical, conducted existing conditions environmental studies since mid-2021. In parallel, with the support of One-Eighty Consulting Group, Gold X2 has carried out early engagement with potentially affected Indigenous Nations. Since the start of 2025, this work has expanded in scope and scale and will support future engineering studies and collaborative efforts to manage potential environmental effects.
This ongoing work will also form the basis of a future environmental assessment ("EA") and relevant permitting processes. The Company has commenced, well ahead of entering these processes, a process to engage an experienced environmental consultant to evaluate the existing conditions studies and to support the EA for the Project. Based on available information and ongoing work, the Project is well positioned to advance toward the next stage of development.
Opportunities and Exploration Potential
The PEA presented represents a robust evaluation of a mining scenario at the Moss Deposit and will allow the Company to proceed directly to a Feasibility Study. While care has been taken to provide accurate estimates and realistic assumptions, additional analysis and collection of data will provide opportunities for further refinements of the proposed mining operation that could potentially improve the technical and financial performance of the deposit.