Sixty North Gold Closes Project Financing to Restart Operations at the High-Grade Mon Gold Mine

Core Viewpoint - Sixty North Gold Mining Ltd. has successfully closed a $3,600,000 term loan from Vesta Wealth Partners to support the development of its Mon Gold Mine, which is expected to be the only operating gold mine in the Northwest Territories [1][3]. Financing Details - The loan will be disbursed in three scheduled payments totaling $3,600,000, repayable within 36 months of closing [3][10]. - The company will pay 12% interest per annum on any outstanding principal, with no principal payments required until December 2026 [10]. - Vesta will receive 6,650,000 share purchase warrants, exercisable at $0.14 per warrant for three years, and a 2.5% net smelter return royalty on activities at the Mon Gold Mine for a minimum of four years [10]. Project Development - The Mon Gold Mine is designed to produce 100 tonnes per day (tpd) of feed to the recently purchased mill, with funds allocated for mobilizing the mill, installation, and commissioning [2]. - The mine is located 45 km north of Yellowknife and is the first to be started in the Yellowknife Gold Belt since 1948 [1][4]. - Historical production at the site averaged 30 grams per tonne (gpt) of gold, with plans to develop stopes in various zones to feed the mill [4][5]. Strategic Importance - The financing is seen as a significant step towards revitalizing a premier gold-producing region, with Vesta expressing confidence in the high-grade potential of the Yellowknife Gold Belt [3]. - The company aims to explore additional gold, silver, and base metal targets on the property as warranted [5].