1911 Gold Issues Clarification of February 2026 PEA Disclosure
Rhea-AI Summary
1911 Gold (OTCQX:AUMBF) issued a clarification after a British Columbia Securities Commission review, retracting certain February 10, 2026 preliminary economic assessment (PEA) statements for the True North Gold Project that were considered misleading and non-compliant with NI 43-101 disclosure standards.
The company emphasizes the PEA is conceptual, relies partly on inferred resources, is not equivalent to a PFS or FS, and does not support a production decision. The current technical report is described as non-compliant, and the PEA and related materials should not be relied upon until amended.
Positive
- Company explicitly confirms no production decision has been made on True North
- Clarified that the PEA is only an early-stage indication of project potential
- Plans to amend technical report, website, presentations, and IR materials for NI 43-101 compliance
- Qualified Persons have reviewed and approved the scientific and technical information in this clarification
Negative
- Prior February 2026 PEA disclosure deemed misleading and non-compliant with NI 43-101
- Company retracts earlier PEA characterizations that suggested higher economic certainty
- Current technical report on SEDAR+ described as non-compliant with NI 43-101
- PEA not supported by a compliant technical report and should not be relied upon
- PEA includes inferred resources considered too speculative for classification as mineral reserves
- Company warns there is no certainty that PEA results or economics will be realized
News Market Reaction – AUMBF
In the Jul 6 session, AUMBF declined 5.77%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Retraction of Prior Statements
The February Release announced the results of the PEA and disclosed certain characterizations of the PEA's results and economic conclusions.
Certain statements in the February Release were misleading and contrary to cautionary language required by sections 2.3(3)(a) and 3.4(e) of National Instrument 43-101 Standards of Disclosure for Mineral Project ("NI 43-101"), as they appeared to suggest that the results of the PEA were more than preliminary in nature with a higher degree of certainty and the mineral resources underlying the PEA have demonstrated economic viability. Investors are cautioned that certain statements contained in the February Release should not be relied upon. The Company retracts these prior statements.
Why This Disclosure Was Non-Compliant
A PEA is, by definition under NI 43-101, a conceptual study of the potential viability of mineral resources. It is not a pre-feasibility study ("PFS") or a feasibility study ("FS") and may not be presented as equivalent to one.
These statements are misleading as they convey a level of certainty about the economics of the True North Project that is inconsistent with the conceptual and preliminary nature of a PEA and is contrary to the required cautionary language under NI 43-101; and the statements are non-compliant as they suggest that a production decision has been made, or that the True North Project has achieved a level of technical and economic confidence equivalent to a PFS or FS. The Company confirms that no such production determination has been made.
The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to it that would enable it to be categorized as mineral reserves. There is no certainty that the PEA will be realized.
The Company acknowledges that this disclosure did not adequately convey these limitations and retracts the above statements accordingly.
Corrected Disclosure
The PEA results are based in part on inferred mineral resources, which are considered too geologically speculative for the application of economic considerations to categorize them as mineral reserves. There is no certainty that the PEA results will be realized. Actual results may vary, potentially materially. The Company confirms that it has not made a production decision.
The PEA is intended to provide only an early-stage indication of project potential. Investors are cautioned not to place undue reliance on the results of the PEA as an indicator of future performance. The Company further advises that the technical report currently filed on SEDAR+ does not comply with NI 43-101 and as such, the PEA is not supported by a compliant NI 43-101 technical report, and the PEA should not be relied on until it has been verified and supported by an amended technical report.
Website and Investor Relations Materials
The Company is concurrently amending its technical report, corporate website, corporate presentation, social media channels, and other investor relations materials to correct the above issues and remove any non-compliant or misleading information.
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by Michele Della Libera, P.Geo., Vice President of Exploration, and Seok Joon Kim, P.Eng., Chief Engineer of 1911 Gold, who are Qualified Persons within the meaning of NI 43-101.
About 1911 Gold Corporation
1911 Gold is an advanced gold explorer and developer focused on its
1911 Gold's True North complex and the exploration land package are located within and among the First Nation communities of the Hollow Water First Nation and the Black River First Nation. 1911 Gold looks forward to maintaining open, cooperative, and respectful communications with all of our local communities and stakeholders to foster mutually beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, predictions, projections, forecasts, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the PEA and the completion of an amended technical report.
Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
In addition, readers are directed to review the detailed risk discussion in the Company's Annual Information Form for the year ended December 31, 2025, filed on SEDAR+, which discussions are incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.
All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE 1911 Gold Corporation