Gold X2 Completes Acquisition of Kesselrun Resources Ltd.

Rhea-AI Summary

Gold X2 (OTCQB: GSHRF) completed a plan of arrangement on December 1, 2025 to acquire all shares of Kesselrun Resources, adding the 100% owned Huronian Gold Project contiguous to the Moss Gold Project. The acquisition adds 293 unpatented claims plus four patented cells (~5,181 hectares), bringing the Moss contiguous footprint to 28,977 hectares. Gold X2 also acquired a 100% interest in the non-core Bluffpoint Project (~9,134 hectares).

The company says the deal improves exploration upside along the Moss trend, optionality for mine infrastructure, and targets for near-surface high-grade ounces. Exploration on the new property is planned to begin in 2026. A separate proposed patent acquisition at the southwest end of the Moss Belt requires a final payment in October 2026.

Positive

• Land package increased to 28,977 hectares
• Huronian acquisition adds ~5,181 hectares contiguous to Moss
• Bluffpoint project 100% interest adds ~9,134 hectares
• Planned exploration on new property beginning in 2026

Negative

• Final payment due for proposed patent acquisition in October 2026

News Market Reaction

+4.93%

1 alert

+4.93% News Effect

On the day this news was published, GSHRF gained 4.93%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Huronian claims: 293 unpatented claims Patented cells: 4 patented cell claims Huronian area: 5,181 hectares +5 more

8 metrics

Huronian claims 293 unpatented claims Huronian Gold Project land added via acquisition

Patented cells 4 patented cell claims Huronian Gold Project land tenure

Huronian area 5,181 hectares Size of Huronian Gold Project

Moss footprint 28,977 hectares Total contiguous Moss Gold Project land after acquisition

Bluffpoint claims 449 mining claims Bluffpoint Gold Project claim count

Bluffpoint area 9,134 hectares Size of Bluffpoint Gold Project

Distance to Rainy River 50 km Bluffpoint Project location northeast of Rainy River Gold Mine

Final payment timing October 2026 Final payment for proposed nine-patent acquisition

Market Reality Check

Price: $0.6900 Vol: Price up 6.31% on volume ...

low vol

$0.6900 Last Close

Volume Price up 6.31% on volume 8,584 vs 20-day average 131,521, indicating limited participation. low

Technical Trading above 200-day MA at $0.30, within 1% of 52-week high at $0.49.

Peers on Argus

Gold peers like NXGCF (+12.43%) and MAIFF (+5.01%) also rose, but momentum scann...

Gold peers like NXGCF (+12.43%) and MAIFF (+5.01%) also rose, but momentum scanners did not flag a coordinated sector move, suggesting a more stock-specific reaction to the Kesselrun completion.

Historical Context

5 past events · Latest: Dec 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 01	Acquisition completion	Positive	+4.9%	Closed Kesselrun deal, adding Huronian and increasing Moss land package.
Nov 28	Financial filing	Positive	+4.9%	Q3 financials highlighted Moss scale and NI 43-101 resource base.
Nov 26	Deal approvals	Positive	+4.6%	Kesselrun shareholders and court approved plan of arrangement with Gold X2.
Nov 13	Drill results	Positive	-2.0%	Reported multiple long near-surface gold intervals at Moss Main Zone.
Nov 07	Environmental update	Positive	+0.3%	Progressed environmental baseline studies and issued equity grants.

Pattern Detected

News has generally led to positive reactions, with only one recent divergence on drilling results.

Recent Company History

This announcement completes Gold X2’s acquisition of Kesselrun and the Huronian Gold Project, expanding the Moss land package to 28,977 hectares. Recent news flow has focused on advancing Moss through drilling, environmental baseline work targeting assessments by Q3 2027, and Q3 financial disclosure. A prior acquisition step on November 26, 2025 secured shareholder and court approval, while drilling on November 13, 2025 showed mixed price impact. Overall, the company has built an expanding, contiguous land position around Moss.

Market Pulse Summary

This announcement completes Gold X2’s acquisition of Kesselrun, adding the Huronian Gold Project and...

Analysis

This announcement completes Gold X2’s acquisition of Kesselrun, adding the Huronian Gold Project and expanding Moss’s contiguous land package to 28,977 hectares. The company also gains the non-core Bluffpoint Project covering 9,134 hectares. This follows earlier steps including the definitive agreement and shareholder approval. Investors may watch how quickly exploration on the new ground begins in 2026, the integration of additional patents due after an October 2026 payment, and ongoing technical and permitting milestones at Moss.

Key Terms

plan of arrangement, unpatented mining claims, patented cell claims, greenstone belt, +1 more

5 terms

plan of arrangement regulatory

"completed the previously announced plan of arrangement (the "Arrangement")"

A plan of arrangement is a formal, court-approved agreement that reorganizes ownership or assets of a company—such as merging businesses, exchanging shares for cash or other securities, or splitting off parts of the company. Investors should care because it can change the value, number, and rights of their holdings and is often binding once approved by both shareholders and a court, offering more legal certainty than a simple vote. Think of it as a legally supervised recipe for how a company will be reshaped and who ends up with what.

unpatented mining claims technical

"adds an additional 293 contiguous unpatented mining claims and four patented"

A claim to minerals on public land where the holder has the right to explore and extract resources but does not own the surface or the underlying land title. Like renting a plot to dig for treasure while the government still owns the ground, these claims give producers potential access to valuable ore but carry extra risks — they can require permits, be contested or lost, and often complicate financing and company valuation for investors.

patented cell claims technical

"293 contiguous unpatented mining claims and four patented cell claims"

Patented cell claims are legal rights granted by a patent that specifically cover particular types of cells or cell lines, or the unique ways those cells are modified or used. For investors this matters because such claims can act like owning a recipe or blueprint—giving a company exclusive control over a valuable biological asset, creating potential revenue streams, blocking rivals, and posing legal or licensing risks that can affect a company’s future value.

greenstone belt technical

"at the center of the Shebandowan Greenstone Gold Belt in Ontario, Canada"

A greenstone belt is a long, often narrow zone of very old volcanic and sedimentary rocks that commonly host concentrations of metals like gold, copper and nickel. For investors, these belts are like treasure maps: they attract exploration and mining because discoveries there can boost a company's value or trigger takeover interest, while also carrying the usual geological and permitting risks of resource projects.

National Instrument 43-101 regulatory

"a qualified person under National Instrument 43-101 - Standards of Disclosure"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - December 1, 2025) - Gold X2 Mining Inc. (TSXV: AUXX) (OTCQB: GSHRF) (FSE: DF8) ("Gold X2" or the "Company"), is pleased to announce that it has completed the previously announced plan of arrangement (the "Arrangement") to acquire all the issued and outstanding common shares of Kesselrun Resources Ltd. ("Kesselrun").

The Arrangement results in Gold X2 acquiring Kesselrun's 100% owned Huronian Gold Project (the "Huronian Gold Project"), which sits on the western border of the Company's Moss Gold Project. The Arrangement adds immense strategic benefit to the development of the Moss Gold Project and adds significant hectares to Gold X2's land package at the center of the Shebandowan Greenstone Gold Belt in Ontario, Canada.

Michael Henrichsen, CEO of Gold X2 commented, "With this acquisition, Gold X2 is strategically positioned to unlock the full potential of the Moss Gold Project providing further exploration and discovery upside along with significant flexibility for mine development infrastructure. We plan to begin exploration on the newly acquired property in 2026, with a view to drill high potential targets along the Moss trend."

Strategic Rational:

• Significant exploration potential with continuation of the Moss Trend to the Southwest

• Optionality with respect to infrastructure placement for mine development scenarios

• Potential to define near surface high grade ounces from the Huronian deposit

• Consolidating a central land position in the emerging Shebandowan Greenstone Belt

Following the acquisition of Kesselrun's Huronian Gold Project, Gold X2 adds an additional 293 contiguous unpatented mining claims and four patented cell claims, totaling approximately 5,181 hectares. This brings the Moss Gold Project's contiguous land package to a total of 28,977 hectares. Through the Arrangement, the Company also acquired a 100% interest in the non-core Bluffpoint Gold Project (the "Bluffpoint Project"), 50km northeast of the Rainy River Gold Mine. The Bluffpoint Project is comprised of 449 mining claims covering approximately 9,134 hectares located in Bluffpoint Lake Township, with portions extending into the townships of Lawrence Lake, Napanee Lake and Barker Bay in the Kenora Mining Division of Northwestern Ontario.

The above-noted acquisitions of the Huronian Gold Project and Bluffpoint Project are in addition to the proposed acquisition of nine patents at the southwest end of the Moss Gold Belt (press release dated October 28, 2025). This proposed acquisition requires a final payment in October 2026.

The Huronian Gold Project is situated in the emerging Shebandowan Greenstone Belt located in the AbitibiWawa Subprovince of the Archean Superior Province and covers the southwest strike extension of the geology that hosts the Moss Gold Project.

Figure 1: Illustrates the Company's consolidation and current 28,977 ha footprint of the Shebandowan Greenstone Belt

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/276359_da9f64fdf418d9a4_002full.jpg

Qualified Person

Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.

About Gold X2 Mining

Gold X2 is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world's largest gold company and backed by one of Canada's pre-eminent private equity firms. The Company's current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $75 million of new capital and completed approximately 100,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 255,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate ("MRE") has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au, contained within 38.96 million tonnes and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au, contained within 146.24 million tonnes. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for development in this cycle. Please see NI 43-101 technical report titled: "Technical Report and Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada," dated March 20, 2024 with an effective date of January 31, 2024 available under the Company's SEDAR+ profile at www.sedarplus.ca. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company's website (www.goldx2.com)

For More Information - Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Gold X2 Mining Inc.

E: mhenrichsen@goldx2.com
W: www.goldx2.com
T: 1-604-404-4335

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate to, among other things, statements that the Arrangement adds immense strategic benefit to the development of the Moss Gold Project; that Gold X2 is strategically positioned to unlock the full potential of the Moss Gold Project providing further exploration and discovery upside along with significant flexibility for mine development infrastructure; that the Company intends to begin exploration on the newly acquired property in 2026, with a view to drill high potential targets along the Moss trend; the Huronian Gold Project's significant exploration potential; that the Company has potential to define near surface high grade ounces from the Huronian deposit; and the proposed acquisition of nine patents at the southwest end of the Moss Gold Belt. These forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the potential results discussed in the forward-looking statements.

In respect of the forward-looking statements herein, Gold X2 has relied on certain assumptions that it believes are reasonable at this time, including assumptions that the Arrangement will result in the benefits anticipated; that Gold X2 is strategically positioned to unlock the full potential of the Moss Gold Project; that this Arrangement provides Gold X2 with further exploration and discovery upside along with significant flexibility for mine development infrastructure; that the Company will proceed to begin exploration on the newly acquired property in 2026 and will drill high potential targets along the Moss trend; the Huronian Gold Project's significant exploration potential; and that the Company will complete the proposed acquisition of nine patents at the southwest end of the Moss Gold Belt. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times.

Risks and uncertainties that may cause such differences include but are not limited to: that the Arrangement will fail to result in the benefits anticipated; that Gold X2 will not unlock the full potential of the Moss Gold Project; that the Arrangement will fail to provide Gold X2 with further exploration and discovery upside or flexibility for mine development infrastructure; that the Company's exploration and development plans will change and it will fail to explore the newly acquired property in 2026; management's expectations regarding the Huronian Gold Project's exploration potential will prove to be inaccurate; that the Company will fail to complete the proposed acquisition of nine patents at the southwest end of the Moss Gold Belt; the possibility that legal proceedings may be instituted against Gold X2 or Kesselrun and the outcome of such proceedings; other risk factors as detailed from time to time and additional risks identified in Gold X2's and Kesselrun's filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Gold X2 expressly 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 as otherwise required by applicable securities legislation.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276359

FAQ

What did Gold X2 (GSHRF) announce on December 1, 2025?

Gold X2 completed the acquisition of Kesselrun, adding the Huronian Gold Project and Bluffpoint Project to its holdings.

How much land did Gold X2 (GSHRF) add to the Moss Gold Project on December 1, 2025?

The acquisition added ~5,181 hectares, taking the contiguous Moss footprint to ~28,977 hectares.

When will Gold X2 (GSHRF) begin exploration on the newly acquired Huronian property?

Gold X2 plans to begin exploration on the acquired property in 2026.

What strategic benefits does the Kesselrun acquisition provide for Gold X2 (GSHRF)?

The company cites continuation of the Moss trend, infrastructure optionality for mine scenarios, and potential near-surface high-grade targets.

Does Gold X2 (GSHRF) have any upcoming payment obligations related to its land acquisitions?

Yes; a proposed acquisition of nine patents at the Moss southwest end requires a final payment in October 2026.