Northstar Announces Strategic Financing to Advance Surgical Mining of High-Grade Copper at Cam Copper Project
Northstar (OTC: NSGCF) announced coordinated non-brokered private placements to fund permitting, engineering and a pilot implementation of Novamera's Surgical Mining at the 100%‑owned Cam Copper Project on October 29, 2025. The Offerings total up to C$3.0 million if fully subscribed, with initial tranches of ~C$800,000 and ~C$500,000 expected.
Key financing components include flow‑through units (up to C$500k), non‑flow units (up to C$1.0M) and Advance Royalty Units (up to C$1.5M) that allocate 50% of project free cash flow quarterly to investors until they receive up to 4x their accrued principal (10% interest, convertible at C$0.08). The project targets ~116,000 tonnes of high‑grade copper extraction over ~31 months and plans an NI 43‑101 technical report prior to any production decision.
Northstar (OTC: NSGCF) ha annunciato collocazioni private coordinate non brokerate per finanziare permessi, ingegneria e una implementazione pilota del Surgical Mining presso il Progetto Cam Copper, pienamente di proprietà, il 29 ottobre 2025. Le offerte ammontano a un massimo di C$3,0 milioni se completamente sottoscritte, con tranche iniziali di circa C$800.000 e C$500.000 previste.
Le componenti chiave del finanziamento includono unità flow‑through (fino a C$500k), unità non‑flow (fino a C$1,0M) e Unità Royalty Avanzate (fino a C$1,5M) che assegnano il 50% del flusso di cassa libero del progetto trimestralmente agli investitori finché non ricevono fino a 4x il capitale maturato (interesse del 10%, convertibile a C$0,08). Il progetto punta a estrarre circa 116.000 tonnellate di rame ad alta purezza in circa 31 mesi e prevede un rapporto tecnico NI 43‑101 prima di qualsiasi decisione di produzione.
Northstar (OTC: NSGCF) anunció colocaciones privadas coordinadas sin corredor para financiar permisos, ingeniería y una implementación piloto del Surgical Mining en el Proyecto de Cobre Cam, 100% propiedad, el 29 de octubre de 2025. Las ofertas totalizan hasta C$3,0 millones si se suscriben en su totalidad, con tramos iniciales de aproximadamente C$800.000 y C$500.000 esperados.
Los componentes clave de la financiación incluyen unidades de flujo‑through (hasta C$500k), unidades no‑flow (hasta C$1,0M) y Unidades de Regalía Avanzada (hasta C$1,5M ) que asignan el 50% del flujo de efectivo libre del proyecto trimestralmente a los inversores hasta que reciban hasta 4x su principal acumulado (interés del 10%, convertible a C$0,08). El proyecto apunta a ~116,000 toneladas de cobre de alta ley en ~31 meses y planea un informe técnico NI 43‑101 antes de cualquier decisión de producción.
Northstar (OTC: NSGCF)가 2025년 10월 29일, 허가, 엔지니어링 및 Surgical Mining의 파일럿 구현을 자금 조달하기 위한 브로커 없는 코디네이트된 비공개 배치를 발표했습니다. 이 오퍼들은 최대 C$3.0백만까지이며, 완전 청약 시 초기 분할은 약 C$800,000와 C$500,000이 예상됩니다.
주요 재무 구성 요소에는 최대 C$500k의 플로우‑스루 유닛, 최대 C$1.0M의 비‑플로우 유닛 및 최대 C$1.5M의 선행 로열티 유닛이 포함되며, 이는 투자자에게 분기별로 프로젝트의 자유 현금 흐름의 50%를 배정하고 누적 원금의 4배를 받을 때까지(10% 이자, C$0.08로 전환 가능)까지 제공합니다. 이 프로젝트는 약 116,000톤의 고순도 구리 채굴을 약 31개월간 목표로 하며 어떤 생산 결정 전에 NI 43‑101 기술 보고서를 계획합니다.
Northstar (OTC: NSGCF) a annoncé des placements privés coordonnés sans courtier pour financer les permis, l’ingénierie et une mise en œuvre pilote du Mining Chirurgical (Surgical Mining) sur le Projet Cam Copper, détenu à 100%. Le 29 octobre 2025. Les offres totalisent jusqu’à 3,0 M$CAN si souscrites en totalité, avec des tranches initiales d’environ 800 000 $ et 500 000 $ prévues.
Les composantes clés du financement incluent des unités flow‑through (jusqu’à 500 k$), des unités non‑flow (jusqu’à 1,0 M$) et des Unités de Redevance Avancée (jusqu’à 1,5 M$) qui allouent 50% du flux de trésorerie libre du projet trimestriellement aux investisseurs jusqu’à ce qu’ils reçoivent jusqu’à 4x leur principal accumulé (intérêts de 10%, convertible à 0,08 C$). Le projet vise environ 116 000 tonnes de cuivre haute pureté sur environ 31 mois et prévoit un rapport technique NI 43‑101 avant toute décision de production.
Northstar (OTC: NSGCF) kündigte koordinierte nicht-brokerte Privatplatzierungen an, um Genehmigungen, Ingenieurwesen und eine Pilotimplementierung des Surgical Mining am zu 100% eigenen Cam Copper Project zu finanzieren, am 29. Oktober 2025. Die Angebote belaufen sich auf bis zu C$3,0 Millionen, wenn sie vollständig gezeichnet werden, mit anfänglichen Tranches von ca. C$800.000 bzw. C$500.000 vorgesehen.
Zu den Schlüsselfinanzierungskomponenten gehören Flow‑Through‑Einheiten (bis zu C$500k), Non‑Flow‑Einheiten (bis zu C$1,0M) und Advance Royalty Units (bis zu C$1,5M), die 50% des freien Cashflows des Projekts vierteljährlich an Investoren zuweisen, bis sie bis zu 4x ihres akkumulierten Kapitals erhalten (Zinssatz 10%, wandelbar bei C$0,08). Das Projekt zielt auf ca. 116.000 Tonnen Hochreinerg Copperextraktion über ca. 31 Monate ab und plant vor jeder Produktionsentscheidung einen NI 43‑101 Technischen Bericht.
نورث ستار (OTC: NSGCF) أعلن عن طرح خاص منسق غير وسيط لتمويل التصاريح والهندسة وتنفيذ تجريبي لــSurgical Mining في مشروع كام Copper المملوك بنسبة 100% في 29 أكتوبر 2025. إجمالي العروض يصل إلى 3.0 مليون دولار كندي إذا تم الاشتراك بالكامل، مع شرائح أولية تقارب 800,000 دولار كندي و 500,000 دولار كندي متوقعة.
وتشمل مكونات التمويل الرئيسية وحدات التدفق عبر (flow-through) حتى 500 ألف دولار كندي، ووحدات غير تدفق (non-flow) حتى 1.0 مليون دولار كندي، و وحدات حقوق الملكية المسبقة (Advance Royalty Units) حتى 1.5 مليون دولار كندي التي تخصص 50% من التدفق النقدي الحر للمشروع ربعياً للمستثمرين حتى يتلقوا حتى 4x رأسمالهم المكتسب (فائدة 10%، قابلة للتحويل عند 0.08 دولار كندي).
يهدف المشروع إلى استخراج حوالي 116,000 طن من النحاس عالي النقاء على مدى نحو 31 شهراً ويخطط لتقرير فني NI 43‑101 قبل أي قرار إنتاج.
Northstar (OTC: NSGCF) 于 2025 年 10 月 29 日宣布了协调的无经纪人私募配售，以资助许可、工程和在 100% 自有 Cam Copper 项目上进行的 Surgical Mining 的试点实施。此次发行总额最高可达 C$3.0 百万美元，如全部认购，预计初始分批为约 C$800,000 和 C$500,000。
融资的关键组成包括流通单位（flow‑through，最高 C$500k）、非流动单位（up to C$1.0M）以及 Advance Royalty Units（最多 C$1.5M），这些单位每季度向投资者分配项目自由现金流的 50%，直到他们获得高达其累计本金 4x 的回报（利息 10%，可按 C$0.08 转换）。该项目目标在大约 31 个月内开采约 116,000 吨高品位铜，并在任何生产决策前计划提交 NI 43‑101 技术报告。
- Up to C$3.0M potential gross proceeds if fully subscribed
- Initial first‑tranche funding of approximately C$800k
- Cam Zone 2 Surgical Mining target: ~116,000 tonnes over 31 months
- Low upfront capex estimate of approximately US$1.5M reported
- 50% of project free cash flow distributed to Advance Royalty investors until 4x return
- Advance Royalty accrues 10% annual interest for up to three years
- Warrants and conversion features (C$0.05–C$0.08) may dilute shareholders
Vancouver, British Columbia--(Newsfile Corp. - October 29, 2025) - Northstar Gold Corp. (CSE: NSG) ("Northstar" or the "Company"), is pleased to announce non-brokered private placements to fund permitting, engineering, and the initial implementation of Novamera Inc.'s Surgical Mining™ system at the Company's 100 %-owned Cam Copper Project, located 18 kilometres southeast of Kirkland Lake, Ontario.
The financing provides the initial capital platform to launch Northstar's Cam Copper Zone 2 Surgical Mining™ pilot, being advanced under a definitive Turnkey Surgical Mining Services Agreement (the "Agreement") executed with Novamera on October 9, 2025. (Please see Northstar News Release dated October 9, 2025)
Financing Overview
The integrated offering is comprised of three coordinated components (collectively referred to as the "Offerings"):
Critical Minerals Flow-Through Units - up to
$500,000 CAD at$0.06 per unit, each unit consisting of one flow-through share and one non-flow-through warrant exercisable at$0.08 for 24 months.Non-Flow-Through Units - up to
$1.0 million CAD at$0.05 per unit, each comprising one common share and one warrant exercisable at$0.05 for 24 months.A first-tranche close of approximately
$800,000 CAD is expected in the near term, led by strategic investors aligned with Northstar's critical-minerals and Surgical Mining objectives.
Advance Royalty Units - up to
$1.5 million CAD, priced at$25,000 per unit. Each unit includes 300,000 common share purchase warrants exercisable at$0.05 for three years and is secured by a royalty-type interest in Cam Copper free cash flow. Under this structure,50% of the project's free cash flow will be distributed quarterly to investors until each investor has received a return of up to 4x the accrued principal amount (being the amount invested plus accrued interest), backed by cash flow from commercial production from the Cam Copper Project. The investment will accrue interest at a rate of10% per annum for a maximum of three years. Investors may, at any time, prior to the commencement of commercial production at the Cam Copper mine, convert their outstanding accrued investment balance into common shares at C$0.08 per share, subject to customary stock exchange approvals.A first-tranche close of approximately
$500,000 CAD is expected in the near term, led by Northstar directors and strategic investors.
If the Offerings close, then Northstar will receive gross proceeds of up to
Northstar directors intend to participate in the Offerings. Finder's fees or commissions may be payable on portions of the financing, subject to CSE policies and applicable securities laws.
Use of Proceeds
Northstar is advancing toward issuance of a Notice-to-Proceed under the Agreement by obtaining the necessary permits and project financing. The Company also intends to commission an NI 43-101-compliant Technical Report and Mineral Resource Estimate on the Cam Copper Project to formally evaluate the deposit's Reasonable Prospects for Eventual Economic Extraction before making any production or development decision.
Proceeds will be directed toward:
- Zone 2 definition diamond drill program (scheduled to commence November 15, 2025)
- Commission a NI 43-101-compliant Technical Report and Mineral Resource Estimate
- Permitting and detailed engineering for the Cam Copper Zone 2 Surgical Mining™ Program;
- Mine-planning, surface-site preparation and mobilization; and
- Working-capital
Cam Copper Surgical Mining™ Program
The definitive Northstar-Novamera agreement provides for the extraction of approximately 116,000 tonnes of high-grade copper material from the near-surface Zone 2 VMS horizon over an estimated 31 months, using Novamera's precision large-diameter drilling system with real-time downhole imaging and data analytics.
The program is designed to demonstrate a low-impact, data-driven approach to copper recovery that reduces CAPEX, accelerates time-to-cash flow, and minimizes surface disturbance.
Northstar will commission a NI 43-101-compliant Technical Report and Mineral Resource Estimate to establish Reasonable Prospects for Eventual Economic Extraction prior to any production decision.
Management Commentary
Brian P. Fowler, P.Geo., President, CEO and Director, stated:
"This financing marks the transition of Cam Copper from concept to implementation. The first-tranche participation by strategic investors validates our approach and the project's critical-minerals potential. The 4× royalty-return structure provides investors direct exposure to near-term cash flow, with minimum dilution to current shareholders. The participation of Northstar's directors signals our confidence in the project's value. Together with Novamera's Surgical Mining™ technology, this financing creates a disciplined, low-impact path to exploit high-grade copper critical mineral deposits in Ontario."
Cam Copper Surgical Mining Project
The previously signed Surgical Mining Services Agreement (the "Agreement") (Please see Northstar News Release dated October 9, 2025) and Letter of Intent ("LOI") (Please see Northstar News Release dated July 23, 2025) are predicated on Novamera's recent positive "Zone 2 Proposed Development and Surgical Mining Evaluation Study" (Please see Northstar News Release dated June 26, 2025) of Northstar's near surface Zone 2 Exploration Target with tonnages ranging between 75,000 to 140,000 tonnes with grades ranging between
The Cam Copper Mine. Zone 2 is interpreted to contain copper-rich, Besshi-style volcanogenic massive sulphide (VMS) mineralization—primarily chalcopyrite and bornite—extending from surface to a depth of approximately 200 metres, over a strike length of approximately 125 metres and an average width of 1 metre. The high-grade mineralization remains open at depth, plunging southeast at -71 degrees along a well-defined VMS feeder structure.
Zone 2 is the largest of 3 narrow, steeply dipping tabular copper horizons with an historic estimate by a previous operator averaging
Novamera's innovative and proven concept Surgical Mining approach—featuring real-time reclamation and minimal water discharge can potentially streamline the regulatory pathway and accelerate project timelines. This is facilitated by rotary drilling large-diameter holes from the surface, targeting Zone 2 copper mineralization. The resulting broken rock is recovered and shipped directly to a nearby mill for processing. The process comprises data-driven hardware and software solutions that guide the drilling process and minimize dilution. Once drilled, the holes can be immediately reclaimed to provide structural support to the mine with a minimal environmental footprint on surface.
Northstar and Novamera have entered into a strategic agreement for the Cam Copper Project, with due diligence and implementation planning underway over the next several months. Novamera will earn a
Footnotes
1 The above Exploration Target range in tonnes and grade highlights the exploration potential of Cam Copper No. 2 Zone. The quantity and quality are purely conceptual in nature. Insufficient exploration has been carried out to define a mineral resource on the property and a Qualified Person has not done sufficient work to classify the Cam Copper Exploration Target projection as a current mineral resource. These values cannot and should not be relied upon are only included herein as an indication of potential mineralization on the Property. Additional exploration including a NI 43-101 Technical Report, CIM and NI-43-101 reporting compliant mineral resource estimate and Preliminary Economic Assessment are required to establish the economic potential of Cam Copper No. 2 Zone. It remains unclear whether a mineral resource will be delineated on the Property.
2 Ontario Ministry of Energy, Northern Development and Mines and Mines Assessment File #KL-0843, Prospectus of Fidelity Mining Investments Ltd. 1962.
3 The above scope of work is a preliminary conceptual estimate based on early-stage evaluation and does not constitute a production decision. A NI 43-101 reporting compliant Mineral Resource Estimate and supporting Technical Report are required to determine whether the Project has Reasonable Prospects for Eventual Economic Extraction.
Qualified Person
The scientific and technical information related to the Exploration Target contained in this news release has been reviewed by Christopher Keech, P.Geo., a Qualified Person as defined by NI 43-101 and Principal Geologist of CGK Consulting Services Inc., who is independent of the Company. Mr. Keech has verified that the information herein is consistent with Northstar's previously disclosed data and prior technical studies.
The Existing Shareholder Exemption and Investment Dealer Exemption
The Offerings will be made available to existing shareholders of Northstar who, as of the close of business on October 28, 2025 held common shares of Northstar (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in B.C. Instrument 45-534 -- Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption limits a shareholder to a maximum investment of
Northstar has also made the Offerings available to certain subscribers pursuant to B.C. Instrument 45-536 -- Exemption Form Prospectus Requirement for Certain Distributions Through an Investment Dealer. In accordance with the requirements of the investment dealer exemption, the company confirms that there is no material fact or material change about the Company that has not been generally disclosed.
All securities issued in connection with the Offerings will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
Related Party Participation in the Offerings
It is anticipated that certain directors, officers and other insiders of Northstar may acquire Units or Royalty style investments under the Offerings. Such participation will be considered as "related party transactions" within the meaning of TSX Venture Exchange Policy 5.9 (the "Policy") and Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, is expected to exceed
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States unless an exemption from such registration is available.
About Northstar Gold Corp.
Northstar's focus is to advance and expand the near-surface Allied Gold Zone and high-grade Cam Copper VMS deposits on its 100 %-owned Miller Copper-Gold Property near Kirkland Lake. The Company is targeting a +1 Moz gold / high-grade copper resource base capable of supporting regional or stand-alone production.
Northstar has 3 additional
On behalf of the Board of Directors,
Mr. Brian P. Fowler, P.Geo.
President, CEO and Director
(604) 617-8191
bfowler@northstargoldcorp.com
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Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States unless an exemption from such registration is available.
All statements, other than statements of historical fact, contained in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as "forward-looking statements"). Forward-looking statements include, but are not limited to, disclosure regarding the completion of the Offering and potential gross proceeds to be raised pursuant thereto, the receipt of all applicable regulatory approvals, the prospective nature of the Company's property interests, exploration plans and expected results, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; planned use of proceeds, expenditures and budgets and the execution thereof. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the receipt of applicable regulatory approvals. availability of financing, the assumed long-term price of gold, that the current exploration and other objectives concerning its mineral projects can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; the continuity of the price of gold and other metals, economic and political conditions and operations; the prospective nature of the Company's properties, availability of financing, and that general business and economic conditions will not change in a materially adverse manner.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NSG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks and uncertainties related to the completion of the Offering as presently proposed or at all, the failure to obtain all applicable regulatory approvals; actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although NSG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date hereof and NSG assumes no obligation to update any forward-looking statements, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272346
FAQ
What financing did Northstar (NSGCF) announce on October 29, 2025?
How much initial funding is Northstar expecting for the Cam Copper pilot (NSGCF)?
What are the Advance Royalty Unit terms in Northstar's NSGCF financing?
What production target did Northstar announce for Cam Copper Zone 2 (NSGCF)?
Will Northstar (NSGCF) complete an NI 43‑101 report before producing at Cam Copper?
How could the financing affect current Northstar shareholders (NSGCF)?
