Northstar Gold Corp. Announces $4 Million Digital Co-Investment to Advance Cam Copper and Novamera's Surgical Mining

Rhea-AI Summary

Northstar Gold (NSGCF) and consortium partners received approval for up to $4.0 million in DIGITAL co-investment to advance the Cam Copper Surgical Mining project led by Novamera. Northstar expects ~ $1.8 million net (about 30% of the ~$11.0 million project) payable against eligible expenditures.

Subject to final DIGITAL approvals and partner confirmations, Northstar expects an initial reimbursement of ~$300,000 on or before mid-April 2026. The funding will support Surgical Mining field work, subsurface imaging, orebody modelling, metallurgical validation, and regulatory engagement at the 100%-owned Cam Copper Project.

Positive

• DIGITAL co-investment approval: up to $4.0 million
• Northstar net funding: approximately $1.8 million (≈30% of ~$11.0M project)
• Initial reimbursement timing: ~ $300,000 expected on or before mid-April 2026
• 100% ownership: Cam Copper Project near Kirkland Lake supports Surgical Mining deployment

Negative

• Co-investment funding is conditional on partner confirmations and final DIGITAL approvals
• Project reimbursements are paid only against eligible expenditures, creating execution and timing risk
• Project advancement depends on regulatory engagement and permitting under Ontario's critical minerals framework

News Market Reaction

+18.75%

1 alert

+18.75% News Effect

On the day this news was published, NSGCF gained 18.75%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - January 28, 2026) - Northstar Gold Corp. (CSE: NSG) ("Northstar" or the "Company") is pleased to announce that it along with its consortium partners has received approval to access up to $4.0 million in total co-investment funding from DIGITAL - Canada's Global Innovation Cluster for digital technologies to support Northstar's Cam Copper Surgical Mining for Critical Minerals Project (the "Project"), led by Novamera Inc. The Project aims to apply Novamera's innovative Surgical Mining™ approach to accelerate the production of critical minerals in a faster, more sustainable manner. Northstar is participating in the Project as a consortium partner alongside Novamera and Micon International Limited.

This approval follows the Company's previously announced disclosure that the Project was approved by DIGITAL under its Future of Mining and Energy ("FoME") program. Under the program, Northstar expects to receive up to approximately $1.8 million net of fees and adjustments, in co-investment funding. The total net funding represents approximately 30% of total Project-approved expenditures of approximately $11.0 million and is payable over the Project term to the three Project partners-Novamera, Northstar, and Micon International Limited-against eligible expenditures. The Project is focused on advancing Novamera's proprietary Surgical Mining technology for the sustainable extraction of critical minerals, including copper. Subject to partner confirmations and final DIGITAL approvals, Northstar expects to receive its first reimbursement of eligible Project expenditures of approximately $300,000 on or before mid-April 2026.

Northstar's approved contribution will support the application of Novamera's Surgical Mining technology at its 100%-owned Cam Copper Project near Kirkland Lake, Ontario. Building on Novamera's successful field demonstration, Northstar intends to advance a low-impact, precision mining approach to critical minerals by directly targeting mineralized zones from surface using large-diameter rotary drill holes. The program is designed to generate direct-shipping copper mill feed while significantly reducing waste, surface disturbance, capital intensity, and permitting timelines relative to conventional underground mining methods.

"This co-investment represents an important execution milestone as we advance the Cam Copper Surgical Mining™ pilot toward permitting and potential deployment," said Brian Fowler, P.Geo., President, CEO and Director of Northstar Gold Corp. "Partnering with Novamera, Micon, and DIGITAL positions Northstar at the forefront of next-generation mining technologies while maintaining a disciplined, capital-efficient development strategy."

The Cam Copper Project is expected to proceed in phased stages, subject to the terms of the applicable consortium and project agreements, with work anticipated to focus on advanced subsurface imaging, real-time orebody modelling, metallurgical validation, and regulatory engagement under Ontario's critical minerals framework. This is reflected in Northstar's recently signed definitive Master Project Agreement (Please see Northstar News Release dated November 24, 2025).

Northstar Announces Grant of Stock Options

The Company also announces it has granted an aggregate of 11,250,000 stock options to certain directors, officers, employees and consultants of the Corporation, at an exercise price of $0.08 and expiring five years from the date of grant. The stock options are subject to the Company's stock option plan, with ½ of the options vesting immediately, subject to a statutory four month hold period, and the remainder issued on the grant date annual anniversary.

About Northstar Gold Corp.

Northstar's focus is to advance exploration and development of the near-surface Allied Gold Zone and the nearby high-grade Cam Copper VMS exploration and development projects on its 100 %-owned Miller Copper-Gold Property near Kirkland Lake. In 2022 SRK (Canada) reported an Exploration Target Study at Allied ranging from 250k to 500k ounces of gold averaging between 1.04 g/t to 2.04 g/t and in 2025 Northstar reported Exploration Target Study results at Cam Copper ranging from 75,000 to 140,000 tonnes grading between 9% and 18% copper, with a conceptual average grade of 12% copper.

Northstar has 3 additional 100%-owned exploration projects in northern Ontario, including the 1,150 ha Rosegrove Property, situated 0.5 km from the Miller Copper-Gold Property, the 4,650 ha Bryce Gold Property (includes the recently optioned Britcanna Lease), an intrusive-gold / PME VMS project located along the projected east extension of the Ridout Break, and the Temagami-Milestone Cu-Ni-Co Critical Minerals Property located in Strathcona Township. Northstar is seeking exploration partners to advance all 3 properties.

About Novamera

Founded in 2019, Novamera Inc. is revolutionizing how the world mines. Its patented Surgical Mining process enables precise, low-impact extraction of narrow-vein deposits. By combining advanced imaging, AI modelling, and precision robotic drilling, Novamera helps mining companies unlock new resources with lower costs, faster timelines, and minimal environmental impact-creating a new category of sustainable, high-return projects.

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/281897

FAQ

How much co-investment did Northstar (NSGCF) receive for the Cam Copper Surgical Mining project?

Northstar and partners received approval for up to $4.0 million in co-investment. According to Northstar, the company expects to receive approximately $1.8 million net, representing about 30% of the ~$11.0 million project budget.

When will Northstar (NSGCF) receive the first reimbursement for the Cam Copper project?

Northstar expects an initial reimbursement of approximately $300,000 on or before mid-April 2026. According to Northstar, payments are payable over the project term against eligible expenditures and subject to final approvals and partner confirmations.

What will the DIGITAL co-investment for NSGCF fund at Cam Copper?

The funding will support advanced subsurface imaging, real-time orebody modelling, metallurgical validation, and regulatory engagement. According to Northstar, these activities target low-impact Surgical Mining development and potential direct-shipping copper mill feed.

What is Northstar's ownership and role in the Cam Copper Surgical Mining pilot (NSGCF)?

Northstar holds 100% ownership of the Cam Copper Project and is a consortium partner with Novamera and Micon. According to Northstar, it will apply Novamera's Surgical Mining technology at the site to advance pilot work toward permitting.

How do DIGITAL payments work for Northstar's (NSGCF) project and what are the conditions?

DIGITAL co-investment is reimbursable against eligible project expenditures and paid over the project term. According to Northstar, funding is conditional on partner confirmations and final DIGITAL approvals, creating potential timing and eligibility risk.