Sixty North Gold Announces Project Financing to Restart Operations at the High-Grade Mon Gold Mine
Sixty North Gold (OTC: SXNTF) signed a binding commitment letter on November 17, 2025 for a $3,600,000 term loan from Vesta Wealth Partners to fund development to production at the Mon Gold Mine, 45 km north of Yellowknife, NWT.
Key terms include: 36-month repayment, no principal payments until December 2026, 12% annual interest, issuance of 6,650,000 warrants exercisable at $0.14 for three years, a 2.5% NSR for at least four years (buyback up to $5,000,000), first-ranking security over the Mon Gold Mine, and two Vesta board nominees.
Sixty North Gold (OTC: SXNTF) ha firmato una lettera di impegno vincolante il 17 novembre 2025 per un prestito a termine di $3,600,000 da Vesta Wealth Partners per finanziare lo sviluppo dalla produzione alla Mon Gold Mine, situata a 45 km a nord di Yellowknife, NWT.
Le condizioni principali includono: 36 mesi di rimborso, nessun pagamento del capitale fino a dicembre 2026, 12% di interesse annuo, emissione di 6,650,000 warrant esercitabili al prezzo di $0.14 per tre anni, una royalty netta (NSR) del 2,5% per almeno quattro anni (riacquisto fino a $5,000,000), garanzia di primo grado sull'Mon Gold Mine e due membri del consiglio di Vesta.
Sixty North Gold (OTC: SXNTF) firmó una carta de compromiso vinculante el 17 de noviembre de 2025 por un préstamo a plazo de $3,600,000 de Vesta Wealth Partners para financiar el desarrollo desde la producción en Mon Gold Mine, a 45 km al norte de Yellowknife, NWT.
Los términos principales incluyen: 36 meses de reembolso, sin pagos del principal hasta diciembre de 2026, 12% de interés anual, emisión de 6,650,000 warrants exercitables a $0.14 durante tres años, una NSR del 2,5% durante al menos cuatro años (recompra hasta $5,000,000), garantía de primer rango sobre el Mon Gold Mine, y dos nombrados en la junta de Vesta.
Sixty North Gold (OTC: SXNTF) 는 Mon Gold Mine( Yellowknife에서 북쪽으로 45km)에서 생산으로의 개발을 위한 자금 조달을 위해 Vesta Wealth Partners로부터 $3,600,000의 기간 대출에 대해 2025년 11월 17일 구속력 있는 약정서를 체결했습니다.
주요 조건은 36개월의 상환 기간, 2026년 12월까지 원금 상환 없음, 12%의 연이자, 행사 가능 기간이 3년인 6,650,000개의 워런트, 행사 가격은 $0.14, 최소 4년간 적용될 2.5%의 NSR(순 제련 수익), 최대 $5,000,000까지의 재매입, Mon Gold Mine에 대한 1순위 담보, 그리고 Vesta 이사회에서 두 명의 이사 선임이 포함됩니다.
Sixty North Gold (OTC: SXNTF) a signé une lettre d'engagement contraignante le 17 novembre 2025 pour un prêt à terme de $3,600,000 auprès de Vesta Wealth Partners afin de financer le passage du développement à la production à la Mon Gold Mine, située à 45 km au nord de Yellowknife, TNO.
Les conditions principales incluent : 36 mois de remboursement, aucun paiement du principal jusqu'en décembre 2026, 12% d'intérêt annuel, émission de 6,650,000 warrants exercables à $0,14 pendant trois ans, une NSR de 2,5% pendant au moins quatre ans (rachat possible jusqu'à $5,000,000), une sûreté de premier rang sur la Mon Gold Mine, et deux administrateurs proposés par Vesta.
Sixty North Gold (OTC: SXNTF) unterschrieb am 17. November 2025 eine verbindliche Verpflichtungserklärung für ein $3,600,000 Term Loan von Vesta Wealth Partners, um die Entwicklung bis zur Produktion in der Mon Gold Mine, 45 km nordlich von Yellowknife, NWT, zu finanzieren.
Wesentliche Konditionen umfassen: 36 Monate Tilgung, keine Tilgung des Kapitals bis Dezember 2026, 12% Jahreszins, Ausgabe von 6,650,000 Warrants, ausübbar zu $0,14 über drei Jahre, eine 2,5% NSR für mindestens vier Jahre (Rückkauf bis zu $5,000,000), Erstpfandrecht über die Mon Gold Mine, und zwei Nominierte im Vesta-Vorstand.
Sixty North Gold (OTC: SXNTF) وقعت رسالة التزام ملزمة في 17 نوفمبر 2025 للحصول على قرض أجل من $3,600,000 من Vesta Wealth Partners لتمويل التطوير من الإنتاج في Mon Gold Mine، الواقع على بعد 45 كم شمال يلو نايف، ن.و.ت.
تشمل الشروط الأساسية: 36 شهرًا للسداد، لا دفعات أصل حتى ديسمبر 2026، 12% فائدة سنوية، إصدار 6,650,000 من warrants قابلة للتسديد بسعر $0.14 لمدة ثلاث سنوات، NSR بنسبة 2,5% لمدة لا تقل عن أربع سنوات (إعادة شراء حتى $5,000,000)، ضمان من الدرجة الأولى على Mon Gold Mine، وممثلان اثنان في مجلس إدارة فستا.
- Secured a binding $3,600,000 term loan
- Loan schedule provides up to 36 months repayment runway
- No principal payments required until Dec 2026
- Vesta appointment of 2 board nominees supports governance alignment
- High financing cost: 12% annual interest on outstanding principal
- Potential shareholder dilution: 6,650,000 warrants at $0.14
- Future cash obligation: 2.5% NSR with buyback capped at $5,000,000
- Mon Gold Mine pledged as first-ranking security during loan term
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2025) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold") is pleased to report that on November 17, 2025 it signed a binding commitment letter from Vesta Wealth Partners Ltd. ("Vesta"), an independent investment firm, on behalf of certain accounts and funds managed by it as investment advisor or investment manager, to provide the Company with a
Dave Webb, President and CEO reports "It is exciting to be able to bring mining back to Yellowknife. This high-grade camp hosts the past-producing Con Mine, Giant Mine, and Discovery mines that produced 14 million ounces of gold at grades greater than 16 gpt, as well as the Mon Gold Mine that produced at 30 gpt gold in the 1990's (see Technical Report, August 3, 2023)."
Jared Wolk, Chief Investment Officer of Vesta, commented on the transaction: "We at Vesta Wealth Partners are incredibly excited to be involved in a project of this significance. The Mon Gold Mine represents a unique opportunity to restart production in a historic and proven high-grade gold camp. Our financing commitment reflects our confidence in the operational plan, the quality of the Mon Gold asset, and the vision of Dr. Webb and the Sixty North Gold team to bring the Yellowknife Gold Belt back to active production."
Subject to the negotiation of definitive agreements and approval of the Canadian Securities Exchange, Vesta will provide the Loan in three scheduled payments totaling
- paying
12% interest per annum on any outstanding principal, with no principal payments required until December 2026; - issuing Vesta 6,650,000 share purchase warrants, exercisable at
$0.14 per warrant for a period of three years following issuance; - providing a
2.5% net smelter return royalty on activities at the Mon Gold Mine for a minimum of four years, which is subject thereafter to a buyback for a repurchase price of up to$5,000,000 ; - Sixty North Gold will provide a first ranking senior security interest over the Mon Gold Mine; and
- appointing two qualified nominees from Vesta to its board of directors during the Loan term.
Dr. Webb further adds "Development of the Mon Gold Mine mirrors the development of the Con Mine that started at 100 tpd in 1936, the Discovery Mine that started at 100 tpd in 1948, and the Giant Mine that started at 235 tpd in 1948. These high-grade nuggety mines are difficult to assess by drilling. Initial production at the Con Mine exceeded the drill hole results used to define the stopes by over
About the Company
Sixty North Gold is developing mining operations for gold on its 100-per-cent-owned Mon Gold Project. Mining in the 1990's extracted 15,000 tonnes of ore to depths of only 15 metres below surface, recovering an estimated 15,000 ounces of gold in the 1990s (Company Technical Report NI 43-101, August 3, 2023 on SEDAR or https://sixtynorthgold.com/projects/technical-report/. The North Ramp has been reopened and has been extended to intersect the vein 17 m below the historic stopes. The company plans to develop stopes in the East Limb, West Limb and DD Zone to extract and to feed its 100 tpd gravity-flotation mill.
Additional gold, silver and base metal targets occur on the property and will be explored and developed as warranted.
The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better (Discovery Mine with one million ounces of gold produced, and Sixty North Gold's Mon Mine), and two that averaged 15 gpt or better for a total production of over 14 million ounces of gold (Con Mine and Giant Mine); (ref. Company Technical Report NI 43-101, August 3, 2023).
The technical content of this release has been reviewed and approved by Dr. D.R.
Webb, P.Geol, President and CEO of Sixty North Gold Mines Ltd.
For more information, please refer to the Company's public filings available on SEDAR (www.sedarplus.ca), under the Company's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dave Webb"
Dave Webb, President & CEO
For further information, please contact:
Dave Webb
Tel.: 604 818-1400
Email: dave@drwgcl.com
Website: www.sixtynorthgold.com
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Further details about the risks applicable to the Company are contained in the Company's public filings available on SEDAR (www.sedarplus.ca), under the Company's profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274981
FAQ
What financing did Sixty North Gold (SXNTF) secure to restart the Mon Gold Mine on November 17, 2025?
What are the repayment and interest terms of the SXNTF loan for Mon Gold Mine?
How many warrants were issued to Vesta under the SXNTF financing and at what price?
What royalty and security terms does the Vesta financing impose on Sixty North Gold (SXNTF)?
Will Vesta join Sixty North Gold's board after the Mon Gold Mine financing?
