Northstar Gold closes first tranche financing to advance Cam Copper surgical mining project, Ontario

Northstar Gold Corp. [CSE: NSG] reported that it has closed the first tranche of its previously announced non-brokered private placement of hard dollar units for gross proceeds of up to $800,000 (the Offering).

The company issued an aggregate of 9,300,000 Units at a price of $0.06 per Unit, for gross proceeds of $558,000 with strategic investors. Each Unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to acquire one additional common share at an exercise price of $0.075 per common share for 60 months from the date of issuance.

In connection with the offering, the company paid aggregate finder’s fees of $28,800 and issued 480,000 finder warrants to an eligible finder. Each finder warrant is exercisable to acquire one common share at a price of $0.075 per share for 60 months from date of issuance.

All securities issued under the offering, including the Units, Warrants and Finder Warrants, are subject to a statutory hold period of four months and one day from the closing date.

The company will close a near-term, second tranche with additional orders on hand. The offering remains subject to final approval of the Canadian Securities Exchange.

Proceeds from the Offering will provide initial capital to partially fund permitting, engineering, and early-stage implementation of Novamera’s Surgical Mining™ system at Northstar’s 100%-owned Cam Copper Project, located approximately 18 km southeast of Kirkland Lake, Ontario. The Cam Copper Zone 2 Surgical Mining™ pilot program is advancing under a definitive Turnkey Surgical Mining Services Agreement with Novamera executed on October 9, 2025.

Northstar is also advancing the project through a collaborative consortium with DIGITAL – Canada’s Global Innovation Cluster for digital technologies, Novamera Inc., and Micon International Limited under a Master Project Agreement announced November 24, 2025.

On January 28, 2026, the company reported that DIGITAL approved access for up to $4.0 million in total co-investment funding to partially support the consortium’s two-year, approximately $11 million Cam Copper Surgical Mining™ initiative aimed at accelerating the sustainable production of critical minerals.

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 by Micon 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 geological model update and block model development; preliminary metallurgical studies; 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.

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 1.4 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. Both Exploration Targets remain open to expansion.

Northstar is collaborating with DIGITAL – Canada’s Global Innovation Cluster for digital technologies (“DIGITAL”), Novamera Inc., and Micon International Limited under an approximately $11 million consortium initiative focused on advancing data-driven mining solutions and Novamera’s proprietary Surgical Mining™ technology to efficiently and sustainably extract high-grade copper resources. The consortium is progressing toward potential small-scale copper production at the Cam Copper Project, currently targeted for early 2027.

On January 28, 2026, Northstar announced that consortium partners had received approval to access up to $4.0 million in total co-investment funding from DIGITAL in support of the Cam Copper Surgical Mining for Critical Minerals Project. Northstar anticipates receiving an initial reimbursement of approximately $300,000 by mid-April 2026.

On September 19, 2024, Northstar announced that the Company had signed a memorandum of understanding with China-based Hunan Nonferrous to earn a minority interest in the Allied Gold Zone through the completion of a 10,000-metre drilling program aimed at expanding the deposit and supporting a NI 43-101 Mineral Resource Estimate. A due diligence site visit remains pending visitor visa approvals.

Northstar has three 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 three properties.