Sixty North Gold’s flagship is the Mon Gold Project, a past-producing high-grade gold mine roughly 45 km north of Yellowknife in the Northwest Territories. It is an Archean turbidite-hosted quartz vein deposit where the A-Zone was mined intermittently through the 1990s, and the company’s whole plan is to restart it at 100 tonnes per day. In this interview, I got an introduction to the story, and was able to ask more questions about permitting, specifically the water management plan and baseline water sampling that is now holding up the restart, plus insider ownership, royalties, mining method, and how you would even value the thing without a technical study.
TL;DR
The headline is that 2026 production is now entirely off the table. I asked the CEO directly and he said no, the regulator wants baseline water sampling collected through 2027 before it will approve a water management plan, and the company’s argument that it already has roughly 25 years of data has been rejected. Dr. Webb would not give a firm production date and framed his own valuation work around “middle of next summer, end of next summer, or even 2028.” Everything else is ready, he added. Mining and milling equipment is bought, paid for and on site, the mill pad is cleared, and a 20-person camp is operating. The CEO also told me he holds about 15 million shares at an average cost near 15 cents, plus a 2% NSR on Mon, and says insiders hold about 30% of the outstanding shares.
What have they done for shareholders lately?
Operationally, the camp is up, equipment maintenance is done, the mill pad has been cleared and crews were preparing to assemble the 100 tpd gravity flotation plant, with underground mining to start as mill construction nears completion. He said mining and milling equipment and fuel are fully bought, paid for and sitting on site, and that development mining has been running at about 55 tonnes per shift at roughly $145 per tonne, a number the company published in its financials. On the permitting side, they engaged Tetra Tech in 2025 to handle the applications, submitted a mill design and construction plan in June that carries a 90-day waiting period, and have new mine and mill applications currently with the Indigenous governments for review before they go to the regulator. He also mentioned that during development they found a new vein beside the A-Zone, which they call the DD zone, on a property he has owned since 1988. On the mining method, they are switching from the historic shrinkage stoping that produced 235% dilution in an earlier bulk sample to a mechanized resue method he says should hold dilution to 20% to 30%.
How much money do they have and what are they spending it on?
He did not give a cash figure. What he said is that current funds take them to roughly the middle of next year if they accelerate everything, and to the end of next year if they can negotiate forbearance from their lender, both without issuing more stock. The last financing was in January at 25 cents for $1.5 million, a unit with half a warrant at 30 cents for one year. There is a $3 million loan from Vesta Wealth Partners, which he described as arm’s length, carrying a royalty the company can buy out for about $5 million, with final repayment roughly two years away. If the project sits idle, the carrying cost is minimal, he cited a watchman at about $1,000 per month, and he said large shareholders would cover small bills rather than dilute. Spending priorities are the permitting applications and mill construction once approved, with a better IR program flagged as a want only once there is a definitive timeline. He was explicit that he does not want to sell more stock and wants mine cash flow, not dilution, to fund the shear zone and VMS exploration targets.
Upcoming catalysts
On the corporate and regulatory side, the new mine and mill applications go to the regulator before Christmas after a 60-day Indigenous government review that runs to about the end of October, a possible agreement with the First Nations, and a possible forbearance agreement with the lender. Operationally, approval to begin mill construction could come from the plan submitted in June, and he floated the possibility of an acquisition or a step-out into another jurisdiction, mentioning US projects he is involved with separately. He also noted warrants coming due, including 300,000 he exercised himself last month and roughly another million this month, which will show up in the financials rather than in a news release. He was clear there is no technical news flow coming in the near term because they are limited in what they can disclose without a study.
Risks
The timeline is entirely in the regulator’s hands and the CEO said so plainly, and the Mackenzie Valley Land and Water Board has not issued an approved water management plan to any operator, with Fortune Minerals and the Prairie Creek project both still waiting. If sampling really has to run through 2027, production slips to 2028 or later, and that stretches the cash position past the mid to late 2027 runway he described, raising the odds of a financing at a lower price. The loan has to be repaid regardless of whether the mine runs. There is no resource, reserve or economic study, so the revenue and cost numbers he walked through are his own illustrative math, not independently verified, and the history of the asset shows real reconciliation risk, including a shipment sampled at 23 g/t that recovered 5 g/t at the mill. The CEO also wears a number of hats as vendor, 2% royalty holder, largest shareholder and technical author, which he says the board manages.
Sixty North Gold CEO Interview
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