1911 Gold’s flagship is the True North project near Bissett, Manitoba, about 160 km northeast of Winnipeg in the Rice Lake greenstone belt. It is a past-producing narrow vein orogenic gold system that has produced over 2 million ounces historically through five different operators. The asset comes with a fully built and permitted 1,300 TPD mill, shafts, and tailings facility sitting on top of the existing resource. The company also holds the Apex project in Snow Lake and the Denton-Keefer project in Timmins, both non-core. The conversation focused on the path to restarting True North in H1 2027, the 50,000 metre drill program, mining method and dilution control, and the funding gap to production.
TL;DR
CEO Heinrichs is now committed to restarting True North rather than dressing it up for a sale. The PEA used a US$3,000 gold base case showing an after-tax NPV5 of C$391 million, IRR of 105 percent, average annual production of 58,000 ounces over an 11-year mine life, and remaining capex of around C$60 million. The company is running two underground drill rigs on level 16 with a third coming and a fourth queued for level 26. Total program is 50,000 metres split roughly 10,000 metres delineation, 15,000 metres resource expansion, and 20,000 metres for near-mine exploration at Sam West, Sam Southeast, and Shore. The targeted updated resource is at the high end 2.2 to 2.3 million ounces (1.0 million now plus around 500,000 ounces from new zones, 150 to 200,000 ounces from underground extensions, and roughly 300,000 ounces from Ogama-Rockland). The company has decided against a PFS and will instead publish an updated PEA in Q1 2027 incorporating Sam West, Sam Southeast, and Shore as part of the mine plan. Test mining begins shortly off level 16 to validate dilution assumptions of 15 to 18 percent and recoveries of 93 to 94 percent. First Half 2027 production start is still the target. Additional capital will likely be needed before production starts.
What have they done for shareholders lately?
Heinrichs rebuilt the geology team and re-evaluated the resource, then engaged a mining adviser before hiring an engineer to build out the internal mine plan. The team made three new near-mine discoveries (Sam West, Sam Southeast, and Shore) which they consider their own contribution to the project history. Recent news flow included two delineation drilling releases on Hinge a month ago and an extension release two days before the interview on the L10 7-Eleven zone. Underground dewatering of level 26 is progressing, level 16 is ready, and hinge delineation drilling is complete. Mill rebuild plans include moving from CIP to CIL, upsizing tank capacity, and upgrading secondary crushing. The company hired a new CFO and added senior supply chain personnel and HR support. The Auramet credit facility was drawn for US$15 million in March 2026, with a second draw available in June.
How much money do they have and what are they spending it on?
The company reported C$23.6 million cash at December 31, 2025, with the US$15 million Auramet credit draw on top of that in March and a second draw expected in June. Heinrichs personally owns just under 5 million shares at an average cost around 30 cents and his salary recently moved to C$360,000 annually. Remaining capex from the PEA is around C$60 million. Spending priorities are the 50,000 metre drill program, mill crushing circuit upgrade (which has grown in scope from original budget), mobile equipment deposits, underground development for the test mining program, and ongoing G&A. Last year’s life offerings brought in faster money than Heinrichs hoped, so future raises will lean toward higher-quality investors. He explicitly told us they will likely need additional capital before production starts and will not enter operations with only a million in the bank, so a raise should be expected later in 2026 or early 2027, potentially supported by working capital loans or operating lines.
Upcoming catalysts
Technical: steady drill result news flow every roughly two weeks through the end of 2026 from delineation, resource expansion, and step-out drilling across L10, L10 7-Eleven, 007, Sam West, Sam Southeast, and Shore zones; Ogama-Rockland updated MRE in Q2 2026 including 2,200 metres drilled in December and January; updated global MRE in fall 2026 targeting up to 2.2 to 2.3 million ounces; updated PEA in Q1 2027 incorporating the new zones into the mine plan. Operational: test mining off level 16 in Hinge and True North areas starting shortly with results through Q1 2027; commissioning of the new crushing circuit in October to November 2026 with operation in December 2026; level 26 drill rig deployment targeted late summer or Q4 2026; first half 2027 production start. Corporate: potential additional financing later in 2026 or early 2027 to bridge to production; Heinrichs winding down his Nican CFO role by Q3 2026; possible partner sought for Apex and Denton-Keefer.
Risks
Dilution control is the single biggest technical risk and the test mining program exists specifically to validate the 15 to 18 percent assumption against the 30 to over 100 percent dilution that the previous Sangold operation experienced. Funding remains a question mark and a raise looks likely. Mining a narrow vein deposit with vein widths down to 1.2 metres at average around 1.8 metres requires precise execution that could pose a risk. Delivery risk on the crushing circuit, transformers, mobile equipment, and other long lead items could push first production from February to as late as March or April 2027. Camp capacity constraints have already affected staffing. Recoveries of 93 to 94 percent need to be confirmed during test mining (Sangold’s recoveries are believed to have dropped from 93 to 94 percent down to around 70 percent at the end). Drilling at Shore requires First Nations permission during fishing season and could be delayed to fall.
1911 Gold CEO Interview
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