55 North Mining Inc. Announces Flow‑Through Financing and Winter Exploration Program

Toronto, Ontario – February 4 2026 – 55 North Mining Inc. (CSE: FFF, FSE: 6YF), a Canadian materials company focused on gold and diamond exploration in the Timmins region of Ontario, announced plans to complete a non‑brokered flow‑through private placement and to launch a winter exploration drill program at its Last Hope Gold Project in Manitoba.

Flow‑Through Private Placement

  • Purpose: To raise capital for eligible Canadian exploration expenditures that qualify as flow‑through mining expenditures under the Income Tax Act (Canada).
  • Structure:
  • Shares Issued: 1,596,000 flow‑through common shares (FT Shares).
  • Issue Price: $0.745 per FT Share.
  • Gross Proceeds: Approximately $1,189,020.
  • Conditions:
  • Closing anticipated on or about February 26 2026, subject to customary closing conditions and regulatory approvals.
  • No warrants are attached to the issuance.
  • All securities are subject to a four‑month hold period.
  • Holders of FT Shares will receive tax benefits applicable to flow‑through shares in accordance with Canadian tax law.

Winter Exploration Drill Program – Last Hope Gold Project

  • Scope: An exploratory drilling program planned for the 2026 winter season.
  • Objectives:
  • To investigate potential extensions of mineralization southeast of the current resource.
  • To enhance geological understanding of controls on mineralization.
  • To support an updated resource estimate later in 2026.
  • Implementation:
  • A drilling rig has been mobilized and is currently on site.
  • The program will focus on step‑out drilling aimed at exploring the lateral extent of known mineralization and refining the geological model.

Company Context

55 North Mining Inc. specializes in acquiring, exploring for, and developing mineral properties in the Timmins region, with a primary focus on gold and diamond deposits. The company is listed on the Canadian National Stock Exchange and reports a market capitalization of 19,950,000 CAD. As of February 2 2026, its share price closed at 0.62 CAD, with a 52‑week high of 0.65 CAD and a 52‑week low of 0.0625 CAD. The company’s price‑earnings ratio stands at –7.636, reflecting its exploration‑stage status.

Implications

The flow‑through financing provides 55 North Mining with a capital source that offers tax advantages to investors while funding exploration activities that may increase the company’s resource base. The upcoming winter drilling program is a continuation of the company’s strategy to expand its mineral resources, potentially positioning it for future development or acquisition opportunities in the gold sector.