Mineral Resource Estimate Supports High Grade Open Pit Restart
PL Gold Mine Resource Highlights:
- Measured & Indicated 601,158 Ounces Gold and Inferred 202,810 Ounces Gold
- One of Canada's Highest Grade Open Pit Resources at Over 5 g/t
- Open Pit and Underground Resource Expansion Potential
Toronto, Ontario--(Newsfile Corp. - September 10, 2026) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ("Minnova" or the "Company"), an advanced development-stage gold company focused on the restart and the expansion of our 100% owned PL Gold Mine in central Manitoba, is pleased to provide an update on the planned restart of the PL Gold Mine. The 2026 Mineral Resource Estimate (2026 MRE) was prepared by A&B Global Mining ("ABGM") under the supervision of Nicholas Ross King, BSc (Hons) Geology, GDE (Mining Engineering), Pr.Sci Nat., an independent consultant to the company and a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Unless otherwise stated, all currencies reported in this press release are in United States dollars.
2026 Mineral Resource Estimate for the PL Gold Mine
The 2026 Mineral Resource Estimate defines 601,158 Measured & Indicated gold ounces at 4.98 g/t, including 268,091 open-pit ounces at 5.28 g/t and 202,810 Inferred gold ounces at 3.78 g/t. Additional drilling offers significant resource-growth potential.
The 2026 MRE uses a US$3,000/oz gold price; cut-off grades, costs, recoveries, dilution, and mining-loss assumptions are detailed in the Table 1 notes.
With one of Canada's highest-grade Measured and Indicated gold resources, the PL Gold Mine is positioned for restart at 1,000 tpd, expanding to 2,000 tpd in year two.
The high-grade open-pit resource materially improves restart economics. At 1,000 tpd, Minnova expects initial annual production of approximately 45,000 ounces, increasing to approximately 90,000 ounces after the planned 2,000 tpd plant expansion until the pit is depleted.
Highlights of the PL Gold Mine Project Resource
Open Pit (OP)
- Grade: 5.28 g/t gold
- Measured & Indicated Resources: 268,091 gold ounces (1,578,110 tonnes @ 5.28 g/t)
- Inferred Resources: 21,955 gold ounces (118,689 tonnes @ 5.75 g/t)
Underground (UG)
- Grade: 4.75 g/t gold
- Measured & Indicated Resources: 333,066 gold ounces (2,178,916 tonnes @ 4.75 g/t)
- Inferred Resources: 180,855 gold ounces (1,548,443 tonnes @ 3.63 g/t)
Total Resource
- Measured & Indicated Resources: 601,158 gold ounces (3,757,026 tonnes @ 4.98 g/t)
- Inferred Resources: 202,810 gold ounces (1,667,132 tonnes @ 3.78 g/t)
Table 1. PL Gold Deposit Mineral Resource Estimate as of September 11, 2026
| Category | Tonnes | Au Grade (g/t) |
Contained Au (oz) |
| PL Deposit – Open Pit: Cut-Off Grade 0.60 g/t | |||
| Measured | 1,288,360 | 5.35 | 221,575 |
| Indicated | 289,750 | 4.99 | 46,516 |
| Measured & Indicated | 1,578,110 | 5.28 | 268,091 |
| Inferred | 118,689 | 5.75 | 21,955 |
| PL Deposit – Underground: Cut-Off Grade 1.92 g/t and 1.43 g/t | |||
| Measured | 1,343,678 | 5.06 | 218,603 |
| Indicated | 835,239 | 4.26 | 114,464 |
| Measured & Indicated | 2,178,916 | 4.75 | 333,066 |
| Inferred | 1,548,443 | 3.63 | 180,855 |
| PL Deposit – Open Pit and Underground: Cut-Off Grade 0.06 g/t, 1.92 g/t and 1.43 g/t | |||
| Measured | 2,632,038 | 5.20 | 440,178 |
| Indicated | 1,124,989 | 4.45 | 160,980 |
| Measured & Indicated | 3,757,026 | 4.98 | 601,158 |
| Inferred | 1,667,132 | 3.78 | 202,810 |
Notes:
- Mineral Resources are reported in accordance with the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Open-pit Mineral Resources: A cut-off grade of 0.60 g/t Au was applied to the Mineral Resource. The cut-off grade was based on mining costs of US$6.70/t for ore and US$5.48/t for waste, processing costs of US$29.25/t, G&A costs of US$12.60/t, metallurgical recovery of 90%, and a gold price of US$3,000/oz. An open-pit optimization study was undertaken to establish the ultimate open-pit limits and demonstrate Reasonable Prospects for Eventual Economic Extraction (RPEEE). Mining dilution and mining recovery assumptions were incorporated into the optimization and mine planning studies used to establish these limits. The resulting open-pit limits were then used to constrain the reported Mineral Resource excluding mining recovery and dilution factors.
- Underground Mineral Resources: Underground MSO shapes were developed to identify potentially economic mining areas and establish the underground mining limits. A cut-off grade of 1.92 g/t Au was used for the economic underground mineralization, based on mining costs of US$78/t, processing costs of US$29.25/t, G&A costs of US$12.60/t, metallurgical recovery of 90%, and a gold price of US$3,000/oz. Mining dilution, mining recovery and geological recovery assumptions were incorporated into the mining studies used to develop and evaluate the MSO shapes and demonstrate RPEEE. The reported Mineral Resource was constrained to the resulting mining limits excluding mining recovery and dilution factors.
- Underground marginal mineralization: A cut-off grade of 1.43 g/t Au was used for marginal underground mineralization, based on mining costs of US$78/t, processing costs of US$29.25/t, G&A costs of US$12.60/t, metallurgical recovery of 90%, and a gold price of US$3,000/oz. Marginal mineralization comprises material within and adjacent to the economic MSO shapes that may be below the 1.92 g/t Au cut-off grade but has been considered in the assessment of RPEEE. The reported Mineral Resource was constrained to the resulting mining limits excluding mining recovery and dilution factors.
- Resource reporting basis: The Mineral Resources reported in Table 1 are in-situ Mineral Resources and incorporate a 3% geological loss. The mining dilution, mining recovery and geological recovery assumptions described above were used in the mining studies to establish the physical mining limits, including the ultimate open-pit limits and underground stope shapes, for the purpose of demonstrating RPEEE. These factors were not subsequently applied to the tonnes and grades reported in Table 1.
- The effective date of the Mineral Resource Estimate is September 10, 2026. The Qualified Persons ("QPs") are Nicholas Ross King for the Mineral Resource Estimate and Ettienne Jaques Oosthuizen for the geological model. Numbers may not sum due to rounding.
Comparison to 2017 Mineral Resource Estimate
The previous NI 43-101 resource estimate for the PL Gold Mine, published in November 2017, is now considered historical and should not be relied upon.
A direct, like-for-like comparison between the 2017 MRE and the 2026 MRE is not considered appropriate, primarily due to the lower reporting cut-off grade applied in the 2026 MRE and the updated mining constraints used to establish the open-pit and underground reporting limits. Open-pit optimization and underground MSO shapes were used to support the assessment of RPEEE.
The increase in Measured and Indicated Mineral Resources is generally associated with increased drill density and the resulting improvement in geological confidence. The classification strategy applied in the 2026 MRE is broadly consistent with the previous approach and does not represent a significant departure from the historical classification methodology.
PL Gold Mine Development Update
Minnova proposes to develop the PL Gold Mine as a combined open-pit and underground mining operation, utilizing the existing processing plant with a nominal capacity of 1,000 tpd. Initial production is expected to be sourced from open-pit mining, with a planned transition to underground mining as the project develops.
The 2026 MRE will be further updated to incorporate outstanding assay results from the 2025–2026 drilling program and subsequent resampling program as part of the planned Pre-Feasibility Study. The Company is also evaluating process flowsheet optimization opportunities, including ore sorting for lower-grade mineralization and the application of modern gravity recovery technologies, supported by updated metallurgical test work.
Aggressive Growth Strategy: Resource Expansion and Hub-and-Spoke Development
Our 2025-2026 infill drill program focused on the open pit resource was a great success. Drilling, which targeted multiple high-grade mineralized structures at shallow depths amenable to open-pit mining methods, was intentionally limited to a maximum depth of approximately 200m. This drill program was successful in significantly increasing both measured and indicated gold resources and positions the project as one of Canada's highest grade open pit resources.
The next phase of drilling will continue the trend of resource expansion and infill drilling with an emphasis on resource conversion to Measured & Indicated categories of the down dip extension of the mineralized structures below 200m.
Future drilling programs will also include the Nokomis satellite deposit, located 7km northeast of PL mine site, to further expand that historical resource. Nokomis hosts an Indicated resource of 41,000 ounces (371,000 tonnes @3.41 g/t) and an Inferred resource of 19,000 ounces (247,000 tonnes @2.41 g/t) (see https://minnovacorp.ca/2014-04-17_NR.pdf).
Nokomis has not been drilled since 2012 as we focused on de-risking the PL Gold deposit. It now represents a future development opportunity as part of a property wide hub and spoke model.
The PL Gold Mine property is underexplored. Numerous untested surface showings have been identified along strike from the main PL deposit including shear hosted gold mineralization and iron formation targets. Considering the open pit development plan a number of condemnation holes are planned to confirm that no economically viable mineralization exists beneath the proposed waste pile locations before material is placed there.
Qualified Persons - Technical Information
Technical information pertaining to the PL Gold Mine resource estimate contained in this news release has been prepared under the supervision of Nicholas Ross King, BSc (Hons) Geology, GDE (Mining Engineering), Pr.Sci Nat., is an independent consultant of the company and a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.
About Minnova Corp.
Minnova Corp. is a near term gold producer focused on the restart and expansion of its 100%-owned PL Gold Mine in the prolific Flin Flon Greenstone Belt of Central Manitoba. The project is situated on a past producing mine site and benefits from significant existing infrastructure, including a 1,000 tpd processing plant and valid underground mining permit (Environment Act License 1207E).
A positive 2017 Feasibility Study, based on an underground development plan and a gold price of US$1,250 per ounce, outlined a robust 5-year mine life with an annual production rate of 46,493 ounces. Given the current high gold price Minnova is revising the mine development plan to prioritize lower-cost open pit mining methods for the initial years of production before transitioning to underground methods.
A Preliminary Economic Assessment is advancing with a revised and optimized mine development plan leverages the existing 1,000 tpd process plant capacity, envisions an expansion to 2,000 tpd from open pit operations starting in year 2, underground test mining in year 1 and transition from open pit to underground operations in years 3 and 4. The revised development strategy targets reduced operating costs, lower initial capital costs and higher gold production than the previous underground-only model. The current global gold resource remains open to expansion, as does the reserve. The 2017 MRE will be updated in 2026, using current consensus gold price assumption and will incorporate all drilling conducted after the 2017 Feasibility Study, including the 13,500 meter 2025-2026 drill program.
For more information please contact:
Minnova Corp.
Gorden Glenn
President & Chief Executive Officer
For further information, please contact Investor Relations at: info@minnovacorp.ca
Visit our website at www.minnovacorp.ca.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information regarding the Company including management's assessment of future plans and operations, that may involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, uncertainties inherent in Mineral Resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the development objectives will be achieved nor that the proposed operations will be economically viable. Although Minnova has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Minnova does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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