Madsen Mine

Single underground gold mine complex comprising the Austin, South Austin, North Austin, McVeigh, and 8 Zones. Located 10 km southwest of Red Lake, Ontario, accessed via paved Highway 618, with grid power from Hydro One. Property covers 4,648 ha of patented claims, mining leases, and unpatented claims. Commercial production achieved January 1, 2026. Orogenic gold system hosted in variably altered basalt. Acquired in June 2023 from Pure Gold Mining. 800 tpd CIP mill with gravity concentration. Jan-2025 PFS outlines a 6-year LOM producing ~70 koz Au/yr. Madsen Shaft #2 reconditioning underway; new Shaft #3 proposed for 2028. Flagship Canadian gold asset.