Junior Miner Extends High-Grade Gold Zone 300 Meters in Manitoba

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

55 North Mining Inc. (FFF:CSE; 6YF:FSE) announced results of its 2026 winter diamond drill program on July 7, 2026. The program was focused on its Last Hope gold deposit in Manitoba, Canada, which is located roughly 10 kilometers (km) south of Alamos Gold's Lynn Lake project.

The company is pleased to announce that the winter drill program extended gold mineralization 300 meters past the limit of its current Mineral Resource Estimate (MRE). Findings include ". . . excellent internal grade continuity within the resource area, while southeast step-out holes confirmed the system remains open along strike and down-plunge, consistent with the geological model," according to the company. The program consisted of seven diamond drill holes, and all holes returned visible quartz veining with disseminated pyrite and strong assay results.

55 North provided the following highlights:

• LH26-02: 2.49 g/t (grams per ton) Au (gold) over 19.42 m (meters) starting at 211.58 m downhole
• including 4.50 m grading 5.34 g/t Au
• LH26-04: 6.91 g/t Au over 2.56 m starting at 138.90 m
• including 1.33 m grading 12.60 g/t Au
• LH26-04: 7.61 g/t Au over 1.50 m
• LH26-07: 13.60 g/t Au over 1.00 m

"Results from our successful winter drill program have returned multiple high-grade gold intercepts, reinforcing continuity within the current resource envelope, infilling critical gaps, and extending the mineralized system along strike to the southeast," said Wayne Parsons, CEO of 55 North. "We are excited for the new team to capitalize on this momentum and drive the Last Hope gold project forward with more high-grade intercepts and an updated resource estimate."

A Canadian exploration company, 55 North, is mainly focused on advancing its Last Hope gold project.

Bullish Gold Market Holds Steady Through War

Junior miners and exploration companies hit the ground running this year after gold rallied at a high of US$5,500 per ounce in January. Many companies, like South Pacific, chose to begin exploration or production amid these highs. While prices have since fallen, and even dipped below US$4,000 in June, rates are still up 24% compared to July 2025, and Gold.org wrote that: "[T]he stage is set for a possible breakout. On the upside, clear catalysts – a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold's momentum and lift it back towards US$4,500/oz or above."

Renewed tensions between the U.S. and Iran dropped gold prices on July 10, 2026, with the per-ounce price sinking to only US$4,104.30. Inflationary fears were reignited after Brent crude oil prices rose again after a several-week ceasefire between the two countries lost its stability.

In April, S&P Global wrote, "Gold is expected to remain volatile but structurally supported, with central bank demand and geopolitical risk helping to establish a price floor above recent correction lows."

On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has predicted that overall global metals prices will rise by 17% in 2026, which would mark the first overall market increase since 2022.

Analyst Points Out "High Leverage Opportunity"

On February 27, 2026, Ron Wortel of Couloir Capital projected a huge upside for 55 North, projecting a price target of CA$3.20 — a 482% upside over the stock's price at the time. Wortel wrote: "55 North offers investors a high leverage opportunity to participate in the advancement of a high-grade gold asset strategically positioned within one of Canada's most prospective emerging mining districts." 

Wortel continued: "We are recommending the stock as a 'Buy' for risk-tolerant investors." It is important to note that much of the risk that concerned Wortel at the time of writing revolved around the then-incomplete 2026 winter drill program, which has since returned good results.

Further Testing in the Near-Term

55 North's investor presentation points to a recently signed Impact Benefit Agreement with the Marcel Colomb First Nation and the Lynn Lake anticipated completion in 2027 as catalysts for investors, citing existing infrastructure and historical gold discovery at Last Hope as further drivers.

The company will use results from current assays to determine next steps for further sampling and drilling.  

Ownership & Share Information¹

55 North Gold Inc. has a market cap of CA$12.21 million, with 34.95 million shares outstanding. The company's 52-week range is CA$0.17-CA$0.65.

Institutions own 1.26% of shares, while Management & Insiders own 7.82% of shares. The remaining 90.92% of shares are Retail.