Gold X2 completes $72.7 million private placement with AngloGold Ashanti

Gold X2 Mining Inc. (TSXV: AUXX) closed the second tranche of its private placement, raising gross proceeds of approximately $72.7 million through the issuance of 58,992,945 charity flow-through shares at $1.233 per share.

The completion brings total gross proceeds from the private placement to $115.9 million, increasing the company's cash position to approximately $122 million. AngloGold Ashanti acquired 58,992,945 common shares through the transaction, representing approximately 9.9% of Gold X2's issued and outstanding shares.

The proceeds will fund exploration and resource expansion activities at Gold X2's Moss Gold Project in Thunder Bay, Ontario. The company plans to incur and renounce $9.45 million in qualifying expenses to charity flow-through share subscribers by September 15, 2026, and $63.3 million by December 31, 2026.

"The transaction significantly increases the Company's treasury and positions the Company to fund infill, expansion and exploration drill programs as we advance the Moss Gold Project towards a Feasibility Study in 2027," said CEO Michael Henrichsen.

All securities issued in the second tranche are subject to a statutory hold period of four months plus one day from the date of issuance. No finder's fees were paid in connection with the tranche.

Gold X2's Moss Gold Project contains 2.458 million ounces of indicated gold resources at 1.04 g/t gold and 4.209 million ounces of inferred gold resources at 0.97 g/t gold, according to the company's 2026 mineral resource estimate.

The transaction remains subject to final approval from the TSX Venture Exchange.

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