Sixty North Gold Secures $3.6 Million Loan to Restart High-Grade Mon Gold Mine in NWT

Sixty North Gold Mining ( (TSE:SXTY) ) has provided an announcement.

Sixty North Gold Mining has closed a $3.6 million term loan financing with Vesta Wealth Partners to fund the restart of its high-grade Mon Gold Mine, which is expected to become the only operating gold mine in the Northwest Territories and the first new operation in the Yellowknife Gold Belt in decades. The three-tranche loan, carrying 12% interest and a 36‑month term, is backed by a senior security interest over the Mon Gold Mine and supplemented by share purchase warrants, a 2.5% net smelter return royalty with a buyback option, and Vesta’s right to appoint two board members, giving the lender both financial and governance influence as the project moves toward initial production. Management says the proceeds will cover mobilization, installation and commissioning of the company’s new 100 tpd mill and support the ramp-up to first gold pours, positioning Sixty North Gold to leverage currently supportive gold prices and the Yellowknife district’s high-grade pedigree, with the financing viewed by both parties as a potential foundation for a longer-term partnership as the mine advances through 2026.

Spark’s Take on TSE:SXTY Stock

According to Spark, TipRanks’ AI Analyst, TSE:SXTY is a Underperform.

Sixty North Gold Mining’s stock score reflects significant financial challenges with no revenue and persistent losses. Although recent corporate events indicate potential future growth through exploration and funding, the current financial and operational performance weighs heavily on the stock’s attractiveness. The technical analysis suggests a neutral to slightly bearish outlook, and valuation metrics highlight profitability issues. Overall, while there are some positive developments, they do not outweigh the substantial financial and operational risks presently facing the company.

To see Spark’s full report on TSE:SXTY stock, click here.

More about Sixty North Gold Mining

Sixty North Gold Mining Ltd. is a Canadian gold developer focused on its 100%-owned, high-grade Mon Gold Project, located 45 km north of Yellowknife in the Northwest Territories’ Yellowknife Gold Belt. The company is advancing the historic Mon Gold Mine, where past small-scale mining in the 1990s produced an estimated 15,000 ounces of gold from near-surface ore, and is preparing a 100 tonnes-per-day gravity-flotation mill to process ore from newly developed stopes in multiple zones. The broader property also hosts additional gold, silver and base metal targets slated for exploration and potential development in a camp historically known for multiple high-grade, multi-million-ounce gold producers.

Average Trading Volume: 82,558

Technical Sentiment Signal: Buy

Current Market Cap: C$12.44M

See more insights into SXTY stock on TipRanks’ Stock Analysis page.