Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) has announced it is evaluating a small-scale open pit bulk sample program at its 100%-owned PL Gold Mine in central Manitoba. The program would test near-surface mineralisation to assess potential toll milling at a third-party facility or direct sale of mineralised material to an off-site purchaser. The initiative builds on the company's October 14, 2026 Preliminary Economic Assessment (PEA) and is designed to advance technical understanding while exploring early revenue opportunities ahead of a planned mine restart. No production decision has been made.

Key Points

  • Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) operates the 100%-owned PL Gold Mine in Manitoba
  • The company is evaluating a small-scale open pit bulk sample program for potential toll milling or direct mineralised material sale
  • The October 14, 2026 PEA reported a plant head grade of 4.9 g/t Au in 2028–2029 and an after-tax NPV (5%) of US$180.6 million at US$3,000/oz gold
  • Investors may watch for regulatory clarification from Manitoba provincial authorities and outcomes of ongoing technical and commercial evaluations

Three Objectives Drive the Proposed Bulk Sample at PL Gold Mine

The proposed program targets three principal objectives: geological, mining, and metallurgical validation; third-party processing and commercial evaluation; and potential early revenue generation with project de-risking. Minnova states the geological component would evaluate local resource model grades, mining dilution, ore losses, grade control performance, and metallurgical characteristics through controlled extraction and reconciliation. Results would inform technical assumptions feeding into the company's ongoing Pre-Feasibility Study. The commercial component would assess metallurgical compatibility, processing capacity, transportation logistics, and settlement arrangements with potential third-party mill operators or material purchasers.

Regulatory Approvals and Permitting Remain Key Hurdles

The company's existing Environment Act Licence No. 1207E covers underground work only, meaning the proposed open pit activity requires additional provincial approvals. Under Manitoba's Mines and Minerals Act, removal of a bulk sample of at least 500 tonnes is classified as advanced exploration, and the company notes the legal classification must be confirmed with provincial authorities — particularly if extracted material is intended for commercial sale. Minnova has applied for casual quarry permits and is seeking written regulatory clarification covering permissible extraction methods, environmental management, rehabilitation, financial assurance, and Indigenous consultation requirements.

October 2026 PEA Provides Context but Does Not Validate Bulk Sample Economics

Minnova's October 2026 PEA outlines a phased open pit and underground development plan over a 10-year mine life from 2028 to 2037, with processing capacity targeted to expand to 2,000 tpd by 2029. The PEA projects an after-tax NPV (5%) of US$180.6 million, an IRR of 111%, and a payback of 0.7 years at a base case of US$3,000/oz gold. However, the company explicitly states the proposed bulk sample program is not included as a separate economic scenario in the PEA, and its technical or economic viability has not yet been established. Inferred Mineral Resources used in the PEA are considered too speculative to be classified as Mineral Reserves.