Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) has released its 2026 Mineral Resource Estimate for its 100%-owned PL Gold Mine in central Manitoba, defining 601,158 Measured and Indicated gold ounces at 4.98 g/t and 202,810 Inferred gold ounces at 3.78 g/t. The company characterises the deposit as one of Canada's highest-grade open-pit gold resources, with the updated estimate underpinning a planned mine restart at 1,000 tonnes per day. Investors may be watching the release closely as it marks a significant step toward production amid elevated gold prices.

Key Points

  • Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) is an advanced development-stage gold company focused on restarting the PL Gold Mine in Manitoba.
  • The 2026 Mineral Resource Estimate defines 601,158 Measured and Indicated gold ounces at 4.98 g/t and 202,810 Inferred gold ounces at 3.78 g/t.
  • The estimate uses a US$3,000 per ounce gold price assumption; initial annual production is targeted at approximately 45,000 ounces at 1,000 tpd.
  • Investors may be watching progress on the Preliminary Economic Assessment and planned expansion to 2,000 tpd in year two.

PL Gold Mine's 2026 Resource Estimate Places It Among Canada's Highest-Grade Open-Pit Deposits

The 2026 MRE, prepared by A&B Global Mining under the supervision of Qualified Person Nicholas Ross King, distinguishes between open-pit and underground resources. The open-pit component totals 268,091 Measured and Indicated ounces at 5.28 g/t across 1,578,110 tonnes, while the underground component adds 333,066 Measured and Indicated ounces at 4.75 g/t across 2,178,916 tonnes. The estimate was based on a US$3,000 per ounce gold price, with metallurgical recovery assumed at 90%. The effective date of the estimate is September 10, 2026, and the company notes it was prepared in accordance with 2014 CIM Definition Standards.

Planned Mine Restart Prioritises Lower-Cost Open-Pit Mining Before Underground Transition

Minnova's development strategy calls for an initial restart using the existing 1,000 tpd processing plant, drawing primarily from open-pit operations. The company targets approximately 45,000 ounces of annual gold production at that throughput rate, with a planned expansion to 2,000 tpd beginning in year two, which the release states could increase annual output to approximately 90,000 ounces until the open pit is depleted. A transition to underground mining is planned for years three and four. A Preliminary Economic Assessment is advancing to reflect this revised, combined open-pit and underground development model.

Hub-and-Spoke Exploration Strategy Extends Beyond the PL Deposit

The company's growth plans extend beyond the PL deposit to include the Nokomis satellite deposit, located 7 kilometres northeast of the PL mine site. The release states Nokomis hosts an Indicated resource of 41,000 ounces and an Inferred resource of 19,000 ounces and has not been drilled since 2012. Minnova indicates Nokomis represents a future development opportunity within a broader hub-and-spoke model. Additional untested surface showings along strike from the main PL deposit, including shear-hosted gold mineralisation and iron formation targets, also remain on the company's exploration agenda.

Outstanding Assay Results and Metallurgical Test Work to Refine the Pre-Feasibility Study

The 2026 MRE is expected to be further updated to incorporate outstanding assay results from the 2025–2026 drilling program and a subsequent resampling program as part of the planned Pre-Feasibility Study. The company is also evaluating process flowsheet optimisation opportunities, including ore sorting for lower-grade mineralisation and modern gravity recovery technologies, supported by updated metallurgical test work. The disclosure suggests these refinements could influence future resource classifications and project economics, though no revised economic figures were provided in this announcement.