Mining Stock Daily 1911 Gold secures US$30M credit facility: CEO Shaun Heinrichs on the path to next year's True North restart
Feb 24, 2026
Shaun Heinrichs, President and CEO of 1911 Gold, leads the True North restart effort and financing strategy. He discusses choosing a US$30M credit facility to limit dilution. Short-term uses include equipment purchases, underground development and a new crushing circuit. He also outlines regulatory steps, staffing plans, and a 2026 exploration and news flow roadmap.
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Use Near-Term Cash Flow To Favor Debt Over Equity
- Use debt when near-term cash flow will service financing for growth projects.
- Shaun Heinrichs chose a US$30M secured facility because expected test-mining cash flow and a positive PEA reduce equity dilution.
Tie Tranches To Underground Rehabilitation Milestones
- Structure financing to align with operational milestones and flexible commercial partners.
- 1911 gets two US$15M tranches tied to underground rehab milestones and a 36-month offtake with Ormet for flexible gold sales.
Longstanding Broker Relationship Became Formal Offtake
- Longstanding broker relationship can become part of financing via offtake.
- Heinrichs has historically sold gold through Ormet for flexibility, so the 36-month offtake formalizes an existing business practice.