Mashwa Minerals Ltd. Speeds Toward Their First Production at The Extended Fin Flon Project in Saskatchewan

Mashwa Minerals Ltd. is on track for its first production in late August and its first revenue in November from its extended project area at their Fin Flon Project in Saskatchewan.

The company received a draft mining permit for the project on February 11th, with a final permit expected to follow shortly. The company plans to start mine commissioning in the first quarter of next year, followed by commercial production by the third quarter.

As outlined in an updated preliminary economic assessment (PEA) released in June 2025, Mashwa Minerals Ltd. expects to build an 8-year open pit and underground operation at the Fin Flon project and expect production to start off at approximately 6,000 ounces per year for the first three years, with an increase to 8,000 ounces per year for the remainder of the mine life.

Thanks to an ore purchase agreement with a large local mine which is only 111 kilometers away and operating below capacity, the project has a low initial capital cost of just under $3.5 million.

"Aggressive timelines of getting into production are something we have committed to since coming to this project," said Mr. Philip Waterman, Director of Projects at Mashwa Minerals Ltd. in a news release.

"With the company receiving its early works permit and waste rock mining already underway through our gravel borrow, operations we will be in full stride once we receive our mining permit amendment. All the while our drill team continues to hit mineralization and we anticipate receiving a steady stream of results from the lab in the coming weeks," Waterman added.

A final mining permit will allow the company to begin large-scale waste rock mining operations in December and January, and mining of the high-grade vein to the East of the project. Some construction and site preparation work, as well as pit dewatering, has already been authorized and is underway.

The project, which hosts a mesothermal, intrusive related, gold vein system, has over 100,000 meters of historic drilling and production via bulk sampling programs going back to the 1990s.

Mashwa Minerals Ltd. completed an additional 8,739-metre drill program in January, and started a second-phase, 10,000-meter program in early April.