Northstar Gold Corp. (CSE:NSG) announced that it has closed the first tranche of its previously disclosed non-brokered private placement, raising gross proceeds of $558,000.
The Vancouver-based company issued 9.3 million units at $0.06 per unit. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable at $0.075 per share for a period of 60 months.
In connection with the financing, Northstar paid $28,800 in finder’s fees and issued 480,000 finder warrants, each exercisable at $0.075 per share for 60 months.
The company said it expects to close a second tranche of the offering, which targets total gross proceeds of up to $800,000, and noted that the financing remains subject to final approval by the Canadian Securities Exchange.
Northstar said proceeds from the offering will help fund permitting, engineering and early-stage implementation of Novamera's Surgical Mining system at the company’s wholly owned Cam Copper Project, located about 18 kilometres southeast of Kirkland Lake, Ontario.
The Cam Copper Zone 2 Surgical Mining pilot program is being advanced under a definitive turnkey surgical mining services agreement with Novamera signed in October 2025.
The project is also part of a consortium involving DIGITAL – Canada’s Global Innovation Cluster for digital technologies, Novamera and Micon International. In January 2026, Northstar reported that DIGITAL approved access to up to $4 million in co-investment funding to support the consortium’s two-year initiative, which is expected to cost about $11 million and aims to accelerate sustainable production of critical minerals.
The company said it is working toward issuing a notice to proceed under its agreement with Novamera while obtaining necessary permits and project financing. Northstar also plans to commission an NI 43-101 compliant technical report and mineral resource estimate by Micon for the Cam Copper Project to evaluate the deposit’s reasonable prospects for eventual economic extraction.
According to the company, proceeds from the financing will support geological modelling, preliminary metallurgical studies, preparation of the NI 43-101 report and resource estimate, permitting and engineering work, mine planning and site preparation, as well as working capital.