Northstar Gold Corp. (CSE:NSG) said on Monday it has closed a second tranche of its non-brokered private placement of hard-dollar units, raising about C$131,000, as the junior explorer advances funding for its Cam Copper project in Ontario.
The latest tranche consisted of 2.18 million units priced at C$0.06 each, bringing total gross proceeds from the offering to roughly C$689,000 after an initial tranche of C$558,000 completed earlier this year. In total, Northstar has issued 11.48 million units under the financing.
Each unit includes one common share and one warrant exercisable at C$0.075 for five years. All securities are subject to a four-month-plus-one-day hold period and remain subject to final approval from the Canadian Securities Exchange.
The company also launched a non-brokered critical minerals flow-through share offering targeting up to C$1 million at C$0.07 per share. Northstar expects to raise at least C$300,000 in an initial tranche, with additional closings potentially following as milestones are met.
Northstar said the financing package complements broader funding initiatives, including up to C$4 million in co-investment support from Canada’s DIGITAL innovation cluster and reimbursement applications tied to 2025 drilling work.
Proceeds from the equity raises will be used to advance the 100%-owned Cam Copper project in Ontario, including geological modelling, metallurgical testing, permitting, engineering work, and preparation of a NI 43-101 resource estimate.
Northstar is working with partners DIGITAL, Novamera and Micon International on what it calls a “Surgical Mining” approach aimed at selective extraction of high-grade copper zones. The consortium is targeting potential small-scale production by early 2027, subject to financing, permitting and technical studies. The company also plans initial deployment of Novamera’s Surgical Mining system.
The Cam Copper pilot program is being advanced under a turnkey agreement with Novamera signed in October 2025, with Northstar moving toward a formal notice-to-proceed decision.