Ximen Mining Corp. Provides Kenville Site Update and Targets Early November Portal-Face Start

Kenville Gold Mine portal work delayed to November as Ximen finalizes permits and funding talks.

What the company is saying

Ximen Mining Corp. is communicating that the Kenville Gold Mine site near Nelson, British Columbia, is operationally ready for the start of portal-face work, with all key infrastructure, power, and primary equipment in place. The company emphasizes that a specialized startup crew has been assembled, including certified blasters, an experienced miner, and a first aid/safety manager. The narrative frames the delay in portal work commencement as a minor shift, now targeting early November 2026 instead of the end of October, attributing this to final site preparations and outstanding permit preconditions, specifically explosives storage and use authorization. Ximen highlights that explosive magazines are already on site and expects all requirements to be met within two weeks. The announcement also stresses ongoing discussions for non-dilutive and development funding, but is explicit that no definitive financing agreement has been reached and cautions that completion is not assured. Technical information has been reviewed and approved by Andrew Randell, P.Geo., an independent Qualified Person, lending regulatory credibility to the operational update.

What the data suggests

The disclosed facts show that Kenville's site infrastructure, including office, change facilities, shop capacity, and surface works, is fully established, and power is connected. All primary mining and surface equipment needed for portal-face work is on site, with critical spare parts available, while backup equipment remains off-site but ready for mobilization. The survey plan for the new portal is complete, and the company has assembled a startup crew with specific roles for blasting, mining, and safety. The timeline for portal work has slipped by a few weeks, now targeting early November 2026, due to the need to finalize explosives storage/use authorization and complete final site preparations. The company expects to meet all requirements within two weeks, suggesting a near-term start for portal construction and subsequent decline development. Ximen owns 100% of three precious metal projects in southern BC, including the Amelia Gold Mine and Brett Epithermal Gold Project, and holds the Treasure Mountain Silver Project under option, with the partner making annual staged cash and stock payments and funding development. No new financial figures, resource estimates, or production metrics are disclosed, and the only quantified figure is the 100% project ownership. Financing discussions are ongoing but remain at a non-binding stage, with no terms or amounts specified.

Analysis

The announcement provides a factual operational update on site readiness and crew assembly for the Kenville Gold Mine, with most claims supported by observable actions (infrastructure in place, equipment on site, crew assembled). Forward-looking statements are present but are limited to near-term operational milestones (portal-face work targeted for early November 2026) and ongoing financing discussions. The language is measured, with no exaggerated claims about imminent production, resource size, or financial impact. The only capital intensity signal is the mention of ongoing discussions for non-dilutive and development funding, but the company explicitly states that no definitive agreement has been reached and cautions that there is no assurance of completion. There is no promotional or inflated language regarding project outcomes or financial returns. The gap between narrative and evidence is minimal, as the company confines its statements to current status and next steps, with appropriate caveats.

Risk flags

• ●Permitting risk remains as the start of portal construction is contingent on finalizing explosives storage and use authorization, which has not yet been received. Any delay or issue in securing this permit could push back the project timeline further.
• ●Financing risk is material, as the company has not secured definitive non-dilutive or development funding. Ongoing discussions may not result in an agreement, and lack of funding could impede or halt planned development activities.
• ●Execution risk is present in transitioning from site readiness to active underground development. Assembling a startup crew and having equipment on site reduces some risk, but actual advancement depends on successful coordination, safety compliance, and operational performance once work begins.

Bottom line

Ximen Mining Corp. has completed site preparations and assembled a qualified crew at the Kenville Gold Mine, but the start of portal-face work has slipped from late October to early November 2026 due to final permitting and safety requirements. All key infrastructure and equipment are in place, and the company expects to resolve outstanding explosives authorization within two weeks. Financing remains unresolved, with discussions ongoing but no binding agreement or disclosed terms, leaving a material risk to project advancement. The company's 100% ownership of three precious metal projects and an optioned silver project provides asset depth, but no new resource or economic data is disclosed in this update. The most immediate catalyst is the actual commencement of portal construction, which hinges on both regulatory and funding outcomes. Investors should focus on confirmation of permit receipt, definitive financing, and tangible underground development progress as the next critical milestones.

Announcement summary

(TSXV:XIM) Ximen Mining Corp. provided an update on site readiness at the Kenville Gold Mine near Nelson, British Columbia, as the company targets commencement of portal-face work in early November 2026. Site buildings and supporting infrastructure, including office and change facilities, shop capacity, and related surface works, are in place at Kenville. Power is connected to the site. Primary mining and surface equipment for the planned start of portal-face work is on site, with critical spare parts held for key items. Certain backup equipment and support items remain off-site and are available to be mobilized as needed. The survey plan for facing of the new portal has been completed. The company is preparing to square the portal face and advance portal and decline work under its existing Mines Act authorization. A startup crew has been assembled for the planned portal-face work, including a Class 1 urban and close proximity blaster for surface blasting and portal square up, a Class 2 underground blaster for all underground development, an experienced miner on site, and a level 3 first aid certified person who will also take the role of occupational health and safety manager. Additional crew members are planned to join as underground development advances, subject to operating needs. The company is now targeting the start of portal work in early November 2026, updating the original target date of the end of October 2026 as disclosed in news releases of September 15 and September 18, 2026. The change reflects final site preparation and the need to complete remaining permit preconditions, including explosives Storage and Use authorization, before collaring the portal. Portal construction will commence once all safety protocols for explosives and overall site safety are established. The explosive magazines are on site, and the company expects to have all requirements in place within the next two weeks to start portal construction and then the decline. An update on financing is expected shortly. As previously disclosed on September 18, 2026, the company has been in discussions regarding non-dilutive and development funding alternatives. Discussions are continuing and no definitive agreement has been entered into. There can be no assurance that any financing will be completed, within any particular timeframe, or on terms acceptable to the company. Further details will be announced if and when definitive arrangements are entered into. Andrew Randell, P.Geo., President and CEO of Aeonian Resources Corp. and a Qualified Person as defined by National Instrument 43-101, reviewed and approved the technical information contained in this news release and is independent of the company. Christopher R. Anderson is President, CEO and Director of Ximen Mining Corp. Ximen Mining Corp. acquired the Kenville Gold mine near Nelson, British Columbia, including all surface and underground property and mineral rights, buildings, and equipment. The company also owns 100% interest in three of its precious metal projects located in southern BC, including two gold projects, the Amelia Gold Mine and the Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under an option agreement, with the option partner making annual staged cash and stock payments as well as funding the development of the project. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN with the number as A3E2DA.

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