Anglo investing27 Jan 2026 20:40
Gold X2 Mining Inc. (AUXX) announced a $115.9 million strategic investment package through a non-brokered private placement involving AngloGold Ashanti and Hess Capital.
The financing consists of two components. AngloGold Ashanti and an unnamed strategic investor will acquire 58.99 million and 16.67 million common shares respectively through a $93.3 million charity flow-through offering. The shares are priced at $1.233 each, representing a 37% premium to an agreed back-end price of $0.90 per share. Upon closing, AngloGold Ashanti will hold a 9.9% equity interest in the company.
Michael Hess, Chief Investment Officer of Hess Capital, will acquire 23.8 million units at $0.95 per unit for $22.6 million. Each unit includes one common share and one warrant exercisable at $1.42 until January 27, 2028. Hess Capital will provide consulting services to Gold X2.
The gross proceeds from the charity flow-through shares will fund exploration and resource expansion activities at the company’s Moss Gold Project in Thunder Bay, Ontario. The activities qualify as Canadian Exploration Expenses and flow-through mining expenditures under the Income Tax Act.
AngloGold Ashanti and Gold X2 will establish a joint technical committee and enter into an investor rights agreement granting AngloGold Ashanti participation rights in future equity financings and top-up rights to maintain its ownership interest.
The company appointed Tom Obradovich as Chairman of the Board, while Brett Richards retired from the Board. The first tranche of the charity flow-through offering is expected to close around February 19, 2026, with the second tranche closing around February 26, 2026.
Gold X2’s Moss Gold Project contains 2.458 million ounces of indicated gold resources and 4.209 million ounces of inferred gold resources according to its 2026 mineral resource estimate.
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