Canadian North Resources Inc. Reports Operational and Financial Results for the Six Months Ended June 30, 2026
TORONTO, ON / ACCESS Newswire / August 31, 2026 / Canadian North Resources Inc. ("Canadian North" or the "Company") (TSXV:CNRI)(OTCQX:CNRSF)(FSE:EO0 (E-O-zero)) reports its operational and financial results for the six months ended June 30, 2026.
Dr. Kaihui Yang, President and CEO of the Company, commented: "In past six months, we have planned further evaluation of bio-metallurgical technologies to produce market-ready battery-grade nickel and cobalt compounds, copper and platinum-group metals (PGE) from a low-cost, low-carbon footprint mine for the Ferguson Lake project."
"The plan is based on the results from the expanded bioleaching programs completed in 2025. The new tests confirmed high metal extraction of copper (87.7-90.6%), nickel (96.8-99.0%) and cobalt (96.9-99.3%) and PGEs (>80%) at low temperatures that would not require external heat energy and addition of acid (refer to Canadian North's News Release on October 7, 2025). Such a self-sustaining bioleaching system, when optimized, can significantly simplify the previously proposed poly-metallurgical processes for the Ferguson Lake Project."
"Canadian North plans at Ferguson Lake to collect large bulk surface mineralized samples for further bio-metallurgical testing, and to conduct exploration and definition drilling programs and engineering and environmental studies."
"The Company is actively communicating with investors and shareholders to raise funds for exploration, geotechnical, metallurgical and environmental programs to support the prefeasibility evaluation of the Ferguson Lake Project; and continues its engagement with the governmental agencies and local communities to update and upgrade permissions, permits and licenses required to advance project development."
First Six-Month of 2026 Highlights:
The Company also engaged in the following activities in the first half year:
On April 15, 2026, the Company announced that it had elected to rely upon Coordinated Blanket Order 51 - 933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers ("CBO 51-933") and adopt semi-annual financial reporting. This news release is being filed pursuant to CBO 51-933.
On April 28, 2026, the Company reported operational and financial results for the year ended December 31, 2025. During 2025, the Company continued evaluation of multiple metal processing technologies for the Ferguson Lake Ni-Cu-Co PGE Project. The team expanded the bio-metallurgical programs to produce market-ready battery-grade nickel and cobalt compounds, copper and PGE metals from a low-cost, low-carbon footprint mine, and achieved extraction rates of 99% nickel, 98% cobalt and 90.6% copper in the follow-up second set of lab-scale bioleaching tests on massive sulphides; recovered more than 80% of palladium and gold from the residues of the bioleaching tests. All base metals were extracted from each bioleaching tests at low temperatures of 52 - 65oC without the addition of acid and external heat. Such a self-sustaining bioleaching system can significantly simplify the metallurgical process and signals strong potential for low energy consumption development of the Ferguson Lake project. The Management strengthened engagement with local governments, Indigenous communities and completed environmental sampling and analysis for updating and upgrading of licenses and permits. The team also increased communication with investors and potential partners to support the future mine development of the Ferguson Lake Project.
On June 26, 2026, the Company announced the voting results for the election of its Board of Directors at its Annual and Special Meeting of Shareholders held on June 25, 2026, in Mississauga, Ontario. A total of 62,506,011 common shares were voted at the Meeting, representing 54.68% of the common shares outstanding. Shareholders approved the re-election of all Directors as listed in the Management Information Circular dated May 19, 2026, and the reappointment of MNP LLP, Chartered Professional Accountants, as auditors of the Company at a remuneration to be fixed by the directors. In addition, the resolution to ratify and approve the Company's Stock Option Plan was passed.
Subsequent Event
On August 26, Canadian North announced that it has authorized and approved the issuance of a series of promissory notes designated as Series 1 Convertible Promissory Notes (each a "Note") for up to an aggregate principal amount of $2,000,000 to be repaid by the Corporation, together with interest at the rate of 10% per annum by July 31, 2027 (the "Financing"). The principal amount of each Note is convertible by the holders into Common Shares of the Corporation at a conversion price of $0.25 per Common Share, for an aggregate of up to 8,000,000 Common Shares of the Corporation. In that a director of the Corporation will be participating in the private placement. The proceeds will be used as working capital of the Company.
On August 27, 2026, a director of the Company executed a subscription agreement for a Series 1 Convertible Promissory Note in the principal amount of $1,000,000. The principal amount bears interest at an annual rate of 10%, matures on July 31, 2027, and is convertible into Common Shares of the Company at a conversion price of $0.25 per Common Share. The transaction is subject to final acceptance by the TSX Venture Exchange.
For the six months ended June 30, 2026, The Company ended with cash and cash equivalents of $3,277 as of June 30, 2026 and reported a net loss and a comprehensive loss of $165,134 or $0.00 per share and $190,316 or $0.00 per share, respectively, for the six months ended June 30, 2026.
Qualified Person:
Dr. Trevor Boyd, P.Geo. and Technical Advisor for Canadian North Resources, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed the technical content of this news release and has approved its dissemination.
About Canadian North Resources Inc.
Canadian North Resources Inc. is an exploration and development company focusing on the critical metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in the Kivalliq Region of Nunavut, Canada.
The Ferguson Lake mining property contains a substantial National Instrument 43-101 compliant Mineral Resource Estimate announced on March 19, 2024, which includes Indicated Mineral Resources of 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79.3Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10gpt and 0.419Moz platinum at 0.19gpt; and Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 39.6Mlb cobalt at 0.07%, 1.192Moz palladium at 1.43gpt and 0.205Moz platinum at 0.25gpt. In particular, 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% copper, 0.43% nickel, 0.05% cobalt, 0.97gpt palladium and 0.17gpt platinum, which provides a solid Mineral Resource base for the initial development of a potential large mine. The Mineral Resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt and a number of undefined mineralization zones and prospective areas. (Refer to "Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada ("the Technical Report")", prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, filed by the Company to SEDAR at http://www.sedar.com on May 3, 2024. The Technical Report has also been posted on the Company's website at www.cnresources.com.)
Further information please visit the website at www.cnresources.com,
or contact:
Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada)
1-888-688-8809 (Toll-Free)
Email: info@cnresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
SOURCE: Canadian North Resources Inc.
View the original press release on ACCESS Newswire
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