1911 Gold Is Hitting Its Restart Milestones — but the Feasibility Study Is Still Missing
On The Deep Dive's Oct. 5–9, 2026 Mining Stock Mailbag, host Steve Hyland says 1911 Gold (AUMB) is doing what restart stories rarely do — hitting its milestones, with test mining at True North starting this fall. He still wants a pre-feasibility study, an updated global resource, and a second loan tranche locked in before December 4.
Investor angle
Hyland frames 1911 Gold as a restart story that is executing: True North shaft and Level 26 dewatered, ball mill commissioned, contract miners on site, test mining this fall, and initial capital of about CAD 59 million (per the PEA he cites) because the mill and permits already exist. The risk side is just as explicit — the mine is restarting without a feasibility study, the setup he says is 'exactly how restarts go sideways,' and its previous operator failed by mining without enough drilling ahead of the miners. His validation checklist: pre-feasibility study and global resource update due this half, and a second loan tranche locked in before December 4. He likes the story — regretting not buying at 10 cents — but the share price, down from about a dollar in April to the mid-70s, shows the market is waiting for those boxes to be ticked.
When a junior mining company restarts a shut mine, the usual pattern is missed deadlines and surprise costs. On The Deep Dive's Mining Stock Mailbag for October 5–9, 2026, host Steve Hyland argues that 1911 Gold (AUMB) is the exception so far. Answering a viewer question about the stock, he says Sean Heinrichs "is doing something restart stories rarely do — hitting his milestones."
## A restart that is actually on schedule
Hyland walks through the operational scorecard. The True North shaft and Level 26 have been dewatered — pumped free of the water that collects in underground workings while a mine sits idle. The ball mill, the machine that grinds mined rock so the gold it contains can be recovered, has been commissioned, meaning it is installed and brought into operating condition. Contract miners are on site. And test mining — a small-scale trial run, not full production — starts this fall.
## Why the capital number looks so small
The financial argument rests on reuse. Because the mill and the permits already exist, the preliminary economic assessment (PEA — an early, low-confidence economic study that falls well short of a feasibility study) puts initial capital at only about CAD 59 million. Hyland flags that this is Canadian dollars and calls the figure tiny for a mine of roughly 58,000 ounces a year. In his telling, the existing infrastructure is what lets 1911 Gold talk about a restart on a junior-sized budget.
## The history the host will not let viewers forget
Hyland pairs that optimism with a warning drawn from the property's recent past. The mine sat idle, he notes, because the previous operator went broke running it without enough drilling ahead of the miners — a reminder that owning a mill does not guarantee having a plan. Today, 1911 Gold is heading toward a restart without a feasibility study, which he calls exactly how restarts go sideways. He also draws a bright line between test mining and commercial production: they are not the same thing, and investors should not treat them as if they were.
## The market has not rewarded the progress so far
Despite the operational milestones, the stock has slid from about a dollar in April to the mid-70s. Hyland attributes part of that to the backdrop rather than company failure: gold, by his numbers, has fallen from about $4,700 to about $4,100 since April. Still, the message is that the market wants proof rather than progress, and it has not paid up for the milestones cleared so far.
## What he wants to see next
Hyland names his checkpoints. The first is a pre-feasibility study and a global resource update, both due this half, which would build on the early-stage PEA with firmer numbers. The second is locking in the second loan tranche before its December 4 deadline, which would show the financing plan is holding. Beyond the numbers, he plans a first-hand look: Heinrichs has promised him a site visit, and Hyland intends to share what he finds with viewers.
## The bottom line
"Overall, I like 1911 gold, and I'm angry at myself for not buying it when it was 10 cents," Hyland says. That is a personal admission rather than a recommendation, and he balances it against the structural risk he keeps returning to — a restart proceeding without a feasibility study. For investors tracking the name, the video's takeaway is that 1911 Gold has cleared real operational hurdles on a small reported capital budget, and that the coming months of study deadlines and financing terms will show whether the restart holds together.
Generated by Pixys from the source video below. Not investment advice.
