
Juno Corp. is the largest mineral claimholder in Ontario's Ring of Fire, advancing district-scale gold and critical mineral discoveries across 5,796 km². Evolve Royalties, Gold Hart Copper, and Rocky Shore Gold provide additional exploration and royalty exposure across base metals, copper-gold, and gold. True North Airways is a wholly-owned aviation platform that accelerates exploration logistics and operates a growing executive charter business. Each investment is chosen for its ability to create significant shareholder value through Northfield's proven accelerator model.
Northfield Capital is built on a foundation of strategic, high-conviction investments concentrated in critical minerals, precious metals, and resource-sector value creation.
With approximately $190 million in total assets, a NAV/share of $6.35 and a 35% ownership stake in Juno Corp. (post-transaction estimates based on April 2, 2026 Juno share exchange), Northfield is the only publicly traded vehicle offering direct exposure to Ontario's Ring of Fire.
NAV/share reflects Juno at its most recent private financing price (C$4.00/share, December 2025).
Anchor Investment — The Ring of Fire’s Largest Claimholder
Juno Corp. is Northfield’s anchor investment and the centrepiece of its critical minerals and precious metals strategy. Juno is a privately held Ontario-based mineral exploration company and the largest mineral claimholder in Ontario’s Ring of Fire — one of the most significant undeveloped critical mineral districts in the Western Hemisphere.
Juno controls approximately 29,956 mineral claims covering 5,796 km² — representing more than 52% of the entire Ring of Fire district, an area comparable in size to the Greater Toronto Area. Northfield holds approximately 35% of Juno and is the only publicly traded company providing investors with direct exposure to the Ring of Fire discovery story.
Two Flagship Discoveries:
Big Thunder Gold District — A high-grade gold system discovered in August 2024. The discovery hole returned 3.75m @ 78.9 g/t Au, including 0.6m @ 370 g/t Au. Gold mineralization has been confirmed across multiple structures spanning a 20 km trend, with 38 of 39 holes intersecting gold. District-scale potential comparable to the Abitibi Gold Belt. $10M allocated for 2026 drilling. Gold doesn’t need a road.
Vespa Critical Minerals Complex — A large-scale vanadium-titanium-iron system enriched in scandium and gallium, with exploration potential of 250 million to 1 billion tonnes. Nine critical minerals discovered to date across three deposit targets (Vespa, Saturn, Vulcan). Among North America’s largest emerging critical mineral systems. $10M allocated for 2026 resource drilling, with a maiden resource estimate targeted for H2 2026.
Near-Term Catalysts:
Drill results flowing now from the fully funded $20M, 100-hole program — the largest drilling campaign in the Ring of Fire in over a decade. Ring of Fire road construction begins June 2026, with Ontario committing $1B+ to road infrastructure. A new 230 km Greenstone Transmission Line is advancing through a First Nations Equity Partnership Model. The federal-provincial "One Project, One Process, One Decision" cooperation agreement (December 2025) has removed regulatory duplication. Ring of Fire named as one of eight mining projects on Ottawa’s draft list of 32 fast-tracked nation-building projects under Bill C-5.
| OWNERSHIP |
Northfield holds ~35% (post-April 2, 2026 share exchange) |
| CLAIMS |
29,956 claims | 5,796 km² | 52% of Ring of Fire |
| DISCOVERIES |
Big Thunder Gold District + Vespa Critical Minerals Complex |
| 2026 PROGRAM |
c$20M fully funded, 100-hole campaign — 3 rigs currently turning |
| CASH |
C$37M to start 2026 (Juno 100% basis) |
| INFRASTRUCTURE |
Road construction June 2026 | 230km transmission line advancing | Bill C-5 fast-track |
Wholly-Owned Aviation Platform
True North Airways (TNA) is Northfield’s wholly-owned aviation subsidiary, providing charter, cargo, flight training, and aircraft maintenance services across Canada with expanding international operations in Central America. Vertical integration of aviation assets is a strategic differentiator — enabling faster discovery cycles and operational control in one of Canada’s most remote exploration regions.
| OWNERSHIP |
100% owned by Northfield |
| FLEET |
14 aircraft: executive jets, turboprops, and helicopters |
| REVENUE |
FY 2025 C$7.8M (+39% YoY) | Gross margin: 28.8% |
| STRATEGIC ROLE |
Dedicated logistics for Juno’s Ring of Fire exploration, plus growing third-party executive charter business |
| INFRASTRUCTURE |
10,000 sq ft hangar and maintenance facility in Sudbury, Ontario. 13,000 sq ft hangar facility at Huronia Airport (Midland, Ontario) |
| INTERNATIONAL |
TNA South launched in El Salvador — aviation operations certified Q1 2026 |
| Other Operating Subsidiaries |
Northfield also holds majority interests in two premium consumer brands: The Grange of Prince Edward (57%, estate winery in Prince Edward County, Ontario) and Spirit of York Distillery (58%, craft spirits in Toronto’s Distillery District), which together contributed $4.7M in revenue in 2025 (+24% YoY) with improving margins across both operations. |
Evolve is a royalty and streaming company focused on building a high-quality portfolio of copper and diversified commodities that are required to meet the world’s growing need for resources. The Company applies the royalty and streaming model to strategic mining assets, moving early to partner with operators and secure long-life interests in high-quality projects.
As demand for these metals continues to grow—particularly for copper—Evolve aims to be well positioned to provide innovative royalty and streaming solutions to help finance what the Company believes will be a new wave of mining projects requiring capital to advance. By offering flexible, non-dilutive sources of funding, Evolve seeks to support the development of future supply while building a scalable, long-term royalty portfolio.
Evolve’s portfolio includes producing copper royalties on established Canadian copper mines, complemented by royalties on development and exploration-stage assets across a select range of commodities. Led by an experienced management team with a proven track record in the royalty and streaming sector, Evolve is focused on disciplined portfolio construction, strong operating partners, and exposure to assets located in stable, mining-friendly jurisdictions.
| OWNERSHIP |
Northfield holds approximately 9% ownership (as of March 31, 2026) |
| ROYALTIES |
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Rocky Shore Gold is a Canadian-based mineral exploration company focused on gold discoveries in central Newfoundland on its 100% owned Gold Anchor Project. The district scale grass roots project is the second largest (greater than 1,200 square kilometres) property within an emerging Central Gold District. It is strategically located on trend to major gold discoveries and recent gold deposits. Numerous gold bearing faults are within the project limits including the highly prospective Appleton and JBP Fault Corridors.
The company closed a $6.1M placement and is conducting its inaugural drill program in 2026.
Inaugural drill program underway in Newfoundland gold district.
| GOLD ANCHOR PROJECT |
Rocky Shore Gold's flagship 100%-controlled Gold Anchor Project is in central Newfoundland, totalling more than 1,200 square kilometres. It hosts both bulk tonnage Intrusion-Related open pit gold deposits and fault-controlled high-grade gold targets. The project is also strategically located southwest of and on trend to significant recent gold deposits and gold discoveries. Exploration will focus on two significant gold environments identified on the Project. Intrusion Related Gold System (IRGS) – Mosquito Hill and Reid gold deposits collectively contain Indicated gold Resource of 284,925 ounces and an Inferred gold Resource of 623,085 ounces. Fault-Controlled Gold – The high-grade Lane Pond Gold Target is an 11.0 km-long, undrilled target within the prolific Appleton Fault Corridor, with surface values from trace to 8.7 g/t gold. Additional high-grade gold targets have been identified on the JBP, North and South fault corridors. More than 85% of the project remains largely underexplored. |
| LOCATION |
Newfoundland, Canada exploration company, along trend from New Found Gold's (NFG-TX) discoveries (C$900m market cap) |
| OWNERSHIP |
Northfield holds 17% ownership |
LARGEST INDEPENDENT LAND OWNER SURROUNDING THE LARGEST GOLD-COPPER DEPOSIT ON THE CONTINENT
GoldHart is advancing a large-scale gold-copper porphyry project in Chile’s Vicuña District, directly adjacent to the Lundin-Filo-BHP complex — one of the most significant copper-gold discoveries globally. The company closed an $18.6M financing and is currently drilling in a world-class district.
Drilling NOW in a world-class copper-gold district.
Gold Hart Copper began with the following thesis: In the famous Maricunga Gold Belt & emerging Vicuna Copper Belt, there have been several multi-billion dollar discoveries. However, there are hundreds of properties surrounding these mega deposits, sometimes personally staked & held by the very geologists who made the adjacent mega discoveries. Gold Hart set out to strategically roll-up several highly prospective assets in order to best position the company to potentially discover the next billion dollar deposit. Unlike the vast majority of exploration & development companies, Gold Hart has avoided the standard option model, in order to avoid minimum payments and liabilities. Instead, Gold Hart has sought to actually partner with the original land owners via equitable share based deals. This has the added benefit of involving the geologists who discovered the claims and know the assets better than anyone else.
Result: Gold Hart Copper has rolled-up several extremely prospective properties, all owned outright, with no royalties.
| Ownership |
Northfield holds ~5% ownership |
Operating Subsidiary — Estate Winery
Founded in 2001, The Grange is an award-winning estate winery in Prince Edward County, Ontario, celebrated for its exceptional Burgundian varietals that embody the region's distinctive terroir. With one of the largest vineyard acreages in the County, The Grange is unwavering in its commitment to exceptional quality and craftsmanship in every bottle. In addition to wine, The Grange offers a range of memorable experiences, including gourmet culinary pairings, exclusive events, and immersive tastings.
The operation encompasses 40+ acres of vineyards, a historic barn winery, restaurant, and integrated hospitality experience. Revenue and margin growth are being driven by vineyard yield improvements, LCBO distribution expansion, premiumization of estate-grown wines, and high-profile hospitality partnerships.
| OWNERSHIP |
Northfield holds 55% ownership |
| REVENUE |
FY 2025 C$2.1M (+55% YoY) | Gross margin: 23% (up from 13% in 2024) |
| DISTRIBUTION |
LCBO network, direct-to-consumer, licensees, and hospitality partnerships |
| ACHIEVEMENTS |
2nd Year Running Top 20 Ontario Winery (VineRoutes) Award-winning wines Exclusive partnership with Roy Thomson/Massey Hall |
| OUTLOOK |
Continued revenue and margin growth driven by vineyard yield improvements, LCBO distribution expansion, premiumization of estate-grown wines, and increasing demand. |
Operating Subsidiary — Craft Spirits
Nestled in Toronto's historic Distillery District, Spirit of York Distillery Co. crafts premium spirits using 100% locally sourced Canadian ingredients, including heritage grains and pristine spring water. The distillery produces an award-winning portfolio of vodka, gin, whiskey, and specialty liqueurs, combining traditional distilling methods with modern innovation to deliver a bold yet smooth character in every bottle.
Spirit of York has built strong brand recognition in Ontario's competitive craft spirits market through a multi-channel distribution strategy spanning LCBO retail, on-premise sales at its flagship Distillery District location, and a growing wholesale network across licensees in Ontario. A three-year strategic partnership as the Official Gin of Live Nation Canada in Ontario has placed Spirit of York Premium Gin in four major music festivals and eight Live Nation venues across the province, including Toronto's Budweiser Stage — significantly expanding brand visibility and consumer reach.
The distillery is positioned to benefit from favourable market tailwinds, including the Ontario government's spirit tax reduction for locally produced products (effective August 2025), the "Buy Local" movement driven by heightened consumer support for Ontario-made spirits, and continued LCBO distribution expansion under the Support Ontario Program.
| OWNERSHIP |
Northfield holds 58% ownership |
| REVENUE |
FY 2025 C$2.6M (+8% YoY) | Gross Margin 22% (up from 20% in 2024) |
| DISTRIBUTION |
LCBO network, on-premise retail, Live Nation partnership, licensees across Ontario |
| OUTLOOK |
Continued revenue growth driven by distribution expansion, spirit tax reduction, and brand awareness. |