Gold Bulletin

Thursday, May 14, 2026

Gold Market Context — Macro Drivers

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Market Commentary

Interesting Company News Today

Lode Gold's New Mineral Resource Estimate: 1.11 Moz of Gold - 18.8 Mt at 1.84 g/t Au (Measured & Indicated) and 1.99 Moz of Gold (Inferred) - 33.1 Mt at 1.86 g/t Au at Fremont Gold Mine

Lode Gold Resources Inc (TSXV: LOD) (OTCQB: LODFF) announced a new Mineral Resource Estimate (MRE) for its 100% owned Fremont Gold Mine in Mariposa County, California. The updated MRE, using a 1 g/t Au cut-off, reports 1.11 million oz of gold (Indicated) and 1.98 million oz of gold (Inferred), a significant increase from the previous 2025 MRE which used a 3 g/t cut-off and reported 133,000 oz of M&I resource. The resource upgrade is supported by the integration of over 7,000 new underground channel samples, bringing the total to over 38,000 samples. The project now reflects a strategic pivot to bulk underground mining, with plans to initiate a Preliminary Feasibility Study (PFS) by Q2 2026. The company highlights significant exploration upside, including nine new AI-defined targets and potential silver credits.

Northstar Advances Dual Gold and Copper Projects at Miller Property amid Record Gold Prices and Renewed Kirkland Lake Exploration Activity

Northstar Gold Corp. (CSE:NSG) has provided an exploration and development update for its 100%-owned Miller Copper-Gold Property in Ontario. The company is advancing both the high-grade Cam Copper VMS project and the Allied Gold Zone, with renewed drilling planned for the latter amid higher gold prices. Recent drilling at the Allied Gold Zone has intersected significant gold and copper mineralization, and a 2023 UAV magnetic survey identified a large magnetic anomaly. Northstar and its consortium partners have been approved to access up to $4.0 million in co-investment funding from DIGITAL, supporting the Cam Copper Surgical Mining for Critical Minerals Project, which is part of a broader ~$11 million initiative. Since late December 2025, Northstar has raised gross proceeds of $1,905,700 through various offerings.

Crossroads Gold Identifies Strong Gold-Antimony Soil Anomalies Including Gold-In-Soil Values up to 4.5 g/t Au at Steiglitz Gold Project in Victoria, Australia

Crossroads Gold Corp. (TSXV: CRG) (OTCQB: CRGCF) announced results from the first batch of 247 soil samples at its Steiglitz Gold Project in Victoria, Australia. Soil assays returned up to 4,500 ppb (4.5 g/t) gold, with 17 samples assaying over 100 ppb, forming strong gold-in-soil trends along the Hanover Fault Zone. The company highlights the correlation between gold, antimony, and arsenic mineralization, and notes that Steiglitz historically produced approximately 250,800 ounces of gold at 38 g/t Au. Additional assays are pending, and further exploration is planned to define the extent of mineralization. These results are significant as they suggest the potential for a large-scale epizonal gold-antimony system in an emerging Victorian district.

Prince Silver Graduates to OTCQX Best Market as Company Advances Silver-Gold-Critical Minerals Project Toward Maiden NI 43-101 Resource Estimate

Prince Silver Corp. (CSE: PRNC, OTCQX: PRNCF) announced that its common shares have qualified to trade on the OTCQX Best Market in the United States, beginning today under the symbol 'PRNCF.' The company has upgraded from the OTCQB Venture Market, marking an important milestone as it advances its flagship Prince Silver Project in Nevada toward a maiden NI 43-101 compliant mineral resource estimate targeted by the end of 2026. Prince Silver is actively advancing exploration, drilling, metallurgy, and resource-development initiatives at the past-producing Prince Mine. The ongoing drill program is approximately 9,000 metres and is designed to validate historical drilling and test extensions to known mineralized horizons. The Prince Project features near-surface mineralization historically tested by more than 129 drill holes and remains open in multiple directions.

NevGold Intercepts Consistent Oxide Antimony-Gold Mineralization in All Drillholes From Historic Crushed Leach Pad Including 0.32% Antimony And 0.39 g/t Au Over 14.9 Meters

NevGold Corp. announced positive and consistent antimony and gold mineralization in all drillholes from the historic Crushed leach pad at its Limousine Butte Project in Nevada. Drillhole assays returned oxide antimony grades up to 0.34% Sb and gold grades up to 0.55 g/t Au over intervals up to 18.0 meters. The company is rapidly advancing a maiden antimony-gold Mineral Resource Estimate (MRE) on the historic gold leach pads and broader project area, targeting potential antimony production by 2027. Test pit sampling also confirmed significant antimony and gold values, highlighting a near-term production opportunity. These results position Limo Butte as an emerging strategic Critical Minerals project in the United States.

First Andes Delineates >1.2-km-Long Gold-in-Soil Anomaly, Santas Gloria Project, Peru

First Andes Silver Ltd. (TSXV: FAS, OTCQB: FASLF) announced the delineation of a >1.2-kilometre-long gold-in-soil anomaly at its 100%-owned Santas Gloria Project in Peru, based on Phase 1 gold and multi-element assays. The anomaly features a broad halo (>0.01 to 0.05 ppm Au) and a higher-grade core (>0.1 to >0.6 ppm Au) along the Kelly-Eulalia trend, and remains open along strike. Six additional silver-in-soil anomalies were also identified in Phase 1. Phase 2 soil sampling is set to commence in May to complete property-wide coverage. The company also holds three silver exploration licenses in New South Wales, Australia, covering approximately 454 km2.

Talisker Announces 2026 Mineral Resource Statement for the Bralorne Gold Project

Talisker Resources Ltd. announced an updated Mineral Resource Estimate (MRE) for its 100% owned Bralorne Gold Project in southern British Columbia. The combined Measured and Indicated Mineral Resources are estimated at 0.72 Mt at an average grade of 8.91 g/t gold, including Measured Mineral Resources of 21,900 oz of gold at 10.04 g/t and Indicated Mineral Resources of 184,400 oz at 8.80 g/t. Inferred Mineral Resources are estimated at 11.23 Mt at 8.73 g/t gold, totaling 3,151,000 oz of gold. The MRE is exclusive of mined out material and is based on data from 2,260 drillholes and 38,174 channels completed between 1935 and December 2025. The update represents a 100% increase in global resource for the project.

Aya Gold & Silver Reports Q1-2026 Results with Record Revenue and Cash Flow

Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) reported strong financial and operational results for Q1 2026, with revenue of $117M, up 247% year-over-year, and net income of $49M, up 600% YoY. Consolidated production reached 1.5 Moz AgEq, up 40% YoY, with cash costs averaging $18.40/oz AgEq. The company ended the quarter with $172M in cash and cash equivalents and reduced total debt to $98M. Aya completed a Nasdaq listing and continues to advance the Boumadine Project in Morocco, with feasibility work and an updated PEA expected midyear. Board changes were announced, including the proposed appointment of Ms. Ghislane Guedira as Chair.

Endurance Reports Drilling Underway at Reliance Gold Project and Second Rig Mobilized

Endurance Gold Corporation (TSXV: EDG, OTCQB: ENDGF) announced the commencement of drilling at its 100%-owned Reliance Gold Project in southern British Columbia. The project hosts an Inferred Mineral Resource Estimate of 19.6 million tonnes grading 2.30 gpt Au, for 1.45 million ounces contained gold. The fully funded program began on May 1 with a minimum of 8,000 metres of diamond drilling, and a second drill rig is being mobilized to accelerate the program. The drilling aims to upgrade the near-surface, pit-constrained MRE to the Indicated category, expand mineralization, and test for deeper high-grade extensions. The technical and scientific information has been reviewed and approved by Darren O'Brien, P.Geo., Vice President Exploration.

Onyx Gold Expands Emerging High-Grade Corridor at Argus Main

Onyx Gold Corp. (TSXV: ONYX, OTCQX: ONXGF) announced new drill results from its fully-funded 110,000-meter drill program at the 100%-owned Munro-Croesus Project, located 75 km east of Timmins, Ontario. Results from 18 drill holes, including two at Argus Main and 16 at Argus North, continue to expand gold mineralization across a system extending over 1.4 kilometers of strike length and more than 500 meters vertically. Highlights include 69.9 m grading 0.7 g/t Au and 126.2 m grading 0.3 g/t Au at Argus Main, and 28.0 m grading 1.6 g/t Au and 42.0 m grading 1.8 g/t Au at Argus North. The company is fully funded with approximately $20 million in cash and has completed 145 drill holes totaling ~60,000 m to date, with about 50,000 m remaining to be drilled in 2026. These results reinforce the expansion potential of the Argus system and the greater Pipestone Fault corridor.

High-Grade, Shallow, Copper-Gold-Silver-Molybdenum Discovery in Drill Intercept at Filo Sur Project, Vicuna District, Reported by Mogotes Metals

Mogotes Metals Inc. announced partial laboratory assay results from diamond drillhole FS_DDH_016 at its flagship Filo Sur project in Argentina. The assays for the first 194 m of the 464 m deep hole confirm a continuous zone of near surface, high-grade copper-gold-silver-molybdenum mineralization starting from 108 m depth. Highlights include 86 m at 0.7% Cu, 0.55 g/t Au, 2.7 g/t Ag, and 169 ppm Mo, with peak intercepts such as 10 m at 1.4% Cu, 1.2 g/t Au, 4.6 g/t Ag, and 383 ppm Mo. Assays for the remaining 270 m of the hole are pending, and the drill campaign has ended with a total of 6,207 metres drilled. These results are significant as they represent the second copper-gold-silver-molybdenum discovery by Mogotes in its inaugural drilling season at Filo Sur.

Elemental Royalty to Acquire Vizsla Royalties, Securing Long-Life Royalty Exposure to the Panuco Silver-Gold Project

Elemental Royalty Corporation (TSX: ELE, NASDAQ: ELE) and Vizsla Royalties Corp. (TSXV: VROY, OTCQX: VROY) announced a definitive agreement on May 13, 2026, for Elemental to acquire all issued and outstanding shares of Vizsla Royalties. The transaction values Vizsla Royalties at approximately C$327 (US$239) million, or C$4.13 per share, representing a 31% premium to the unaffected closing price and a 22% premium to the 20-day volume weighted average trading price as of May 12, 2026. Shareholders can elect to receive 0.15 Elemental shares, C$4.13 in cash, or a combination, subject to a maximum total cash consideration of approximately C$82 million. The acquisition adds a 2.0%-3.5% NSR royalty on the Panuco silver-gold project in Mexico to Elemental's portfolio, projected to contribute approximately 7,500 GEOs per year once in production. The transaction is expected to close in the third quarter of 2026, subject to regulatory and shareholder approvals.

MAYFAIR GOLD REPORTS Q1 2026 OPERATING AND FINANCIAL RESULTS

Mayfair Gold Corp. (TSXV: MFG) reported its operating and financial results for the quarter ended March 31, 2026. The company is advancing the 100% controlled Fenn-Gib Project in the Timmins region of Northern Ontario. The 2026 Pre-Feasibility Study outlines initial development capital of C$450 million, a base-case payback period of 2.7 years, and cumulative free cash flow of US$896 million over the first six years of production based on a US$3,100/oz gold price. Mayfair Gold is advancing permitting, detailed engineering, and stakeholder engagement, aiming to start construction in 2028 and initial production in 2030. The news release was reviewed and approved by Drew Anwyll, P.Eng., Chief Executive Officer of Mayfair Gold.

Enegex Kicks Off RC Drilling at Gogo, Reports Promising Gold Intercepts at Tougbe

Enegex (ASX: ENX) has commenced a substantial reverse circulation (RC) drilling program at its Gogo Project in Côte d’Ivoire, targeting 3,000-3,500m along the Bonoubana trend. The company reported encouraging gold intercepts from a 19-hole, 660m aircore (AC) drilling program at the Tougbe Permit, including 4m at 6.2g/t Au and 12m at 1.68g/t Au. The Tougbe Exploration Permit (PR874) has been extended until 24 November 2027, providing long-term tenure. A $10.2 million placement at $0.23/share in February 2026 increased Enegex's cash balance to approximately $14.3 million, enabling accelerated exploration across the Tougbe-Gogo portfolio. These developments support Enegex's ongoing exploration momentum in West Africa.

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