Gold Bulletin

Wednesday, June 17, 2026

Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

Market Commentary

Today's Interesting Company News

Grande Portage Resources Launches Busy Summer Season With 2026 Drill Program at the New Amalga Gold Project

(TSXV:GPG) Grande Portage Resources Ltd. announced the commencement of its 2026 drilling program at the New Amalga Gold property, which includes up to 4,300 meters of diamond drilling from up to 14 drillholes and installation of downhole instrumentation. The 2026 program is being conducted under a Plan of Operations approved by the US Forest Service on January 16, 2026, and utilizes contractors such as SRK Consulting Inc, Timberline Drilling Inc, Piton Exploration LLC, and Coastal Helicopters Inc. The New Amalga Gold Project hosts an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes) and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t Ag. The Preliminary Economic Assessment (PEA) with an effective date of February 11, 2026, demonstrates after-tax NPV 5 of US$721m and after-tax IRR of 56% at a base case gold price of US$3,200/oz, and after-tax NPV 5 of US$1,557m and after-tax IRR of 91% at an upside case gold price of US$5,000/oz. The project has completed 6+ years of environmental baseline water sampling and received metallurgical recoveries up to 98.2%. The company projects that the current development concept will eliminate the need for an onsite gold recovery plant or tailings storage facility, reducing capital costs and environmental footprint. A LOI has been signed with Goldbelt Inc for development of an ore export terminal at Cascade Point, 22km from the project site.

Zodiac Gold Further Increases Non-Brokered Private Placement up to C$5.6 Million

(TSXV: ZAU) Zodiac Gold Inc. announced that it has further increased the size of its non-brokered private placement to raise aggregate gross proceeds of up to C$5,600,000. This is an increase from the original offering size of C$4,025,000 announced on June 4, 2026, and the previous increase to C$5,000,000 announced on June 9, 2026. The Company now intends to issue up to 17,142,857 units at a price of C$0.35 per Unit, with each Unit consisting of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at an exercise price of C$0.54 per share for a period of 24 months from the date of issuance, subject to acceleration if the 30-day volume weighted average share price exceeds C$0.65. The net proceeds will be used to expand the drill program at the Todi Gold Project, advance exploration across the Company's exploration licenses, and for working capital purposes. The Company anticipates closing the private placement on or about June 19, 2026, subject to final regulatory approvals and customary closing conditions. The Company projects participation of certain directors and officers in the Offering, which will constitute a related party transaction under MI 61-101.

Star Gold Corp. Receives BLM Approval to Advance Development Program at Longstreet Project

(OTC:SRGZ) Star Gold Corp. announced the approval by the United States Bureau of Land Management (BLM) of an exploration, geotechnical testing, and well drilling campaign at its wholly owned Longstreet Project. The approved work program includes the development of 11 drill sites, 3 water wells, and 5 geotechnical test pits across a total disturbance area of 3.7 acres on BLM claims. The Longstreet Project spans approximately 2,600 acres, comprising 137 unpatented mining claims and 5 additional unpatented claims held under lease with an option to purchase. The approval is described as a key regulatory milestone that positions the company to advance technical and engineering work needed to move Longstreet toward development. The company is focused on advancing technical studies and documentation required to support a potential Environmental Impact Statement and move toward production. Star Gold intends to provide further updates as program planning advances and field activities get underway.

Anteros to Commence Trenching Program to Test High-Priority Copper-Gold-Silver Target at the Havens Steady VMS Property, Newfoundland

(CSE: ANT) Anteros Metals Inc. announced plans to commence a strategic trenching and channel sampling program at its 100%-owned Havens Steady Polymetallic VMS Project located in central Newfoundland. The program is fully funded and permitted, scheduled to commence early summer 2026, and will focus on a high-priority copper-gold-silver target identified during the Company's 2025 field program, where grab samples returned grades up to 2.17% copper, 21.3 g/t silver, and 0.22 g/t gold. The target area is approximately 200 metres northeast of the Main Mineralized Zone and occurs within a corridor identified by historical copper-in-soil anomalies and geophysical features. Historical drilling on the Property totals approximately 8,000 metres, including intercepts such as 7.0 metres grading 0.5% Cu, 1.26% Pb, 4.36% Zn, 29 g/t Ag, and 1.0 g/t Au (drill hole HS-88-3, 1988), and 2.72 metres grading 2.1% Cu, 3.6% Pb, 6.2% Zn, 56 g/t Ag, and 1.8 g/t Au (drill hole HS09-18, 2009). The Company completed geological modelling, field validation, and prospecting programs in 2025, confirming historical data and discovering high-grade mineralization in a previously untested area. The Company believes the program will refine future drill targeting and advance evaluation of the broader Havens Steady mineralized corridor. Management states that the upcoming program represents the first systematic attempt to expose the bedrock source of the copper-gold-silver mineralization discovered during the 2025 field program.

Kenorland and Auranova Announce Large Intrusion-Related Gold Discovery at South Uchi, Ontario

(TSXV:KLD) Kenorland Minerals Ltd. and Auranova Resources Inc. (TSXV:AURA) announced complete assay results from the 2026 spring (phase 3) diamond drill program at the South Uchi Project, with six drill holes totalling 3,187 metres. Drill hole 26PADD046 intersected more than 122.80 m of mineralisation grading more than 0.28 g/t gold across 220.15 m of downhole core length, including 0.58 g/t gold over 21.00 m, 0.34 g/t Au over 65.45 m, 0.31 g/t Au over 35.65 m, and 0.28 g/t Au over 14.00 m. High-grade intervals included 7.07 g/t gold over 1.00 m in 26PADD046 and 9.09 g/t gold over 1.45 m in 500 m step-out drill hole 26PADD043. The North Papa mineralisation has been extended to 1 km of strike length, and the Papaonga target footprint now covers approximately 7 km of strike east-west. Kenorland has received $500,000 in cash payments and currently holds 9,242,267 common shares of Auranova, confirming Auranova has earned a 51% ownership interest in the Project. The company projects follow-up exploration in Q3-2026, including detailed geophysical surveys and additional drill planning, and Auranova may earn up to a 70% interest by incurring an additional $10,000,000 in qualifying expenditures.

Talamore Announces Initial High Grade-drill Results From Supremo Extension in Its 40,000-metre 2026 Drill Program at Coffee Gold

(TSXV:TALA) Talamore Mining Corporation announced results from the first fifteen holes of an ongoing 40,000-metre infill and exploration drilling program at its wholly-owned Coffee Gold project in Canada's Yukon Territory. Drilling is targeting the higher-grade Supremo Extension zone, which currently hosts an Indicated Resource of 2,437 kt at a grade of 1.18 grams per tonne (g/t) gold for a contained 92,000 ounces of gold, and an Inferred Resource of 6,059 kt at a grade of 1.72 g/t gold for a contained 335,000 ounces of gold. The first fifteen reverse circulation holes totalled 1,961 metres of a planned 25,000 metres of infill drilling at Supremo Extension, with a total of 125 drill holes for approximately 16,500 metres completed to date this year. Highlighted drill results include 1.94 g/t Au over 16.3 m in hole 26-SPX-RC003, 4.77 g/t Au over 3.8 m in hole 26-SPX-RC008, and 9.28 g/t Au over 3.0 m in hole 26-SPX-RC011. The current open-pit mineral resource estimate for the Coffee Gold Project comprises Measured 1,200 kt at 1.80 g/t for 69 koz, Indicated 78,846 kt at 1.14 g/t for 2,888 koz, Measured + Indicated 80,046 kt at 1.15 g/t for 2,957 koz, and Inferred 21,200 kt at 1.17 g/t for 800 koz. Economic parameters used in the resource include a gold price of US$2,500/oz, heap leach average recoveries of 86.3% for Oxide, 76.0% for Upper Transition, 54.5% for Middle Transition, and 31.4% for Lower Transition, mining cost of C$3.27-$3.50/t, processing costs of C$6.64/t, and general and administrative costs of C$6.0/t. The company states that the 2026 drilling program is designed to grow the resource base across the broader Coffee property, expand mineralization beyond the current pit limits, and convert and add higher-grade ounces for inclusion in the Feasibility Study currently underway.

TDG Announces Positive Results From Ongoing Metallurgical Test Work - Conventional Processing Achieves >90% Gold and Silver Recoveries at Shasta, Toodoggone District

(TSXV: TDG) TDG Gold Corp. provided an update on ongoing metallurgical test work for its 100%-owned Shasta Gold-Silver Project, located within the Greater Shasta-Newberry Project area in the Toodoggone District of north-central British Columbia. Average recoveries of 92.4% gold and 90.3% silver were achieved using conventional gravity and open circuit flotation methods, with up to 25% of gold recovered through gravity concentration prior to flotation. Locked-cycle testing demonstrated over 91% recovery of both gold and silver, and the concentrate generated contained 45.4% sulphur at a mass pull of only 1.4%. The average concentrate grade of the open circuit data set was 47 g/t gold, 2,005 g/t silver, and 41.8% sulphur, with significant silver contribution (~38%) in the recovered metal value in the tested Shasta composites. Eight auger samples from the Baker tailings impoundment showed average recoveries of 68% gold and 61% silver to combined gravity plus rougher flotation concentrates, while the METS prospect sample recovered 83.8% gold and 71.8% silver. The company projects that additional testing is planned and that the results will support the previously announced Preliminary Economic Assessment (PEA) for the Shasta Gold-Silver Project.

Thesis Gold & Silver Commences 2026 Exploration and Project Advancement Programs at Lawyers-Ranch Project

(TSXV:TAU) Thesis Gold & Silver Inc. announced that the 2026 exploration and project advancement programs are now underway at the Lawyers-Ranch Project, located in British Columbia's prolific Toodoggone Mining District. The 2026 program includes approximately 20,000 metres of drilling, with about 12,000 m focused on exploration targets at Ranch and Ranch East, and approximately 8,000 m of geotechnical, hydrogeological, metallurgical, and geochemical drilling to support a Feasibility Study (FS). The Prefeasibility Study (PFS) announced in December 2025 outlined an open pit and underground operation with a 15-year mine life, an after-tax NPV5% of C$2.37 billion, an after-tax IRR of 54.4%, and a payback period of 1.1 years, based on gold and silver prices of US$2,900/troy ounce and US$35/oz, respectively. The company continues to advance the Environmental Assessment (EA) process, which commenced in December 2025, and targets receipt of an EA decision in early 2029. The 2026 exploration program will focus on expanding high-grade gold and silver mineralization at Ranch, following up on porphyry targets identified in 2025, and advancing engineering studies for the feasibility study.

Elemental Royalty Announces Inclusion in Russell 3000, Russell 2000 and S&P/TSX Global Gold Index

(NASDAQ: ELE) (TSX: ELE) — Elemental Royalty Corporation announced its inclusion in the Russell 3000®, Russell 2000®, and S&P/TSX Global Gold Index. Elemental is expected to be added to the S&P/TSX Global Gold Index effective prior to the open of trading on Monday, June 22, 2026, as disclosed by S&P Dow Jones Indices on June 5, 2026. The company is also expected to join the Russell 3000® Index and the Russell 2000® Index at the conclusion of the June 2026 Russell Reconstitution, effective after the U.S. market close on June 26, 2026. According to data as of the end of June 2025, about $12.2 trillion in assets are benchmarked against the Russell US indexes. Elemental has a globally diversified portfolio of 18 producing assets and more than 200 royalties. The company was formed through the merger of Elemental Altus and EMX. The company projects that these milestones broaden Elemental's visibility with both Canadian and U.S. institutional and index-oriented investors.

Bullion Closes $2M Private Placement

(TSXV: BGD) Bullion Gold Discoveries Corp. announced it has closed its previously announced non-brokered private placement, raising gross proceeds of $2,000,000 through the issuance of 22,222,222 units at a price of $0.09 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.15 per share for 18 months from the closing date. The Offering was oversubscribed and increased from the originally announced maximum size of $1.5 million due to strong investor demand. Net proceeds will be used primarily to fund the validation drilling campaign at the Company's 100%-owned Terragold Project near Senneterre, Québec, as well as related geological, technical and exploration activities. The Company paid cash finder's fees of $71,431 and issued 793,680 finder's warrants, each exercisable at $0.15 per share for 18 months. Certain directors and officers purchased 427,778 Units for aggregate consideration of $38,500. The Offering remains subject to final acceptance of the TSX Venture Exchange.

Kingfisher Announces Commencement of 2026 Exploration Program at HWY 37 and Forrest Kerr Projects, Golden Triangle

(TSXV:KFR, OTCQB:KGFMF) Kingfisher Metals Corp. announces the commencement of its fully funded 2026 exploration program at the HWY 37 and Forrest Kerr projects, located within the Golden Triangle of British Columbia. The 2026 program features a 15,000 m, three-rig diamond drill campaign designed to test priority porphyry Cu-Au and epithermal Au-Ag targets. The first drill is now on site at the HWY 37 Project, with the first hole expected to be collared within the next one to two days at the Hank porphyry Cu-Au target area, which previously returned 425 m of 0.15% Cu, 0.21 g/t Au, and 2.2 g/t Ag (0.40% CuEq) in hole HW-25-011. The program also includes ground-based induced polarization (IP) geophysics, airborne mobile magnetotelluric (MMT) and magnetic surveys, expanded LiDAR coverage, and a targeted surface mapping and geochemistry campaign across the Company's 1,135 km² Golden Triangle land package. The Company currently has 140,198,584 shares outstanding as of the date of this news release. The company anticipates assay turnaround times of approximately six to eight weeks from sample submission, with potential for further delays. The company projects that assay results will be released as soon as they are verified and approved by the Company's qualified person.

Turaco Gold Completes Pre-Feasibility Study for Afema Gold Project

(ASX:TCG) Turaco Gold has completed a pre-feasibility study (PFS) for its Afema gold project in south-east Côte d’Ivoire, confirming strong development economics for a large-scale open pit mining operation. The PFS supports average life-of-mine production of approximately 200,000 ounces of gold per annum over an initial 10.3-year mine life, with Afema forecast to produce 230,000oz of gold in its first year and average approximately 215,000oz per annum during the first seven years. The maiden JORC probable ore reserve is 55.1 million tonnes at 1.1 grams per tonne gold for 1.91 million ounces, and the project is expected to process 65.1Mt at 1.1g/t gold for 2.3Moz of contained gold, generating recovered gold production of 2.0Moz at average recoveries of 87% to 88%. Total development capital costs are estimated at US$410 million, including mining establishment costs and a US$24m contingency, with an additional US$32m for building a run-of-mine stockpile. At a gold price of US$3,000/oz, Afema generates a post-tax net present value of US$1.486 billion and a post-tax internal rate of return of 60%, with the NPV increasing to US$2.102b at US$3,500/oz and US$2.717b at US$4,000/oz. The company targets delivery of a definitive study in the second quarter of calendar 2027 and first gold production in 2029.

Hillgrove Resources Reports High-Grade Assays From Kanmantoo’s Emily Star Copper-Gold Lode

(ASX:HGO) Hillgrove Resources has reported high-grade intersections from the Emily Star copper-gold lode at the Kanmantoo underground mine in South Australia as work progresses towards a Stage 2 final investment decision. Drilling commenced in early April following the establishment of the first drill platform at the Emily Star exploration incline. Seven holes were completed through to end-May targeting extensions to the north of Emily Star mineralisation focused on the upper conceptual development levels beneath the backfilled open pit. Assays from five holes confirmed the presence of high-grade copper-gold mineralisation with highlights of 19 metres at 1.49% copper and 0.13 grams per tonne gold from 287m, 15.87m at 1.53% copper and 0.21g/t gold from 254.13m, and 4.5m at 0.77% copper and 0.06g/t gold from 319.88m. The grades broadly align with expectations from the Emily Star inferred resource estimate of 2.6 million tonnes at 0.77% copper, 0.08g/t gold, and 1.6g/t silver for 20,000 tonnes copper metal and 7,000 ounces gold. Underground drilling completed to the end of May totalled 25,727m, including 2,806m at Emily Star. Drilling at Emily Star will continue into the September quarter to support a final investment decision for the Stage 2 expansion, in parallel with studies across geotechnical conditions, ventilation design, mine infrastructure, and mine planning.

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