Gold Bulletin

Monday, June 8, 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

Gold and Antimony in One Permit: Rua Gold’s Positive PEA Lands in a Fast-Track Jurisdiction

(TSX:RUA) Rua Gold Inc. has delivered a positive Preliminary Economic Assessment for its 100%-owned Auld Creek Gold-Antimony Project in New Zealand’s Reefton Goldfield, outlining an after-tax NPV5% of approximately US$42 million at base-case prices, rising to roughly US$113 million at spot gold. The PEA models a 5.5-year, 250,000-tonne-per-year underground operation producing separate gold and antimony concentrates, with contained metal of roughly 84,000 ounces of gold and approximately 9,000 tonnes of antimony, and average annual production of about 27,000 gold-equivalent ounces. Projected metallurgical recoveries are 95% for gold and 85% for antimony, using a no-cyanide flowsheet. Rua filed a Fast-Track Referral application on April 20, 2026, under New Zealand’s Fast-Track Approvals regime, with a PFS targeted for Q4 2026 and the project targeted to be fully permitted in Q2 2027. A 19,000-metre infill and step-out drill program is underway, aimed at converting Inferred resources to Indicated, establishing Measured resources ahead of the PFS, and extending mineralization open at depth and to the north. The underlying Mineral Resource Estimate, effective February 27, 2026, comprises 0.3 million tonnes Indicated at 5.67 g/t gold-equivalent for 54,000 ounces, plus 1.3 million tonnes Inferred at 3.66 g/t gold-equivalent for 150,000 ounces, at a 1.6 g/t gold-equivalent cut-off. The company projects completion of a Preliminary Feasibility Study in Q4 2026 and aims to have the project fully permitted in Q2 2027.

Revival Gold to Acquire Land Contiguous to Its Mercur Gold Project

(TSXV: RVG) Revival Gold Inc. announced that pursuant to an agreement dated June 5th, 2026, Revival Gold's wholly owned subsidiary, Revival Gold (Utah) Inc., will acquire a 278 hectares (686 acres) parcel of land contiguous to the Company's Mercur Gold Project in Tooele County, Utah, for US$1,886,912. The Acquisition secures a buffer area of private land contiguous to Mercur and positions the Company to benefit with respect to the potential development of site infrastructure by allowing a potentially more direct transportation route from the South Mercur area of mineralization to the currently contemplated location of heap leach facilities in the West Mercur area. The Company already owns the mineral rights for the property. Closing of the Agreement is subject to certain customary terms and conditions and is expected to close on or around July 1, 2026. Revival Gold is advancing development of the Mercur Gold Project in Utah and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. The Company is headquartered in Toronto, Canada, with its U.S. exploration and development office located in Salmon, Idaho.

Southern Cross Gold Announces Inclusion in the S&P/TSX Composite INDEX

(TSX:SXGC) Southern Cross Gold Consolidated Ltd announced that its common shares will be added to the S&P/TSX Composite Index effective at the opening of trading on Toronto Stock Exchange on Monday, June 22, 2026. Its Sunday Creek Gold-Antimony Project is located 60 km north of Melbourne, Australia, and has produced 85 composite intersections exceeding 100 g/t Au from 119.6 km of drilling. The mineralization at Sunday Creek follows a "Golden Ladder" structure over 12 km of strike length, with structures tested from surface to 1,100 m depth. Preliminary metallurgical work shows gold recoveries of 93% to 98% through gravity and flotation, and the company owns 1,392 Ha of strategic freehold land. A 200 km drill program is planned through Q1 2027. The company projects that index inclusion will broaden access to passive and institutional capital and raise its profile as it advances one of the highest-grade gold-antimony pre-development projects globally.

GoldMining Files PEA Technical Report for Its La Mina Project, Colombia - Highlighting $1.0 Billion After-Tax NPV and 32% IRR

(TSX:GOLD) GoldMining Inc. announced strong base case economics with an after-tax NPV5% of $1.0 billion, an after-tax internal rate of return of 32.2% and initial payback of approximately 2.7 years. At current spot prices ($4,775/oz Au, $5.75/lb Cu, $77/oz Ag), the after-tax NPV 5% increases to approximately $1.8 billion, IRR to 49.1%, and payback to 1.9 years. Initial capital expenditures are estimated at $523 million, with a 1.9x base case NPV 5% to initial capital ratio. The project is expected to produce an average of 152.4 koz Au equivalent annually over the first five years, with total life of mine production of 1.5 Moz AuEq (1.2 Moz Au, 2.6 Moz Ag, 195 Mlbs Cu) over an 11.2 year projected mine life. Estimated total cash cost is $872/oz Au and AISC is $1,045/oz Au. The PEA contemplates a conventional open pit, truck and shovel operation at a processing rate of 15,000 tonnes per day, with metallurgical recoveries of 91% Au, 80% Cu, and 64% Ag. The company projects further value enhancement through targeted exploration and de-risking.

Scorpio Gold Drills 1.27 G/t Gold Over 45.23 Metres From 137.95 Metres Along Caldera Margin at Goldwedge

(TSXV:SGN) Scorpio Gold Corp. announced results from three step-out holes of the Phase Two drill program at the Manhattan District Project, Nevada, USA, including hole 26MN-086 which returned 1.27 g/t gold over 45.23 metres from 137.95 m, with sub-intervals of 2.40 g/t gold over 7.47 m from 160.26 m and 8.06 g/t gold over 2.80 m from 172.31 m at Goldwedge. Scorpio Gold has drilled 92 drill holes to date from its Phase Two diamond drilling program, totaling 25,919 m, and has reported assays on 76 of these, totaling 22,362 m, with assays pending from 16 holes totaling 3,557 m. The maiden mineral resource estimate covering the Goldwedge and Manhattan Pit areas is comprised of 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 oz contained gold in the inferred category. A historical mineral resource estimate covers the Black Mammoth, April Fool, Hooligan, Keystone, and Jumbo areas and comprises 1,652,325 tonnes grading 5.89 g/t gold for a total of 303,949 oz contained gold. Historically, Manhattan has produced approximately 700,000 ounces of gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s. The company projects that pending results will be reported as they become available and that any new significant results from reviewing historic core will be included as they become available.

North Arrow Drills 9 M @1.23 G/t Au and 7 M @ 1.99 G/t Au at Target a, Kraaipan Gold Project, Botswana

(TSXV:NAR) North Arrow Minerals Inc. reports assay results from Rotation 1 reverse circulation ("RC") drilling at Target A and the completion of Rotation 2 RC drilling at Targets AE and AF, as part of the Company's US$2.3 million 2026 exploration program at the Kraaipan Gold Project in southern Botswana. Rotation 1 drilling at Target A comprised 20 angled RC holes totaling 1,103 m across four grids along the interpreted ~700 m NE-SW strike, with bedrock gold intercepts (>0.5 g/t Au) returned in 12 of 20 holes. Overburden samples from hole KR26-007 returned 29 g/t Au over 2 m at Grid 1 and KR26-001 returned 2.13 g/t Au over 3m at Grid 4. Rotation 2 RC drilling at Targets AE and AF is complete, with 22 RC holes totaling 1,198 m drilled and 29 new surface rock samples collected; results are expected in 6-7 weeks. North Arrow can earn up to 80% interest in the Kraaipan Project from Rockman Resources through a First Option to earn 60% by investing US$5 million over 3 years (US$1 million firm commitment achieved), and a Second Option, at Rockman's election, to earn an additional 20% upon completion of a Preliminary Economic Assessment. The Kraaipan Project comprises approximately 724 km² of mineral concessions covering the entire ~60 km northern extension of the Kraaipan Greenstone Belt. The company projects further structural mapping, re-interpretation, and targeted re-drilling at revised azimuths, with Rotation 3 RC drilling commencing this month and Rotation 4 follow-up drilling based on results from Rotations 1 and 2.

High-Grade Gold Intercepts Reported From Yarrol

(LSE: MILA) Mila Resources Plc announced assay results from a further nine RC drill holes at its Yarrol Gold Project in Queensland, Australia, as part of its initial 12-hole RC drilling programme. The company reported high-grade gold intercepts, including 3m @ 2.5 g/t from 21 m (with 1 m @ 7.24 g/t), 20 m @ 0.5 g/t from 66 m, 5 m @ 1.9 g/t from 94 m, and 29 m @ 0.74 g/t from 50 m (including 9 m @ 1.3 g/t). The drilling confirmed continuity and extensions to depth, with mineralisation remaining open in several directions and additional targets emerging. Mila has commenced data integration and geological modelling, expected to be completed by mid-July, to inform the next stage of drilling scheduled to begin in August. At the Monal Gold-Copper Project in Queensland, an IP geophysical survey is scheduled to commence in the coming weeks to generate high priority drill targets. At Kathleen Valley Gold Project in Western Australia, Mila and its partners have initiated a strategic review and updated resource study, with Mila holding a 30% equity position and the right to earn up to 80%. The company projects that targeted exploration and resource development at Kathleen Valley could unlock unrealised potential.

Molly Gold Project - Phase 2 Drilling Commencement

(AIM: JAN) Jangada Mines plc announced the commencement of its fully funded Phase 2 drilling programme at its Molly Gold Project in Brazil, with a cash position as of 1st June of c.US$2million. The programme includes a 10-hole diamond drilling programme totalling approximately 1,100 metres to test high-grade mineralisation at Molly 1 and evaluate the western and southern extensions of the newly discovered Molly 2 mineralised corridor. A 350 line-km Mag-drone survey and a 20.8 line-km ground IP survey are planned to provide detailed structural and lithological information and identify sulphide-bearing zones. Following these surveys, an 8-hole diamond drilling programme totalling approximately 1,400 metres will test anomalies at Vivi and Molly 2, as well as deep mineralisation at Molly 1. The current JORC [2012] resource at Molly is 130,000 oz Au from 2.1Mt @ 2g/t at a 0.5 g/t cutoff. The company projects that the programme is expected to significantly enhance the understanding of the structural framework controlling gold mineralisation and support future resource growth opportunities across the Molly Project.

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