Gold Bulletin

Thursday, May 21, 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

Iconic Minerals Initiates Drilling at New Pass Gold Property, Nevada

Iconic Minerals Ltd. (TSXV: ICM, OTCQB: ICMFF) has commenced drilling at its New Pass Gold Property in Churchill County, Nevada, under a joint venture with McEwen Mining Inc. (TSX: MUX, NYSE: MUX). The current drill program aims to test extensions of a mineralized zone already defined over more than 3,000 feet of strike length and remains open along strike and at depth. The New Pass Property covers 2,140 hectares and has seen over 131,000 feet of drilling across 329 drill holes, resulting in an inferred resource of 15,515,488 short tons containing 341,750 AuEq ounces. The deposit is a classic Carlin-type system, with mineralization hosted in silicified rocks and jasperoid developed in decalcified limestone. Road and drill pad construction has been completed for nine drill sites, with additional sites in progress. The company believes the current drill campaign has the potential to significantly expand the known mineralized system and further enhance the value of the existing inferred resource.

Centurion Initiates Exploration on Limestone Gold Project

Centurion Minerals Ltd. (TSXV:CTN) announced that field work is about to commence on the Limestone Gold Project, located in Suriname, near Zijin Mining's Rosebel and Saramacca Mines. The company is currently evaluating historical information and regional exploration data from the 1990s and early 2000s. A helicopter survey is scheduled to identify areas of recent artisanal mining and to assist in planning ground evaluation, including auger sampling and trenching.

Montero Comments on Proposed Changes to Chile's Mining Concession Regime

Montero Mining and Exploration Ltd. (TSXV: MON) announced the Government of Chile's proposed amendments to Chile's Mining Code and mining concession fee regime, which aim to support mineral exploration and development activities. The proposed reforms include eliminating the progressive escalation in exploitation concession fees, introducing a reduced concession fee category linked to active exploration, and expanding eligibility criteria for reduced fees. Montero is currently advancing its Elvira gold project in Chile's Maricunga Belt, with mobilisation activities and operational preparations underway for its Phase 1 diamond drilling program. The company holds a 100% interest in the Avispa copper-molybdenum project and has an option to acquire the Elvira and Potrero gold projects. Montero has 8,453,833 Common Shares and 735,383 stock options outstanding. The proposed legislative amendments remain subject to debate and approval by the Chilean National Congress before becoming law. These developments are significant for Montero as they may reduce concession holding costs and support ongoing exploration activities in Chile.

Galleon Gold’s 2026 Drilling Confirms Down-Dip Continuity at Zone #9 and Expands South Zone Footprint

Galleon Gold Corp. (TSXV: GGO, OTCQB: GGOXF) announced the first set of drill results from the 2026 drill program at its 100% owned West Cache Gold Project in Timmins, Ontario. The initial holes of the planned 18,000-meter drilling program targeted the down-dip extension of Zone #9 mineralization and the geological controls within the South Zone. Five holes with complete assay reporting and partial results from two holes are included in this release, with notable gold intercepts such as 5.16 g/t Au over 3.00 m and 5.13 g/t Au over 9.97 m. The company is also advancing an 86,500-tonne bulk sample program and continues to drill on the down-plunge projection of Zone #9 approximately 450 vertical meters below surface, with assays pending.

Amex Exploration Closes Fully-Subscribed C$50 Million Brokered LIFE Offering and First Tranche of Concurrent Private Placement

Amex Exploration Inc. (TSXV: AMX, OTCQX: AMXEF) announced the closing of its previously announced "best efforts" private placement offering of 11,110,150 common shares at C$4.50 per share, raising gross proceeds of C$49,995,675. The company also completed a first tranche of its brokered concurrent private placement, issuing 394,011 common shares for additional gross proceeds of C$1,773,049.50. A non-brokered private placement of 1,622,222 common shares for C$7,299,999 is expected to close after the market today. Strategic investor Eldorado Gold Corporation has indicated interest to purchase up to US$15,000,000 of common shares, subject to shareholder and regulatory approvals. The net proceeds will fund capital expenditures for the bulk sampling program, phase 1 development, a feasibility study for phase 2, exploration, and general corporate purposes. The offerings remain subject to final acceptance by the TSX Venture Exchange. The company notes that certain shares are immediately freely tradeable, while others are subject to a four month hold period.

Forge Resources Announces High-Potential 2026 Diamond Drill Campaign at the Alotta Project, Yukon

Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) announced initial targets and objectives for its anticipated 5,000 metre 2026 diamond drilling campaign at the Alotta Project, located within Yukon's Dawson Range Gold Belt. The initial round will comprise approximately 2,500 metres across eight holes, testing at least four targets, with mobilization scheduled for May 25, 2026. Drilling will focus on newly identified geophysical targets with strong gold-copper porphyry potential at the Payoff, Severance, and Commission zones. Previous drill results include significant mineralized intercepts, such as 78.00 m grading 1.31 g/t gold and 211 m grading 0.47 g/t gold. The company also holds an 80% interest in Aion Mining Corp., which is developing the La Estrella coal project in Colombia. This campaign aims to expand mineralized footprints and follow up on discovery holes, potentially unlocking further value for the company. Next steps include step-out drilling and testing of new targets, with results to inform future exploration.

Puma Exploration Confirms Broad Gold System at Jaguar; Kinross Launches 2026 Summer Program at Williams Brook

Puma Exploration Inc. (TSXV: PUMA, OTCQB: PUMXF) announced results from Kinross Gold Corp's 1,870-metre Winter 2026 diamond drilling campaign at the Williams Brook Gold Project in Northern New Brunswick, completed and funded under an option agreement with Puma. At the Jaguar Gold Zone, hole WB26-195 intersected 0.45 g/t Au over 56.50 m, including a higher-grade interval of 1.03 g/t Au over 16.0 m, while at the Lion Gold Zone, high-grade gold mineralization of 16 g/t Au over 0.50 m was confirmed. Kinross is targeting Jaguar for follow-up drilling this summer and has already launched its 2026 Summer Exploration Program with three field crews on site. Puma holds equity interests in several companies, including 11,181,058 shares of Canadian Copper (CSE: CCI) and 2,700,000 shares of BWR Exploration Inc. (TSXV: BWR), and maintains a portfolio of NSR royalties. The results highlight the potential for a wider gold-bearing system at Jaguar and confirm high-grade mineralization at Lion, supporting further exploration. Investors are informed that additional drilling and exploration activities are planned, with details to be provided as they become available.

General Copper Gold Corp. Announces Increase to Proposed Financing

General Copper Gold Corp. (CSE: GGLD) announced that its previously proposed private placement has been oversubscribed, leading the company to increase the offering size to up to CDN$1,750,000. The private placement consists of units priced at CDN$0.05 per unit, each including one common share and one-half of a common share purchase warrant, with each whole warrant exercisable at CDN$0.10 per share for 12 months. The net proceeds will be used to exercise an option agreement with Frantier Mining Namibia (Proprietary) Limited for an 80% interest in a Namibian prospecting license, to advance exploration at the Topley Richfield copper-gold property in British Columbia, and for general corporate purposes. The offering remains subject to Canadian Securities Exchange approval, and all securities issued will have a four-month resale restriction.

Blue Star Updates its Ulu Gold Project Mineral Resource Estimate

Blue Star Gold Corp. (TSXV: BAU, OTCQB: BAUFF) announced an updated Mineral Resource Estimate (MRE) for its Ulu Gold Project in Nunavut, Canada. The updated MRE reports a Measured and Indicated Mineral Resource of 2.204 million tonnes at an average grade of 7.87 g/t gold for 558,000 ounces, and an Inferred Mineral Resource of 3.263 million tonnes at 4.54 g/t gold for 476,000 ounces. The MRE is based on 574 diamond drill holes totaling 123,004 metres, with 125 holes (23,185 metres) completed by Blue Star since 2019. Metallurgical studies suggest gold recoveries exceeding 90%, and the resource remains open for further expansion. The company's projects, including Ulu, Roma, and Auma, cover approximately 42,342 hectares in the High Lake Greenstone Belt. A Technical Report on the Ulu Gold Project will be filed on SEDAR within 45 days of the news release. This update highlights the project's growth potential and ongoing exploration upside for investors.

NevGold Commences 20,000 Meter Drill Program at Antimony-Gold Limo Butte Project, Nevada; Streamlined Focus on Resource Building, Expansion, and New Discoveries

NevGold Corp. (TSXV:NAU, OTCQX:NAUFF) has commenced a 20,000 meter drill program at its antimony and gold Limousine Butte Project in Nevada. The program focuses on Mineral Resource conversion and expansion, targeting the high-grade antimony-gold Bullet Zone and Armory Fault, and aims for new discoveries using the NevGold geological model. The company completed CSAMT geophysics in Q1-2026 and identified high priority drill targets, with all 2025 drillholes at the Bullet Zone discovery intercepting significant oxide gold-antimony mineralization. NevGold also announced a debt settlement with Mercer Street Global Opportunity Fund II, LP, converting $555,208.33 of accrued original issue discount into 227,544 common shares at $2.44 per share. The drill program is covered under the Advanced Plan of Operations Permit, and the maiden antimony-gold Mineral Resource Estimate is rapidly progressing. These developments are critical steps toward potential antimony production by 2027 and expanding the company's resource base. The Debt Settlement is subject to TSX Venture Exchange approval, and further drilling and resource updates are anticipated.

Galleon Gold's 2026 Drilling Confirms Down-Dip Continuity at Zone #9 and Expands South Zone Footprint

Galleon Gold Corp. (TSXV:GGO, OTCQX:GGOXF) announced the first set of drill results from its 2026 drill program at the 100% owned West Cache Gold Project in Ontario. The initial holes of the planned 18,000-meter drilling program targeted the down-dip extension of Zone #9 mineralization and the South Zone. Five holes with complete assay reporting and partial results from two holes are included. Highlights include intercepts such as 5.16 g/t Au over 3.00 m and 5.04 g/t Au over 5.91 m in Zone #9, and 7.77 g/t Au over 1.00 m in the South Zone. The company is currently drilling on the down-plunge projection of Zone #9 approximately 450 vertical meters below surface, with assays pending. The West Cache Gold Project covers approximately 11,600 ha and features an upcoming 86,500-tonne bulk sample program. These results confirm grade continuity and support the company's de-risking strategy centered on resource growth.

Mayfair Gold Advances District-Scale Exploration Strategy

Mayfair Gold Corp. (TSXV: MFG) announced the initiation of a regional exploration program across its Timmins camp land package. This follows the acquisition of the Guibord, Marriott, and Holloway properties and ongoing exploration at the South Block. The newly acquired properties complement Mayfair's flagship Fenn-Gib Gold Project, which hosts a 4.3 million ounce indicated mineral resource of gold. The Fenn-Gib project was advanced toward development through a positive Pre-Feasibility Study released in January 2026. The announcement includes references to geological maps highlighting the central and southern Abitibi greenstone belt and the North Block, South Block, and Guibord properties.

Compass Confirms High Grades and Wide Mineralized Intervals at the Massala Prospect

Compass Gold Corp. (TSXV: CVB) announced results from the first drilling fence of its resource definition diamond drilling at the Massala prospect on the Sikasso Property in Southern Mali. The company reported wide zones of significant gold mineralization, including visible gold and high-grade intervals, with drilling along a 340 m mineralized zone of the Tarabala fault. A total of 39 holes (1,329 m) have been drilled as part of an initial 42-hole (1,400 m) program, with notable results such as 18 m at 4.99 g/t Au and 3.8 m at 21.94 g/t Au. Operations at Massala continue uninterrupted despite recent political and social disruptions in Mali, and the company is making arrangements for sample analysis at SGS in Burkina Faso due to a temporary pause at the Bamako lab. The company continues to advance the Massala Small Mine Project and related development planning activities. Further assay results and updates will be provided as they become available.

Gladiator Intersects Further High-Grade Copper and Gold at New Cub East Discovery Including 24m @ 3.03% Cu+ 1.08g/t Au from 190m

Gladiator Metals Corp. (TSXV: GLAD, OTCQB: GDTRF) announced results from its first three drill holes (741m) at Cub East, part of the Whitehorse Copper Project in Yukon, Canada. The drilling intersected significant high-grade copper-gold-silver magnetite skarn in all holes, with notable intercepts such as 28m @ 1.57% Cu, 0.56g/t Au & 16.86g/t Ag and 40m @ 2.01% Cu, 0.72g/t Au & 19.43g/t Ag. Six holes totaling 1,638m have been completed at Cub East, with assays received for the first three. The results confirm and extend high tenor mineralization discovered in late 2025, demonstrating strong continuity across more than 350 metres of strike and 300 metres down-dip. Gladiator is fully funded and advancing an aggressive ~45,000 metre drill campaign in 2026, with further assay results pending from both Cowley and Cub East. The company plans to complete at least 8,000 metres of drilling at Cowley for resource delineation and aims to report maiden high-grade copper NI 43-101 compliant inferred resource(s) in 2026. These developments enhance the scale potential of the system and position Gladiator for a catalyst-rich period through the balance of 2026.

First Mining Commences 2026 Drilling Campaign and Signs Milestone Drilling Partnership with Forage Anicinape at the Duparquet Gold Project

First Mining Gold Corp. announced the commencement of project activities and the signing of a new drilling partnership at its Duparquet Gold Project in Quebec, Canada, with Forage Anicinape, an Indigenous-led drilling company. The initial 2026 drill campaign at Duparquet is expected to total approximately 12,000 metres, focusing on increasing resource confidence, advancing exploration, and supporting technical studies. Highlights from the 2025 drilling program at the Miroir target include significant gold intercepts, such as 3.74 g/t Au over 15.5 m and 7.18 g/t over 8.0 m. The Duparquet Project currently hosts an NI 43-101 compliant gold resource of 3.44 million ounces in the Measured & Indicated category and 2.64 million ounces in the Inferred category. The project covers approximately 5,800 hectares and includes several past-producing mines and deposits. First Mining is also advancing the Springpole Gold Project in Ontario and holds interests in other gold projects.

A.I.S. Resources Acquires More Prospective Ground and Commences Field Exploration of Saint John Project, New Brunswick

A.I.S. Resources Limited (TSXV: AIS) announced the expansion of its land holdings at the Saint John Project in New Brunswick and the commencement of field exploration activities. The company has staked one additional mineral claim, Claim 12483, consisting of 47 claim cells covering approximately 1,175 hectares. This acquisition increases the company's total land position in the Saint John area to 12,550 hectares across four claim blocks. The field exploration program includes ground prospecting, geological mapping, and rock sampling, targeting areas with limited historical sampling and aiming to identify additional mineralized zones and exploration targets. The program will also help prioritize potential drill targets for a planned diamond drilling program. The Saint John Project currently includes three principal prospect areas: Prince of Wales, Little Lepreau, and Headaway, where copper, gold, silver, lead, and antimony mineralization has been reported. Results from the current field program will be used to refine the geological model and support future exploration planning.

Tudor Gold Commences 2026 Exploration Drill Program at Treaty Creek

Tudor Gold Corp. (TSXV:TUD) announced that its 2026 Exploration Program has commenced at the Treaty Creek Project in the Golden Triangle, British Columbia. The program includes two diamond drills currently operating, with a minimum of 10,000 meters of drilling planned to follow up on higher-grading mineralization in two of the three known gold zones along the Sulphurets Thrust Fault near the Goldstorm Deposit. Phase One began at the CBS Zone with an initial 2,000 meters of drilling, while Phase Two will focus on the Perfectstorm Zone with 8,000 meters of drilling planned. Previous drill results include intersections such as 0.78 g/t gold and 2.34 g/t silver over 155 meters at CBS-21-02, and 1.23 g/t gold and 3.43 g/t silver over 102.15 meters at PS-23-10. The Goldstorm Deposit hosts Indicated Mineral Resources of 24.9 million ounces of gold, 148.7 million ounces of silver, and 3.048 billion pounds of copper, and Inferred Mineral Resources of 2.6 million ounces of gold, 7.2 million ounces of silver, and 67.9 million pounds of copper. A permit application has been filed for an underground ramp to access the high-grade gold SC-1 Zone, and a Preliminary Economic Assessment for underground mining is underway. The company emphasizes the ongoing nature of exploration and the potential for further discoveries at Treaty Creek.

Adelayde Exploration Completes Work Programs on the Sisson North Tungsten Project and the George Lake South Tungsten Antimony Project in New Brunswick

Adelayde Exploration Inc. (CSE: ADDY) announced the completion of two work programs involving a helicopter aeromagnetic/radiometric/VLF survey on its Sisson North Tungsten Project and George Lake South Antimony Tungsten Project, both located in New Brunswick. The company is actively advancing these projects to strengthen its exposure to critical minerals such as tungsten and antimony, which are increasingly important due to global supply chain concerns. Adelayde's geological team is currently reviewing and interpreting the data from these exploration programs. The company also plans to commence a gold drill program shortly. Adelayde holds several projects, including three lithium projects in Clayton Valley, Nevada, and a gold project in Esmeralda County, Nevada. Adelayde states it is well financed to advance its portfolio and generate multiple catalysts in the coming months.

Advance Metals Moves Towards Full Ownership of Myrtleford and Beaufort Gold Projects

Advance Metals (ASX: AVM) has reached an agreement with 1548043 BC to acquire the remaining 20% interest in the Myrtleford and Beaufort gold projects in Victoria, moving towards 100% ownership. The revised deal involves a total consideration of $4.07m in cash or shares, including an additional $1.02m, and grants 1548043 BC a 1% net smelter return royalty on future gold production. The company previously acquired an 80% interest for $3.05 million in cash or shares over four years. Recent exploration at Myrtleford delivered high-grade drilling assays, such as 8.2 metres at 28.8 grams per tonne gold and gold recoveries of up to 96% at the Happy Valley prospect. High-grade mineralisation at Happy Valley extends to at least 500m below surface. Advance Metals is currently working on a structural model for future drill targeting, with ongoing regional mapping, sampling, and further drill targeting underway.

Resolution Minerals Completes First Three Holes of New Golden Gate Drilling Program

Resolution Minerals (ASX:RML) has completed the first three holes, totaling 763 metres, of its new Golden Gate drilling program targeting tungsten-gold mineralisation. The drilling is part of a larger 2026 Golden Gate diamond drilling program, which comprises 45 holes for up to 13,700 metres, supported by two MP1500 rigs at Golden Gate South and Golden Gate North. The company observed 'highly encouraging' sulphide mineralisation (pyrite, arsenopyrite) and intense alteration in all holes, similar to features in well-mineralised holes at Golden Gate North. Drilling will test extensions of a 500m x 600m coincident gold-tungsten soil anomaly and areas targeted by historical tungsten mining. The area has a history of tungsten exploration and development dating back to the late 1940s, with open pit mining in the early 1950s and most recent mining in 1980. Composite samples from stockpiles at the recently acquired Johnson Creek mill site returned assays of up to 1.85% tungsten trioxide. A second drill rig has arrived on site and is expected to start turning early next week, aiming to fast-track the current program.

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