Gold Bulletin

Monday, July 6, 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

Spanish Mountain Gold Reports 69.20 Metres of 0.74 G/t Gold and 77.85 Metres of 0.70 G/t Gold as Part of Its Feasibility Study Drill Program

(TSX-V:SPA, OTCQB:SPAUF) Spanish Mountain Gold Ltd. announced assay results from seven diamond drill holes on the Spanish Mountain Gold project in the Cariboo Gold Corridor, British Columbia, Canada. Approximately 16,083 metres of a planned 60,000 m drilling program has been completed to date, with results presented for holes 26-DH-1367 to 26-DH-1373 and assays pending for 20 additional drill holes. Highlights include 69.20 m of 0.74 g/t gold from 53.80 m in hole 26-DH-1367, 77.85 m of 0.70 g/t gold from 35.05 m in hole 26-DH-1371, and 193.00 m of 0.41 g/t gold from 60.00 m in hole 26-DH-1373. On November 20, 2025, the company issued 325,000 common shares at $0.13 per share (total consideration of $42,250) to acquire five mineral claims adjacent to the project. On May 1, 2026, the company received the first instalment of US$22.5 million in connection with the sale of a 1.5% NSR to Wheaton Precious Metals for US$55 million. The company initiated a feasibility study in Q2 2026, which is fully funded and will position the company to make a construction decision in 2028. The company plans to mobilize two additional diamond drill rigs the week of July 8th.

Antipa’s PFS Test-work Confirms Conventional Gold-copper Processing

(ASX:AZY) Antipa Minerals has confirmed cost-effective processing options for its Minyari Dome. The company highlights that metallurgical testwork has demonstrated gold recoveries of up to 97%. Antipa Minerals also reports that the Minyari Dome hosts a Mineral Resource Estimate of 33.4 million tonnes at 1.6 g/t gold for 1.8 million ounces of gold. The company projects that these processing options will enhance project economics and support future development decisions.

Refined Energy Acquires Option to Purchase the Golden Goose Project, Newfoundland

(CSE: RUU) (OTC: RRUUF) Refined Energy Corp. has entered into an option agreement with New Rock Mining Corp., Unity Resources Inc. and Nidon Enterprises Ltd. to earn a 100% interest in the Golden Goose Project, which consists of 93 mineral claims located in central Newfoundland. Under the Option Agreement, Refined may acquire a 100% interest in the Project by making aggregate cash payments of $455,000, issuing an aggregate of 2,100,000 common shares, and incurring $3,000,000 in exploration expenditures over a four-year period. Upon exercise of the option, the Optionors will retain a net smelter return royalty ranging from 1.5% to 2.0%, depending on the applicable mineral licence, subject to certain buyback rights. An additional cash payment of $100,000 and issuance of 1,250,000 common shares is required upon completion of a preliminary economic assessment meeting certain criterion. The Project is located within a prospective gold-antimony district in central Newfoundland and has been the subject of historical prospecting, geochemical surveys, geophysical surveys, and diamond drilling. The company projects the completion of an independent NI 43-101 technical report and intends to evaluate and prioritize potential next steps for the Project, including a summer exploration program and other exploration activities. The company continues to evaluate additional regional opportunities.

Amex Gold Mining Advances Bulk Sample Construction

(TSXV: AMX, OTCQX: AMXEF) Amex Gold Mining Inc. announced an update on construction and development activities for its 40,000-tonne underground bulk sample program at the Perron Gold Project in Quebec. Multiple infrastructure pads have been completed or are nearing completion, and the water treatment plant has arrived on site with installation underway. Construction of the underground portal is planned to commence during the week of July 6, 2026, following the selection of a contractor after a competitive tender process involving three qualified mining contractors. The bulk sample program will involve the development, mining, and processing of approximately 40,000 tonnes of material from the Champagne Zone. The Perron Project consists of 183 contiguous claims for a surface area of 65.72 km², and the consolidated land package, including adjacent projects in Ontario, spans 570.94 km². Connection to Hydro-Québec's hydro-electric grid infrastructure is anticipated later in 2026 or early 2027. The project is located approximately 110 kilometres north of Rouyn-Noranda, Quebec, and about 6.5 km from the Town of Normétal.

Juggernaut 10,000 Meter Inaugural Drill Program Commenced on New District Scale High-Grade Gold Silver Copper Rich Discovery at 100% Controlled Big One Property, Golden Triangle, B.C

(TSX-V:JUGR, OTCPK:JUGRF) Juggernaut Exploration Ltd announced that drilling has commenced on the newly discovered district scale gold, silver, copper rich system on the 100% controlled Big One property in the Golden Triangle, British Columbia. The fully funded 2026 inaugural drill program will consist of ~10,000 meters of drilling with two drill rigs designed to test the largest and most extensive veins hosted within the 22 km2 Eldorado zone. Surface samples from the Eldorado zone assayed up to 263.70 g/t AuEq or 8.48 oz/t AuEq, and channel cuts assayed up to 4.89 g/t AuEq over 5.21 m from more than 400 mineralized veins. The Whopper Vein returned grab samples assaying up to 43.94 g/t AuEq and channel sampling of 6.89 g/t AuEq over 4.00 meters, while the Big Mac Vein produced grab samples up to 113.92 g/t AuEq and a channel cut of 4.89 g/t AuEq over 5.21 meters. The Gold Dome Zone's XXXL Vein system delivered grab samples up to 139.21 g/t AuEq and channel cuts of 5.86 g/t AuEq over 3.00 meters. The company has granted 2,200,000 stock options to directors, officers and consultants at an exercise price of $1.61 for a ten-year period. The 5-year drill permit is valid until March 31, 2031, and the Canadian government committed $20 M to extend/improve the Galore Creek Road to within 15 km of the Big One property.

Sable Expands Cu-Au Footprint and Identifies New Copper and Gold Targets Ahead of Maiden Drill Program at the Zorro Project, San Juan, Argentina

(TSXV:SAE OTCQB:SBLRF) Sable Resources Ltd. reported the results of a 1,719 sample soil geochemistry survey at its Zorro Project in San Juan Province, Argentina. The survey defined two mineralized domains: a Cu-Ag (Au-Bi-W) domain in the west and a Au-Ag-Zn (As-Pb) domain in the east, with the Zorro Copper anomaly extending 800m by 500m and Zorro North now covering >2,000m by 1,000m. A significant new gold anomaly, Zorro Gold, was outlined, extending 1,600m by 1,000m, with historic rock chip samples returning up to 140 g/t Au and 259 g/t Ag. The company has completed consolidation of the 8,460 ha Zorro Project and is preparing for a maiden diamond drill program in the second half of July to test five identified targets. The soil geochemical results confirm and significantly extend the footprint of the Zorro Copper and Zorro North targets and highlight new areas of interest. Sable is also actively exploring the San Juan Regional Program (>141,000 ha) and holds properties in British Columbia (21,038 ha). The company projects that the Zorro Project hosts a large intrusive-related mineral system with multiple mineralized centres.

New Found Gold Provides Queensway and Pine Cove Update

(TSXV:NFG) New Found Gold Corp. provided an update on the development of its 100% owned flagship Queensway Gold Project and Pine Cove mill and tailings facility, located in Newfoundland and Labrador, Canada. The company submitted the Queensway Phase 1 environmental registration on April 30, 2026, and was notified on July 3, 2026, that an Environmental Preview Report (EPR) is required. The company plans to convert and expand Pine Cove from the current 700 tonne per day flotation-leach-Merrill-Crowe circuit to a 1,400 tpd gravity-carbon-in-leach circuit, with the permit amendment for conversion received and the expansion permit to be applied for. Phase 1 will produce approximately 700 tpd of pre-concentrated product feed, with an initial capital cost of $155M for an average annual production of 69.3 thousand ounces of gold at an all-in sustaining cost of US$1,282 per ounce from 1,150 thousand tonnes mined at an average grade of 9.64 grams of gold per tonne. The company expects to send first Queensway Phase 1 material to the mill in Q4 2027 and achieve Phase 1 commercial production in H2/28. As of December 2025, there were 97 direct employees and 105 contractors associated with ongoing exploration activities at Queensway, with 88% of employees working at New Found Gold sites residents of NL and 61% from Central Newfoundland.

Anteros Mobilizes to Havens Steady Copper-Gold-Silver Target and Provides Multi-Property Exploration Update

(CSE: ANT) Anteros Metals Inc. announced updates on exploration activities and corporate developments across its project portfolio, including the Seagull Project in Ontario and the Havens Steady, Knob Lake, and Strickland properties in Newfoundland and Labrador. At the Seagull Project, diamond drilling was completed with drill hole WM00-05EXT reaching a final depth of 1,449m, and WM08-27EXT was deepened to 1,200m, intersecting up to 0.558 g/t combined platinum and palladium over 1.0 metre, including 290 ppm copper and 1,655 ppm nickel. Trenching and channel sampling are underway at the 100%-owned Havens Steady property, where grab samples returned up to 2.17% copper, 21.3 g/t silver, and 0.22 g/t gold from mineralized float. At Knob Lake, historical iron resource estimates comprise 5.08 million tonnes grading 54.71% Fe (Measured and Indicated) and 643,800 tonnes grading 51.78% Fe (Inferred), while historical manganese resources are 588,000 tonnes grading 5.33% Mn (Measured and Indicated) and 127,000 tonnes grading 4.80% Mn (Inferred). The Strickland property hosts historical mineral inventories including 260,000 tonnes grading 195 g/t silver and 5.25% combined lead-zinc at the Main Zone, 15,000 tonnes grading 480 g/t silver and 2.0% combined lead-zinc at the Silver Hill Zone, and 750,000 tonnes grading 2.0% combined lead-zinc at the Main Extension Zone. The company projects that ongoing technical work, including geological modelling, geophysical inversion, and sampling, will refine exploration targets and support future drill targeting across its portfolio.

ICG Silver & Gold Commences 3,000-Meter Phase 1 Drill Program at the Tuscarora District, Nevada

(CSE: ICG) ICG Silver & Gold Ltd. announced that it has commenced its Phase 1, 3,000-meter reverse circulation "RC" Drill Program at the Tuscarora District in Elko County, Nevada. The program will focus on six priority target areas: Silica, Battle Mountain, King's Vein, Grand Prize, East Pediment, and Modoc. Drilling commenced at the Silica target on July 2, 2026, and the company expects to announce initial assay results in August. ICG controls 100% of the approximately 10,000-acre land package in the district. Major Drilling International Inc. has been hired to perform drilling services. The program is designed to test geological interpretations, evaluate the continuity and extent of mineralization, and generate new geological and assay data. The company projects that Phase 1 drilling will allow it to test multiple shallow silver-gold targets while collecting geological data to refine its district-scale model.

Hannan Completes Maiden Drill Program at High-Grade Gold Project Stavaträsk in Sweden and TSXV Accepts Acquisition for Filing

(TSXV: HAN) Hannan Metals Limited has completed its maiden diamond drill program at the Stavaträsk gold project in the Skellefteå district of northern Sweden, drilling 7 holes for a total of 1,040 m. Assay results from this program are expected within the next six weeks, and a second 1,000-metre drill program is planned following review of the initial results. The TSX Venture Exchange has accepted for filing the Company's Option Agreement dated June 10, 2026, to acquire a 100% interest in the Stavaträsk, Skellefteå North and Ådelfors gold projects in Sweden. Acquisition terms include a staged issuance of 400,000 shares upon completion of the first drill program (issued), 600,000 shares upon completion of the second 1,000-metre program, and 3,500,000 shares upon completion of the 100% earn-in, with a cumulative total of C$2 million in work programs. The vendor retains a 2% Net Smelter Return royalty, which the Company may re-purchase in full for C$3 million. Outcrop samples at Stavaträsk returned grades of 93 g/t Au and 24 g/t Ag, while a boulder field yielded 8 samples averaging 3.2 g/t Au, 67 g/t Ag, and 0.83% Cu. The company projects that the Swedish program is designed to complement its flagship Previsto gold-copper prospect in Peru, with maiden drilling at Previsto planned in 2027.

U.S. GoldMining Commences 2026 Drilling Program to Test High-Priority Exploration Targets at Its 100% Owned Whistler Gold-Copper Project, Alaska

(NASDAQ: USGO) U.S. GoldMining Inc. announced that it has commenced drilling as part of the previously announced 2026 exploration program at its 100% owned Whistler Gold-Copper Project in Alaska. The Whistler Orbit represents a classic 'porphyry cluster' spanning a 7.5 km by 4.5 km area, with over 25 individual exploration targets delineated. The 2026 Program is fully funded to drill a minimum of 6,000 meters of core to test the highest ranked 8 to 10 targets within the Whistler Orbit. The recent Whistler initial economic assessment (PEA) conceptually modeled an after-tax net present value at a 5% discount rate (NPV5%) of $2.0 billion, a 33% internal rate of return (IRR), and initial payback of 2.1 years, at base case prices. Base-case prices used in the 2026 Whistler PEA are $3,200 per ounce gold, $4.50 per pound copper, and $37.50 per ounce silver. The Whistler Project consists of several gold-copper porphyry deposits and exploration targets within a land package totaling approximately 53,700 acres (217.5 square kilometers). The Company anticipates releasing the first batches of assay results by the end of the third quarter, subject to laboratory turnaround times.

Dryden Gold Acquires Additional Property in the Gold Rock Camp

(TSXV: DRY) Dryden Gold Corp. has entered into an option agreement to acquire 100% ownership of 123 tenured mineral claims known as the Lost Lake Property from Orebot Inc. The agreement requires Dryden Gold to make cash payments totaling $100,000 and issue 125,000 common shares of Dryden Gold as consideration, with specific payments and share issuances scheduled at signing, on or before the first anniversary, and on or before the second anniversary of the agreement. Following the option exercise, Dryden Gold will grant Orebot a net smelter returns royalty (NSR) of three percent (3%) after commencement of commercial production, with the right to acquire one-half of the NSR for $1,000,000. The property is located in the historic Gold Rock Mining Camp and is surrounded by the company's existing claims, with a 2.4 km long gold grain in till anomaly identified. The agreement is subject to approval of the TSX Venture Exchange. The company projects future development plans and anticipates receipt of corporate and regulatory approvals, issuance of common shares, and advancement of exploration activities.

Adyton Receives Wapolu Environmental Permit, Advancing Restart of Historic Gold Mine

(TSXV: ADY) (OTCQB: ADYRF) Adyton Resources Corporation announced that the Papua New Guinea Conservation and Environment Protection Authority (CEPA) has granted the Environment Permit EP-L2(1080) to Wapolu. The permit confirms that the Project's environmental management plans have satisfied the requirements of the CEPA framework. As previously announced on June 8, 2026, the Company received approval from the MRA for a variation to Exploration Licence 2549 ("EL 2549"), enabling the extraction and processing of an approximately 20,000 tonne bulk sample. The Fergusson Island Projects currently have an indicated mineral resource of 5.0 million tonnes at an average grade of 1.28 g/t Au for contained gold of 206,000 ounces and an inferred mineral resource of 23.2 million tonnes at an average grade of 0.99 g/t Au for contained gold of 733,000 ounces. The Feni Island Project currently has an initial inferred mineral resource of 60.4 million tonnes at an average grade of 0.75 g/t Au, for contained gold of 1,460,000 ounces. The approval of the EL 2549 variation, together with the grant of the Environment Permit, represents meaningful progress toward the restart of mining and processing operations (300,000 tpa ROM) at Wapolu which remains on target for Q4 2026. The company projects the restart of mining and processing operations at Wapolu in Q4 2026.

Southern Cross Gold Drills 7.9 M @ 19.9 G/t AuEq Including 7.1% Sb and 2.8 G/t Au in Upper Golden Dyke: Antimony Dominance Confirmed

(TSX:SXGC) Southern Cross Gold Consolidated Ltd announced results from six drill holes targeting the upper portion of the Golden Dyke prospect at the 100%-owned Sunday Creek Gold-Antimony Project in Victoria. The best result was 7.9 m @ 19.9 g/t AuEq (2.8 g/t Au, 7.1% Sb) from 363.1 m in drill hole SDDSC233, including 3.7 m @ 37.5 g/t AuEq (3.5 g/t Au, 14.2% Sb) from 367.3 m. Individual antimony assays reached up to 47.0% Sb & 20.1 g/t Au over 0.13 m (SDDSC233) and 46.6% Sb & 1.3 g/t Au over 0.13 m (SDDSC228), with 108 composite intersections exceeding 10% Sb across the project. The project has reported 268 drill holes for 129.6 km since late 2020, with 69 holes pending results and eleven drill rigs currently operational. The company continues its ongoing 200,000 m drill program through to Q1 2027. The Sunday Creek project covers 16,900 hectares of granted exploration tenements and includes 1,392 Ha of freehold land. Management targets ongoing step-out drilling to uncover the potential extent of the mineralized system.

Provenance Gold Intersects 1.82 G/t Gold Over 116.74m Including 8.31 G/t Gold Over 12.34m at Eldorado West

(CSE: PAU) (OTCQB: PVGDF) Provenance Gold Corp. announced assay results from the final three diamond drill holes (EC-07, EC-08, and EC-09) of the 2025 core drilling program at its Eldorado West Project in Eastern Oregon, totaling 2,023.4 metres. Drill hole EC-09 returned 1.82 grams per tonne ("g/t") Au over 116.74m, including 2.14 g/t Au over 14.78m and 4.70 g/t Au over 25.60m, with a further interval of 8.31 g/t Au over 12.34m. EC-08 intersected 0.46 g/t Au over 38.86m in altered and brecciated diorite, identifying a new zone of mineralization south of Zone 2. The 2025 drill campaign highlighted predominantly shallow, high-grade gold mineralization and demonstrated continuity of the mineralized system, with broad mineralization over long intervals. The company plans to commence a fully funded and permitted core drilling program at the Project later this month, to be carried out by Titan Drilling Ltd. Environmental surveys, including eagle, raptor, and greater sage-grouse lek surveys, have been completed and approved, granting greater operational flexibility for drilling activities throughout the full exploration season. Provenance Gold Corp. is focused on its flagship Eldorado Gold Project in Eastern Oregon and holds additional exploration-stage assets in Nevada, USA.

NewPeak Metals Confirms Large-Scale Gold-Zinc-Silver Discovery at Las Opeñas

(ASX:NPM) NewPeak Metals has confirmed the discovery of a large-scale gold-zinc-silver system with the first hole of its 2026 diamond drilling program at the 100%-owned Las Opeñas project in San Juan Province, Argentina. Assay results from discovery hole 26-LODH-023 returned 663 metres at 0.41 grams per tonne gold equivalent from surface to the end of hole, including 0.16g/t gold, 0.65% zinc, and 4.53g/t silver. Hole 26-LODH-023 was collared about 5m south of the historical hole 12-LODH-03 Genesis Minerals (ASX: GMD) completed in 2012, which returned 115m at 0.58g/t gold, 0.65% zinc, 3.5g/t silver, and 0.24% lead from 18m to the end of hole. NewPeak has completed 2,464m of diamond drilling across six holes and expects to report the remaining 1,802m of assays from five holes within the next three to six weeks. Las Opeñas contains a reinterpreted 800m by 600m breccia zone that had previously only been tested to relatively shallow depths. Permitting is already in place to recommence drilling up to another 7,500m, and the company believes favourable results from the remaining holes could support a push towards a maiden resource.

Barton Gold Delivers New High-Grade Assays in Expanded Phase 2 Tunkillia Campaign

(ASX: BGD) Barton Gold has delivered additional high-grade assays from an expanded Phase 2 upgrade drilling campaign at its Tunkillia gold project in South Australia. Broad intersections in the southern zone of the Area 223 optimised open pit yielded results such as 13 metres at 5.01 grams per tonne gold from 55m, including 3m at 15.8g/t from 62m, and 17m at 3.09g/t gold from 100m, including 1m at 8.9g/t from 102m and 1m at 36.9g/t from 108m. Other highlights include 4m at 7.6g/t gold from 95m, including 1m at 27.2g/t from 95m, and 21m at 1.65g/t gold from 93m, including 2m at 11.67g/t from 102m. Phase 1 upgrade drilling assays infilled the high-value S1 and S2 pit areas, which are modelled to produce $1.3 billion operating profit during the first 2.5 years of operation at Tunkillia, assuming commodity prices of $5,000 per ounce gold and $50 per ounce silver, with a payback profile of less than 12 months. The recently-expanded 40,000m campaign is targeting further extensions and higher-grade mineralisation upside. The company currently has multiple work programs in progress, including environmental and cultural heritage surveys, technical studies for the tailings storage facility and other non-process infrastructure, evaluation of prospective renewable energy solutions, and a review of potential options for financing, construction, and operation of camp infrastructure. The company projects completion of the expanded Phase 2 upgrade drilling, mineral resource upgrades, completion of the pre-feasibility study, and submission of the mining lease application.

Yandal Resources Confirms High-Grade Gold Mineralisation at Arrakis Discovery

(ASX: YRL) Yandal Resources reported that drilling at its Arrakis discovery within the Ironstone Well-Barwidgee (IWB) gold project in Western Australia has demonstrated continuity of high-grade mineralisation at depth. Results from four diamond holes validated a steep plunging high-grade zone to the south with an approximate strike length of 150 metres and strong mineralisation below a cross-cutting shear zone. Significant intercepts included 11.5m at 1.6 grams per tonne gold from 347.6m (including 5m at 3.1g/t from 348m), and 18m at 1.8g/t gold from 290m (including 4.1m at 5.7g/t from 301.7m). Additional results were 21.7m at 0.8g/t gold from 366m (including 4m at 2.1g/t from 370m), and 10.2m at 1.3g/t gold from 240.8m (including 3.8m at 2.9g/t from 242.3m). The IWB project covers 370 square kilometres and has an established gold resource of 268,000 ounces at Flushing Meadows. The company projects that Arrakis remains open at depth and anticipates it will prepare and publish an exploration target for Arrakis in late July.

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