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Tuesday, May 26, 2026

Gold Market Context: Macro Drivers

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Today's Interesting Company News

Montero Defines Initial First-Pass Drill Program at the Elvira Gold Project, Chile

Montero Mining and Exploration Ltd. (TSXV: MON) announced it has finalized the initial first-pass drill program at its Elvira Gold Project in Chile. The program is designed to test the highest-priority integrated targets identified through an integrated review of geological, geochemical, and geophysical datasets. The initial program is expected to include four drill holes for approximately 2,025 metres, focusing on both upper gold-bearing feeder architecture and deeper sulphide-rich porphyry vectors. Historical drilling at Elvira has intersected gold, copper, silver, and zinc intervals, supporting the interpretation of a large high-sulphidation hydrothermal system. Montero holds a 100% interest in the Avispa copper-molybdenum project and has an option to acquire the Elvira and Potrero gold projects in Chile. Ongoing technical assessment during drilling will inform the prioritization of subsequent holes, and the company will use portable XRF analysis for rapid geochemical information.

Granada Gold Mine Advances On-Site Processing Authorization for Gravity Concentration at Granada Gold Project

Granada Gold Mine Inc. (TSXV: GGM) announced the engagement of an Environmental Engineering Company (EEC) to prepare and file an Authorization Modification Request under Article 30 of the Québec Environment Quality Act to add on-site gravity concentration to its existing Certificate of Authorization for the Granada Gold Project near Rouyn-Noranda, Québec. The modification seeks to permit on-site gravity processing technology within a dedicated facility at the mine site, representing the first formal infrastructure permitting step in the Company's Rolling Start development pathway. The Company currently holds a Certificate of Authorization from the Québec MELCCFP, covering four open pits, two waste rock stockpiles, and one mineralized material stockpile, with the existing authorization issued in 2016. The proposed modification would enable evaluation of on-site gravity concentration as a production pathway alongside toll milling alternatives. Granada is also advancing a mineral resource estimate update with GoldMinds Geoservices Inc. and continues to evaluate project financing alternatives, including potential non-dilutive structures. A preliminary version of the application is expected by September 2026, with the final version targeted for October 2026, subject to timely provision of engineering design packages.

Kobrea Confirms Copper-Gold-Molybdenum Porphyry System in Initial Drill Program at the El Perdido Project - Mendoza Province, Argentina

Kobrea Exploration Corp. (CSE:KBX, OTCQB:KBXFF) announced the completion of its Phase 1 diamond drill program at the El Perdido porphyry copper-gold-molybdenum system in Mendoza, Argentina. The company drilled a total of 2,358 metres across six holes, confirming the presence of a large hydrothermal porphyry system with copper, gold, molybdenum, and silver mineralization. Only a portion of the 2 km by 2 km target area was tested, and the core of the system remains untested as three holes stopped short at shallow depth due to faulting. Kobrea holds the right to earn a 100% interest in 7 projects totaling 733 km2 in southwestern Mendoza Province, Argentina, and also holds a 100% interest in the Upland Copper Project in British Columbia, Canada. The company plans to complete additional drilling at El Perdido in the upcoming exploration season and is sourcing alternative drill equipment and techniques to address drilling challenges. The results indicate that the porphyry system strengthens at depth, and further exploration is warranted to test the core and other targets in the portfolio.

Zodiac Gold Continues to Intersect Broad Gold Mineralized Zone in Trenching, Commences Drilling on Ben Ben North Area and Identifies Regional Trend

Zodiac Gold Inc. (TSXV: ZAU) (OTCQB: ZAUIF), a West African gold exploration company, announced positive trenching results at its flagship Todi Gold Project in Liberia. The company has delineated a high-priority 700m long and up to 56m wide northwest-trending zone at Ben Ben North, with standout trench results such as 56m at 0.40 g/t Au and multiple samples above 1g/t Au. Drilling has commenced at Ben Ben North, while a second rig continues at Ben Ben South, where follow-up drilling confirmed mineralization at depth. The company is executing a 2026 exploration strategy involving 3,600m of trenching and 14,000m of diamond drilling along the 16km Monterra Trend. A drone-based magnetic and LiDAR survey is underway to refine drill targeting and support a planned mineral resource estimation for late Q4 2026. These results and ongoing programs aim to define a district-scale gold system.

Nevada Sunrise Enters Into Earn-in Option Agreement for the Fivemile Gold Project, Cortez Mining District, Nevada

Nevada Sunrise Metals Corporation (TSXV: NEV) announced it has entered into an earn-in option agreement to acquire up to a 79% working interest in the Fivemile Gold Project, located within the Battle Mountain-Eureka-Cortez gold trend in Lander County, Nevada. The Fivemile property consists of 266 unpatented mineral claims covering approximately 5,496 acres (2,224 ha). The agreement with American Metals Exploration Corp. (Ammetex) allows Nevada Sunrise to earn its interest in three stages over four years, with specific expenditure and cash payment requirements. Initial exploration plans include high-resolution gravity and magnetic surveys and Ionic Leach TM soil surveys. If a technical report discloses a mineral resource estimate of at least 500,000 ounces of gold equivalent within five years, a US$1.0 million contingent payment will be made to Ammetex. The property is subject to a 3.0% NSR royalty, with an option to buy down one-third for US$2,000,000.

StrikePoint Drills Best Hole to Date at Hercules Gold Project, H26004 Cuts 114.30m Grading 0.69 G/t Au and 5.03 G/t Ag Including 9.14 M of 2.95 G/t Au With 16.18 G/t Ag, New Broad Zone of Oxide Gold Mineralization Developing at Cliffs Target

StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) announced a second batch of assay results from its Spring 2026 drill program at the Hercules Gold Project in Nevada's Walker Lane. The program aims to provide sufficient data to support a maiden resource estimate, anticipated in Q4, 2026. The highlight was drill hole H26-004, which returned 114.30m grading 0.69 g/t Au and 5.03 g/t Ag from 135.64m down the hole, the best ever drill hole at the project by grade-width. The mineralization was dominantly oxide, suggesting potential for open pit heap leach mining. Additional drill results and collar information were provided, with several holes intersecting shallow mineralization. The Hercules Gold Project features an Exploration Target of 40,300,000 - 65,600,000 tonnes at 0.48 - 0.63 g/t Au. The company maintains a robust QA/QC program and is focused on building precious metals resources in the Western United States and Canada.

1911 Gold Reports High-Grade Drill Results From Ogama-Rockland Intersecting 10.41 G/t Gold Over 3.40 M, Including 32.40 G/t Gold Over 1.00 M

1911 Gold Corporation announced assay results from its surface resource expansion and confirmation diamond drill program at the Ogama-Rockland Gold Deposit. The Ogama-Rockland deposit is located approximately 45 kilometres by road, southeast of the operational and fully permitted True North Gold Project in southeast Manitoba, Canada. The company provided details on the proximity of Ogama-Rockland to True North and highlighted the operational status and permitting of the True North Gold Project. This update is significant for 1911 Gold Corporation as it demonstrates ongoing exploration and resource expansion activities. Further updates or results from the drilling program may be anticipated.

Galloper Gold Initiates Pre-Season Exploration Activities in Preparation for 2026 Drilling Program

Galloper Gold Corp. (CSE: BOOM) announced that the pre-season construction and renovation phase of its 2026 exploration program is underway, utilizing the Kettle Pond Camp as the base of operations on Glover Island. The company is targeting up to 7,000m of drilling on Glover Island during 2026. The property comprises 466 mining claims on 13 mineral licences covering 117.21 sq/km (11,721 Ha). Galloper Gold aims to significantly increase the resource of the LPSE Deposit, building on the recent 2026 LPSE MRE. The Kettle Pond Camp will allow for year-round operations via helicopter and seasonal access via float plane and boat.

Minera Alamos Closes US$75 Million Revolving Credit Facility With Scotiabank and National Bank, Strengthening Balance Sheet for Organic Growth Profile

Minera Alamos Inc. (TSXV: MAI, OTCQX: MAIFF) announced the closing of a US$75 million revolving credit facility (RCF) with The Bank of Nova Scotia and National Bank of Canada. An initial drawdown of US$45 million will be used to repay existing debt and commitments with Auramet International, Inc., including a gold prepayment facility and gold forward sales. The RCF allows the company to increase gold revenue by gaining full pricing exposure to 10,830 ounces of gold over the next 16 months and extends debt maturity repayment until May 2029. The proceeds will also be used for growth projects, working capital, and general corporate purposes. The RCF is initially subject to a US$50 million drawdown limit pending satisfaction of certain post-closing conditions. Additionally, the company completed a royalty repurchase transaction on its Cerro de Oro project. The company has also announced a proposed name change to Mining Americas Inc., subject to shareholder and TSX Venture Exchange approval.

Lux Metals Receives Permits, Outlines 2026 Exploration Program at La Grande Gold Project

Lux Metals Corp. (TSXV: LXM) announced that it has received drill permits for the La Grande Gold Project in Québec's James Bay region, marking a significant milestone in its 2026 exploration program. The company is now permitted and well funded, following a $4 million private placement earlier this year, to advance a comprehensive exploration program including diamond drilling, field mapping, and geophysical surveys. The 2026 program will feature an initial 5,000 metres of diamond drilling, focusing on expanding the Zone 32 mineralized envelope and testing regional targets. Historic drilling at Zone 32 has returned intercepts such as 83.8 metres grading 7.95 g/t gold, and over 40,000 metres of historic drilling have delineated mineralization extending 600 metres along strike and 350 metres at depth. The company also granted 900,000 incentive stock options to new directors and officers, exercisable at $0.24 per share for five years. The La Grande Project benefits from year-round infrastructure, including road access, an airstrip, and grid power. Next steps include mobilizing crews and commencing the planned exploration activities in Q3 2026.

Sun Summit Outlines 2026 Exploration Plan for the Theory Copper-Gold Project, Toodoggone Mining District, BC

Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) announced an overview of its upcoming 2026 exploration program at the Theory Copper-Gold Project in the Toodoggone Mining District, north-central British Columbia. The program aims to build on 2025 sampling and mapping results using airborne geophysics, geological mapping, prospecting, and geochemical sampling, with a focus on advancing the project to drill-ready status for 2027. Key targets include the BEV to Saboteur trend, with notable copper, gold, and silver assay results from 2025. The planned airborne MobileMT survey will cover approximately 1,216 line-kms, and about 30 days of field work are scheduled. The company is also engaging with First Nations and has signed an option agreement with Eagle Plains Resources Ltd. for up to 100% interest in 10,000 hectares.

Athena Provides Exploration Update From Laird Lake, Reports Assays From Hole 1 and Visible Gold in Hole 5

Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) has provided an exploration update from its maiden drill campaign at the Laird Lake project in Ontario's Red Lake Gold District. The company reported visual confirmation of four specks of visible gold in drill hole LL-26-005 and received assay results from hole LL-26-001, which did not return significant gold values but confirmed a robust structural corridor. Drilling is ongoing with hole LL-26-006 currently underway as a strategic follow-up to test the continuity and scope of the visible gold trend at the G4 anomaly. Assays for holes LL-26-002 through LL-26-005 are pending and expected in June. The Laird Lake project covers more than 7,000 hectares along over 10 km of the Balmer-Confederation Assemblage contact, with recent surface sampling results returning up to 373 g/t Au. Athena also holds interests in the Forester and Oneman Lake projects in Ontario and the Excelsior Springs project in Nevada. The company is contemplating additional surface trenching, stripping, and channel sampling at the G1 target area.

Eminent Announces Positive Results From Seismic Survey at Hot Springs Range Project, Nevada

Eminent Gold Corp. (TSXV: EMNT, OTCQB: EMGDF) announced the successful completion and interpretation of a Deep Refraction Microtremor (ReMi ®) seismic survey across the Otis and Eden targets on its 100%-owned Hot Springs Range Project (HSRP). The SE Otis Fault has been renamed the Hinkey Fault, and the Eden Valley Fault is now referred to as the Paradise Fault. Cross section views illustrate enhanced structural understanding and newly interpreted faults. Proposed RC drill holes are planned to test structures and intersections coincident with surface anomalous geochemistry. This development provides new geological insights and supports further exploration activities. The company is advancing its exploration program with these new data and interpretations.

Cabral Gold Announces Additional Results of Infill Drilling at the MG Gold Deposit, Cuiú Cuiú Gold District, Brazil

Cabral Gold Inc. (TSXV: CBR, OTCQX: CBGZF) announced results from 32 additional reverse circulation (RC) infill drill holes from gold-in-oxide material at the MG starter pit within the Cuiú Cuiú Gold District, Brazil. The infill drilling program at MG has now completed a total of 158 RC holes totalling 5,573m, with assay results pending on the remaining 76 holes. Notable drill results include intercepts such as 25m @ 4.35 g/t gold from surface in RC690 and 36m @ 1.07 g/t gold from surface in RC687. The drilling aims to upgrade the MG oxide pit to measured reserve classification and improve confidence in the mine plan. The company is also advancing exploration at the Jerimum Cima discovery, where recent drilling returned 9.5m @ 87.4 g/t gold. Cabral Gold is constructing a Phase 1 gold-in-oxide heap leach operation and expects to enter commercial gold production in Q4 2026. These results support the company's resource model and operational plans, with further updates anticipated as remaining assays are received.

Americas Gold and Silver Announces Agreement With Affiliate of Royal Gold to Settle Fixed Gold Delivery Obligation

Americas Gold and Silver Corporation (TSX: USA) announced it has reached an agreement with International Royalty Corporation (IRC), an affiliate of Royal Gold, Inc., to settle its remaining obligation to deliver 8,861 ounces of gold under a previous Precious Metals Delivery and Purchase Agreement. The settlement involves immediate delivery of 5,000 ounces of gold and issuance of 2,652,532 common shares at a deemed price of US$5.86 per share to IRC, subject to TSX approval and a four-month hold period. The gold delivery is funded by unwinding gold price protection instruments (approximately US$7 million) and cash on hand. This transaction removes over $40 million in variable future debt obligations linked to gold prices and, together with a prior agreement to terminate a silver delivery obligation, eliminates over US$85 million in variable future debt. The company expects these actions to strengthen its balance sheet, increase silver price leverage, and reduce future cash debt service costs. Americas Gold and Silver is focused on growing production at its operations in the U.S. and Mexico, including the Galena Complex and Cosalá Operations.

GoldMining Commences 2026 Exploration Drilling Program at Its Yarumalito Gold-Copper Project, Colombia

GoldMining Inc. (TSX: GOLD) has commenced an exploration-focused core drilling program on its 100%-owned Yarumalito Gold-Copper Project in the Mid Cauca gold-copper belt of Antioquia, Colombia. The fully funded diamond core drill program is targeting approximately 1,200 metres in a systematic campaign to test new and enhanced geological models and expand the mineralized P-1 porphyry unit. Historical drill intercepts include 257 metres at 0.50 g/t gold and 0.1% copper, 250 metres at 0.51 g/t gold and 0.13% copper, and 141.4 metres at 0.77 g/t gold and 0.09% copper. The existing mineral resource estimate comprises 66.3 million tonnes at 0.58 g/t gold and 0.09% copper for 1.23 million ounces gold and 129 million pounds copper of estimated inferred mineral resources. The program is expected to include three drill holes for porphyry mineralization and a fourth for epithermal veins. This marks the company's second active exploration drilling program in the Americas for 2026, aiming to unlock further growth potential.

Revised PFS for Optimised Dokwe Gold Project

Ariana Resources plc (AIM: AAU, ASX: AA2) announced the completion of a revised Pre-feasibility Study (PFS) for its 100%-owned Dokwe Gold Project in Zimbabwe. The PFS outlines a long-life, low capital cost, high margin gold operation with a 12-year initial open-pit phase at approximately 80,000oz per annum and an 8-year stockpile processing phase at around 20,000oz per annum, totaling 1.06Moz over the Life of Project. The Ore Reserve at Dokwe North increased by about 42% to 1.13Moz, and the Mineral Resource Estimate rose by 13% to 1.6Moz. Key financial metrics include a pre-tax NPV10 of US$1,056m, post-tax NPV10 of US$740m, a 1-year payback period, 92% IRR at a US$4,250/oz gold price, and total EBITDA of US$1,993m. The project features a low average strip ratio of 3.7, LoM C1 cost of US$1,685/oz, and pre-production CAPEX of US$164m. Ariana remains well-funded with pro-forma cash and investments of A$53M and no debt. The company is progressing towards a Definitive Feasibility Study (DFS) due in Q1 2027, with ongoing drilling and testwork expected to further improve Ore Reserves in H2 2026.

Havieron Environmental Approvals Received

Greatland Resources Limited (ASX:GGP, AIM:GGP) announced that its Havieron gold-copper project in Western Australia has received both primary environmental approvals required for development and operation. The Western Australia State primary environmental approval was received from the WA Minister for the Environment on 25 May 2026, following the Commonwealth primary environmental approval on 24 April 2026. These approvals represent a key milestone for the project, allowing Greatland to advance towards a Final Investment Decision targeted in the current June 2026 Quarter. Early works and tendering for critical path project packages at Havieron are already underway, including boxcut tunnel installation and underground development. Once in steady state, Havieron is anticipated to produce around 270koz of gold per annum at lowest quartile costs, with an initial mine life of 17 years. The development of Havieron, alongside Telfer life extensions, has the potential to underpin a multi-decade, world class gold-copper mining hub in the Paterson Province.

Sanankoro: Front-End Engineering Design Process

Cora Gold Limited announced further progress towards construction readiness at its flagship Sanankoro Gold Project in southern Mali, including the commencement of the Front-End Engineering Design (FEED) process. The FEED process, led by New SENET (Pty) Ltd, is a key milestone in the project's delivery timeline and is due to be completed in H2 2026. The company has also begun targeted land compensation activities and is refurbishing its exploration camp in preparation for construction. Sensitivity analysis on the 2025 Definitive Feasibility Study (DFS) financial model shows strong leverage to higher gold prices, with IRR and NPV increasing significantly at gold prices of US$3,500/oz and US$4,000/oz. Cora is fully funded for development following a US$120 million gold stream agreement and a March 2026 equity raise. The company is advancing the finalisation of the permitting process with the Government of Mali, aiming for a swift transition into mine construction. Cora continues to pursue additional value-enhancing opportunities across its broader portfolio, including exploration in Senegal.

Terrain Minerals Adds Four New Lines to Smokebush IP Survey

Terrain Minerals (ASX:TMX) has significantly expanded its exploration activities at the Smokebush project. The company announced the commencement of a new drilling program, targeting previously identified gold anomalies. Key facts include the expansion of exploration activities, the focus on gold anomalies, and the initiation of a new drilling program. This development is significant for Terrain Minerals as it may lead to the discovery of additional gold resources, which could enhance the company's value proposition to investors. The company will continue its exploration efforts and provide updates as results become available.

Blue Star Announces $2M Non-Brokered Private Placement

Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) announced its intention to complete a non-brokered private placement to raise up to $2,000,000 through the issuance of up to 7,692,307 flow-through shares at $0.26 per share, subject to TSX Venture Exchange approval. The proceeds will be used to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures related to the Company's projects in Nunavut. The Company will renounce qualifying expenditures with an effective date of no later than December 31, 2027, and will incur such expenses by December 31, 2027. All securities issued will be subject to a four-month and one day hold period. Finders' fees may be payable to qualified parties. Blue Star Gold Corp. controls over 420 square kilometres of mineral properties in the High Lake Greenstone Belt, with principal assets including the Ulu Gold Project, Roma, and Auma Projects. The Company's projects are located 40-100 km south of the proposed Grays Bay deep-water port, with the planned Grays Bay Road corridor passing close to the projects.

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