Gold Bulletin

Monday, July 13, 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

Carlin Gold Announces Changes to Management and Board of Directors

(TSXV: CGD) (OTCQB: CGDCF) Carlin Gold Corporation announced changes to management and directors, including the appointment of Quentin Mai as President & CEO / Director, Cal Everett as Chairman / Director, and Craig Roberts as Director. The company granted an aggregate of 700,000 stock options to purchase 700,000 common shares, exercisable at a price of $0.57 per share for a period of five years from the date of grant (expiring July 13, 2031), to certain members of the new management group. The Cortez Summit Project covers 11 square kms and is strategically located in one of the most active gold mining areas in Nevada, contiguous with Barrick Mining Corporation and Nevada Gold Mines on all sides. Previous drilling at Cortez Summit included two deep core holes, one of which hit targeted depth with encouraging alteration and mineralization encountered high in the hole. All Carlin Gold Projects (CGD) are 100% owned, and data compilations are underway on all projects and will be released in sequence. The company expects that the listing on the OTCQB will provide greater visibility and convenience of trading for US investors, resulting in enhanced liquidity and greater reach. The company is encouraged by the existence of several structural zones that have been identified on the property, oriented parallel to the existing known mineralized trends in the Cortez District.

Military Metals Announces Drilling Campaign at Past Producing West Gore Antimony - Gold Project Nova Scotia, Canada

(CSE: MILI) (OTCQB: MILIF) Military Metals Corp. announced the commencement of an exploration diamond drilling campaign at its 100% owned West Gore Antimony-Gold Project in Nova Scotia, Canada. The program is scheduled to begin the week of July 13th and is planned to include at least 7 holes across two targets totaling 1,750 meters. Three holes are planned to target the down plunge extension of the past producing deposit below historical mine workings, while four holes are planned to target the down plunge extension of the historically exploited Brook Vein occurrence and continuity of a significant historical intercept. Historical production from the West Gore district has been estimated at 7,761 tonnes of antimony concentrate (46% Sb) and 7,149 oz gold. Drillhole 87-01 intercepted 10.27% antimony over 2.3 meters. The company projects the commencement, scope, and completion of the 2026 exploration diamond drilling campaign at the West Gore Project, including the planned number of drillholes (at least 7) and aggregate meterage (1,750 meters).

Corcel Intersects Skarn-Hosted Copper-Gold Mineralization in Step-Out Drilling Expanding Strike Length to 900m at the Yuma King Project, Arizona

(CSE: CRCL) (OTCQB: CRLEF) Corcel Exploration Inc. announced assay results from two drill holes from the recently completed Phase I drill program at the Yuma King Project located in west-central Arizona. Drill hole YK26-002 intersected 40.25 metres of 0.52% Cu, 0.40 g/t Au, 4.49 g/t Ag, and 85 ppm Mo starting at 30 metres downhole, while YK26-003 intersected 32 metres of 0.17% Cu, 0.04 g/t Au, 2.47 g/t Ag, and 25 ppm Mo starting at 25 metres downhole. The Phase I drill program totaled 1,087 metres across six drill holes and tested more than 500 metres of strike-length, increasing the known mineralized strike length by 350 metres to approximately 900 metres. Drill hole YK26-001 previously intersected 56.65 metres of 1.07% Cu, 0.79 g/t Au, 7.1 g/t Ag, and 180 ppm Mo. Results are pending from three additional drill holes, which are currently at the lab and will be released once assays are received, compiled, and interpreted. The company has entered a long-term lease agreement to acquire the Yuma King Cu-Au project in Arizona, which spans 3,200 hectares comprising 515 unpatented federal mining claims. The company projects the potential for the Project to host large-scale, near-surface copper-gold mineralization and plans to conduct future drilling and other exploration work at the Project, including any Phase II drill program.

AbraSilver Intersects 109 Metres of 221 G/t Silver and 0.72 G/t Gold at Oculto West, Including 14 Metres of 580 G/t Silver

(TSX: ABRA) (OTCQX: ABBRF) AbraSilver Resource Corp. reported new assay results from its ongoing Phase VI drill program at the wholly-owned Diablillos project in Argentina. Hole DDH 26-036 intersected 109.0 metres grading 221.2 g/t silver and 0.72 g/t gold from 114.0 m downhole at Oculto West, including a higher-grade interval of 14.0 m at 580 g/t silver and 0.23 g/t gold. The same hole also encountered 7.6 m of 0.73% copper from 240.5 m and 15.0 m of 0.54% copper from 269.0 m beneath the oxide zone. Hole DDH 26-022 along the JAC-Oculto trend intersected 63.0 m grading 32.8 g/t silver from 60.0 m, including 11.0 m of 101.4 g/t silver. The most recent tank and heap leach Mineral Resource estimate for Diablillos, as of April 30, 2026, shows Measured & Indicated Oxides of 231,981,000 tonnes grading 33 g/t silver and 0.34 g/t gold, containing 248,053,000 oz silver and 2,542,000 oz gold. Following completion of the DFS in June 2026, the Project hosts Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t silver equivalent, containing 184 Moz of silver and 1.8 Moz of gold (366 Moz AgEq). The company projects that these results will support expansion of the precious metals Mineral Resources in the oxide zone and will be incorporated into an updated Mineral Resource estimate.

Nord Precious Metals Outlines Gold Potential Along the Ridout-Tyrrell Corridor at Castle-Gowganda

(TSXV: NTH) (OTCQB: NPMMF) Nord Precious Metals Mining Inc. provided an overview of the gold potential of its consolidated Castle-Gowganda district in Ontario, Canada. Over 300 million ounces of gold have been identified along the Destor-Porcupine and Cadillac-Larder Lake deformation zones, with the Ridout-Tyrrell zone also hosting several precious metal deposits. Surface assays returned grades of 1.32 g/t and 1.25 g/t gold with copper values up to 1.03%, and diamond drilling in 2018 outlined a near-surface hydrothermal system with gold-bearing quartz veins. Drill hole CS-20-31 intersected 24.95 g/t gold over 0.3 meters at 49.7 meters downhole, and CS-19-19 intersected 4.3 g/t gold over 4.0 metres and 1.5 g/t gold over 12.5 metres within a 30-metre mineralized zone grading 0.70 g/t gold at a vertical depth of approximately 240 metres. The company's 63 sq. km Castle property, with 225 hectares of leases, hosts 3 of the 5 most productive past-producing silver mines in the Gowganda Camp and the Castle East discovery, where drilling has delineated 7.56 million ounces of silver in an Inferred resource grading an average of 8,582 g/t Ag in 27,400 tonnes of material. The company projects that gold targets will be advanced in parallel with its silver-focused drilling and tailings recovery program, with follow-up mapping, prospecting, and stripping during the current field season and drill testing sequenced within the 30,000-metre program as results warrant. The company maintains a strategic portfolio of critical minerals properties in Northern Quebec through its 35% ownership in Coniagas Battery Metals Inc. (TSXV: COS) and the St. Denis-Sangster lithium project comprising 32 square kilometres near Cochrane, Ontario.

Talisker Expands Bralorne Gold Project to 24,000 Hectares, 40km Along Strike

(TSX:TSK OTCQB:TSKFF) Talisker Resources Ltd. announced the acquisition of a 100% interest in the Ben Nevis property, located contiguous to the Company’s Bralorne Gold Project in southwestern British Columbia, from Coast Copper Corp. The Property comprises 16 mineral tenure claims totaling 10,404.15 hectares and increases the Bralorne Gold Project to 24,000 hectares spanning a 40-kilometre long mineralized district. As consideration, the Company paid $125,000 in cash and issued 211,864 common shares equal to $250,000 based on the five-day volume weighted average price, in accordance with the purchase agreement signed July 3, 2026. The Company has agreed to incur a minimum of $300,000 in exploration expenditures on the Property within three years of acquisition and to make contingent payments of $100,000 for each 100,000 ounces of gold in the inferred, indicated or measured categories up to a maximum of 1,000,000 ounces. The Property hosts multiple prospective exploration targets, including the Silicon Cirque showing with a 2018 grab sample returning up to 26.47 g/t Au and 103 g/t Ag, and the Prospector Peaks showing with assay values of up to 61.9 g/t silver and 0.6% lead. The common shares issued are subject to a statutory hold period of four months and one day, with 50% subject to a six month hold period and 50% to a 12 month hold period. The company projects further consolidation of tenure and extension of the district strike length to 40 kilometres.

G Mining and G2 Goldfields Provide Update on Arrangement With G Mining and Spin-Out of G3 Goldfields

(TSX:GMIN, OTCQX:GMINF, TSX:GTWO, OTCQX:GUYGF) G Mining Ventures Corp. and G2 Goldfields Inc. announced an update regarding the proposed plan of arrangement, under which GMIN will acquire all issued and outstanding G2 shares and G2 will spin out G3 Goldfields Inc. The parties are actively working through the remaining closing conditions, which are expected to be completed by the end of July 2026, with closing of the Arrangement to follow shortly thereafter. Holders of G2 shares will receive 0.212 of a common share of GMIN and 0.5 of a common share of G3 for each G2 share held as of the close of business on the business day immediately prior to the Effective Date. Total combined open pit and underground resources across all 5 discoveries to date include 1,910,300 oz. Au – Inferred contained within 17,970,000 tonnes @ 3.31 g/t Au and 1,620,600 oz. Au – Indicated contained within 15,571,000 tonnes @ 3.24 g/t Au, with the mineral resource prepared by Micon International Limited with an effective date of November 20, 2025. Following closing, G2 shares are expected to be de-listed from the Toronto Stock Exchange and will cease to be quoted on the OTCQX, and G2 will apply to cease to be a reporting issuer under applicable Canadian securities laws. G3 has applied to list the G3 shares for trading on the Canadian Securities Exchange following completion of the Arrangement, subject to meeting the listing requirements of the CSE. The company projects the completion of the Arrangement by the end of July 2026 and the creation of a tier-one gold mining hub in Guyana and one of the largest, lowest-cost gold operations in the Americas.

Second Drill Rig Arrives at American Pacific Mining's Madison Copper-Gold Project and Commences Drilling Near-Surface Skarn Targets

(CSE: USGD) (OTCQX: USGDF) American Pacific Mining Corp. announced that a second drill rig has arrived on site and is now turning at its 100%-owned Madison Copper-Gold Project in Montana. The reverse circulation ("RC") drill rig commenced drilling as part of the ongoing, fully-funded 15,000-metre program, which began in early June. The 2026 drilling campaign at Madison is designed to aggressively test both near-surface skarn targets and deeper porphyry-style mineralization. The RC drill will focus on rapid, cost-effective testing of a series of near-surface skarn targets that share key geological characteristics with the historic Madison and Broadway Mine footprint. These targets aim to identify additional shallow, potentially high-grade mineralization that could contribute to the first mineral resource estimate targeted for 2027. American Pacific was selected as a finalist in both 2021 and 2022 for 'Deal of the Year' at the S&P Global Platts Metals Awards. Through a 2025 transaction with Vizsla Copper, American Pacific has established a major equity position with milestone upside exposure to the advanced exploration-stage Palmer Copper-Zinc VMS Project in Alaska.

Amex Gold Mining Retains CMAC-Thyssen Mining Group for Underground Development of Perron Bulk Sample Program

(TSXV: AMX, OTCQX: AMXEF) Amex Gold Mining Inc. has retained CMAC-Thyssen Mining Group as the underground mining contractor for the Company's 40,000-tonne bulk sample program at its wholly-owned Perron Gold Project in northwestern Québec. Mobilization of CMAC's underground mining team is expected to commence in late July 2026, with initial underground development scheduled to begin shortly thereafter. The Perron Project consists of 183 contiguous claims for a surface area of 65.72 km² and, when combined with adjacent projects in Ontario, the consolidated land package spans 570.94 km². The project is located approximately 110 kilometres north of Rouyn-Noranda, Quebec, and is accessible by a year-round road, 30 minutes from an airport, and approximately 6.5 km from the Town of Normétal. Portal construction continues to progress according to plan, with the first portal blast expected in mid-July, followed by commencement of underground development. The underground bulk sample program is expected to provide valuable operational, technical and metallurgical information while confirming key assumptions incorporated into the feasibility study. The Company continues to advance the remaining infrastructure required for the bulk sample program, including electrical distribution, water management systems, surface facilities and contractor mobilization activities.

Japan Gold Identifies Multiple Geophysical Targets From 3D IP Survey at the Bajo Project

(TSXV: JG) (OTCQB: JGLDF) Japan Gold Corp. announced the completion of an expanded 3D Induced Polarization ("3D IP") and resistivity geophysical survey at the Bajo Project in Japan. A total of 37.6 line-kilometres of 3D IP was completed over an 8 km by 5 km area at Bajo between February and May 2026. The survey identified multiple chargeability and resistivity anomalies interpreted to be comparable to geophysical signatures observed in areas of historical mining, including the Sakuru-Hi vein, which historically reported grades of up to 125.9 g/t Au and 557 g/t Ag. Preliminary interpretations suggest the presence of extensions and sub-parallel features with interpreted strike lengths exceeding 1 km. In May 2026, Japan Gold, in partnership with Zonge Engineering and Research Organization (Aust) Pty Ltd., conducted a resistivity survey to identify potential groundwater sources for a local community. In June 2026, Japan Gold's management team held a public consultation meeting with community members and local leaders to provide an update on ongoing exploration activities. The company plans to focus the next phase of exploration on target prioritization, followed by the planning and execution of a diamond drilling program.

Nativo Resources Operations Update: Gold Ore Processing Plant

(LON: NTVO) Nativo Resources PLC announced a revised phased development plan for the La Patona Gold Ore Processing Plant in Peru, with updated capital cost estimates and production targets. Phase 1 will have a capacity of 70 t/d, a blended feed grade of 15-25 g/t, and a new production target of 0.94-1.59 kg/d gold doré, with a capex estimate of US$2.03m (US$2.75m including 35% contingency). Phase 1a will expand cyanidation circuit capacity to 110 t/d, targeting 1.47-2.50 kg/d gold doré, with a capex of US$0.09m (before contingency). Phase 2 will add a 240 t/d flotation circuit, bringing total capacity to 350 t/d, targeting 2.54-5.78 kg/d gold doré, with a capex of US$1.10m (before contingency). The total capex including contingency for Phase 2 is US$4,345,255, and Phase 2 includes approximately US$635,000 of initial working capital. The company projects Phase 1 construction and commissioning in H2 2026, with first gold targeted in [Q4] 2026, and expects subsequent phases to be funded from free cashflow from Phase 1.

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