Gold Bulletin

Wednesday, July 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

Flow Metals Defines VLF Conductors at New Brenda Porphyry Target and Updates on Sixtymile Gold Project

(CSE: FWM) Flow Metals Corp. announced the results from a 3.6-kilometer ground Very Low Frequency electromagnetic survey ("VLF-EM") at its 100% owned New Brenda copper porphyry project in British Columbia. The VLF-EM survey mapped shallow conductors that align directly with known surface mineralization and identified multiple new high-priority, steeply dipping shallow conductors, including NB 006 ST_011 with a 167-meter-wide conductive footprint and the grid's highest current density of 25.01. Strong conductive anomalies were detected, with Fraser filter peaks of -38.18% and Karous-Hjelt apparent current densities up to 17.89, overlapping known outcrop and copper mineralization from the 2025 shallow backpack drilling program. Recent shallow backpack drilling and geochemical assays at the N1 showing returned values of up to 0.24% Cu and 20.25 g/t Ag from surface mineralization. The company also achieved a major regulatory milestone at its Sixtymile Gold Project in the Yukon with the granting of a 10-year Mining Land Use Approval (LQ00601), authorizing mobilization of heavy equipment for trenching, drilling, and road building within the 18-kilometer regional thrust fault corridor. Flow Metals has completed a draft Heritage Resource Overview Assessment of the Sixtymile Project with the assistance of Stantec Consulting Ltd. The company projects that the next phase of exploration will directly target the newly identified anomalies and include an expansion of the VLF grid to delineate additional conductors within the larger porphyry target zone.

Midland Begins Drilling Program on the Willbob Gold Project in the Labrador Trough

(TSX-V: MD) Midland Exploration Inc. announced the start of its drilling and prospecting campaign on the Willbob project, wholly owned by Midland. The company commenced a 24-hole drilling program on the Willbob project and the Kan sector, totaling 3,500 m. The Kan gold project was acquired by Midland in 2025, and the 2026 fieldwork includes a 3,500-metre drilling campaign on the Ants, Ferricrete, Pump Pad Ridge, Canyon, and Didgeridoo areas. Channel sampling on the Didgeridoo Zone returned 2.30 g/t Au over 8.95 m, including 3.56 g/t Au over 3.15 m, and the Ants Zone yielded 1.78 g/t Au over 23.3 metres, including 3.19 g/t Au over 10.0 metres. During a field campaign from June 6 to 17, a total of 74 samples were collected. The company projects the conclusion of additional agreements in regard to newly acquired properties and is currently reviewing other opportunities and projects to build up the Company portfolio.

Tiger Gold Closes Acquisition and Accelerates Drilling at Quinchia

(TSXV: TIGR) Tiger Gold Corp. has closed its transaction with LCL Resources Limited to acquire 100% of the Quinchía Gold Project and the Andes Gold Project, both located in Colombia's prolific Mid-Cauca belt. The company now has more than 160 employees and contractors working on the ground, and three drill rigs are currently turning at Quinchía, with a fourth rig anticipated to arrive in August. Tiger Gold recently closed an oversubscribed $21 million financing and is now fully funded for a new 22,000 m drill program. An additional 15,000-metre drill program is underway at Ceibal, expected to be completed in 2026 to support a maiden Mineral Resource estimate at Ceibal in Q1 of 2027. Approximately 4,500 metres remain to complete the infill, gap, and extension drill program at Tesorito, and 2,500 metres of exploration drilling is planned across several high-priority targets. The company projects doubling its resource base and delivering that value for shareholders, with PFS studies targeted to start in 2027.

Aya Gold & Silver Reports Record Q2-2026 Silver Production

(TSX: AYA; NASDAQ: AYA) Aya Gold & Silver Inc. announced record consolidated production of 1.68 million silver equivalent ounces (Moz AgEq) for the three-month period ended June 30, 2026, up 61% year-over-year and 12% quarter-over-quarter. The Zgounder Silver Mine produced 1.49 Moz Ag in Q2-2026, representing a 43% increase YoY and 18% QoQ, with a record processing rate averaging 3,889 tonnes per day and a record mining rate averaging 4,880 tpd. Silver recovery averaged 91.2% during the quarter, and mill availability remained strong at 97%. The Boumadine pyrite reclaim operation contributed 0.19 Moz AgEq, with 17,153 tonnes processed at average grades of 179 g/t Ag and 2.43 g/t Au. The stockpile at Zgounder increased by 33% QoQ to 373,884 tonnes, aligning with the company's objective of building a three-month inventory. The construction of the second phase of the tailings storage facility is expected to be completed in early Q3-2026, as planned. The company projects that the introduction of bulk shipping at Boumadine, alongside ongoing containerized shipments, is expected to significantly increase pyrite shipping capacity in H2-2026.

NatBridge Resources Completes Title Transfer for Cahuilla Gold Project Parcels 45 and 46

(CSE: NATB) NatBridge Resources Ltd. announced the transfer of its Mineral Rights Deed and title to the subsurface mineral interests in Land Parcels 45 and 46 of the Cahuilla Gold Project in Imperial County, California to NatGold Integrity Vault LLC, pursuant to the NatGold Resource Certification & Tokenization Agreement dated November 10, 2025. NatGold confirmed the minting of 57,200 NATG tokens in connection with the Cahuilla Interests. Under the agreement, NatBridge is entitled to receive 73% of the gross proceeds generated from the sale of such tokens, less a 15% market liquidity fee and applicable network and custody charges. The Cahuilla Interests were the first mineral interests submitted to NatGold for evaluation under the certification and tokenization framework pursuant to the Collaborative Development Agreement entered into in January 2025. Any proceeds to NatBridge will be payable in the United States dollar equivalent following the sale of applicable NATG tokens by NatGold. The company projects that completion of the title transfer provides an additional pathway through which it may seek to realize value from certain qualifying mineral property interests. NatBridge Resources Ltd. is focused on the identification, acquisition, evaluation and advancement of gold-prospective mineral properties.

J2 Metals Mobilizes UAV Drone Mag Survey at Sierra Plata Silver-Gold-Antimony Project, Zacualpan-Taxco District, Mexico

(TSXV: JTWO) (OTCQB: JTWOF) — J2 Metals Inc. announced that crews have been mobilized to complete a high-resolution unmanned aerial vehicle (UAV) drone magnetometer geophysical survey across its Sierra Plata silver-gold-antimony project in the Zacualpan-Taxco district of Guerrero State, Mexico. The survey will cover approximately 1,885 hectares of the Sierra Plata Project area for a total of 562 line-kilometres, including tie lines, with line spacing of 50 metres and tie-line spacing of 500 metres. The airborne magnetic survey will be carried out by JM Geoconsultores of Querétaro, Mexico, and will officially commence field activities July 8, 2026. Recent sampling of waste dumps at Sierra Plata returned grades of up to 3,932 g/t AgEq across five past-producing silver-gold mines. At the Miniac Project in Québec's Abitibi Greenstone Belt, a newly completed 41-kilometre OreVision™ IP survey has identified prospective anomalies, supporting a planned Phase II drill program of up to 5,000 metres across a 7-kilometre conductive horizon. At the Napoleon Project in Alaska, rock-chip samples have returned up to 596 g/t gold, with historical drilling by Teck and Kennecott reporting intercepts of 8.9 g/t gold over 3 metres and 0.9 g/t gold over 79 metres. The company anticipates identifying a large number of high-priority targets for drill evaluation.

Hamak Reports Further High-Grade Drilling Results at Akoko

(LSE: HAMA / OTCQB: HASTF) Hamak Strategy Limited announced further high-grade Reverse Circulation ("RC") drilling results from the Akoko oxide gold project in southwest Ghana, including an intersection of 6.46 g/t over 4m and 20.03g/t Au over 1m. The company has completed a total of 46 holes for 2,514m, with the latest batch of results covering 6 holes for 234m from the Akoko South licence area. Additional intersections include 28m at 0.66g/t Au, 11m at 0.73g/t Au, and 17m at 0.51g/t Au from surface, as well as historical results such as 43m at 1.40g/t Au and 15m at 8.82g/t Au. Drilling at Akoko South has been paused due to heavy rains, but the company considers it has sufficient data to complete an independent Mineral Resource Estimate.

Brightstar Sees Visible Gold in Multiple Sandstone Holes, Assays Pending

(ASX: BTR) Brightstar Resources reported that multiple deep diamond drill holes at the Two Mile Hill deposit within its Sandstone Gold Project in Western Australia have encountered visible gold, with assays still pending. The current Two Mile Hill infill program totals about 9,100 metres across 20 drill holes, including an RC pre-collar (TMHRCD26001) that reached 511 metres before the diamond component. The combined mineral resource for Two Mile Hill-Shillington stands at 753,000 ounces at 1.5g/t gold, comprising 664,000 ounces at 1.6g/t for Two Mile Hill and 91,000 ounces at 1.5g/t for Shillington. At the broader hub level, Sandstone holds a 2.4Moz resource at 1.5g/t gold. In late April, Brightstar completed a A$193 million equity raising and a US$120 million senior secured bond to finance the Goldfields development and progress Sandstone drilling and feasibility work. On 25 May 2026, Brightstar's board approved final investment decision for the 100% owned Goldfields Project, supported by key approvals and an EPC contract with GR Engineering Services Limited for a 1.5Mtpa Laverton processing plant. The company projects a Sandstone pre-feasibility study targeted for 2H CY26 and a first-gold target at Laverton in the June quarter of 2027.

Torex Gold Releases Results of Los Reyes Preliminary Economic Assessment

(TSX: TXG) (OTCQX: TORXF) Torex Gold Resources Inc. has released the results of a preliminary economic assessment (PEA) for its Los Reyes project in Sinaloa, Mexico, with an estimated after-tax IRR of 37.3% and after-tax NPV (5%) of $1,491 million, assuming long-term consensus metal prices of $3,600/oz gold and $50/oz silver. The PEA outlines a mine life of 14.4 years, with total mineralized material processed of 26,074 kt and average annual production of 134 koz AuEq, including 93 koz Au and 2,992 koz Ag. Initial capital expenditures are estimated at $515 million, with sustaining capital expenditures of $579 million and closure-related expenditures of $35 million. Average annual revenue is projected at $482 million and average annual EBITDA at $308 million, with a payback period of 1.9 years. The project is forecast to have average all-in sustaining costs (AISC) of $1,617 per oz AuEq sold and total cash costs (TCC) of $1,299 per oz AuEq sold. Construction is expected to commence in 2029 with first production in 2031, and the company intends to progress Los Reyes through a prefeasibility study in 2027 and feasibility study in 2028.

Cambria Gold Mines and ECC Ventures 4 Corp. Announce Proposed Spin-Out Transaction of Cambria's Mt. Margaret Copper-Gold Deposit Into ECC Ventures 4 Corp. and up to US$100 Million Financing to Create New U.S.-Focused Company

(TSXV: CAMB) (OTCQX: CAMVF) Cambria Gold Mines Inc. and ECC Ventures 4 Corp. (TSXV: ECCF.P) announced they have entered into a binding term sheet effective July 6, 2026, for a transaction involving the spin-out of all Cambria's rights and interests in the Mt. Margaret copper and gold porphyry deposit. The Mt. Margaret deposit is located approximately 22 km southwest of Randle, Washington State, and is a calc-alkaline porphyry deposit hosting high-grade copper, gold, and molybdenum mineralization. Duval Corporation completed a historical mineral resource estimate for the Mt. Margaret deposit totaling 577Mt grading 0.36% Cu, 0.24 g/t Au, 0.011% Mo, and 1.58 g/t Ag. The transaction is expected to result in a reverse takeover of ECC4, with ECC4's name to be changed to Freedom Copper Corp., and Cambria to receive 17,849,044 common shares of ECC4, of which 3,575,773 shares (approximately 20%) will be distributed to Cambria shareholders as an expected tax-free return of capital. The common shares of ECC4 will be consolidated on a ratio of 8.5:1, resulting in 754,706 post-Consolidation shares issued and outstanding. The arrangement will require approval by way of a special resolution (66.67%) of Cambria shareholders at a special meeting expected to be held in Q3 2026. The company projects that Freedom Copper will operate as a reporting issuer in Alberta and British Columbia and will focus on advancing the Mt. Margaret Project.

First Majestic Enters Into Definitive Agreement to Sell Its San Martin Silver Mine for Total Proceeds of US$90 Million

(NYSE: AG) (TSX: AG) First Majestic Silver Corp. has entered into a definitive agreement dated July 6, 2026 to sell its 100%-owned past producing San Martin Silver Mine in Jalisco State, Mexico, to Flextronics Supply and Service, S. de R.L. de C.V for total cash consideration of US$90 million. The transaction includes upfront consideration of US$2.5 million payable upon closing (with US$500,000 already deposited into escrow), and an additional US$87.5 million in future payments. The acquisition also includes the Jalisco Group of Properties, consisting of 5,245 hectares of mining concessions owned by El Pilon, located in the municipalities of Etzatlán and Tototlán, Jalisco. Flextronics will acquire all of the issued and outstanding shares of Minera El Pilon, S.A. de C.V., a wholly-owned subsidiary of First Majestic. The San Martin Silver Mine was placed under care and maintenance by First Majestic in July 2019. First Majestic presently owns and operates four producing underground mines in Mexico and a portfolio of development and exploration assets, including the Jerritt Canyon Gold project in northeastern Nevada, U.S.A. The company anticipates that the transaction will close in the fourth quarter of 2026, subject to customary closing conditions and Mexican Antitrust approval.

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