Gold Bulletin

Wednesday, July 22, 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

Lode Gold Upsizes Private Placement to $9M; Closes First Tranche $8M

(TSXV: LOD) (OTCQB: LODFF) Lode Gold Resources Inc announced that it has upsized its private placement to $9M and closed an $8M first tranche. The Company issued 29,845,074 units at a price of US$0.27 per Unit, for aggregate gross proceeds of approximately $8.06 million. Coast Capital subscribed for 5,185,185 Units for gross proceeds of $1,400,000, representing 17% of the Offering's first tranche closing. Each Warrant entitles the holder to purchase one additional Share at an exercise price of $0.45 cents for a period of thirty-six (36) months following the date of issuance. The Fremont Gold Mine Project has 43,000 m drilled, 10,000 underground channel samples, 14 adits and 2 shafts, and a PEA completed in 2023 based on 1.16 Moz at 1.90 g/t Au within 19.0 Mt Indicated, and 2.02 MOz at 2.22 g/t Au within 28 Mt Inferred. The Dingman Property in Ontario, Canada, has over 22,000 m drilled, with a 2013 PEA, MRE: 376,000 oz at 0.94 g/t within 12.5 Mt measured and indicated and 47,000 oz at 0.71 g/t within 2.1 Mt Inferred. The company states that proceeds from the offering will be used to advance technical work at the Fremont Gold Mine, strengthen the balance sheet and provide general working capital.

NOVAGOLD Enters Into Definitive Agreements to Acquire 100% of Donlin Gold

(TSX:NG) NOVAGOLD RESOURCES INC. announced it will acquire Paulson’s 40% ownership interest in Donlin Gold in an all-share transaction, increasing NOVAGOLD’s ownership in Donlin Gold LLC from 60% to 100% and creating a leading U.S.-domiciled gold developer with approximately US$4.2 billion equity value. The new company, NovaGold Corporation (“New NG”), will be a Delaware corporation intended to be listed on the NYSE, with current NOVAGOLD shareholders owning approximately 65% and Paulson receiving approximately 35% on a fully diluted basis. Paulson’s economic interest will be approximately 40%, with its voting interest capped at 19.99%. Donlin Gold is projected to produce 1.3 million ounces of gold annually in its first decade and 1.1 million ounces annually over a 27-year mine life, with over 16 million ounces of measured and indicated resources, including 13 million ounces in proven and probable reserves. The transaction is subject to NOVAGOLD shareholder approval, court approval, regulatory approvals, and customary closing conditions, and is expected to close in the fourth quarter of 2026. The arrangement agreement was signed on July 21, 2026, and the directors and certain senior officers of NOVAGOLD, as well as Electrum Strategic Resources L.P. and Paulson, representing approximately 28% of NOVAGOLD’s issued and outstanding common shares, have entered into voting support agreements.

FinEx Metals Commences Drilling at Kero Gold Project, Finland

(TSX-V: FINX) FinEx Metals Ltd. announced that diamond drilling has commenced at its 100%-owned, royalty-free Kero gold project in northern Finland, located approximately 15 km southeast of Agnico Eagle’s Kittilä gold mine and 20 km northwest of the Ikkari gold deposit. The drill program comprises approximately 2,000 metres of diamond core drilling and the collection of approximately 600 Top-of-Bedrock / Bottom-of-Till samples across three priority target areas. Historical drill results at Kero include a drill interval of 9.05 m grading 1.95 g/t Au (including 1.05 m grading 12.6 g/t Au) and a continuous trench channel sample interval of 6.2 m grading 7.5 g/t Au. Target Area B includes five historical drill holes totaling approximately 700 metres, with intercepts such as 2.37 g/t Au over 1.00 m and 1.89 g/t Au over 1.00 m. The company announced that an exploration license was granted for Kero pursuant to a news release dated February 5, 2026. The company projects that the planned drill program will test both historical gold mineralization zones and several new targets using revised geological interpretations. FinEx Metals Ltd. is part of the NewQuest Capital Group and is advancing a portfolio of 100%-owned, royalty-free projects in northern Finland.

TNR Gold Announces Altius' Boost of Its Strategic Stake

(TSXV: TNR) TNR Gold Corp. announced that Altius Minerals Corporation has acquired an additional 7,435,000 shares of TNR Gold Corp. at CAN$0.23 per share on July 17, 2026, increasing their strategic stake to a total of 30,935,000 shares. Kirill Klip, Executive Chairman of TNR Gold, holds 27,963,000 shares in TNR Gold. TNR holds a 1.5% NSR royalty on the Mariana Lithium Project in Argentina, of which 0.15% is held on behalf of a shareholder, and Ganfeng Lithium's subsidiary, Litio Minera Argentina, has the right to repurchase 1.0% of the NSR royalty for CAN$900,000 to the company and CAN$100,000 to its shareholder. The Mariana Lithium Project is 100% owned by Ganfeng Lithium and has been approved by the Argentina provincial government of Salta for an environmental impact report, with production at a 20,000 tons-per-annum lithium chloride plant inaugurated on February 12, 2025. TNR Gold also holds a 0.4% NSR royalty on the Los Azules Copper Project, a 7% NPR on the Batidero I and II properties of the Josemaria Project, and a 90% holding in the Shotgun Gold porphyry project in Alaska. The company projects that its portfolio will potentially generate royalty cashflows to contribute significant value for shareholders and is actively introducing the Shotgun Gold Project to interested parties.

Silver Acadia Reports Additional High-Grade Silver-Gold Results and Completed a Geological Study for Future Drill Targets

(CSE: SLA) Silver Acadia Exploration Inc. announced additional high-grade assay results from the Phase 1 drill program at the Hachey Zone on its flagship Nicholas-Denys Project. The company reported assay highlights including 0.95 m @ 1,210.1 g/t Ag, 4.6 g/t Au, 4.82% Zn and 5.38% Pb (0.95 m @ 1,426.9 g/t AgEq) in hole ND26-007A, and 3.85 m @ 71.4 g/t Ag, 0.2 g/t Au, 2.24% Zn and 0.91% Pb in hole ND26-009. The structural study by Terrane Geoscience Inc. identified a mineralized corridor extending approximately 3 kilometres, with multiple connected zones grading over 100 g/t Ag, and confirmed that the principal silver-gold-zinc mineralization is structurally controlled. The company controls more than 250 km² of prospective mineral claims in New Brunswick, Canada, and the drilling campaign at the Hachey Zone commenced in January 2026. The company projects that additional drilling and geological work are required to confirm the continuity and extent of the mineralized corridor and to better understand and target higher-grade gold mineralization across the Hachey system. The study also identifies a potential third and younger gold-bearing mineralization event that may overprint the two earlier silver-rich systems. All assay values are uncut, and intervals reflect drilled intercept lengths; true widths have not been determined as the mineralized body remains open in all directions.

GoldMining Files PEA Technical Report for Its São Jorge Project, Brazil

(TSX: GOLD) GoldMining Inc. The PEA models an after-tax net present value at a 5% discount rate (NPV 5%) of $532 million and an after-tax internal rate of return (IRR) of 42.4% using a base case gold price of $3,500 per ounce. At a gold price of $4,400/oz, the after-tax NPV 5% increases to $836.8 million, with an IRR of 58.6% and an initial payback of 2.4 years. Initial capital is estimated at $202 million (including a 25% contingency), with a 2.6x base case NPV 5% to initial capital ratio. The PEA envisages average annual gold production of 51,250 oz over a 10.6-year life of mine, peaking at 57,200 oz per year in years 2 through 4, and a processing rate of 5,500 tonnes per day with 90% Au metallurgical recoveries. The company projects commencing pre-feasibility studies and advancing permitting towards a construction decision. The estimated LOM All-In Sustaining Cost (AISC) is $1,464/oz.

Independence Gold Discovers New High-Grade Goofy Vein Returning 14.70 G/t Gold Over 9.10 Metres at the 3Ts Project, BC

(TSXV: IGO) (OTCQB: IEGCF) Independence Gold Corp. announced the discovery of the new Goofy Vein, located approximately 250 metres west of the Ted-Mint Vein System at its wholly-owned 3Ts Gold Project. The 3Ts Project comprises thirty-one mineral claims covering approximately 35,486 hectares in the Nechako Plateau region, situated approximately 185 kilometres southwest of Prince George, British Columbia. Discovery drill hole 3TS-26-39 intersected 9.10 metres grading 14.70 grams per tonne gold and 36.70 grams per tonne silver, with an estimated true width of 7.00 metres, including a higher-grade interval of 1.70 metres at 63.67 grams per tonne gold and 54.11 grams per tonne silver. The company has completed its planned 2026 diamond drilling program, with 10,000 metres drilled across the 3Ts Project, and demobilization of the drill rigs has now been completed. Additional drilling has been completed along strike and beneath the Goofy Vein discovery, with assays currently pending. The Goofy Vein discovery is the second blind vein discovery generated using the company's evolving structural targeting model, following the recently announced Balrog discovery. The company projects that further drilling will be required to determine the full extent and economic significance of the Goofy Vein, and that the discovery may contribute to future resource growth at the 3Ts Project.

Sienna Resources Inc. Engages Driller for the Esmeralda County Gold Project in Nevada

(TSXV: SIEN) Sienna Resources Inc. has engaged Titan Drilling Ltd. to conduct the maiden drill program on the Esmeralda County Gold Project in Nevada. Drilling is expected to commence in the coming weeks, marking Sienna's first drill program of 2026. Sienna has just over 45 million shares out and a current market capitalization of just over $3 million CDN. The company holds a 100%-owned, 1,828-acre Elko Lithium Project and a 1,231-acre Cave Creek Lithium Project in Elko County, Nevada, as well as the 2,300-acre Deep Basin Lithium Brine JV in Clayton Valley, Nevada. Sienna also holds the 1,156-acre Esmeralda County Gold Project in Nevada and the 31,718-acre Stonesthrow Project in Saskatchewan. The company projects that its cash position is intact to advance multiple work programs in the second half of 2026.

Talon Resources: High-Grade Gold Confirmed Across Multiple Targets

(AIM: TAR) Talon Resources plc announced the results of its Phase 1 exploration programme at the Eagle Lake gold project in Ontario, Canada. Channel sampling highlights include 1.85m @ 7.17g/t Au (including 0.50m @ 24.40 g/t Au) and 4.80m @ 4.47 g/t Au (including 1.0m @ 19.10 g/t Au) at East Fornieri Bay, as well as 5.70m @ 1.26 g/t Au (including 1.70m @ 3.15 g/t Au) and 10.10m @ 0.57 g/t Au (including 2.50m @ 1.53 g/t Au) at Cedar Trench. A new Moss Knoll target was identified, returning 8.00m @ 0.67 g/t Au (including 3.20m @ 1.10 g/t Au). The best grab sample returned 32.90 g/t Au at Parker Shear, with additional grab samples from East Fornieri Bay and Moss Knoll returning 1.54 g/t Au and 0.82 g/t Au respectively. In total, eight channels were completed across four locations, generating 57 channel samples over 46.45m, together with six grab samples. The company projects that maiden drilling is expected to commence in Q4 2026, with a 1,000m diamond drilling programme planned.

Horizon Gold Defines Path to 2028 Production for Gum Creek Project

(ASX: HRN) Horizon Gold has completed a definitive feasibility study (DFS) for its wholly owned Gum Creek gold project in Western Australia, targeting first gold in the second half of 2028. The open-pit plan targets 25.1 million tonnes at 1.19 grams per tonne gold for 962,000 mined ounces, with 880,000oz recovered over an initial 10-year mine life and average production of 98,000ozpa during the first five years. The project requires $350 million of pre-production capital and, at a base-case gold price of $5,500 /oz, is forecast to generate $1,854m of pre-tax free cash flow, a $1,307m pre-tax net present value, and a 53.1% internal rate of return. A maiden Probable ore reserve of 18.2Mt at 1.24g/t gold for 728,000oz underpins 76% of the production target, with Indicated resource ounces outside the reserve contributing 18% and Inferred resource ounces accounting for 6%. The DFS supports a final investment decision (FID) in the second quarter of 2027, subject to funding and approvals, with plant construction scheduled to begin in the fourth quarter of that year. The proposed plant is designed to produce 2.4Mtpa with overall gold recovery forecast at 91.5%, and process plant expenditure accounts for $159m of pre-production capital. The company projects first gold in the second half of 2028 and plans formal engagement with Australian and international financial institutions as it advances approvals and detailed engineering.

New Found Gold Continues to Deliver High-Grade Gold at Queensway

(TSXV:NFG) New Found Gold Corp. announced channel sample and infill drill results from Phase 2 open pit and underground inferred mineral resource blocks at the Lotto Zone on its 100%-owned Queensway Gold Project. Channel sample highlights include 23.7 g/t Au over 15.88 m from 11.62 m (LT-25-01-27), 3.38 g/t Au over 9.07 m from 15.80 m (LT-25-01-28), 2.17 g/t Au over 16.36 m from 8.26 m (LT-25-01-30), and 3.22 g/t Au over 12.83 m from 4.58 m (LT-25-01-31). Underground infill drilling highlights include 43.5 g/t Au over 4.75 m from 298.45 m (NFGC-25-2661) and 22.3 g/t Au over 3.60 m from 282.10 m (NFGC-25-2680). In 2025, the shallow overburden over Lotto was excavated to expose mineralized bedrock over a 210 by 70 metre area for geological mapping and channel sampling, with 729 m of channel samples collected from 57 lines spaced at 7.5 m intervals. The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% focused on the AFZ Core area and 25% on exploration targets. The company plans to file an updated Technical Report for Queensway later in H2/26 which will include an updated MRE.

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