Gold Bulletin

Tuesday, June 9, 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

Zephyr Provides Dawson Gold Update

(TSXV:ZFR) Zephyr Minerals Ltd. has completed the third quarter of its comprehensive groundwater monitoring and analytical program at and surrounding the Dawson Gold deposit. The fourth-quarter program is scheduled for September, 2026, and the Company is on track to complete the full five-quarter program by year-end. Zephyr intends to resubmit a mining permit application to the Colorado Division of Reclamation, Mining and Safety (DRMS) for its 100%-controlled Dawson Gold property in Colorado, USA, in January 2027. The Dawson Gold Deposit hosts an Inferred Mineral Resource of 343,000 tonnes grading 12.11 g/t for 133,500 ounces of gold at a 5 g/t cut-off with no top cut, and 116,300 ounces of gold at 10.55 g/t with a 40 g/t top cut, with an effective date of July 19, 2013. A Preliminary Economic Assessment with an effective date of March 21, 2017, utilizing a gold price of $1,250/oz, showed an all-in sustaining cost per ounce of $692. The Company continues to wait for the Zimbabwean Government to grant two Exclusive Prospecting Orders covering 124,000 hectares applied for in 2021. The deposit is open at depth, with exploration potential to the east and west.

Maverick Gold and Silver Completes First Phase Work Programs on Its Nevada Properties

(CSE: MAV) Maverick Gold and Silver Corp. announces that it has recently completed its first phase work programs on its Nevada properties. The company conducted a magnetotelluric (MT) geophysical survey over the Gator South target and detailed geological mapping over the GSX target at the Gator property, which is located in Pershing and Lander Counties, approximately 56 km (35 miles) south-southwest of Battle Mountain. The GSX target's high-level hydrothermal alteration has now been mapped over an area extending 1,200 metres by 700 metres. At the Jericho Property, located approximately 40 km northeast of Pioche, 170 chip channel and grab samples were taken throughout the property, with results pending. The West Trend at Jericho was confirmed to continue for at least 4 kilometres, with a difference in elevation from the Helen Zone to the NE Extension Zone of approximately 1,700 feet, or 520 metres. The company projects that, subject to positive assay results, the next phase of work at Jericho is expected to include drill target definition and the initiation of the permitting process. Maverick Gold and Silver is focused in Nevada and British Columbia.

Tiger Gold Exercises Option to Acquire 100% of the Quinchia Gold Project

(TSXV:TIGR) Tiger Gold Corp. has completed the final staged cash option payment of AUD$4.5 million under its option agreement with LCL Resources Limited to acquire 100% of the Quinchía Gold Project and the Andes Gold Project in Colombia. This brings the total staged cash payments made to date to AUD$7.5 million. The total cash consideration under the Agreement is AUD$14 million, which includes AUD$7.5 million in staged cash payments and a further AUD$6.5 million cash payment payable contingent upon certain production milestones. The Agreement also provides for a 1% net smelter return royalty on future gold production from the Quinchía Gold Project, subject to a buyback option. Operations at the Quinchía Gold Project now involve more than 160 employees and contractors, with three drill rigs currently turning. Tiger also has built and is operating a fully functioning medical clinic providing essential healthcare services to the Quinchía communities. The company projects the completion of the transfer and registration of title to the Projects, the contingent production milestone payment of AUD$6.5 million, and continued exploration and development activities.

Maple Gold Raises $3,256,096 in Warrant Acceleration Program

(TSXV:MGM) Maple Gold Mines Ltd. announced that a total of 3,830,701 common share purchase warrants were exercised, resulting in the issuance of 3,830,701 common shares and gross proceeds to the Company of $3,256,096. The Warrants were exercisable at $0.85 per Common Share and were originally issued as part of a non-brokered private placement that closed on September 9, 2025. 100% of the Warrants subject to acceleration were exercised prior to the deadline. The Douay Project contains Indicated Mineral Resources estimated at 18.2 Mt at a grade of 1.33 g/t Au (containing 779,000 oz Au), and Inferred Mineral Resources estimated at 122.7 Mt at a grade of 0.84 g/t Au (containing 3,305,000 oz Au), with an effective date of April 24, 2026. The Joutel Project contains Indicated Mineral Resources estimated at 0.9 Mt at a grade of 4.53 g/t Au (containing 126,000 oz Au), and Inferred Mineral Resources estimated at 7.5 Mt at a grade of 4.11 g/t Au (containing 992,000 oz Au), also with an effective date of April 24, 2026. The Eagle, Eagle West and Telbel Gold Mines at Joutel produced 1.1 million ounces of gold at an average grade of 6.5 g/t Au from 1974 to 1993. The company anticipates using the proceeds from the exercise of Warrants for working capital and general corporate purposes.

Cambria Gold Reports First Results From Premier Underground Infill Drilling, Including 19.82 G/t Au Over 5.0 Meters and 483.0 G/t Au Over 1.0 Meters at Prew Zone

(TSXV:CAMB) Cambria Gold Mines Inc. announced the first results from its underground infill program at the Prew Zone and additional surface drilling results from the 602 Zone at the Premier Gold Project, located in northwestern British Columbia. Results include 19.82 g/t Au over 5.0 m (including 45.88 g/t Au over 2.0 m) in hole P26U-0003 at Prew Zone, 14.96 g/t Au over 6.3 m (including 24.50 g/t Au over 3.0 m) in hole P26U-0007 at Prew Zone, and 9.82 g/t Au over 12.2 m (including 15.62 g/t Au over 4.0 m) in hole P26-2694 at 602 Zone. A total of 15 underground drillholes and nine surface drillholes are reported, with two underground and one surface drills currently active on site. The company intends to complete a total of 27,000m of infill development drilling this year across the Premier Project deposits. Drilling at the Premier-Northern Lights Deposit, Prew Zone in 2026 has been planned as closely-spaced delineation drillholes on average 12.5m centres from underground platforms. Cambria anticipates the underground drill program at Prew Zone to continue into early Q3 2026, and surface drilling is planned to transition to the Silver Coin and Big Missouri deposits in early July 2026.

Sranan Gold Mobilizes Crews to Lawatino Gold Project While Tapanahony Drilling Continues

(CSE:SRAN, OTCQB:SRANF) Sranan Gold Corp. announced the mobilization of geological field crews to its 18,468-hectare Lawatino Gold Project, marking the commencement of its field exploration program on the concession. The company recently acquired the Lawatino concession, which is located in the Lawa region of southeastern Suriname, overlying the Central Guiana Shear Zone. At the Tapanahony Gold Project, five drill holes have been completed at the Poeketi Zone since the program commenced in April, and a further nine drill holes have been completed at the Randy's Pit Zone. Sranan Gold Corp. completed a $3.6 million private placement to fund these activities. The company's flagship Tapanahony Project covers 29,000 hectares in one of Suriname's most prolific artisanal gold mining districts. Assay results from the Tapanahony drilling program are pending. The company projects that drill targets will be selected from the initial screening of highly prospective targets and looks forward to delivering meaningful results from both projects in the months ahead.

Athena Provides Updates Across Gold Portfolio

(CSE: ATHA) Athena Gold Corporation provided an update on its gold projects in Ontario, Canada and Nevada, USA, including ongoing drilling at the Laird Lake project in the Red Lake Gold District and the start of stakeholder consultations at the recently acquired Forester project. The company reported that drilling at Laird Lake intersected an approximately 50m wide section of locally mineralized mafic metavolcanics with abundant quartz veining in hole LL-26-006, and another mineralized section from ~227-238m down the hole. Historical drill programs at the Forester project returned up to 0.7 g/t Au over 89m of core length, with only ~60m assayed. Athena's option partner, Mammoth Minerals Limited (ASX: M79), continues to work towards a maiden resource estimate at the Buster Trend, Excelsior Springs project, expected in Q3/2026, and recent RC drilling has expanded the mineralized corridor to over 7 km of prospective strike. The company agreed to settle $21,000 in debt by issuing 46,667 common shares at a deemed price of $0.45 per share, subject to customary closing conditions and a four month and one day hold period. The company states that assay results from holes LL-26-002 to LL-26-007 are pending and expected in early Q3/2026, and that a maiden Mineral Resource Estimate and Exploration Target for the Buster Trend is targeted for Q3/2026. Athena's Laird Lake project covers more than 7,000 hectares along more than 10 km of the Balmer-Confederation Assemblage contact, with recent surface sampling results returning up to 373 g/t Au.

West Point Gold Intersects 19.7m of 9.06 G/t Au and 35.7m of 3.2 G/t Au, Improving Confidence at NE Tyro

(TSXV: WPG) West Point Gold Corp. announced drill results from the high-grade zone at Northeast (NE) Tyro, part of its recently completed drill program at the Gold Chain Project in Arizona. The two holes reported, GC26-134 and GC26-137, returned highlight intervals of 9.06 grams per tonne (g/t) gold (Au) over 19.7 metres (m) and 3.2 g/t Au over 35.7m, respectively. The 2025/2026 drilling campaign comprised 18,683.3m of reverse circulation (RC) drilling and 2,395.7m of core drilling, totaling 21,079m drilled. Approximately 7,025m of assays are pending and will be released over the next couple of months. Hole GC26-134 returned 19.7m of 9.06 g/t Au from 95.8 to 115.5m, and Hole GC26-137 returned 35.7m of 3.2 g/t Au from 53.2 to 88.9m, including 10.2m of 10.23 g/t Au. The company expects to release its maiden mineral resource estimate (MRE) later in 2026. Both holes were drilled across the high-grade zone previously defined by reverse-circulation drilling to provide improved confidence and context for the geologic, geometric, and gold-grade models.

Zodiac Gold Increases Non-Brokered Private Placement up to C$5 Million

(TSXV: ZAU) Zodiac Gold Inc. announced that it has increased the size of its previously announced non-brokered private placement to raise aggregate gross proceeds of up to C$5,000,000, up from the C$4,025,000 previously announced on June 4, 2026. The Company now intends to issue up to 14,285,714 units at a price of C$0.35 per Unit, with each Unit consisting of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at an exercise price of C$0.54 per share for a period of 24 months from the date of issuance, subject to acceleration if the 30-day volume weighted average share price exceeds C$0.65 after four months. The Company anticipates closing the private placement by June 19, 2026, subject to final regulatory approvals and customary closing conditions. The net proceeds will be used to expand the drill program at the Todi Gold Project, advance exploration across the Company's exploration licenses, and for working capital purposes. Zodiac Gold Inc. holds a 2,316 km2 land package in Liberia, with five drill-ready targets at the Todi Gold Project, of which two have been drilled and returned high-grade gold intercepts. Certain directors and officers of the Company may participate in the Offering, which will constitute a related party transaction under Multilateral Instrument 61-101.

Lahontan Drills 91m Grading 0.43 G/t Au Oxide at Calvada, Discovers New Gold Zone at Slab West

(TSXV:LG, OTCQB:LGCXF) Lahontan Gold Corp. announced the first drill results from its 2026 drilling program at the Santa Fe Mine Project, including four diamond core drill holes totalling 953 metres and five reverse-circulation drill holes totalling 1,530 metres. Drill hole CAL26-02C at Calvada cut 90.8 metres grading 0.44 g/t Au Eq oxide, including a 12.3 metre interval of 1.22 g/t Au Eq. At Slab West, new gold mineralization was intercepted in four out of five drill holes, including 35.0 metres grading 0.34 g/t Au Eq and 61.0 metres grading 0.26 g/t Au Eq. The Santa Fe Mine has a NI 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq (48,393,000 tonnes grading 0.92 g/t Au and 7.18 g/t Ag) and an Inferred Mineral Resource of 411,000 oz Au Eq (16,760,000 tonnes grading 0.74 g/t Au and 3.25 g/t Ag), all pit constrained. Santa Fe historic production is 359,202 ounces of gold and 702,067 ounces of silver from 1988-1995. The company targets a return to production in 2027 and plans to complete an updated Mineral Resource Estimate and Preliminary Economic Assessment in 2026. Management also aims to continue drill testing at West Santa Fe, conduct exploration drilling, and evaluate historic heap-leach pads for potential reprocessing opportunities.

Bullion Mobilizes Field Team to Terragold Project and Increases Private Placement to $2 Million

(TSXV: BGD) Bullion Gold Resources Corp. announced that its field team has been mobilized to its 100% owned Terragold Project, located approximately 12 km south of the municipality of Senneterre, Québec, within the Abitibi Greenstone Belt. The Terragold project consists of 38 claims covering 2,058 ha and features a mineralized system extending over more than two kilometres to a depth of approximately 250 meters. A historical 237 kg bulk sample from the project graded 3.64 g/t Au, demonstrating mineralization outcropping at surface. The company has increased the maximum gross proceeds of its private placement of Units from $1.5M to up to $2.0M, subject to TSX Venture Exchange approval. The upcoming validation drilling campaign is scheduled to begin later this month and is designed to confirm historical high-grade gold intersections and evaluate the full geochemical signature of the mineralized system. The gold mineralized corridor remains open in all directions and has seen very limited exploration activity since 1984. The Bousquet (Au) project is under option to Olympio Metals (ASX: OLY).

U.S. GoldMining Provides Updates on the 2026 Exploration Program and District Infrastructure Catalysts at Its 100% Owned Whistler Project, Alaska

(NASDAQ: USGO) U.S. GoldMining Inc. announced an update on its 2026 planned exploration program at the Whistler Gold-Copper Project in Alaska. The company has successfully mobilized all critical equipment and consumables to the Project ahead of schedule, and crews are actively constructing drill pads at high priority targets. The Whistler initial assessment (PEA) outlines 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. The PEA uses base-case prices of $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 congratulated its neighbor Terra Energy Center on receiving $89M in federal funding from the U.S. Department of Energy to assess the viability for commissioning a new 1.25-gigawatt power plant with carbon capture and storage, located just 30 miles east of Whistler. The company projects that the upcoming exploration strategy is designed to build upon the recent Whistler initial assessment and that the drilling crew is expected to mobilize to site to commence drilling in the coming weeks.

West Red Lake Gold Significantly Increases Rowan MRE Including a 70% Increase in Indicated Resources to 755k Tonnes Containing 335k Oz at 13 G/t Au

(TSXV:WRLG) West Red Lake Gold Mines Ltd. announced an updated 2026 Mineral Resource Estimate (“MRE”) for the Rowan Project and a maiden MRE for the nearby Mount Jamie deposit, located 2 kilometres from Rowan. The Rowan MRE reflects a 6,300 meter resource conversion drill program and is anticipated to be incorporated into a combined Madsen-Rowan Pre-Feasibility Study planned for release in H2 2026. As of June 1, 2026, the Rowan Mine Deposit contains Indicated resources of 754,514 tonnes grading 13.03 g/t gold for 334,825 ounces and Inferred resources of 360,323 tonnes grading 15.31 g/t gold for 179,013 ounces. The Mt. Jamie Deposit contains Indicated resources of 108,775 tonnes grading 14.13 g/t gold for 49,407 ounces and Inferred resources of 92,972 tonnes grading 11.97 g/t gold for 35,791 ounces. Rowan Indicated gold ounces increased by 70% to 334,825 oz and Inferred gold ounces increased by 52% to 179,013 oz compared to the 2025 MRE. The company projects that the Rowan MRE will be incorporated into a combined Madsen-Rowan Pre-Feasibility Study planned for release in H2 2026 and that expansion potential remains strong at Rowan and Mt. Jamie with mineralization open at depth and along strike.

Trident Resources Announces Mobilization of Drill Crews and Equipment for the Summer 2026 Drill Program at the Contact Lake Gold Project, Saskatchewan

(TSXV:ROCK) Trident Resources Corp. announced that all geologic and drilling personnel and equipment, including two drills, have been mobilized to the Contact Lake Gold Project for the onset of the 2026 summer drill program. Trident plans to drill over 20,000 metres in approximately 35 drillholes at the Contact Lake project between June to November. Assays are still pending for seven holes from the winter program at the Contact Lake target area and eleven holes from the Preview SW deposit located 3km to the southeast. The Contact Lake Gold Project covers approximately 22,790 hectares and includes the past-producing Contact Lake gold mine, which produced approx. 190,000 ounces of gold at an average head grade of 6.16 g/t Au during active mining operations between 1994 to 1998. Mine production at Contact Lake reached a maximum depth of 340m at the time of closure in 1998, despite drill-defined gold intercepts below that level. With only limited drilling, Trident successfully discovered significant gold mineralization at vertical depths >500m below surface during the fall 2025 drill program. The company projects to grow the resource base along strike to the west and at depth in multiple prospective target areas during the 2026 summer drill program.

ICG Silver & Gold Launches Interactive VRIFY Presentation Showcasing District-Scale Geological Model at the Tuscarora District

(CSE:ICG) ICG Silver & Gold Ltd. announced the launch of its new interactive VRIFY presentation, which integrates more than 40,000 meters of historical drilling data into the Company's database and outlines six priority drill targets for the upcoming Phase 1 Drill Program. The Company increased its historical drilling database by approximately 60%, expanding from approximately 25,000 meters to more than 40,000 meters of drilling. ICG controls 100% of the approximately 10,000-acre land package in the Tuscarora District, where extensive rock chip sampling, thousands of meters of reverse circulation and core drilling, and tens of kilometers of CSAMT geophysics have been completed. The Phase 1 Drill Program is designed to test six priority targets identified through geological modeling, including Battle Mountain, East Pediment, Grand Prize, Kings Vein, Modoc, and Silica, with five of the six targets having received little or no modern drilling. The company projects that the completion of the geological model and launch of the VRIFY presentation represent important milestones in advancing the Tuscarora District toward systematic exploration and future discovery. The Company will continue refining the model as new geological information and drill results become available.

Questcorp Commences Fully Funded Phase 2 Drill Campaign at La Union Targeting Gold-Silver Carbonate Replacement District Potential

(CSE: QQQ) Questcorp Mining Inc. announced the commencement of diamond drilling at its fully funded, high-impact Phase 2 exploration program at the La Union Gold-Silver Project in Sonora, Mexico. The Phase 2 program consists of an aggressive, fully funded ~1,500-metre diamond drill program across 8 to 10 high-priority holes, requiring no dilutive near-term capital raises. The campaign will systematically test recent and newly defined, never-before-drilled targets across the expansive 25 km² La Union mineralized footprint. Final drill positioning integrates newly completed property-wide structural mapping, 248 line-km of high-resolution drone aeromagnetic coverage, and a highly predictive property-wide Induced Polarization (IP) geophysical survey completed last week. Historical mining at La Union ceased in the 1950s after extracting an estimated 50,000 ounces of gold from high-grade polymetallic oxide ores averaging 7-20 g/t Au, 300 g/t Ag, 10-20% Pb, and 5% Zn. The company holds an option to acquire an undivided 100-per-cent interest in mineral claims totalling 2,520.2 hectares comprising the La Union project located in Sonora, Mexico, subject to a royalty obligation. The company projects that this campaign will rapidly demonstrate the immense structural value and scale continuity of La Union for prospective new institutional shareholders.

Aeris Resources Extends Golden Plateau Gold Potential With Strong Main Lode Intercepts

(ASX: AIS) Aeris Resources has returned further high-grade gold results from drilling at the Golden Plateau deposit within its 100%-owned Cracow tenement package in Queensland. The latest assays include 14.2 metres at 9.1 grams per tonne gold from 172.2m at the Main lode, including 4.1m at 26.6g/t Au. Additional Main lode results included 2.5m at 8.9g/t Au from 185.3m, 6.7m at 5.2g/t Au from 188m, and 32.2m at 1.4g/t Au from 167m. The company expanded the drill program from 6,400m to approximately 14,000m, with the campaign now about 75% complete and 55 holes drilled to date. The deposit produced about 850,000 ounces of gold from the 1930s to the 1990s, and the Main lode extends approximately 400m along strike and 250m down-dip. The results will feed into an updated Mineral Resource estimate (MRE) targeted for the first half of FY27 to underpin an economic assessment of Golden Plateau. The full drill program is scheduled for completion by the end of June.

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