Gold Bulletin

Thursday, July 16, 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

Sixty North Gold Advances Development at Mon Gold Mine, NWT

(CSE:SXTY) Sixty North Gold Mining Ltd. announced that activities to commence gold production this year on its wholly-owned Mon Gold Mine, Yellowknife, NWT are on schedule with only modest delays to date. The company has assembled its camp, received authorization from Inspectors to clear the mill pad, and commenced constructing roads to the dry stack tailings facility (DSTF). A revised Design and Construction Plan for the mill has been submitted to the MVLWB for review, and all mining and milling equipment and necessary supplies and crews are on the property executing initial site work. The mine currently has one 3m x 4m access portal and will have one 2m x 2m raise for secondary egress, with a 100 tpd mill requiring 15 to 20 cubic meters of make-up water each day. Mining at the Mon Gold Mine in the 1990's extracted 15,000 tonnes of ore to depths of only 15 metres below surface, recovering an estimated 15,000 ounces of gold. The company plans to develop and mine stopes in the East Limb, West Limb and DD Zone and to extend the ramp to allow for the development of deeper levels. The company projects that gold recoveries will be up to 95% cumulative in the two circuits and that the mill will have reduced fresh water usage by >85%.

Galactic Gold Provides Exploration Update on Their Hardrock West Main Block Property

(TSXV: GGAU) Galactic Gold Corp. provided an exploration update for their 100% owned Hardrock West Project. The Hardrock West claim block covers 28,586 hectares of the Beardmore-Geraldton Greenstone Belt and is approximately 250 km northeast of Thunder Bay, ON. Phase I historic data compilation included digitizing more than 600 drill holes, 200 channel samples, and over 2,000 surface grab samples. Kodiak Exploration Ltd. drilled 9 diamond drillholes in 2008 for a total of 2,565 m, with highlights including 2.53 g/t Au over 1.6 m, 1.75 g/t Au over 3.8 m, 66.7 g/t Au over 0.3 m, and 1.19 g/t Au over 4.3 m. The company plans a 2026 drill campaign and ongoing field programs to evaluate property-wide targets, including geological mapping in the Trench Lake and Missing Link North areas. The Hardrock West Property has over 57 km of combined strike length along two major gold bearing structures and is 10 km away from Equinox Gold's Greenstone Mine (12.2 million oz Au). Galactic Gold is positioned between Equinox Gold's Greenstone Mine (10M oz Au) and their Brookbank Deposit (2.5M oz Au).

West Point Gold Corp. (WPG) - Chasing Tyro Deeper

(TSXV: WPG) (OTCQX: WPGCF) — West Point Gold Corp. has reported strong drill intercepts that continue to expand and upgrade the high-grade Northeast Tyro gold zone at its flagship Gold Chain Project in Arizona. On June 23, Hole GC26-148 returned 66.2 metres of 6.57 grams per tonne gold, including 20.7 metres at 18.25 grams per tonne gold, from 219.0 to 285.2 metres, at about 250 meters of vertical depth below surface. The July 9 results included Hole GC26-168 (RC), which returned 56.4 metres of 4.24 g/t Au from 242.3m to 298.7m, including 28.9m at 7.77 g/t Au, with an estimated true width of 30m. On July 14, Hole GC26-169 intersected 51.9 meters at 2.5 g/t gold, including 21.4 meters at 4.72 g/t, beginning approximately 300m below surface, extending the zone to approximately 350 metres below surface. There are 7 additional holes with assays pending at this depth (below 250m) at NE Tyro, and the company expects to publish its maiden resource later this year. The next drilling program is scheduled for September 2026-May 2027, with the company aiming to find the limits of Tyro.

Emperor Metals Commences Updated NI 43-101 Technical Report for the Lac Pelletier Gold Project, Quebec

(CSE: AUOZ) (OTCQB: EMAUF) Emperor Metals Inc. announced that it has commenced work on an updated National Instrument 43-101, Standards of Disclosure for Mineral Projects, Technical Report for its Lac Pelletier Gold Project, located approximately 4 kilometers southwest of Rouyn-Noranda, Quebec. The updated technical report will integrate historical exploration and development data with the Company's recent technical work to provide an updated and comprehensive assessment of the Project in accordance with current NI 43-101 disclosure standards. The Lac Pelletier project includes approximately 3.3 kilometers of underground development, a portal, ventilation raise, settling ponds, and more than 100,000 meters of historical drilling. The project benefits from a fully authorized underground mining permit allowing production of up to 1,000 tonnes per day. Emperor intends to commence a Pre-Feasibility Study ("PFS") upon completion of the updated technical report, which will further refine the project's mining methods, processing flowsheet, infrastructure requirements, capital and operating cost estimates, and overall economic potential. Subsequent development activities are expected to include underground dewatering and rehabilitation, detailed engineering, and staged surface and underground mine construction.

Thunder Gold Reports 1.793 G/t Au Over 45.0 Metres at UV Target Advancing Tower Mountain Resource Growth Strategy

(TSXV:TGOL, OTCQB:TGOLF) Thunder Gold Corp. announced exploration diamond drill results from the UV Target at its flagship Tower Mountain Property, 40 kilometres west of Thunder Bay, Ontario. Six holes totaling 2,937 metres were drilled, with key results including TM26-204 intersecting 142.0 metres averaging 0.668 g/t Au, including 45.0 metres averaging 1.793 g/t Au and 1.5 metres averaging 44.100 g/t Au. TM26-200 returned 238.5 metres averaging 0.259 g/t Au from 361.5 metres to 600.0 metres, and TM26-198 intersected 39.0 metres averaging 0.320 g/t Au within 100 metres of surface. The 2026 Mineral Resource Estimate (MRE) for Tower Mountain includes an initial mineral resource of 500,000 ozs (Indicated) and 3,000,000 ozs (Inferred). The 2026 MRE cut-off grade is 0.19 g/t Au, and the current waste-to-ore strip ratio is 1.8:1. The company projects completion of resource definition drilling by September 30, with results anticipated by mid-October in advance of an updated MRE.

Quimbaya Gold Identifies New Gold Target at Tahami Southeast; Rock Samples up to 59.4 G/t Au & 52.30 G/t Ag

(CSE: QIM) (OTCQX: QIMGF) Quimbaya Gold Inc. has defined a new gold exploration target at Tahami Southeast, in the southern portion of the Company's district-scale land package in Colombia's prolific Segovia Gold District, immediately adjacent to Aris Mining's high-grade gold operations. Initial field work returned rock (grab and panel-grab) sample assays of up to 59.4 g/t gold and 52.30 g/t silver from quartz vein sub-outcrops. The new target is characterized by a ~1 km × 1 km sericitic-alteration color anomaly, open in several directions, with visible gold in pan and sub-outcrops of quartz veins. This is the third target on the trend, following the Tahami South veins (December 2025) and the Tahami Center Cu-Mo-Au porphyry. The company intends to advance Tahami Southeast through a mapping and sampling program planned for the second half of 2026 to define drill targets. Quimbaya Gold also announced the grant of 1,300,000 incentive stock options and 1,550,000 restricted share units (RSUs) to directors, officers, employees, and consultants, with options exercisable at C$0.40 per share for five years and vesting over twelve months. All samples were prepared and analyzed by SGS laboratories in Medellín, Colombia, and Lima, Peru, with QA/QC protocols including insertion of certified reference materials, blanks, and field duplicates at a rate of 15-20%.

Pacific Ridge Announces Drilling Plans for the Kliyul and RDP Copper-Gold Projects

(TSXV: PEX) (OTCQB: PEXZF) Pacific Ridge Exploration Ltd. announced exploration plans for its 100% owned Kliyul and RDP copper-gold projects. The Kliyul Main Zone hosts 2.42 billion pounds copper equivalent or 5.7 million ounces gold equivalent in the Inferred Mineral Resource category, with 334.1 million tonnes grading 0.33% CuEq (0.15% copper, 0.26 g/t gold, and 0.95 g/t silver). In 2025, drilling at KMZ intersected 289.0 m of 0.77% CuEq (0.26% copper, 0.75 g/t gold, and 1.54 g/t silver). Pacific Ridge plans to drill 2,500 m at Kliyul and 3,000 m at RDP this year, focusing on the M39 and Day targets, respectively. At RDP, 2025 drilling at the Day target intersected 112.2 m of 1.35% CuEq (0.76% copper, 0.86 g/t gold, and 3.16 g/t silver). The effective date of the Kliyul Mineral Resource estimate is July 31, 2025, and the resource remains open for expansion. The company projects that drilling will be underway by the end of the month and plans additional geophysical surveys at both projects.

Oreterra Starts Drill Camp Construction at the Trek South Porphyry Copper-Gold Prospect, Golden Triangle, BC

(TSXV: OTMC) Oreterra Metals Corp. announced that construction of a 30-person fly-in camp is underway as per schedule at its Trek South porphyry copper-gold prospect, located adjacent to Teck-Newmont's Galore Creek tenures in BC's Golden Triangle. The Trek South camp will house crews for two core drills, in addition to geophysical and geological personnel, and is expected to be operational by month's end. The phase 1 Trek South drill program as initially planned will encompass approximately 5,000 metres of drilling in 8 widely spaced angled core holes. Subject to the success of phase 1, a second phase of drilling would expand the drilled area with step-backs and step-outs encompassing an estimated 4,600 metres of additional drilling in 8 widely space angled core holes. A $20 million contribution toward the construction of the middle one third of the Galore Creek - Highway 37 road was announced in September 2024 by the Canadian government. Following a highly successful $9.7 million financing closed earlier in the year, a maiden drill program at Trek South will commence in early August. Oreterra also retains a 2% NSR on McEwen Mining's Hislop gold property in Ontario and a 2% NSR on Enduro Metals' Newmont Lake Au-Cu-Ag property in BC.

Onyx Gold Extends Argus North to More Than 700 Metres Depth With 3.5 G/t Gold Over 28.1 Metres

(TSXV: ONYX) (OTCQX: ONXGF) Onyx Gold Corp. reported results from 17 drill holes at its 100%-owned Munro-Croesus Project, located 75 km east of Timmins, Ontario. The most significant result is from Argus North, where hole MC26-274A returned 3.5 g/t gold over 28.1 meters, including 5.3 g/t gold over 17.8 meters. Drilling at Argus North has now intersected mineralization from near surface to more than 700 m vertical depth, and the zone remains open at depth and along strike. At Argus Main, hole MC26-324 intersected 1.0 g/t gold over 93.0 meters, including 2.0 g/t gold over 20.0 meters, and a separate interval of 0.9 g/t gold over 33.0 meters. The company has completed 188 drill holes totaling approximately 75,000 meters to date, with assays released for 131 drill holes and about 35,000 meters remaining to be drilled in 2026. Onyx Gold Corp. is fully funded with approximately $18 million in cash. The company projects the anticipated end to the 110,000 meter program by year end and plans follow-up drilling to extend mineralization and test additional targets.

Dryden Gold Receives Drill Permit to Test High-Priority Mud Lake Discovery Target

(TSXV: DRY) (OTCQX: DRYGF) Dryden Gold Corp. announced that it has received the exploration permit for its Mud Lake target. The permit allows Dryden Gold to drill test extension targets identified through its 2025 drill program and geological mapping. Surface samples collected on a high-grade shear zone at Mud Lake assayed 93.00 g/t gold. The approved drill permit also includes the Wamsley target, another high-priority area identified during the 2025 mapping campaign. Dryden Gold controls 100% interest in mining claims in a dominant strategic land position in the Dryden District of Northwestern Ontario, with high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. A second drill is now operating and is testing the depth extensions of the known high-grade gold zones while the other drill is expanding the structural footprint at Gold Rock. One rig will be deployed to drill Mud Lake in early August.

Blossom Gold Announces the Reopening of Portal #2 Underway at Rosebud

(TSX:BGAU) Blossom Gold Inc. announced that the reopening of Portal #2 at its Rosebud Project in Pershing County, Nevada, is underway, with mining contractor Small Mine Development LLC (“SMD”) mobilizing on July 7 and executing earthworks to reestablish access. Earthworks are anticipated to be complete and Portal #2 opened the week of July 20, after which rehabilitation will allow safe access to drill and blast the concrete plug established during closure. Approximately 3,000 feet (915 meters) of rehabilitation in Decline #2 is planned for completion in late October, with underground, infill drilling of the Rosebud open-pit resource planned to commence in the fourth quarter of 2026. The Rosebud Project currently hosts an Inferred Mineral Resource of 70.755 million tons grading 0.62gAu/t (0.018opt Au) and 6.49gAg/t (0.189opt Ag) for 1.28 million ounces of gold and 13.4 million ounces of silver, with the mineral resource estimate open pit constrained using long term gold and silver prices of US$2,500 and US$35 per ounce respectively. The mine previously operated from 1997 through 2000 at a cut-off grade of approximately 0.2 opt Au (6.8 g/t Au), when gold prices ranged from US$250 to US$350/oz, with mined material truck-hauled approximately 120 miles to a Newmont oxide mill. The company projects that an updated Mineral Resource Estimate will be completed in the first quarter of 2027 to support a feasibility study and continued permitting for operations.

Altair Minerals Launches Expanded Exploration Strategy at Greater Oko Gold Project

(ASX: ALR) Altair Minerals has upscaled its exploration strategy for the Greater Oko gold project in Guyana to cover 75,000 metres of combined reverse circulation and diamond drilling across greenfield and brownfield targets. One rig will be stationed at the South Oko prospect for 45,000m of drilling to systematically test current and new targets to 50m downhole depth, while a second rig will replace a rotary air blast rig at North Peters for 15,000m of drilling. Altair has also allocated 15,000m of drilling, alongside initial soil sampling and stream sediment work programs, at regional targets including Kmung, Mara-Mara, and East Puruni. The Greater Oko project covers 590 square kilometres of contiguous landholding, approximately 1.5km from a 5.9-million-ounce discovery expected to commence production over the next 18 months. The fully funded 18-month program follows a recent $28.2 million investment by Endeavour Mining that boosted Altair’s pro-forma cash position to $38m. North Peters’ Phase 1 infill diamond drilling for 5,000m is scheduled for an imminent start, and an inaugural 20,000m RC campaign at South Oko will commence next month. Altair’s upscaled strategy will include expansion of existing accommodation facilities and construction of three additional camps to support larger site teams.

Odyssey Gold Confirms New Shackle Discovery and Extends Bollard Shoots at Tuckanarra Project

(ASX: ODY) Odyssey Gold has intersected shallow high-grade gold in all three first-pass reverse circulation (RC) holes at the new Shackle target within its Tuckanarra gold project. The standout result was 3 metres at 16.1 grams per tonne gold from 55m, with additional intersections of 4m at 5.3g/t from 31m and 3m at 1.7g/t from 44m beneath historical workings spanning about 80m of strike. Further RC drilling at the Bollard deposit confirmed continuity of plunging mineralised shoots beneath the historical open pit, including 15m at 3.9g/t gold from 102m. Bollard currently contains a shallow open-pit Mineral Resource Estimate (MRE) of 0.68Mt at 2.1g/t gold for 46,000oz across the Indicated and Inferred categories, and Tuckanarra contains total Indicated and Inferred Mineral Resources of 6.3Mt at 2.2g/t gold for 451,000oz. The Bollard open pit was mined during 1992 and 1993, with approximately 191,000t grading 2.7g/t gold for 16,800 ounces presumed extracted. Odyssey will incorporate the latest results into an updated MRE and mining studies while advancing the initial Stage 1 development at Tuckanarra. The group has ranked more than 70 priority targets for further exploration, including East Lynn, Bottle Dump East, and Highway East.

Goldgroup Mining and Gold Resource Corporation Announce Expected Ticker Symbol of Combined Company

(TSXV: GGA) (OTCQX: GGAZF) Goldgroup Mining Inc. and Gold Resource Corporation announced that, subject to obtaining all required approvals, including the approval of the TSX Venture Exchange, and the satisfaction or waiver of all required closing conditions for the previously announced merger, Goldgroup's common shares are expected to commence trading under the ticker symbol "GORO" on the NYSE American LLC after the closing of the Merger. The Arrangement Agreement and Plan of Merger was dated January 25, 2026 and amended on May 15, 2026. The Merger is expected to be consummated after the market close on July 17, 2026. Goldgroup's common shares are expected to commence trading on the NYSE American and GRC's common stock is expected to be delisted from the NYSE American prior to the market open on July 20, 2026. Goldgroup's common shares will no longer be quoted on the OTC Markets upon commencement of trading on the NYSE American. Goldgroup holds a 100% interest in the recently acquired San Francisco project located in the State of Sonora, and a 100% interest in the producing Cerro Prieto heap leach gold mine located in the State of Sonora. The company states that the San Francisco project is fully permitted for a rapid restart of mining operations.

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