Gold Bulletin

Tuesday, June 23, 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

Valor Gold Corp. (VGC) Opens the Market

(TSX: VGC) Valor Gold Corp. celebrated its new listing on the TSX, marking an important milestone for the Company. Valor Gold Corp. holds 100% of the Courageous Lake gold project in Canada's Northwest Territories, which represents the third largest undeveloped gold resource in Canada. The Courageous Lake project contains 15 million ounces of gold across Measured, Indicated and Inferred resources. The TSX listing increases Valor's visibility among investors and strengthens access to capital markets. The company intends to advance the project in the coming months as it works towards defining and drill testing additional exploration targets that will be included into an updated integrated Pre-Feasibility Study.

Granada Gold Announces 64% Increase in Measured and Indicated Mineral Resources to 890,600 Oz Au (15,982,000 Tonnes at 1.73 G/t Au) and 90% Increase in Inferred Mineral Resources to 865,500 Oz Au (20,096,000 Tonnes at 1.34 G/t Au)

(TSXV: GGM) Granada Gold Mine Inc. announced an updated Mineral Resource Estimate for its 100%-owned Granada Gold Project in Quebec, Canada, reporting Measured and Indicated in-pit and underground Mineral Resources of 890,600 ounces of gold (15,982,000 tonnes grading 1.73 g/t Au), a 64% increase over the 2022 estimate of 543,000 ounces (8,220,000 tonnes at 2.05 g/t Au). Inferred in-pit and underground Mineral Resources are 865,500 ounces of gold (20,096,000 tonnes grading 1.34 g/t Au), a 90% increase over the 2022 estimate of 456,000 ounces (3,010,000 tonnes at 4.71 g/t Au). The 2026 MRE applies updated economic parameters, including a gold price of CA$176 per gram (approximately US$4,270 per ounce), revised cut-off grades (0.25 g/t Au in-pit and 1.4 g/t Au underground), and updated processing and site assumptions. The company holds a Certificate of Authorization for mining 550 tonnes per day for a total of approximately 590,000 tonnes, structured as a phased "Rolling Start" bulk-sample pathway. An independent ore-sorting program demonstrated a 2.7-times gold-grade uplift at 88 percent recovery, with roughly two-thirds of the material rejected as waste before milling. The company intends to incorporate this estimate into a forthcoming NI 43-101 technical report, to be filed on SEDAR+ within 45 days of this news release.

Big Ridge Gold Corp. Announces $7.0 Million Non-Brokered Private Placement Supported by Existing Strategic Shareholders, With Michael Gentile Increasing His Position to 19.9%

(TSXV: BRAU) Big Ridge Gold Corp. has initiated a non-brokered private placement of 23,333,333 common share units at a price of $0.30 per Unit for gross proceeds of C$7,000,000. Each Unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one common share at a price of C$0.46 for a period of 36 months following the closing. The proceeds will be used for ongoing engineering studies and resource expansion drilling at the Hope Brook Gold Project. The closing of the Offering is expected to occur in early July and is subject to receipt of all necessary regulatory approvals, including acceptance by TSX Venture Exchange. Mr. Michael Gentile, an insider, nearly doubled his position in Big Ridge Gold Corp. to 19.9%. Big Ridge owns a 100% interest in its flagship Hope Brook Gold Project in Newfoundland and Labrador, as well as the Oxford Gold Project in Manitoba and the Destiny Gold Project in Quebec. The Company acknowledges financial support from the Newfoundland and Labrador Ministry of Natural Resources' Junior Exploration Assistance (JEA) Program for its 2023 exploration programs.

Zodiac Gold Announces Closing of Upsized Non-Brokered Private Placement for Gross Proceeds of C$5.6 Million

(TSXV: ZAU) Zodiac Gold Inc. closed its non-brokered private placement of 16,000,000 units at a price of C$0.35 per Unit, for gross proceeds of C$5,600,000. The Offering closed on an oversubscribed basis and remains subject to final approval of the TSX Venture Exchange. Zodiac Gold now has approximately C$9 million in the treasury, providing substantial financial flexibility to accelerate exploration at the Todi Gold Project. Each Unit consists of one common share and one-half of one common share purchase warrant, with each whole Warrant exercisable at C$0.54 per share for 24 months from issuance. Finder's fees paid included C$77,665 and 221,900 Compensation Warrants to Canaccord, C$61,936 and 176,960 Compensation Warrants to Haywood, and C$4,001.20 in cash to RWL. An insider participated in the Offering, subscribing for 55,399 Units for a total of C$19,389.65. The company projects an aggressive, fully funded program focused on expanding mineralization along strike, infilling key zones, and testing depth extensions across multiple targets.

Advanced Gold Exploration Strikes Option Deal on Major 8,287-Hectare Copper-Gold-Zinc Project

(CSE: AUEX) (OTCQB: AUHIF) Advanced Gold Exploration Inc. announced it has entered into an option agreement dated June 23, 2026, with Bounty Gold Corp. and Last Resort Resources Ltd. to acquire the Muriel-Marr Project in the Thunder Bay North district of northwestern Ontario. The Muriel-Marr Project comprises 403 unpatented mining claims spanning approximately 8,287 hectares and is located 85 km north of Equinox Gold Greenstone Mine. Under the terms of the agreement, Advanced Gold Exploration Inc. will make an aggregate of $120,000 in cash payments, issue 1,500,000 common shares, and incur $161,200 in qualifying expenditures over three years. The Optionors will be entitled to a 2% net smelter returns royalty, which can be reduced to 1% by a $1,000,000 cash payment. The company has agreed to issue 238,888 Common Shares as finder's fees at a deemed price of $0.135 per share. The company projects near-term catalysts including relocating and ground-truthing historical occurrences, prospecting for bedrock sources of gold-in-soil anomalies, and evaluating pegmatites for LCT mineralization. Completion of the transaction is subject to regulatory and other approvals, including the Canadian Securities Exchange.

Talisker Intersects 85.00 G/t Au Over 0.5 M Within 18.76 G/t Au Over 2.30 Metres, From the 2026 Bralorne Gold Project Resource Conversion Program

(TSX:TSK OTCQB:TSKFF) Talisker Resources Ltd. announced results from an additional 20 drill holes from the 2026 Bralorne Gold Project resource conversion program at its currently producing Mustang Mine. Highlights include 19.80 g/t Au over 0.50 m within 5.55 g/t Au over 2.10 m on the 101 Vein, and 85.00 g/t Au over 0.50 m within 18.76 g/t Au over 2.30 m on the Alhambra Vein. In 2026. A total of 25 underground diamond drill holes for 4,461 metres and 20 surface diamond drill holes for 7,802 metres were completed. The underground resource conversion drill program is focused on infill drilling of the Alhambra, BK and BK-9870 veins, while surface drilling targets Bralorne West’s 101, 55 HW, 276, and 55 veins. Underground mine development is underway in the Bralorne West zone, with the first underground diamond drill bay now complete and a fleet of two underground and one surface diamond drills active.

Miata Intersects 63 M at 1.44 G/t Au Extending Gold Mineralization at Depth at Sela Creek, Suriname

(TSXV: MMET) (OTCQX: MMETF) Miata Metals Corp. announced additional drill results from its ongoing, 25,000 m diamond drilling program at its Sela Creek Gold Project in Suriname. The deepest test of the mineralized zone at Jons Trend extended five known vein zones by 50 meters down-dip to a vertical depth of 250 m. The Company discovered an additional zone below the formerly modeled gold mineralization. The drill hole returned a broad intercept across several vein zones of 63 m at 1.44 g/t Au. At Big Berg, continued step-out drilling returned both broad and higher-grade intercepts, 400 m to the southwest along strike from Jons Trend. Geological data points towards the continuation of Jons Trend and Big Berg in a single mineralized corridor of 1,300 m strike length. All of these vein zones remain open at depth.

Golden Arrow Resources Announces US$25 Million Sale of 75% Owned Copper Assets at San Pietro Project; Secures Capital and Retains 9,000 Ha of High-Potential Gold Targets

(TSXV:GRG) Golden Arrow Resources Corporation announced a definitive agreement dated June 22, 2026, for the sale of a portion of the San Pietro Copper-Gold-Iron Cobalt project in the Atacama region of Chile to Capstone Copper Corp. for aggregate consideration equal to US$25,000,000 in shares of Capstone. The transaction involves the divestment of approximately 16,555 hectares, roughly two-thirds of the San Pietro Project's land package, including the copper-focused Rincones and Colla deposits. After deducting transaction costs and taxes estimated to be approximately $6.55 million, the remaining proceeds will be used for corporate purposes and/or distributions to shareholders of NGE. Golden Arrow and SSA will retain ownership of over 9,000 hectares of the San Pietro concessions, focusing on prospective gold targets. Approximately 32.49% of Golden Arrow's common shares are subject to voting support agreements in favor of the transaction. The transaction is subject to approval by Golden Arrow shareholders, the TSXV, and the TSX, and closing is expected by the end of Q3 2026. The company projects that proceeds from the transaction are expected to fund an expanded exploration program on the retained gold targets.

West Point Gold Intersects 66.2m of 6.57 G/t Au, Including 20.7m of 18.25 G/t Au, Expanding the High-Grade NE Tyro Zone to Depth

(TSXV: WPG) (OTCQX: WPGCF) West Point Gold Corp. announced results from hole GC26-148 at its flagship Gold Chain Project in Arizona, which intersected 66.2 metres of 6.57 grams per tonne gold from 219m, including 20.7m of 18.25 g/t Au. The NE Tyro Zone's high-grade mineralization has now been extended to more than 250m below surface, and the zone remains open at depth and along strike. The results reported comprise 318.8m of the recently completed 21,079m drill program, with results from 21 holes representing 6,550m still pending. Hole GC26-148 is among the broadest (true width) and highest-grade intercepts drilled at NE Tyro, with an estimated true width of about 35m. There are 7 additional holes with assays pending at this depth at NE Tyro, and results from these will be incorporated into the Company's upcoming Maiden Resource Estimate (MRE) later in 2026. Sample No. 2246 contains 1.73m at 62.7 g/t Au. The company projects that deeper drilling at Tyro will resume with the funded Fall 2026 to Spring 2027 drill program.

Cabral Gold Drills Significant New Mineralized Zone Between the Central and PDM Gold Deposits and Expands the PDM Gold-in-Oxide Blanket, Cuiú Cuiú Gold District, Brazil

(TSXV: CBR) (OTCQX: CBGZF) Cabral Gold Inc. announced results from reconnaissance core drilling at the Mutum target within the Cuiú Cuiú Gold District, Brazil. Drill hole DDH387 returned 20.7m @ 1.6 g/t gold from 131.4m depth, including 2.5m @ 5.7 g/t gold from 146.0m depth, and 11.5m @ 0.42 g/t gold from surface. Additional holes such as DDH381 returned 7.5m @ 0.40 g/t gold and DDH383 returned 4.3m @ 0.58 g/t gold. The company holds a 100% interest in the Cuiú Cuiú gold district, which contains NI 43-101 compliant Indicated resources of 12.29Mt @ 1.14 g/t gold (450,200oz) in fresh basement material and 13.56Mt @ 0.50 g/t gold (216,182oz) in oxide material, as well as Inferred resources of 13.63Mt @ 1.04 g/t gold (455,100oz) in fresh basement material and 6.4Mt @ 0.34 g/t gold (70,569oz) in oxide material. The company is currently engaged in the construction of a Phase 1 gold-in-oxide heap leach operation and expects to enter commercial gold production in Q4 2026. The gold-in-oxide blanket at PDM is now believed to cover over 40 hectares versus the previously known extent of 26 hectares. The Tapajós Gold Province, where Cuiú Cuiú is located, historically produced an estimated 30 to 50 million ounces of placer gold between 1978 and 1995, with Cuiú Cuiú itself producing an estimated 2Moz of placer gold.

Trident Intersects 1.32 G/t Over 132.0m Including 2.85 G/t Over 40.3m From 22.0m Depth at Its Preview SW Deposit, Located 2.5km Southeast of the Contact Lake Deposit, Confirming Both High-Grade and Bulk-Tonnage Potential of the La Ronge Gold Belt, Saskatchewan

(TSXV:ROCK) Trident Resources Corp. announced inaugural assay results from eleven diamond drill holes completed during the 2026 winter drill program at the Preview South West Deposit, part of the Company's Contact Lake Gold Project in northern Saskatchewan. Hole PR26004 returned 1.32 g/t gold (Au) over 132.0m from 22.00m, including 2.85 g/t Au over 40.32m from 22.00m and 101.00 g/t Au over 1.00m from 37.00m. The summer 2026 drill program has recently commenced and will continue into the fall with an anticipated +20,000m of additional drilling. The Preview Trend spans over 7.0km and hosts the Preview SW and Preview North deposits, which together contain over 350,000 oz Au in the Indicated category and 540,000 oz Au in the Inferred category. 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 between 1994 to 1998. Trident reports approximately $26 million in cash on its balance sheet. The company projects significant additional high-value resource growth opportunities exist across all of its assets, and that the Contact Lake Gold Project represents one of the most compelling development opportunities in the La Ronge Gold Belt.

Lake Victoria Gold Clears Path for Construction at Imwelo Following Successful Sterilization Drilling

(TSXV: LVG) (OTCQB: LVGLF) Lake Victoria Gold Ltd. announced the completion of a sterilization drilling program at its Imwelo Gold Project in the Geita Region of Tanzania, with a total of 23 sterilization holes drilled for a total of 1,136 m across two infrastructure footprints. The program confirmed that the proposed process plant and accommodation/man-camp footprints are clear of significant gold mineralization, allowing construction to advance without sterilizing potential mineralization. Drilling intersected a continuous clay horizon approximately 3-5 m thick across the plant area, providing useful geotechnical input for foundation and civil design. The company holds a 100% interest in the Tembo project, which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine, and also holds a 100% interest in the fully permitted Imwelo Project. Management, directors, and partners own more than 60% of the shares. Taifa Group has entered into an agreement to obtain an equity stake in the company, and Taifa Mining will conduct all contract mining and civil works for the Imwelo project. The company projects continued construction build-out, including access-road upgrade, site clearing, and accommodation-camp installation, and advancement of the EPCM structure and continued procurement for Phase 1 infrastructure.

Gateway Mining Confirms Large-Scale Gold-Silver System at Great Western

(ASX:GML) Gateway Mining has confirmed a large-scale gold-silver system from initial aircore drilling at the Great Western target within its Yandal gold project in Western Australia. Bottom-of-hole geochemical results have defined a gold-mineralised doleritic unit over approximately 4 kilometres of strike at the Great Western flexure zone. The company has mapped a broader hydrothermal system that can now be traced over about 10km of strike. Numerous shallow bottom-of-hole intercepts were reported, including 1 metre at 2.5 grams per tonne gold from 36m. Significant silver was intersected, including high-grade results of 1m at 89g/t silver from 33m, 1m at 78g/t silver from 11m, and 1m at 72g/t silver from 23m. Gateway reported $15.7 million in cash and $5.6m in liquid securities at the end of the March quarter. The company projects moving into targeted reverse circulation (RC) drilling later this week, with a second RC rig expected to join early next quarter and plans for 2026 exploration.

AbraSilver's Definitive Feasibility Study Positions Diablillos Among the Premier Undeveloped Silver-Gold Projects Globally With CAD$4.2B After-Tax NPV5% & 42% IRR

(TSX: ABRA) (OTCQX: ABBRF) AbraSilver Resource Corp. announced the results of its Definitive Feasibility Study (DFS) for the Diablillos silver-gold project, outlining a stand-alone 9,000 tonnes per day processing operation. The DFS reports an after-tax NPV 5% of $3.0 billion (CAD$ 4.2 billion), a 41.9% IRR, and a 1.7-year payback at base-case metal prices of $50.00/oz silver and $3,650/oz gold, with initial capital expenditures of $722 million (including $98 million contingency) and sustaining capital of $520 million. Average annual production is projected at 20 Moz silver equivalent during the first five years, and 10 Moz AgEq over a 25-year mine life, with low all-in sustaining cash costs (AISC) of $20/oz AgEq. Proven and Probable Mineral Reserves are estimated at 77.9 Mt grading 146 g/t AgEq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), with average LOM recoveries of 80.3% for silver and 87.2% for gold. The company targets first production before year-end 2029, subject to a final investment decision expected in Q2 2027, and is advancing a Phase 2 heap leach expansion and plant capacity growth, with a Heap Leach PEA expected before the end of June 2026. The DFS incorporates the Argentinian RIGI regime, with a 25% corporate income tax, 1.2% municipal taxes, 1.6% stamp tax, 3% provincial mining royalty, and 0% export duties, and a 1% NSR royalty payable to Elemental Royalty Corporation.

Auro Metals Intersects 705.7m Grading 0.61 G/t Gold, Including 235m Grading 0.97 G/t Gold Starting From Surface at the Santa Barbara Gold-Copper Project, Ecuador

(TSXV:AURO) Auro Metals Inc. announced the assay results of the first three drill holes from the 2026 Phase I Drill Program at its 100%-owned Santa Barbara Gold-Copper Project located in the Zamora-Chinchipe Province in southeastern Ecuador. Drillhole DSB-54 intersected 705.7 metres grading 0.61 grams per tonne gold and 0.1% copper from surface, including 235m grading 0.97 g/t Au and 0.11% Cu from surface. Drillhole DSB-55 intersected 246m grading 0.56 g/t Au and 0.09% Cu from surface, including 155.5m grading 0.73 g/t Au and 0.11% Cu from 31.5m. Drillhole DSB-56 intersected 134m grading 0.67 g/t Au and 0.09% Cu from surface, and 24m grading 0.89 g/t Au and 0.07% Cu from 164.5m. The Santa Barbara Project comprises Indicated resources of 29.8 million tonnes grading 0.73 g/t gold and 0.10% copper containing 697,000 ounces gold and 68 million pounds copper, and Inferred resources of 205.7 million tonnes grading 0.52 g/t gold and 0.09% copper containing 3,418,000 ounces gold and 426 million pounds copper. The company plans to dovetail into a planned Phase 2 Drill Program designed to continue expanding the known system and to test new targets nearby. Assay results for 9 more holes are pending and 4 rigs are turning at site.

Galloper Gold Issues Update on Exploration Activities in Preparation for 2026 Drilling Program

(CSE: BOOM) Galloper Gold Corp. announced that the pre-season construction and renovation phase of Galloper's exploration program is approaching maturation with the Kettle Pond Camp nearing completion for operations as the basecamp for exploration on Glover Island. The 2026 Glover Island exploration program is targeting up to 7000m of drilling on Glover Island. All major upgrades including new electrical capacity which include 3 new generators at 75kw capacity will be online within the next week. The property comprises 466 mining claims on 13 mineral licences covering 117.21 sq/km (11,721 Ha). Historic exploration activities from 2010 onwards led to the 2012 Lunch Pond South Extension Mineral Resource Estimate, and the LPSE 2026 Gold Resource is wholly controlled by Galloper Gold Corp. Galloper intends a robust drilling program in 2026, with mobilization operations for equipment to begin in short order in a staged and cost-effective process. Once operational, Galloper intends to significantly increase the resource of the LPSE Deposit building on the recent and substantial update - the 2026 LPSE MRE.

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