Gold Bulletin

Thursday, July 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

Abitibi Greenstone Gold Corp. Announces Listing of Class A Common Voting Shares on the Canadian Securities Exchange

(CSE: ABGO) Abitibi Greenstone Gold Corp. announced that its Class A common voting shares have been approved for listing on the Canadian Securities Exchange and are expected to commence trading on the CSE under the symbol "ABGO" on July 24, 2026. The company received a receipt dated July 14, 2026 for its final long form prospectus dated July 10, 2026. On July 15, 2026, the company's previously issued special warrants were automatically exercised, resulting in the issuance of an aggregate of 1,409,000 Class A Common Shares and 704,500 Class A Common Share purchase warrants. Each warrant entitles the holder to acquire one Class A Common Share at an exercise price of $0.25 for a period of 18 months following the date of exercise of the Special Warrants. The final prospectus qualified the distribution of the Class A Common Shares and Warrants issuable upon the deemed exercise of the Special Warrants. The company is focused on the acquisition, exploration and development of mineral properties in Canada, with its principal asset being the Douay East Property located in Quebec. The company projects the expected commencement of trading of the Class A Common Shares on the CSE and outlines business plans, exploration activities and objectives, and expectations with respect to its principal mineral property.

Graycliff Mobilizes Drill at Shakespeare Gold Project for Further Metallurgical Testing and to Expand Gold Zone

(CSE: GRAY) (OTCQB: GRYCF) Graycliff Exploration Limited announced that exploration drilling has commenced at its 100%-owned Shakespeare Gold Project, located near Sudbury, Ontario. The current drilling campaign marks the company's return to active drilling at Shakespeare for the first time since Q1 2023 and includes a large-diameter (HQ) core hole positioned behind Hole A, which previously intersected 454.34 g/t gold over 7.0 m (13.25 ounces per ton of gold). Highlighted metallurgical intercepts include 34 g/t gold over 7.0 m starting at a depth of 123 metres, with an ultra high-grade interval of 3,030 g/t gold over 1.0 m. Over four prior drilling phases, 61 holes and over 12,500 m were drilled, with 62% of holes intersecting gold mineralization and approximately 40% displaying visible gold. The company has under 19 million shares issued and outstanding, a $6M market cap, and a funded exploration program. Graycliff Exploration has drilled over 12,900 metres to date, with visible gold mineralization and significant gold assay intervals in numerous drill holes. The company projects that, once the current metallurgical hole is complete, it will immediately transition to drill-testing high-priority targets to further define and expand the main gold zone.

Scorpio Gold Announces Closing of Public Offering for Gross Proceeds of $10,800,000

(TSXV: SGN) (OTCQB: SRCRF) Scorpio Gold Corporation announced the closing of its upsized "best efforts" public offering of common shares at a price of $0.25 per Offered Share for aggregate gross proceeds of $10,800,000. The Company issued a total of 43,200,000 Offered Shares, including 3,200,000 Offered Shares issued pursuant to the partial exercise of the Agents' over-allotment option. The Agents, Velocity Capital Partners and Raymond James Ltd., received an aggregate cash commission of $613,500 and were issued an aggregate of 2,454,000 non-transferable broker warrants. Each Broker Warrant entitles the holder to acquire one common share at a price of $0.25 per share for a period of twenty-four (24) months from the date of issuance. The net proceeds from the Offering will be used to fund exploration activities at the Company's Manhattan Property and for general corporate and working capital purposes. Scorpio Gold holds a 100% interest in the Manhattan District located in the Walker Lane Trend of Nevada, USA, which comprises the advanced exploration-stage Goldwedge Mine with a 400 ton per day maximum capacity gravity mill and four past-producing pits acquired from Kinross in 2021. The Offering remains subject to the final acceptance of the TSX Venture Exchange.

Scottie Resources Completes Over 10,000 M of Drilling on Its Scottie Gold Mine Project

(TSXV: SCOT) (OTCQB: SCTSF) Scottie Resources Corp. has completed over 10,000 m of drilling in 47 holes, with 7 drill rigs now turning as part of a fully financed 50,000 m program, its largest to date. The Scottie Gold Mine Project is located 35 kilometres north of Stewart in the Golden Triangle of British Columbia, and the company is on track to complete a Feasibility Study with an updated MRE in H1 of 2027. The current resource estimate on the Scottie Gold Mine Project includes a total of 703,000 gold ounces at an average grade of 6.1 g/t (Inferred category) in 3.6 million tonnes. The recently completed PEA outlines a Direct-Ship Ore (DSO) scenario with an after-tax NPV(5%) of $215.8-$668.3 million at gold prices of US$2,600-$4,200/oz, and under a toll-milling scenario, an after-tax NPV(5%) of $380.1-$831.7 million. The PEA estimates initial capital costs of $128.6 million, average annual production of ~65,400 oz gold over seven years, and a payback period of 1.7 years for the DSO case, reduced to 0.9 years under the toll-milling opportunity at US$2,600/oz. The company projects to drive resource growth, de-risk future development, and further unlock the potential of its district-scale gold assets in British Columbia's Golden Triangle.

Bold Ventures Receives Final Results of Spring Drilling at Burchell, Confirms Moss Gold Trend

(TSXV: BOL) Bold Ventures Inc. announced results from the last four holes (comprising 630.5 meters) of its 10 hole (1503.5 meter) diamond drilling program at the Burchell Property. Hole BL-26-09 returned 0.54 g/t gold over 6.0 meters from 20.0 meters, including 4.65 g/t gold over 0.57 meters, and 0.14 g/t gold over 15.0 meters from 34.0 meters, including 0.7 g/t gold over 1.0 meters. A rare earth element (REE) discovery was made in hole BL-26-05A, which returned 1022 ppm Total Rare Earth Oxides (TREO) over 55.2 meters. Hole BL-26-01 at the 111 Zone returned 0.42 g/t gold over 19.0 meters, including 1.1 g/t gold over 5.0 meters, and 0.18% Cu over 9.0 meters, as well as 0.33% Zn over 19.0 meters. The March 2026 Burchell NW Corner Drill Program involved the completion of 6 drillholes totaling 834.5 meters. The company is planning further work at the Moss Gold Trend, the 111 Zone, and the JET REE System. Management believes their suite of Battery, Critical and Precious Metals exploration projects is an ideal combination of exploration potential meeting future demand.

Altamira Gold Expands Mineralized Porphyry System at Maria Bonita Gold Deposit, Cajueiro District, Brazil

(TSXV: ALTA) (OTCQB: EQTRF) Altamira Gold Corp. reported assay results from additional exploration drilling immediately to the north-west of the existing Maria Bonita gold deposit. Drill hole MBA039 intersected 117m @ 0.4g/t gold from surface in predominantly volcanic tuffs, while drill hole MBA038 returned 74m @ 0.3g/t gold from 74m downhole associated with hydrothermal quartz veining. The Cajueiro Central area has a current open pit resource of 5.66Mt @ 1.02 g/t gold containing 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold (515,000 oz) in the Inferred Resource category. The Maria Bonita open-pit resource consists of Indicated Resources of 24.19Mt @ 0.46g/t gold (357,800oz) and Inferred Resources of 25.64Mt @ 0.44g/t gold (362,400oz), calculated using a 0.2 g/t gold cut-off grade and a gold price of US$2,780/oz. These resources include near-surface saprolite Indicated Resources of 2.02Mt @ 0.59g/t gold (38,000oz) and Inferred Resources of 0.68Mt @ 0.40g/t gold (8,700oz). Drill holes MBA036 through MBA039 have each intersected wide zones of gold mineralization outside the current mineral resource boundary, including 130m @ 0.5 g/t gold in MBA036. The company plans to continue the drill testing of the western extensions of the Maria Bonita porphyry system to provide the basis for a mineral resource update.

Midland, in Partnership With Barrick, Commences an Exploration Program for Gold on the Lewis Project

(TSX-V: MD) Midland Exploration Inc., in partnership with Barrick Gold Inc., announced the start of an exploration program on its Lewis project in the Abitibi region. The Lewis project consists of 154 exclusive exploration rights covering an area of about 86 square kilometres. The 2026 exploration program includes geological mapping, structural data measurements, and a till sampling survey with a total of 167 planned sample sites. Systematic geological mapping traverses are planned to cover about 76 linear kilometres, with emphasis on the known deformation corridor. The project is located approximately 60 kilometres northwest of the Nelligan deposit, which hosts 106.395 million tonnes of inferred resources grading 0.96 g/t Au for 5.16 million ounces of gold and 102.845 million tonnes of indicated resources grading 0.85 g/t Au for 3.12 million ounces of gold. Approximately 10 kilometres west of the Lewis project lies the former Lac Shortt mine, which historically produced 2.7 million tonnes at a grade of 4.6 g/t Au. Midland intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up Midland’s portfolio and generate shareholder value.

Gold Runner Exploration Receives 5 Year Drilling Permit at Golden Girl Property, Golden Triangle B.C.

(CSE: GRUN) Gold Runner Exploration Inc. announced that it has received a 5-year drilling permit from the BC Ministry of Mines and Critical Minerals for its Golden Girl Property, valid until March 31, 2031, allowing for up to 100 drilling locations. The 2026 surface exploration program began with mobilization on July 12, 2026, and field work started on July 13, 2026, with the first batch of samples sent to MSA Labs in Terrace, BC for analysis on July 20, 2026. The Golden Girl Property covers 8,471 hectares in the Iskut River region of Northwestern British Columbia, located 17 km from the Snip Mine and 14 km from the Bronson Airstrip. Discovery exploration in 2024 identified a gold-silver system measuring 12 km by 7 km, with grab samples assaying up to 11.28 g/t Au, 3,262 g/t Ag, 5.37% Cu, 20% Pb, and 14.15% Zn, and channel cuts assaying up to 3.74 g/t Au, 2,105.45 g/t Ag, 0.88% Cu, 5.48% Pb, and 7.42% Zn. The company is fully funded for this season's surface exploration and its follow-on inaugural drill program. The 2026 exploration program includes an Airborne Magnetic survey and Radiometric survey (completed July 7, 2026), mapping, sampling, and channel cutting (under way July 13, 2026), and LiDAR survey and Photogrammetry (commencing August 12, 2026). The company projects that rock, grab, and channel cut sample batches will be shipped to the Lab at regular intervals throughout the summer 2026 field campaign.

Osisko Gold Reports Final Results From Its Lowhee Zone Infill Program at the Cariboo Gold Project

(NYSE: OGG, TSXV: OGG) Osisko Gold Group Inc. announced final results and reconciliation analysis of its previously completed infill drilling program in the Lowhee Zone of the 100%-owned Cariboo Gold Project, located in central British Columbia, Canada. An aggregate total of 17,072 metres of infill drilling in 185 diamond drill holes were completed in 2025 and 2026. Zone 1 indicated approximately 30% more tonnes and 6% more gold ounces at approximately 18% lower gold grade, while Zone 2 indicated approximately 8% fewer tonnes and 8% more gold ounces at approximately 16% higher gold grade, relative to the existing short-term model. The Cariboo Gold Project hosts probable mineral reserves of 2.071 million ounces of contained Au (17,815 kt grading 3.62 g/t Au), measured mineral resources of 8,000 ounces of contained Au (47 kt grading 5.06 g/t Au), indicated mineral resources of 1.604 million ounces of contained Au (17,332 kt grading 2.88 g/t Au), and inferred mineral resources of 1.864 million ounces of contained Au (18,774 kt grading 3.09 g/t Au). The Company anticipates satisfying the technical conditions precedent applicable to the remaining undrawn US$350 million under the senior secured project loan facility in Q3 2026, subject to completion of Appian Capital's ongoing review and sign-off. The Cariboo Gold Project spans approximately 186,740 hectares and includes 443 mineral titles. In late 2024, the Project was granted the Mines Act and Environmental Management Act (British Columbia) permits, marking the successful completion of the permitting process for key approvals.

Graycliff Mobilizes Drill at Shakespeare Gold Project for Further Metallurgical Testing and to Expand Gold Zone

(CSE: GRAY) (OTCQB: GRYCF) Graycliff Exploration Limited announced that exploration drilling has commenced at its 100%-owned Shakespeare Gold Project, located near Sudbury, Ontario. The current campaign marks the company's return to active drilling at Shakespeare for the first time since Q1 2023 and is focused on a large-diameter (HQ) core hole positioned directly behind Hole A, which previously intersected 454.34 g/t gold over 7.0 m, including an interval of 3,030 g/t gold over 1.0 m. Over four prior drilling phases, 61 holes and over 12,500 m were drilled, with 62% of holes intersecting gold mineralization and approximately 40% displaying visible gold. The company has drilled over 12,900 metres to date, with visible gold mineralization and significant gold assay intervals in numerous drill holes. Graycliff reports under 19 million shares issued and outstanding and a $6M market cap, with a funded exploration program. The company plans to immediately transition to drill-testing high-priority targets to further define and expand the main gold zone once the current metallurgical hole is complete. Management believes recent independent third-party reports highlight the project, team, and high-grade mineralization in today's strong gold price environment.

Kirkland Lake Discoveries Expands Mirado Gold System With 18.99 G/t Au Over 6.7 M and 0.50 G/t Au Over 91.0 M

(TSXV: KLDC) (OTCQB: KLKLF) Kirkland Lake Discoveries Corp. reported assay results from eight additional drill holes at the Mirado Gold Project, including KLM26-019 which returned 0.50 g/t Au over 91.0 m, expanding the South Zone mineralization approximately 130 m northwest. KLM26-017 returned 18.99 g/t Au over 6.7 m, including 125.91 g/t Au over 1.0 m, confirming high-grade structures below the historical resource. KLM26-013 returned 0.98 g/t Au over 35.0 m, including 12.20 g/t Au over 1.0 m, and extended the North Zone mineralized trend by approximately 85 m. The company completed its first regional test at the MZ Zone, approximately 500 m west of Mirado, where drilling intersected intense hydrothermal alteration and sulphide mineralization; assays from the MZ Zone are pending. KLDC has received a regional drilling permit covering all of the KL South Project, with 16 additional holes pending assays and drilling continuing. The company has assembled a 420-km² exploration portfolio in the Kirkland Lake region of Ontario's Abitibi Greenstone Belt. Gold analyses were completed at Paragon Geochemical using Chrysos PhotonAssay™ technology, with samples above the 350 g/t upper detection limit reanalyzed using a 1 kg screen fire assay.

Sun Summit Minerals Commences Fieldwork at the Theory Copper-Gold Project, Toodoggone Mining District, BC

(TSXV: SMN) (OTCQB: SMREF) Sun Summit Minerals Corp. has mobilized exploration crews to commence 2026 fieldwork at the Theory copper-gold project in north-central British Columbia. The Theory Project covers 9,676 hectares and borders Thesis Gold & Silver Inc.'s Ranch Project to the north, and is located within 10 km to the northwest of Sun Summit's JD Project. The 2026 work program includes a completed 476-line km Airborne MT geophysical survey, a 28-day field program underway, and up to 22-line kilometers of Induced Polarization (IP) geophysical surveys over high priority target areas. The 2025 field program included prospecting, geological mapping, and systematic rock, soil, and silt geochemical sampling, with notable grab sample results such as 4.78% Cu, 0.635 g/t Au, 49 g/t Ag (LSTHR040) and 6.42% Cu, 0.088 g/t Au, 99 g/t Ag (BLTHR051). Sun Summit signed an option agreement with Eagle Plains Resources Ltd. (TSXV: EPL) (OTCQB: EGPLF) to earn up to a 100% interest in the project, located in the Toodoggone Mining District. The company projects that the results from the 2026 work program will be analysed and modelled to identify and prioritize targets for 2027 drill testing. Fieldwork is expected to continue into September and is managed by TerraLogic Exploration Inc. of Cranbrook, BC.

Athena Gold Significantly Expands Forester Project Near Musselwhite, Ontario

(CSE: ATHA) Athena Gold Corporation has acquired, through map staking, an additional 3,939 hectares contiguous to its 100%-owned Forester project in Ontario's Musselwhite Gold Camp. The new claims expand the Forester project by more than 80% to a total of 8,843 hectares. At the Laird Lake project in Red Lake, Ontario, all core from the recently completed maiden drill program has been cut and submitted for laboratory analysis, with full assay results anticipated as early as next month. At the Excelsior Springs project in Nevada, Athena's option partner Mammoth Minerals Limited (ASX: M79) is conducting a maiden drill program at the Blue Dick target, testing extensions of high-grade mineralization previously reported at surface, including channel samples up to 17,582 g/t Ag and rock chips up to 15,336 g/t Ag, 7.46 g/t Au, 2.53% Cu, and 0.31% Sb. Mineralization has been mapped across a cumulative strike of more than 6.5 km at Blue Dick, and this is the first modern drilling of the silver-rich prospect. The Excelsior Springs project spans more than 2,500 hectares and includes at least three historic mines. The company projects that the maiden JORC Mineral Resource for the Buster Mine zone will be released later this quarter.

Mayfair Gold Provides Q2 2026 Update on Fenn-Gib Project Advancement and De-Risking Activities

(TSXV: MFG) Mayfair Gold Corp. provided a progress update on activities completed during Q2 2026 and ongoing work to advance and de-risk its 100% controlled Fenn-Gib Gold Project in Northern Ontario. The company advanced front-end engineering design for a planned 4,800 tonne-per-day process plant, completed a 56-hole, 4,200-metre grade control drilling program confirming approximately one million tonnes of probable mineral reserves, and finished a 23-hole, 6,031-metre condemnation drilling program. Mayfair continued environmental baseline studies, advanced permitting including the Ontario-led One Project, One Process submission, and progressed planning for a 115 kV powerline with Hydro One Networks Inc. and the Independent Electricity System Operator. The company acquired the Guibord, Marriott and Holloway properties from Plato Gold Corp., and historical drilling at Guibord intersected 265 g/t Au over 0.50 metres. Mayfair entered into a research services agreement with Atrium Research Corporation for C$47,000 and an advertising service agreement with Gold Standard Media LLC for US$400,000. The 2026 Pre-Feasibility Study outlines initial development capital of C$450 million, a base-case payback period of 2.7 years, and a 4.3 million ounce indicated mineral resource (181.3Mt at 0.74 g/t), with a targeted higher-grade 1 million ounce probable mineral reserve (25.1Mt at 1.29 g/t). The company projects advancing the project toward construction and production in an expedited timeframe.

Americas Gold and Silver Corporation Announces Second Quarter Production

(TSX: USA) Americas Gold and Silver Corporation announced consolidated silver production of 665,000 ounces for the second quarter of 2026. The Company sold 624,000 ounces of silver during the quarter, with consolidated lead production at 2.3 million pounds, copper production at 850,000 pounds, and antimony production at 97,000 pounds. The unaudited consolidated cash balance as at June 30, 2026 was US$89 million. The No. 3 Shaft upgrades at the Galena Complex increased total hoisting capacity by approximately 150% and skipping payloads by 40%. During the second quarter, the Company eliminated over US$85 million in variable future debt obligations. The company projects full-year 2026 silver guidance of between 3.2 to 3.6 million ounces at all-in sustaining costs of US$30-US$35 per ounce, with production weighted to the second half of the year and associated lower costs.

Tiger Gold Drills 685 M @ 0.6 G/t Au From Surface and 568 M @ 0.6 G/t Au at Ceibal

(TSXV: TIGR, OTCQB: TGRGF) Tiger Gold Corp. reported assay results for three drillholes (CEDDH-011, CEDDH-012, CEDDH-013) from its Ceibal target at the Quinchía Gold Project in Colombia's Mid-Cauca gold belt. CEDDH-011 intersected 685.35 m grading 0.6 g/t Au from surface, including 12 m @ 1.5 g/t Au from 66 m downhole and 6 m @ 1.8 g/t Au from 660 m downhole. CEDDH-012 returned 568.4 m @ 0.6 g/t Au from 309.5 m downhole, extending mineralization to approximately 800 m below surface, with intervals such as 16.75 m @ 1.0 g/t Au from 784 m downhole. CEDDH-013 intersected 536 m @ 0.4 g/t Au from surface, including 10 m @ 1.2 g/t Au from 102 m downhole and 6 m @ 1.1 g/t Au and 68 ppm Mo from 118 m downhole. The mineralized corridor at Ceibal has an apparent strike length of at least 300 metres and an apparent width of approximately 375 metres, and mineralization remains open at depth. Three drill rigs remain active, with assays pending from CEDDH-014, CEDDH-015, and CEDDH-016, which stepped out up to 200 metres and could roughly double the interpreted footprint. Tiger's ongoing approximately 20,000-metre drill program at Ceibal is intended to support a maiden Mineral Resource estimate in the first quarter of 2027. There is no certainty that a Mineral Resource estimate will be defined at the Ceibal target.

Great Southern Mining Launches Gold Fields-Funded Mt Dillon Drilling

(ASX:GSN) Great Southern Mining has started diamond drilling at the Mt Dillon target within its Edinburgh Park project in northern Queensland. The initial program consists of up to 1,300m of drilling, managed and funded by G-Ex Resources under an earn-in arrangement that allows Gold Fields to spend up to A$15 million for a 75% project interest. Edinburgh Park is located about 100 kilometres southeast of Townsville and targets high and low epithermal gold-silver systems, porphyry gold-copper-molybdenum mineralisation, and intrusion-related gold (IRG) systems. Gradient array IP surveying completed in early 2025 defined a large chargeability anomaly directly below Mt Dillon, with a follow-up IP section identifying the chargeable response about 200m to 300m below surface. The planned holes will be drilled to proposed depths of 575m and 700m from a shared collar location at different azimuths. Drilling is expected to take four to six weeks, with core logging, photography, and sampling to follow. Great Southern expects the scale of the project to generate further targets beyond Mt Dillon as geochemical and geophysical work continues through 2026 and 2027.

Osisko Gold Enters Support and Benefits Agreement With the District of Wells for the Cariboo Gold Project

(NYSE: OGG, TSXV: OGG) Osisko Gold Group Inc. announced that it has entered into a Support and Benefits Agreement with the District of Wells, British Columbia, effective July 21, 2026, through its wholly owned subsidiary, Barkerville Gold Mines Ltd., to support social and economic initiatives within the District in respect of the Company's 100%-owned, fully permitted Cariboo Gold Project. The Agreement contemplates voluntary financial contributions by the Company of up to $3.0 million in aggregate over its three-year term, subject to the Company's sole discretion and continued participation. Targeted capital and operating support of $500,000 is allocated for the WILDways High School to support infrastructure needs and continued operation. The contributions will be advanced in stages over the three-year term to support durable, long-term community infrastructure investments and other priority initiatives identified by the District. Osisko Gold Group Inc. is focused on the development of its flagship Cariboo Gold Project, located in central British Columbia, Canada, and also holds the Tintic Project in Utah, U.S.A. The company projects that the initiatives supported under this Agreement are intended to deliver lasting, positive benefits to the community. The Agreement establishes a framework for ongoing collaboration as the Cariboo Gold Project advances.

Canadian Gold Resources Intends to Complete a Non-Brokered Private Placement of Flow Through Shares

(TSXV: CAN) Canadian Gold Resources Ltd. announced its intention to complete a non-brokered private placement of 3,200,000 flow-through common shares at a price of $0.08 per FT share to a single arm's length accredited investor for gross proceeds of $256,000. The company will pay an eligible arm's length party a cash fee of $17,920 and issue 224,000 non-transferable finder's warrants, each exercisable at $0.08 for a period of 24 months from issuance. The gross proceeds from the flow-through financing are intended to be used to advance exploration activities at the Company's Robidoux Property in Québec. Canadian Gold Resources Ltd. has 54,868,876 common shares outstanding and is advancing three high-grade gold properties totaling approximately 18,000 hectares in Québec's Gaspé Peninsula. All securities issued pursuant to this placement are subject to a statutory hold period of four (4) months and a day from the date of issuance. The placement is subject to customary closing conditions, including the acceptance of the TSX Venture Exchange. The company projects that ongoing work includes geological mapping, prospecting, surface sampling, and preparation of permit applications for its inaugural drill program at the Robidoux Property.

West Red Lake Gold Files NI 43-101 Technical Report for Updated Rowan Mineral Resource Estimate

(TSXV: WRLG) (OTCQX: WRLGF) West Red Lake Gold Mines: the effective date of the MRE is June 1, 2026, and the technical report is dated July 22, 2026. For the Rowan Deposit, Indicated Mineral Resources are 798,989 tonnes at 13.04 g/t gold for 335,058 ounces, and Inferred Mineral Resources are 363,602 tonnes at 15.31 g/t gold for 179,029 ounces. For the Mount Jamie Deposit, Indicated Mineral Resources are 110,385 tonnes at 14.02 g/t gold for 49,740 ounces, and Inferred Mineral Resources are 94,394 tonnes at 12.10 g/t gold for 36,727 ounces. Mineral Resources for Rowan were estimated at a cutoff grade of 2.00 g/t Au and for Mt. Jamie at 3.80 g/t Au, both using a gold price of USD $3,200 per ounce. The company’s flagship Madsen Mine has recently achieved commercial production and West Red Lake Gold controls a 47 km2 land package in the Red Lake district, which has historically produced over 20 million ounces of gold. The company projects potential resource growth and subsequent production at the Rowan Project and Mt. Jamie deposit, as well as anticipated drilling for the remainder of 2026.

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