High-Grade Gold Project Showcased at Multiple Vancouver Mining Conferences

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) announced its participation in several major mining investment events this January in Vancouver, British Columbia, including AME Roundup 2026, the Vancouver Resource Investment Conference (VRIC), and the Metals Investor Forum. The company was selected to present at the AME Roundup Core Shack, Booth #1026C, on January 26 and 27 in recognition of recent exploration work at the Surebet Discovery. Goliath will also exhibit at Booth #1104 throughout the Roundup, which runs through January 29.

In addition to AME Roundup, Goliath is scheduled to appear at Booth #131 at VRIC on January 25 and 26, where Founder and CEO Roger Rosmus is expected to deliver a corporate presentation. Rosmus is also slated to speak during Session 1 of the Metals Investor Forum on January 23, with the conference concluding January 24.

The company continued advancing its 100% controlled Golddigger Property in British Columbia's Golden Triangle. The project spans 91,518 hectares and includes 56 kilometers of the Red Line, a geological contact zone widely regarded as favorable for gold, copper, and silver mineralization. The Surebet Discovery has undergone more than 150,000 meters of diamond drilling, outlining a 1.8 square kilometer mineralized footprint with multiple stacked high-grade veins and visible gold observed in more than 90% of drill holes.

According to the company, metallurgical testing returned gold recoveries of 92.2% at a 327-micrometer crush size, including 48.8% free gold recovered by gravity methods without cyanide. The Golddigger Property benefits from proximity to existing infrastructure such as road and barge access, a permitted mill site in Kitsault, and high-tension power located within 25 kilometers.

In a company news release, Goliath stated, "To learn more about Goliath's exciting new discovery, we would like to cordially invite you to visit us at our AME Roundup Core Shack."

In a separate news release issued January 15, Goliath Resources announced the results of its annual and special meeting of shareholders held January 14. All items of business were approved, including the re-election of directors Roger Rosmus, Graham Warren, Wayne Isaacs, and Rein Turna; reappointment of McGovern Hurley LLP as auditor; reapproval of the omnibus equity incentive plan and certain amendments; and approval of a potential share consolidation of up to one-for-seven. The Board of Directors exercised its discretion not to proceed with the consolidation. Meeting materials are available on SEDAR+ and the company's website. Goliath also confirmed it is fully funded for a 2026 drill campaign following its largest drill season to date in 2025, with assay results pending for 70 gold-only and 110 gold-equivalent holes.

Gold and Copper Markets Reflect Heightened Defensive Demand

The International Man addressed developments in the gold market on January 12, examining concerns over the growing reliance on non-physical gold ownership, such as Exchange-Traded Funds. Jeff Thomas wrote that "With buying gold through ETFs... the buyer is under the impression that he has bought the actual product, when he has not." He argued that many ETFs did not hold physical gold and instead operated on a "promise of future ownership," stating that "paper gold... is very risky," and that "the ownership of physical gold is certainly better, in spite of the storage problem."

A January 12 report from Couloir Capital noted that gold prices rose 4.2% during the previous week and added another 2.0% the following Monday. The firm attributed the move to "escalating geopolitical tensions" and "sustained central bank buying," citing activity in Venezuela, Iran, and Greenland-related rhetoric as contributors to increased safe-haven demand.

Ron Struthers wrote on January 12 that copper prices experienced a sharp move higher toward the end of 2025 and into the new year, calling the trend "just the beginning." He cited copper's expanding role in digital infrastructure and noted that a US$500 million data center required more than 2,000 tonnes of copper.

Mining.com reported on January 14 that copper prices reached a record US$13,310 per ton on the London Metal Exchange, supported by demand from artificial intelligence and renewable energy sectors.

Bloomberg News wrote later that day that copper joined gold, silver, and tin in reaching all-time highs, citing "frenzied buying in China" and tightening availability across global markets.

Commentary Highlights Strength of High-Grade Gold System

Ron Struthers of Struthers Resource Stock Report maintained a "Hold, Buy" outlook on Goliath on September 9, citing consistent high-grade intercepts at Surebet and visible gold in 90% of completed holes. He described the deposit as "a nice high-grade deposit" and suggested ounces could be valued at US$200 to US$300 in the ground under better market conditions.

Zacks Small-Cap Research analyst Ron Wortel reiterated a bullish view on October 22, pointing to a 100% intersection rate of quartz-sulfide mineralization. He highlighted standout results, including 132.93 g/t gold equivalent over 10 meters in the Bonanza Zone and confirmed 92.2% gold recovery in metallurgical testing. Zacks raised its fair value estimate to US$4.90 per share.

Chen Lin expressed optimism in his October 29 What Is Chen Buying? What Is Chen Selling? newsletter and followed up on November 18, writing, "This is going to be one of the biggest discoveries of high-grade gold in recent years."

Jay Taylor argued in his October 31 issue of J Taylor's Gold, Energy & Tech Stocks that gold remained undervalued even at US$4,000. He cited macroeconomic imbalances, Federal Reserve commentary, and historical ratios to support long-term upside.

On November 3, Stifel initiated coverage with a Buy rating and CA$5.00 target price. They cited Surebet as "one of the most compelling high-grade gold prospects" in the Golden Triangle and compared the intercepts favorably with Great Bear's Dixie project. A preliminary exploration target of 4.3 million ounces at 5.8 g/t was outlined, with potential mine planning around 205,000 ounces annually at an AISC of US$1,258 per ounce. The firm estimated an NPV5% of CA$2.07 billion at a US$3,000 gold price and said Goliath's valuation — at 0.30x P/NAV — remained materially below peers. "We think the Surebet discovery is in its early innings," they wrote.

In a flash note published November 17, Stifel highlighted results from hole GD-25-377, which returned 7.02 meters at 10.25 g/t gold. The firm noted that the average intercept grade of 7.14 g/t over 6.7 meters was roughly 20% above the system average. They pointed to potential for a starter pack around Bonanza BZ2 and additional upside in the Goldzilla vein. Stifel concluded that Goliath's "misunderstood ounce quality" and low valuation left room for a re-rating.

On December 2, Stifel GMP analyst Cole McGill reiterated the Buy rating, calling the latest drill results from the 2025 Surebet campaign a "slight positive." McGill cited hole GD-25-383, which intersected 15 meters grading 4.05 g/t gold, including 4.02 meters at 12.75 g/t. He also emphasized two key developments: a 150-meter eastern extension of the Bonanza Zone and confirmation of high-grade gold mineralization in feeder dykes.

According to McGill, the Bonanza Zone now extends 1.25 kilometers and represents 50% of Stifel's 4.2-million-ounce exploration target. He described the BN2 vein system — estimated at 3.1 million tonnes at 7.17 g/t gold — as a strong candidate for early-stage production. He also noted that the 7.28 g/t intercept over 8 meters in the Eocene granitoid feeder dyke is not yet included in the firm's resource model, suggesting upside potential.

"Surebet drilling continues to yield solid grades over minable widths," McGill wrote, noting that the ten holes released in December averaged 5.5 meters at 4.11 g/t gold. He argued that Goliath remains undervalued, trading at a grade-adjusted US$12 per ounce versus comparables such as GTWO and GBR at US$101/oz and US$98/oz, respectively. Stifel drew parallels between the early drill results at Surebet and Great Bear Resources' LP Zone — acquired by Kinross in 2022 for US$1.45 billion — with Surebet's first 150 holes averaging 124 gram-meters, just 4% below Dixie's early-stage results.

Discovery Zone in Focus Amid Expanded Exploration

The January conference circuit provides an opportunity for Goliath to highlight developments at the Surebet Discovery. According to the company's investor materials, the project remained open along strike and at depth, with 2026 drilling expected to follow up on visible gold zones and feeder dyke mineralization.

Technical work completed during the 2024 to 2025 off-season included geochemical analysis and updates to the geologic model by partners such as the Colorado School of Mines, SRK Consulting, Archer Cathro, and Motherlode Consulting.

The company also expanded its land position by 28%, increasing the claim block from 66,023 to 91,518 hectares to capture additional mineralization potential around the Red Line and the emerging Blue Origin zone.

Goliath's membership in CASERM has enabled applied research at Surebet, integrating academic and industry collaboration across the exploration cycle. 

Ownership and Share Structure¹

Management and insiders owned 20% of the company on a partially diluted basis, while strategic and institutional investors collectively held 37.0%, including Crescat Capital LLC, Global Commodity Group (Singapore), McEwen Inc., Waratah Capital Advisors, Rob McEwen, Eric Sprott, and Larry Childress.

The remaining shares were held by other institutional funds and retail investors.

Goliath has 173 million shares issued and outstanding with a market capitalization of CA$442 million, or approximately US$322 million, and a 52-week trading range of CA$1.12 to CA$3.54.