Drill Results Boost Confidence in High-Grade Core at BC Project
Research Report

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Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) announced results of the final 70 holes of its 2025 exploration and definition drill campaign at the Golddigger project's Surebet gold discovery, in British Columbia's Golden Triangle, reported Stifel Director and Research Analyst Cole McGill in a Jan. 20 research note.

"We see drill results today as increasing confidence within the high-grade core at Bonanza as well as showcasing scale beyond our current mine plan, providing a rerating opportunity," McGill wrote.

Goliath, an Ontario, Canada-based precious metals explorer, owns 49% of Surebet and has the option to acquire the remaining 51% upon delineating a 2,000,000 ounce (2 Moz) gold equivalent mineral resource. The company has until June 1, 2027, to achieve this, the analyst explained.

Potential for Rerating

Goliath's share price is lower than justified because the market misunderstands the quality of the company's ounces, wrote McGill. For one, the majority of Canadian gold deposits larger than 5 Moz of gold have initial discovery holes greater than 134 gram meters, and Surebet's is 159 gram meters.

Two, Surebet's first 150 holes, averaging 124 gram meters, look similar to the first 150 drilled in the Dixie project's LP zone, which averaged 129 gram meters, the analyst added. The difference is only 4%. (Great Bear Resources Ltd. sold Dixie to Kinross Gold Corp. (K:TSX; KGC:NYSE) for US$1.45 billion in 2022.)

"Since 2021, Golden Triangle acquisitions have averaged CA$100 per ounce (CA$100/oz) or 3.1% in situ value, and [we] think the ounce quality of Surebet can command a premium as infill adds confidence," McGill wrote.

At the time of the analyst's report, Goliath's stock price was CA$2.58 per share. The company was trading at a grade-adjusted $12/oz of gold versus more advanced peers at $90/oz. Stifel does not have a target price on Goliath but rates it Buy.

More Confidence in Bonanza

The Stifel analyst reported the highlights of the new Surebet drill results and shared his thoughts about them.

The headline hole, GD-25-319, returned 6.1 meters (6.1m) of 19.13 grams per ton gold (19.13 g/t Au), including 4m of 29.09 g/t Au. The hole was placed in the Golden Gate zone, outside of Stifel's mine plan model.

The standout result from the Bonanza zone was 8.3m of 10.58 g/t Au, including 5.6m of 15.5 g/t Au, in hole GD-25-405. Drilling there continues to yield strong grade x widths near Bonanza's higher-grade BZ2 vein, thereby raising confidence in the continuity of the mineralization and the potential for Bonanza as a high-grade starter resource, noted McGill.

Stifel estimates that BZ2 hosts 3,100,000 tons (3.1 Mt) of 7.17 g/t Au for about 710,000 ounces. Because it is near surface, the analyst reiterated, it could be mined in the first three years for early payback.

Broader System Has Scale

McGill pointed out that the results of 2025 drilling in total show the scale of a broader system at Golddigger. The length x width extent of Bonanza is 1.8 kilometers (1.8 km) x 1.1 km, and of Surebet, it is 1.2 km x 930m, according to Goliath. This is in addition to upside from Golden Gate that just returned a high-grade gold intercept, Whopper, and Eldorado.

For context, Stifel's model assumes production from only Bonanza and Surebet of an estimated 14.4 Mt for 2.4 Moz Au, and this represents only 58% of the financial services firm's total 4.3 Moz Au exploration target.

"We note tighter spaced drilling, as part of a planned +50 km 2026 campaign could justify potential inclusion, providing upside to our current valuation by increasing potential asset duration," the analyst wrote.

The cumulative weighted average grade x width drilled at Surebet is 4.89 g/t Au over 6.74m.

"While we admit this represents an overly simplistic metric due to deposit morphology, we see this as a strong gut check of the economic viability the 2025 drilling season has showcased," wrote McGill.