Every Hole Hit Gold as Drilling Expands Five High-Grade Zones in BCs Golden Triangle

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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) reported gold-only assay results for the remaining 70 drill holes completed during its 2025 drilling campaign at the Surebet Discovery on the 100% controlled Golddigger Property in British Columbia's Golden Triangle. The company stated that assays remain pending for 110 drill holes completed in 2025 for multi-element gold equivalent results, which will be released once all silver, copper, lead, and zinc assays have been received, compiled, and interpreted.

According to Goliath, every drill hole completed to date at the Surebet Discovery has intersected gold mineralization. During the 2025 drilling campaign, 83 out of 110 drill holes, or 76%, contained visible gold to the naked eye. Goliath Resources Limited also reported that 355 out of 386 drill holes completed to date at the Surebet Discovery contain visible gold.

The company stated that the 2025 drill program totaled 64,364 meters of drilling. Assay results from this program were reported to have expanded the extent of high-grade gold mineralization across five primary mineralized zones comprising 46 gold-rich veins that remain open for expansion. The updated geological model incorporates all gold assay results from the 2025 campaign and includes the Bonanza, Surebet, Golden Gate, Whopper, and Eldorado zones, along with associated gold-rich Eocene-aged RIRG dykes.

Goliath highlighted several drill intercepts from the Golden Gate, Bonanza, and Surebet zones. Drill hole GD-25-319 intersected 19.13 g/t Au over 6.10 meters, including 22.86 g/t Au over 5.10 meters and 29.09 g/t Au over 4.00 meters, from quartz-sulphide veins in the Golden Gate Zone. Drill hole GD-25-405 intersected 10.58 g/t Au over 8.30 meters from a quartz-sulphide breccia interval in the Bonanza Zone, including 14.04 g/t Au over 6.25 meters and 15.50 g/t Au over 5.60 meters. Drill hole GD-25-312 intersected 10.56 g/t Au over 3.70 meters from a gold-rich quartz-sulphide breccia interval in the Surebet Zone. Additional drill holes reported gold intercepts across the Golden Gate, Surebet, Whopper, and Bonanza zones. The company stated that all reported intercepts are approximately true width and reflect gold-only assays. Goliath also released an updated 3D model of the Surebet discovery, available to view on its YouTube channel.

Dr. Quinton Hennigh, Geologic and Technical Advisor to Crescat Capital, stated in the company news release, "The consistent reporting of thick high-grade gold intercepts from Surebet is remarkable." He added that the results demonstrate predictability in the lode system and referenced ongoing updates to the geological model incorporating drilling results.

Cole McGill at Stifel Nicolaus Canada Inc., the firm rated Goliath Resources Limited as "Buy."

Roger Rosmus, Founder and Chief Executive Officer of Goliath Resources Limited, stated in the same announcement, "The Surebet high-grade gold discovery continues to grow during every new season of drilling." He added that multiple stacked gold-rich vein systems and Eocene-aged RIRG dykes have been identified and remain open, and that geological studies are continuing to support future drilling activities.

In a separate announcement dated January 22, 2026, Goliath Resources Limited reported that it entered into an agreement to amend its existing property option agreement with The J2 Syndicate and J2 Syndicate Holdings Ltd. to fast-track its ownership of the Golddigger Property from 49% to 100% and reduce the net smelter return held by the syndicate from 3% to 2%. Under the amended agreement, Goliath will issue 3,000,000 common shares to the syndicate, with no warrants, no later than March 15, 2026.

The transaction is subject to approval by the TSX Venture Exchange. The company also stated that the amended agreement revised the timeline for publishing a maiden resource estimate on the Golddigger Property to on or before June 1, 2030, adjusted the payment structure tied to gold equivalent ounces in a future resource estimate, and outlined revised terms applicable in the event of a change of control prior to the publication of a maiden resource estimate.

Gold Market Developments Linked to Geopolitical and Monetary Conditions

In a January 20 report, GOLDINVEST reported that gold prices temporarily moved above US$4,700 per ounce amid ongoing political tensions and trade conflicts. According to the publication, demand for gold continued to be supported by investors seeking protection from geopolitical and economic policy uncertainty. GOLDINVEST described gold as a traditional safe-haven asset and stated that the move above US$4,700 was viewed by many market participants as an indication that "the risk premium in the price is continuing to solidify." The report referenced the World Economic Forum's Global Risks Report 2026, which identified "geo-economic confrontation" as the greatest global risk for the year, reinforcing the broader environment supporting gold demand.

Also on January 20, Stewart Thomson wrote that governments worldwide were becoming increasingly reliant on debt and fiat-based monetary systems, which he argued reinforced gold's role as an alternative form of savings. Thomson described gold as "the money of 'citizen kings'" and characterized gold ownership as a response to what he described as instability linked to government policy and geopolitical conflict. He stated that "the fundamentals in favour of gold are 'through the roof'," citing central bank actions, geopolitical tensions, and declining confidence in fiat currencies as factors supporting continued interest in gold as a monetary asset.

On January 21, GoldFix reported that the National Bank of Poland approved a plan to purchase up to 150 tons of gold, positioning the country among the most gold-concentrated reserve holders in the developed world. According to the report, the central bank stated that the move would significantly expand Poland's bullion holdings, with GoldFix quoting the bank as saying, "This will place Poland among the elite 10 countries with the largest gold reserves in the world." The publication noted that central bank gold accumulation had been a significant contributor to gold's price performance and described the decision as part of a broader shift toward bullion as a strategic reserve asset amid geopolitical and financial fragmentation.

Third-Party  Reviews of Surebet Drilling Results

According to a January 20 flash note from Cole McGill at Stifel Nicolaus Canada Inc., the firm rated Goliath Resources Limited as "Buy" and reported an intraday price of CA$2.58 as of January 20, 2026. In the same report, Stifel stated that Goliath released the final seventy drill holes from the Surebet 2025 drilling campaign. The analysts highlighted drill hole GD-25-319, which intersected "4m @ 29.09g/t Au." Stifel wrote that "results to date at Surebet have yielded a cumulative wt. avg grade x width of 4.89g/t over 6.74m."

In the January 2026 report, Stifel described its view of the drilling results by stating, "our constructive thesis on GOT is rooted in misunderstood ounce quality," and added that the latest results increased "confidence within the high grade core." The analysts also stated that "Surebet drilling continues to yield strong grades over minable widths," citing results from both the Golden Gate and Bonanza zones. Stifel maintained a target price of CA$5.00 per share in the report.

Upcoming Assay Releases, Data Compilation, and Drill Program Activities

Goliath reported that assay results remain pending for 110 drill holes completed during the 2025 drilling campaign for multi-element gold equivalent values. The company stated that these gold equivalent results will be released once all silver, copper, lead, and zinc assays have been received, compiled, and interpreted. Current reported assays reflect gold-only results.

The company also stated that data compilation and interpretation are underway using results from the 2025 drill program. According to the company's investor presentation, this work is being used to support targeting efforts related to the five main mineralized zones identified at the Surebet Discovery.

Goliath reported that it is fully funded for its 2026 drill program, which the company stated will be focused primarily on expanding the five main mineralized zones at the Surebet Discovery. The company also indicated that drilling will include testing related to the causative intrusive source identified in the geological model.

In addition, the updated geological model incorporating all 2025 gold assay results outlines five extensive mineralized zones comprising 46 gold-rich veins. The company stated that these zones and associated mineralization remain open laterally and at depth. 

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.