3D Model Redraws Historic Mining Camp as Land Position Surges to District Scale

1. ESGold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of ESGold.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

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.

ESGold Corp. (ESAU:CSE; ESAUF:OTCQB; Z7D:FSE) announced the expansion of its Montauban land position in Québec through the staking of 144 additional mining claims totaling approximately 7,668 hectares. The new claims increase ESGold's total Montauban holdings to 417 mining claims covering approximately 20,618 hectares, representing the largest contiguous mineral tenure held by a single company in the Montauban region. Most of the new claims were described as open ground strategically located adjacent to ESGold's core Montauban property.

The expansion follows the completion of a 3D geological model based on ambient noise tomography, which identified a deep, laterally extensive anomaly interpreted as a potential mineralized corridor. This anomaly extends to approximately 900 meters depth and over two kilometers of strike, remaining open beyond the limits of the current survey area. The model expanded the interpreted footprint of the mineral system and highlighted areas that had not been evaluated by historical operators at Montauban.

According to the company, the newly staked claims may provide coverage over along-strike extensions of modeled mineralization, parallel or stacked mineralized horizons, and structural corridors interpreted to control fluid flow and mineral deposition. ESGold stated that only a portion of its land package has been evaluated using modern deep-penetrating geophysics.

Gordon Robb, Chief Executive Officer of ESGold, said in a company news release, "The recently completed 3D geological model fundamentally changed our understanding of Montauban and underscored the importance of securing control over the broader geological system. While we remain hyper focused on advancing Montauban toward near-term production of our tailings project, we are moving exploration forward in tandem, recognizing the opportunity to create value on two tracks simultaneously. The addition of nearly 76 square kilometres of strategically positioned ground around Montauban is aimed at providing the scale necessary to properly evaluate the potential extent of the mineralized corridor identified by the model and to ensure we are not constrained by the historical boundaries as we systematically assess what Montauban may ultimately become."

The company reported that historical production from the Montauban property includes approximately 150,000 ounces of gold, 7 million ounces of silver, 109,000 tonnes of zinc, and 37,000 tonnes of lead. ESGold stated that the broader Montauban region has never been systematically explored at a regional scale using modern techniques.

As part of its next phase of exploration, ESGold plans to conduct an expanded ambient noise tomography survey covering approximately 70 square kilometres. The company indicated that the results of this survey will be integrated with existing geological, geochemical, and structural datasets. ESGold also plans to develop a targeted step-out diamond drilling program focused on high-priority targets identified through the model and expanded geophysics. These efforts are being planned in parallel with advancement of the company's near-term tailings production, which it expects to begin in 2026.

Supply Strains Meet Soaring Demand as Gold Dynamics Shift

A February 3 report from Ahead of the Herd stated that gold mining companies had been high-grading ore for much of the past decade, extracting the most accessible and higher-grade material to maintain margins during periods of lower metal prices. According to the report, this practice contributed to increased operational complexity as mining moved deeper and average grades declined. The report cited World Gold Council data showing that global mine production totaled 3,661.2 tonnes, while total gold demand reached 4,974 tonnes. It stated that "even though major gold miners are high-grading their reserves, mining all the best gold and leaving the rest, they still didn't manage to satisfy global demand for the precious metal."

The report also referenced Wood Mackenzie, noting that Rory Townsend, head of gold research, said, "If all our probable projects were to come online before 2025, this would almost meet the requirement to maintain 2019 production levels," while also noting that delays and scope changes were expected to hinder progress.

On February 4, Bloomberg reported that investor interest in gold remained strong following a market correction. In the article by Ruth Carson, Bernadette Toh, and Yihui Xie, Fidelity International money manager George Efstathopoulos said, "A lot of the froth has been taken out, and the structural sort of medium-term themes are very much in place." He also pointed to sticky inflation, a weakening U.S. dollar, ongoing central bank buying, and a shift away from U.S. assets as supporting factors. According to the article, bullion reached an all-time high of US$5,595.47 per ounce before retreating, which was followed by renewed buying activity. Efstathopoulos said, "Massive buying from central banks" remained a favorable trend and added, "Gold makes sense because it just creates a more robust portfolio."

A February 5 report from Leede Financial cited the World Gold Council's Full-Year Gold Demand Trends and stated that total gold demand reached a record high of 5,002 tonnes in 2025. The report attributed this to ongoing geopolitical and economic uncertainty, with annual demand valued at approximately US$555 billion. Leede reported that global investment demand totaled 2,175 tonnes, which it described as "the main driver behind gold's remarkable and record-breaking year." It noted that 801 tonnes were added to exchange-traded funds and global bar and coin demand reached 1,374 tonnes, valued at approximately US$154 billion. Central banks added 863 tonnes during the year, while mine production rose to 3,672 tonnes and recycling increased slightly. Although jewelry demand declined 18 percent by volume, Leede reported that the total value of gold jewelry demand rose 18 percent year over year to US$172 billion.

Atrium Research Highlights Deep and Laterally Extensive Montauban Mineralization

In a February 3 research report, equity research analyst Ben Pirie of Atrium Research noted that ESGold Corp. announced results from a 3D geological model based on Ambient Noise Tomography at its Montauban Project in Québec. According to Pirie, the model outlined mineralization extending to a depth of approximately 900 meters, compared with historical drilling that was largely confined to about 50 meters, with the deepest historical hole reaching roughly 250 meters. He wrote that the updated interpretation outlined a strike length of approximately 2 kilometers within the surveyed area and indicated that mineralization widened at depth, while remaining open beyond the limits of the ANT survey.

In the same report, Pirie stated, "We are maintaining our BUY rating and target price of CA$1.30/share on ESGold." He wrote that ANT velocity data integrated with historical and modern datasets defined coherent structural corridors comparable to historical mineralization at Montauban. Pirie added that significant north-northwest and northeast-trending structures were interpreted as first-order controls on hydrothermal fluid flow and mineral deposition.

Pirie also wrote that ESGold was advancing exploration plans to expand ANT coverage across the property, integrate additional geophysical datasets to refine targets, and prepare a step-out diamond drill program to test targets outlined by the model. He stated that drilling was expected to commence in early spring 2026 and that drill plans would advance in parallel with efforts to move the Montauban tailings operation toward production later in 2026.

Path to Production and Exploration Continues at Montauban

As of December 2025, ESGold reported that over US$15 million had been invested into the development of the Montauban project. The company stated that it had secured all necessary permits to restore the site and signed required protocols with the municipality of Notre-Dame-de-Montauban.

Infrastructure work at the site included the construction of access roads, installation of a 1.3-kilometer hydroelectric power line, and completion of a 20,000-square-foot milling facility. ESGold also noted that the engineering design for the processing plant had been finalized in partnership with Alphard Engineering in Montreal.

The project's dual-track strategy includes both tailings reprocessing for near-term gold, silver, and mica recovery, and continued discovery efforts supported by 3D modeling and geophysics. According to the company, production infrastructure is now in place and exploration is being accelerated with drill-ready targets defined through ANT and other geophysical techniques.

Ownership and Share Structure¹

60% of ESGold is held by management and insiders, about 5% is institutional, and about 35% is public float.

Top investors include Paul Mastantuono with 2.2%, the CEO, Robb, with 0.55%, and Andre Gauthier with 0.33%.

Its market cap was approximately CA$69 million with 91.44 million shares outstanding. It traded in a 52‑week range of approximately CA$0.19 and CA$1.44.