Offering Update Adds Quebec While Up to CA$7M Raise Moves Toward March Close

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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.

ESGold Corp. (ESAU:CSE; ESAUF:OTCQB; Z7D:FSE) announced that it filed an amended offering document related to its previously announced brokered "best efforts" private placement. The amended document includes Quebec as an offering jurisdiction and is available under the company’s profile on SEDAR+ and on the company’s website. The company stated that prospective investors should read the amended offering document before making an investment decision.

The offering is being conducted by Red Cloud Securities Inc., acting as sole agent and bookrunner, for gross proceeds of up to CA$7,000,600 from the sale of up to 10,295,000 units at a price of CA$0.68 per unit. The company noted that the terms of the offering remain the same as previously announced, and the offering is anticipated to close on March 10, 2026, or such other date as the company and the agent may agree.

Completion of the offering is subject to certain conditions, including the receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange.

Gold Trades in Tight Range as Central Banks Extend Buying Streak

Kitco News reported on February 16 that gold prices had moved within a narrow trading range during a period of reduced market activity tied to global holidays. The publication wrote that "gold prices have been unable to hold gains above US$5,000 an ounce in relatively quiet trading," noting that spot gold was last quoted at US$4,978.1 per ounce, down 1.25% on the day as several major markets remained closed. According to Kitco, analysts said trading conditions were subdued, with Elior Manier of OANDA stating that "gold prices remain well supported around US$5,000 an ounce as geopolitical uncertainty remains elevated."

Kitco also cited Daniel Hynes, Senior Commodity Strategist at ANZ, who stated that "the long-term story for gold also remains positive," adding that "geopolitical and economic uncertainties will likely persist," conditions he said had continued to support demand for real assets. The report noted that silver prices had also traded quietly, with spot silver last at US$75.96 per ounce, down 1.75% on the day.

Stewart Thomson wrote on February 17 that gold had been trading within a defined price band, stating that "a range trade between US$4400 and US$5600 is forming." He also wrote that gold had "burst above that channel and appears to be consolidating the breakout now," while noting that temporary price softness had historically occurred during the Chinese Spring Festival period. Thomson further described broader demand trends, stating that he had "described an emerging 'gold bull era' that is focused on the economic rise of China and India."

Richard Mills wrote on February 18 that gold had experienced price volatility following macroeconomic developments, noting that the metal had fallen 9.5% on January 30 after reaching a record peak of US$5,594 per ounce. He also cited central bank demand trends, stating that the People's Bank of China had increased its gold reserves to 2,308 tonnes, marking "the 15th consecutive month of gold reserve accumulation." Mills further referenced global central bank buying, noting that the World Gold Council had reported net purchases totaling 52 tonnes through November, with year-to-date figures reaching 297 tonnes.

Mills also cited commentary from UBS analysts, who stated that "a further decline in real U.S. rates will help support investor demand for gold exchange-traded funds," while noting expectations that central banks would continue adding to reserves. He further referenced ETF demand data reported by The Kobeissi Letter, which stated that global gold ETFs had recorded US$19 billion in inflows in January and that "retail is going all-in on gold and silver."

"Compelling Value Proposition" Seen as ESGold Moves Toward Production

In a February 3 research note, Ben Pirie, an equity research analyst at Atrium Research, discussed ESGold Corp.’s announcement of results from a three-dimensional geological model derived from Ambient Noise Tomography at the Montauban Project in Québec. Pirie wrote that the model showed mineralization extending to roughly 900 meters in depth, compared with historical drilling that had generally been limited to about 50 meters, with the deepest historical hole reaching approximately 250 meters. He stated that the revised interpretation outlined a strike length of about two kilometers within the surveyed area and indicated that mineralization widened at depth while remaining open beyond the boundaries 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 also wrote that ANT velocity data, when integrated with historical and modern datasets, outlined coherent structural corridors comparable to known mineralization at Montauban. According to Pirie, significant north-northwest and northeast-trending structures were interpreted as primary controls on hydrothermal fluid flow and mineral deposition.

Pirie further wrote that ESGold was advancing exploration plans that included expanding ANT coverage across the property, incorporating additional geophysical datasets to refine targets, and preparing a step out diamond drilling program to test targets defined by the model. He stated that drilling was expected to begin in early spring 2026 and that drill planning would proceed alongside efforts to advance the Montauban tailings operation toward production later in 2026.

According to a February 19 report from Bob Moriarty of 321Gold.com, he wrote that "a company recently approached me with a compelling value proposition. They plan to commence production by processing tailings from a previous mining period spanning 1910 to 1990 at the Montauban lead/zinc/gold mine situated in Quebec." He also stated that "a prior study from the mining period indicated a resource of 12,000 ounces of gold and an additional million ounces of silver in the tailings," and added that "the resource revealed 57,200 tonnes of mica that could also be extracted."

In the same February 19 report, Moriarty wrote that "a subsequent 43-101 resource estimate from 2010 identified 47,198 ounces of gold and 481,000 ounces of silver in the hard rock source from both the North Zone and the South Zone."

Amended Offering Document Filing and Offering Process

According to company materials, more than US$15 million has been invested to date in developing the Montauban Project. The company reported that it has obtained all required permits to restore the site and has signed the required protocols with the municipality of Notre-Dame-de-Montauban.

The company also stated that key infrastructure has been completed, including access roads, a 1.3-kilometer hydro power line, and a 20,000-square-foot milling facility, and that the engineering design for the processing plant has been completed in collaboration with Alphard Engineering in Montreal. 

Construction is underway on a fully permitted tailings reprocessing operation targeting gold, silver, and mica production. 

ESGold also reported that discovery work is continuing in parallel, supported by a three-dimensional geological model and geophysical data.

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.