Gold Co. Eyes 111% Upside as New Block Model, JV Search, and Pilot Plant Plans Advance Fremont Gold Project
Research Report

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Disclosures for Couloir Capital, Lode Gold Inc., February 28, 2026

This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1. In the last 24 months, Couloir Capital Ltd. has been retained by the subject issuer under a service agreement that includes analyst research coverage only. 2. The issuer has no control over the content of this report. 3. The views of the Analyst are personal. 4. No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports 5. The Analyst does not maintain a financial interest in the securities or options of the Company. 6. The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 7. The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness.

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COULOIR CAPITAL SUBSCRIBE TO RESEARCH is a research-driven investment dealer focused on emerging companies in the natural resources sector Vancouver 604 609 6190 • Toronto 416 460 2960 • [email protected] We employ a fundamental-based analysis with the goal of discovering a company’s fair value in the context of Macro factors facing each company. In doing so we generate actionable ideas in underfollowed companies where a small number of market participants can rapidly close the gap between price and fair value. Our research reports are disseminated through Bloomberg, S&P Capital IQ, Thomson Reuters, FactSet, and large email lists. RESEARCH DRIVEN

Published February 28, 2026, Couloir Capital analyst Tim Wright, MSC, CFA maintained a BUY rating on Lode Gold Inc. (LOD:TSXV; LODFF:OTC) with a target price of CA$0.834, implying approximately 111% upside from the current share price of CA$0.40, driven by the company's advancing Fremont gold project in California and a favorable macro environment for gold.

Recent Developments

Lode Gold has made significant progress at its flagship 3,351-acre Fremont project in Mariposa County, California, since Couloir Capital's November 2025 initiation report. The company added 5,728 underground channel samples to its existing dataset in late November 2025, drawn from 23 kilometres of underground workings across 20 adits. Management expects this additional data to support the conversion of approximately 50% of the current resource into the indicated category — a cost-effective strategy to improve resource confidence with minimal capital expenditure.

On February 18, 2026, Lode Gold formally initiated a new mineral resource estimation (MRE) block model at Fremont. The updated model will incorporate data from over 7,000 historical underground channel samples and reinterpret the deposit as a continuously mineralized orebody amenable to bulk underground mining, replacing the previous approach that combined open-pit and underground methods. The new methodology is expected to support a lower cut-off grade of approximately 1.0–1.5 g/t, compared to the prior vein-mining threshold of approximately 3.0 g/t, using estimated mining costs of around US$100 per tonne of ore, excluding sustaining capital and capital expenditures, as provided by local mining contractors. The current MRE defines a global resource of 8.53 million tonnes grading 3.96 g/t recoverable gold, containing in excess of one million ounces. The planned update is expected to result in a larger overall resource.

Strategic Initiatives

JV Partnership Search

Following an extensive strategic review process initiated in June 2025, Lode Gold signed a Letter of Intent (LOI) with an undisclosed mining partner on December 9, 2025, to advance Fremont toward the pre-feasibility study (PFS) stage.

The exclusivity period under that LOI expired January 16, 2026, and the company is now reviewing proposals from additional interested parties, citing the approximately US$1,000/oz appreciation in the gold price since the original LOI was signed as justification for canvassing the broader market. A joint venture partner would bring technical expertise and non-dilutive funding to the project.

Permitting and Drilling

On February 13, 2026, Lode Gold engaged a California-based legal and permitting advisory group to secure permits for ten surface drill holes totalling approximately 1,500 metres. These large-diameter PQ holes — capable of yielding up to 2,000 kg of sample material per hole — will provide geotechnical and metallurgical data required for the planned PFS. Additional underground drilling is also planned to test strike and depth extensions of the mineralized system.

Project Advantages

Fremont is situated on private land with the company retaining 100% ownership of both mineral and surface rights, meaning permitting authority resides at the county level and requires approval from only three of five county supervisors. The project is also located within a designated U.S. Opportunity Zone, which may provide qualifying investors with potential tax advantages. Gold's recent designation as a U.S. critical mineral is also seen as a positive catalyst for the project's permitting outlook.

Gold Orogen Spin-Out

The spin-out of Lode Gold's early-stage exploration assets — comprising the Golden Culvert and WIN properties (22,240 acres) in Yukon Territory, and the McIntyre Brook and Riley Brook projects (109,962 acres) in New Brunswick — into a new entity, Gold Orogen (OROG:CSE), was completed with an effective date of February 18, 2026. Lode Gold shareholders received 0.5739 shares of Gold Orogen for every one share of Lode Gold held as of the effective date, structured as a tax-free distribution via a reverse takeover of Great Republic Mining.

At McIntyre Brook, Gold Orogen completed a diamond drill program in late 2025 totalling 847.9 metres across six holes, targeting extensions of Puma Exploration's Lynx Zone — a trend on which recent drilling intersected 5.11 g/t gold over 6.60 metres. Assay results from Gold Orogen's own holes remain pending and are described as a potential catalyst for the newly listed company. Gold Orogen also holds a joint venture with Fancamp Exploration Ltd. (FNC:TSXV), which acquired a 19.9% interest in October 2024 and has committed CA$3.5 million, of which CA$3.0 million was allocated directly to exploration.

Development Timeline and Economics

Following completion of the updated MRE, Lode Gold plans to advance Fremont to the PFS stage, targeting completion in Q1 or Q2 2027. The PFS will exclude any open-pit mining component and cyanide processing, incorporate updated capital and operating cost assumptions, and reflect results from the forthcoming geotechnical and metallurgical drilling programs. Subject to a positive PFS outcome, construction of a pilot plant is targeted for 2027/2028, with first gold pour anticipated in 2028.

The pilot operation is envisaged at a mining rate of approximately 300 tonnes per day, targeting annual production of 10,000–15,000 ounces, which at current gold prices would equate to estimated annual revenues of approximately US$50–75 million. Cash flow from the pilot phase is intended to partially fund a subsequent full feasibility study. A positive final investment decision (FID) following the feasibility study would support a scale-up to approximately 6,000 tonnes per day, targeting annual production of approximately 200,000 ounces.

Financial Position

As of Q3 2025 (the most recent period reported), Lode Gold held CA$151,650 in cash, total assets of CA$29.0 million — including CA$26.1 million in mineral assets — and working capital of negative CA$5.98 million. The net loss for the three months ended Q3 2025 was CA$203,961, or CA$0.003 per share. The company had 58,962,261 shares outstanding, representing a market capitalization of approximately CA$19.2 million.

Valuation

Wright derived his CA$0.834 target price using an EV/gold-equivalent ounce (EV/AuEq) peer comparison methodology. The peer group of ten companies — primarily California and Nevada-focused gold explorers and developers — yielded an average EV/AuEq multiple of 0.062, or 0.056 excluding top and bottom outliers. Given California's more complex permitting environment relative to Nevada, a 25% premium was applied to California-based companies, including Lode Gold, resulting in an adjusted multiple of 0.0267 versus Lode Gold's current implied multiple of 0.021, and a target price of CA$0.834. The stock has returned 97.5% over the prior year, compared to an 80.2% return for the TSXV index over the same period.

Risks

Wright identifies four primary risk factors: exploration and development outcomes may prove less favorable than anticipated; the company is highly leveraged to the gold price, which could decline materially in the short to medium term; broader equity market conditions, including Federal Reserve policy and macroeconomic uncertainty, could weigh on the share price; and if non-dilutive funding alternatives are unavailable, the company may need to issue additional shares, resulting in dilution to existing shareholders.