Gold Co. Hits Strongest Drill Result Yet at Halo Zone as Maiden Resource Estimate Signals Major Re-Rating Potential
Research Report

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Disclosures for Couloir Capital, Golden Cariboo Resources Ltd., March 27, 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 March 27, 2026, Couloir Capital's research team, including analyst Ron Wortel, MBA, P.Eng., reiterated a BUY rating on Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A402CQ:WKN; 3TZ:FSE), with an unchanged CA$0.50 fair value per share estimate, representing a 455% premium to the current CA$0.09 share price. The rating is supported by continued high-grade drilling success at the Halo Zone and the formal commissioning of a maiden NI 43-101 Mineral Resource Estimate (MRE).

Golden Cariboo Resources recently reported its strongest near-surface drill intercept to date from hole QGQ25-27, which returned 0.89 g/t gold over 70.65 meters from just 14.20 meters depth. Higher-grade subintervals included 3.25 g/t gold over 8.2 meters and 3.86 g/t gold over 5.2 meters. This followed hole QGQ25-25, a 96-meter north-northeast step-out from a previous discovery hole, which intersected 0.42 g/t gold over 47.01 meters from surface and 0.76 g/t gold over 20.45 meters at depth — confirming lateral continuity across a broader footprint. The company's deepest-ever hole, QGQ25-28, reached approximately 755 meters and intersected quartz-carbonate veining, silicification, and disseminated pyrite mineralization to the end of the hole near the property boundary, potentially adding a further 300 meters to the known system extent.

On March 1, 2026, Golden Cariboo formally announced the commissioning of an independent NI 43-101-compliant MRE covering the Halo and Main zones. The estimate will incorporate data from 28 company drill holes and up to nine historically reported holes. Couloir describes the timing as "unusually early" for a junior at this stage, viewing it as a signal of management and the technical team's confidence in the geological database. Results from QGQ25-28 and future holes could feed into subsequent resource updates, providing incremental re-rating catalysts.

On March 17, 2026, Golden Cariboo acquired 13 placer claim cells totaling 250 hectares at the Halo Zone for CA$60,000 cash, securing 100% of the placer rights over the target area. Couloir views this as a strategically logical consolidation that eliminates a potential complication in future project development while adding optionality to any alluvial gold above the known bedrock mineralization.

The Halo and Main zones lie along one of five identified mineralized trends on the company's approximately 95,000-hectare district-scale land package. Couloir draws a favorable comparison to the Spanish Mountain Gold Ltd. (TSXV: SPA) deposit — located to the south along the same structural corridor — which holds close to 6.5 million ounces of gold at approximately 0.43 g/t and recently published a positive preliminary economic assessment.

As of Q1 FY2026 (quarter ended December 31, 2025), Golden Cariboo held CA$962,094 in cash and CA$1.39 million in working capital, with a current ratio of 3.85x and no debt. Monthly cash burn improved to approximately CA$257,000 from CA$543,000 in the prior-year quarter, reflecting reduced exploration activity during the period.

Couloir's valuation employs a market-implied in-ground methodology, applying a conservative US$45/oz in-ground value (a 1% discount to spot gold of approximately US$4,500/oz). Using a conceptual block based on recent intercepts, the firm estimates the market is currently pricing in approximately 159,000 ounces — a modest figure relative to the scale of the system being outlined. A more expansive resource target model incorporating a 500-meter strike length, 350-meter width, and 200-meter depth implies between approximately 1.1 million and 2.9 million potential ounces at grades ranging from 0.35 to 0.95 g/t gold, pointing to a range of fair values from CA$0.31 to CA$1.22 per share depending on grade and gold price assumptions. On a peer comparison basis, Golden Cariboo trades at a market capitalization of approximately CA$10.9 million, a significant discount to the average of approximately CA$48 million among comparable early-stage British Columbia gold explorers, excluding outliers.

Key catalysts identified by Couloir include positive results from the ongoing drill program, target generation across the broader land package, additional drilling confirming mineral continuity at Halo, and any financing activity that materially alters the capital structure.

Couloir identifies several material risks, including the possibility that drilling fails to confirm continuity of mineralization or does not support an economically viable large-scale system. The company will likely require additional equity financing given the ongoing cash burn, which could prove dilutive to existing shareholders. As an early-stage explorer without a compliant resource or economic assessment, Golden Cariboo remains at the higher end of the investment risk spectrum. Seasonal limitations — with only six to seven months of cost-effective exploration per year in British Columbia's central interior — and standard jurisdictional and permitting risks round out the key considerations.