Permits Filed, Drilling Targeted for May as 70 km Survey and Mill Build Advance in Tandem

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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) reported that it is advancing multiple work streams at its Montauban Gold-Silver Project in Québec, including drilling preparations, district-scale exploration, and mill development, as it moves toward anticipated operations in 2026. Drill permits have been formally submitted to the Québec government, with the Company targeting the commencement of drilling in May 2026. At the same time, an expanded 70 square kilometre Ambient Noise Tomography survey is underway, and all major mill equipment has been secured, with fabrication in progress and deliveries ongoing to site.

The company stated that it is preparing to initiate a targeted drill program designed to test high-priority zones identified through its geological model. The program includes definition drilling of the surface crown pillar to characterize near-surface mineralization and support future resource estimation work. Drill targets have been developed through the integration of recent geophysical data, including ANT imaging, historical drilling, and structural interpretation. Step-out drilling is also planned to test interpreted zones where mineralization may widen and remain open.

ESGold reported that its expanded ANT survey is in progress across approximately 70 square kilometres of its Montauban land package, representing a seven-fold increase from the initial 10 square kilometre survey completed in 2025. Geophone pods are expected to remain in place through mid-April 2026, after which data will be processed and integrated into the Company’s 3D geological model. The initial survey identified mineralized architecture extending to approximately 900 meters in depth and over at least two kilometres of strike, with the system appearing to widen at depth and remain open at the limits of the original land package.

In parallel, the Company confirmed that it has secured all major components required for the Montauban mill circuit. Letters of credit have been submitted to equipment manufacturers, fabrication is underway, and deliveries of key processing equipment are ongoing as the Company advances toward mill buildout and commissioning.

Gordon Robb, Chief Executive Officer of ESGold, stated in the news release, "Drill permits are in, our expanded ANT survey is actively collecting data across a much larger footprint, and all major mill equipment has been secured and is moving through fabrication and delivery."

Gold Prices Reflect Geopolitical Tensions and Interest Rate Uncertainty

According to an April 6 report from Bloomberg, gold prices remained relatively steady after recent declines as traders evaluated geopolitical developments and monetary policy expectations. The publication reported that "gold held steady, following a two-day decline, as traders weighed U.S. President Donald Trump’s latest threat to destroy Iranian infrastructure and the impact of a protracted war on economic growth." Bloomberg stated that bullion had "fallen about 12% since the conflict in the Middle East began at the end of February," while noting that "holdings by gold-backed exchange-traded funds rose last week for the first time since the war began," reflecting renewed investor activity during the recent pullback.

Bloomberg also outlined the relationship between interest rates and gold demand, stating that "higher borrowing costs weigh on gold as the metal doesn’t pay interest," and added that the ongoing conflict had "heightened the prospects that central banks will delay cutting interest rates or even hike them." The report further noted that "cost pressures from the energy-supply shock are also weighing on economic growth, which is supportive for gold."

Kitco reported on April 7 that gold prices moved higher as markets responded to developments in the Middle East, stating that "gold prices have jumped higher early in the overnight session as investors digest news of a potential two-week ceasefire." Spot gold was reported at US$4,809.20 per ounce, representing a gain of more than 2% during the session. The report also cited BMO Capital Markets, which stated that "given speculative positioning had reduced significantly since the conflict started, metals are now on firm ground to see further upside as long as positive conflict news flow continues."

Kitco further described broader macroeconomic influences, noting that "rising inflation fears have driven interest rate expectations higher, increasing gold’s opportunity cost as a non-yielding asset," and that gold had "dropped more than 11%" in the prior month as investors and central banks sold holdings to meet liquidity needs. Michael Brown, Senior Market Analyst at Pepperstone, added that "focus will also now fall heavily on the economic damage that the conflict, as well as the surge in energy prices, has wrought on the global economy," referencing inflationary and growth-related pressures.

Investing.com reported on April 7 that gold prices rose alongside a broader market reaction to a temporary ceasefire announcement, writing that "gold climbed to almost a three-week high on Wednesday," with spot prices reaching US$4,778.95 per ounce and U.S. gold futures rising to US$4,807.34. The publication stated that "markets reacted swiftly, with oil prices plunging by more than 15% and risk assets rallying, while the dollar came under pressure," contributing to gold’s upward movement.

The report also noted that gold had faced earlier pressure due to rising interest rate expectations, stating that "bullion’s traditional appeal as a safe-haven asset... had come under pressure last month as oil prices surged sharply, stoking inflation concerns and raising expectations that the U.S. Federal Reserve could keep interest rates higher for longer." It added that "gold tends to underperform in elevated rate environments," while indicating that market participants were monitoring inflation data for further signals tied to energy price movements.

Advancing Toward Production With Ongoing Exploration Activity

In a February 3 research note, Ben Pirie, an equity research analyst at Atrium Research, reviewed ESGold Corp.’s release of results from a three-dimensional geological model generated using Ambient Noise Tomography at the Montauban Project in Québec. Pirie stated that the model indicated mineralization extending to approximately 900 meters in depth, compared with historical drilling that had generally reached about 50 meters, with the deepest historical hole extending to roughly 250 meters. He noted that the updated interpretation outlined a strike length of about two kilometers within the surveyed area and showed that mineralization appeared to widen at depth while remaining open beyond the limits of the ANT survey.

Pirie wrote, "We are maintaining our BUY rating and target price of CA$1.30/share on ESGold." He also stated that ANT velocity data, when combined with both historical and modern datasets, outlined coherent structural corridors comparable to known mineralization at Montauban. According to Pirie, north-northwest and northeast-trending structures were interpreted as key controls on hydrothermal fluid flow and mineral deposition.

He further stated that ESGold was progressing exploration plans that included expanding ANT coverage across the property, integrating additional geophysical datasets to refine drill targets, and preparing a step-out diamond drilling program to test targets identified through the model. Pirie noted that drilling was expected to begin in early spring 2026, with planning continuing alongside efforts to advance the Montauban tailings operation toward production later in 2026.

2026 Development and Exploration Milestones

The company has targeted the commencement of drilling in May 2026 following the submission of drill permits to the Québec government. The drilling program is expected to include definition drilling of the surface crown pillar and step-out drilling to test interpreted extensions of mineralization.

The expanded ANT survey covering approximately 70 square kilometres is currently underway, with geophone deployment expected to continue through mid-April 2026. Following completion of data collection, the results are expected to be processed and integrated into the Company’s 3D geological model to support drill targeting and broader system evaluation.

Mill development activities are progressing in parallel, with all major equipment secured, fabrication underway, and deliveries ongoing to site as the Company advances toward buildout and commissioning of the mill circuit.

According to the investor presentation for March 2026, the Company outlined additional operational milestones including construction and commissioning updates, processing throughput results, and first gold production targeted in 2026. The presentation also indicated that step-out diamond drilling was anticipated in early spring 2026, subject to permitting and logistics, and that exploration and expansion updates were expected to continue into 2027.

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.