Exploration Co. Confirms Significant Gold Potential at Ben Ben Target in Liberia

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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.

On May 13, 2026, Zodiac Gold Inc. (ZAU:TSX.V; ZAU:XFRA; ZAUIF:OTCQB) announced initial assay results for its first-ever diamond drilling program at the Ben Ben target, which is part of the company's flagship Todi Gold project in Liberia.

Initial results are highlighted below:

• Early results at Ben Ben continue to illustrate the strong potential of the 16km corridor from the Arthington discovery, through Ben Ben, to Youth Camp.

• Key drilling intercepts of:
• BDD005: 14.85m at 1.55 g/t Au (gold) from 51.4m, including 0.8m at 13.15 g/t Au, 0.93m at 5.82 g/t Au and 1.05m at 2.22 g/t Au
• BDD009: 17.65m at 0.81 g/t Au from 33m, including 1m at 5.67 g/t Au, 0.65m at 2.74 g/t Au, 1m at 1.33 g/t Au and 1m at 1.15 g/t Au
• BDD004: 11.45m at 0.96 g/t Au from 10m, including 0.55m at 3.2 g/t Au
• BDD006: 7.37m at 1.95 g/t Au from 23.4m, including 2.37m at 3.24 g/t Au and 2m at 2.81 g/t Au
• BDD002: 2.04m at 5.69 g/t Au from 43.96m, including 0.79m at 13.95 g/t Au
• Targeting zones through the amalgamation of trenching and geochemical sample results has delivered strong drilling hits, and when combined with the on-going geo-physical work, will provide key drill targets for the remainder of the 2026 program.
• The company is planning to scale up to a third drill rig for Phase 2 of the 2026 program.

David Kol, President and CEO of Zodiac Gold, said in the release: "This is exactly the outcome we were looking for from the first-ever drill program at Ben Ben. To step into a completely untested target and immediately intersect consistent gold mineralization across an entire kilometer of strike, including near-surface mineralization with high-grade zones, is a powerful validation of our geological model. What is even more important is that we are seeing the same host rocks, structural controls and style of mineralization as at Arthington, now confirmed 1.3 kilometers along strike in a greenfield setting. This strongly supports our view that we are uncovering a much larger, connected gold system within the 16km gold-in-soil anomaly. Ben Ben is no longer just a priority target — it is now a potential discovery, and we believe we are only at the beginning of defining its true scale."

These results are a significant catalyst for the company, marking a major milestone and confirming near-surface, shallow-dipping gold mineralization with high-grade intervals in northwest trending zones. In the next three weeks, the company expects to receive results for the next five drill holes from its on-going 14,000-meter maiden drilling program at Ben Ben, in which gold has so far been reported in all nine holes for which assays have been received.

Zodiac Gold Inc. is a West-African gold exploration company focused on the Todi Gold Project in Liberia. The company asserts that Liberia is a politically stable, mining-friendly country with an expedited permitting process and strong political and social support for mining companies.

Inflation Putting Pressure on Bullish Market

In a story that seems to have been cycling for months, tensions between the U.S. and Iran are oscillating between calming down and flaring up. After optimism over a potential peace deal, investors are now nervous on Tuesday morning after further animosity between the two countries has re-ignited. With oil prices skyrocketing and fears of inflation rising, gold prices have dipped so far today. Gandharv Walia of The Economic Times reported, "Gold and silver prices moved lower as investors reacted to changing interest rate expectations. Markets now believe the Federal Reserve may keep interest rates high for a longer period. Higher interest rates reduce demand for gold and silver because these assets do not pay interest. Investors often move funds toward assets that provide returns when rates rise."

Tim Manni of Yahoo Finance agreed, citing President Trump's discouraging remarks about the state of the ceasefire agreement, and writing, "The price of gold slipped ahead of and after the release of April inflation data earlier this morning. The April Consumer Price Index report surged 3.8% year-over-year, and 0.6% since last month, driven by the war’s impact on energy prices. The producer price report will be released tomorrow."

At the time of this writing, ". . . spot gold was trading near US$4,693.10 an ounce, down 0.87%." Despite the recent downturns, the gold market has exploded in the past year, and may still consider it bullish.

A Strategic and Tactical Buy

Company investor Brett Richards was quoted about why Zodiac caught his interest, saying ". . . when our family office looks at new investment opportunities in the junior mining space, we look for a number of criteria. Today, we are focused on gold and copper, which currently make up about 70% of our asset mix, with silver, uranium, critical minerals and base metals rounding the portfolio. We tend to look at the people first, to make sure they have management and board known to us, or at least known to the market, and with previous experience and (positive) track records of discovery, and exploration spending discipline. We then focus on jurisdiction, size/scale of the opportunity, grade and metallurgy, and access to infrastructure to assess the project's viability of going through development/study and into construction. From here, we make our core investment decisions — both strategic (long term), and tactical (shorter term)."

Richards went on to say, "Zodiac Gold is attractive for a number of reasons, most prevalent is the people involved and the vision of seeing this project as a producing mine one day. Zodiac is in Liberia, a jurisdiction I am now very familiar with, and after 25 years of developing projects and building mines throughout Africa, it is by far one of the most mining- and business-friendly jurisdictions I have worked or lived in, in Africa. [Zodiac has] over 2,300 km ² of land under permit and are 40km from the capital of Monrovia by paved road, and approximately 4 km from hydroelectric power. It is early days of its second drilling campaign, and it is looking extremely promising that this land package carries a multi-million-ounce endowment with the potential to be a Tier One asset in the future. Currently 20km from the 2^nd largest gold mining operation in West Africa, Zodiac is extremely undervalued in this market and has the potential to deliver significant returns to its investors."

Mineral Resource Estimate in the Near Future

According to the company's investor presentation, Zodiac Gold expects to publish a technical report, including a Mineral Resource Estimate for the Arthington discovery and the Ben Ben to Youth Camp trend, by Q4 2026.

In H2 2026, the company will also follow up on the current soil geochemical program (10,500 samples) in its Bomi South and Bong West licenses, with potential for mapping, trenching, and drilling as warranted. 

Ownership & Share Information¹

Zodiac Gold Inc. has a market cap of CA$52.13 million, with 161.63 million shares outstanding. The company's 52-week range is CA$0.05-CA$0.44. Management & Insiders own 33% of shares, while Institutions own 9%. The remaining 58% of shares are Retail.