California Gold Developer Triples Resource to 3 Moz, Advances Private-Land Project Toward Pre-Feasibility
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Disclosures for Couloir Capital, Lode Gold, June 26, 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. This report has been prepared in the English language; any version of this report in German, French or any other language has been translated using artificial intelligence (AI) and has not been independently verified for accuracy. The analyst may have used AI to complete certain sections of this report. Couloir Capital Ltd. assumes no responsibility for any errors or omissions generated by AI or AI translation services. 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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On June 26, 2026, Tim Wright, MSc, CFA of Couloir Capital reiterated a BUY rating and a CA$1.08 price target on Lode Gold Inc. (LOD:TSXV; LODFF:OTC), implying 279% upside from the June 23, 2026 closing price of CA$0.285, following a substantially upgraded mineral resource estimate (MRE) at the flagship Fremont project in California that lifted the global resource base 184% to over 3.089 million ounces (Moz) of gold and set the stage for a pre-feasibility study (PFS).

Updated Fremont Resource Drives the Thesis

Lode Gold's flagship asset is the 3,351-acre Fremont project in California, USA, which sits on privately owned land where the company holds 100% of both surface and mineral rights. In May 2026, the company published an updated MRE that grew the global resource from 1.087 Moz to 3.089 Moz of gold, a 184% increase, at an average grade of 1.85 g/t Au. The updated estimate comprises 1,110,444 ounces in the indicated category (18,776 kt at 1.84 g/t Au) and 1,978,568 ounces inferred (33,107 kt at 1.86 g/t Au).

The increase was driven by a reimagining of the deposit as an underground bulk-mining operation rather than a narrow high-grade vein operation. By incorporating the disseminated mineralization surrounding the high-grade veins, the company lowered the cut-off grade from 3 g/t to 1 g/t Au. Notably, the proportion of the resource in the higher-confidence indicated category rose to 36% from 11% previously, helping to derisk the project. The estimate drew on roughly 43,000 m of drill core, 23 kilometers of underground development, and thousands of channel samples, including 5,728 underground samples added in late November 2025. Couloir characterized that sampling effort as "a highly cost-effective strategy to improve the resources' confidence and size."

Path to Pre-Feasibility and Production

The company plans 3,500 m of drilling for metallurgical, geotechnical, hydrological, and exploration purposes to support a PFS targeted for completion in Q2/Q3 2027, with the study to be initiated during Q3 2026. The drill permit application has been submitted to Mariposa County and is pending approval. Of the planned program, 1,400 m of metallurgical and geotechnical drilling plus 600 m of hydrological and infill drilling are slated for Pine Tree–Josephine, with a further 1,500 m of step-out exploration drilling at Chicken Gulch, where only 20% of the first 500 m of the central structural corridor is currently captured in the resource. Management estimates a further 7,800 m of drilling will be required to support a feasibility study targeted for 2029.

A pilot processing plant is under consideration after PFS completion. Phase 1 operations are planned at roughly 300 tonnes per day, with first gold production targeted for 2028 and initial annual output of 10,000 to 15,000 ounces. At prevailing gold prices, the pilot phase could generate estimated annual revenue of US$40–65 million, which management intends to use to fund the subsequent definitive feasibility study and limit shareholder dilution. Subject to a positive final investment decision, the project would advance toward commercial development targeting approximately 6,000 tonnes per day and roughly 200,000 ounces of gold annually.

Favorable Permitting and Macro Backdrop

Because Fremont sits on private land, permitting falls under county jurisdiction rather than more complex federal or state processes, requiring approval from only three of five county supervisors. The project also lies within a federally designated Opportunity Zone, offering potential tax incentives for eligible U.S. investors, and benefits from substantial existing infrastructure expected to lower upfront capital costs. The investment case is further supported by gold's recent addition to the U.S. critical minerals list, which may bring streamlined permitting and government support. The 2025 environmental monitoring program confirmed that groundwater and surface water conditions remain consistent with historical baseline data.

Corporate and Financial Position

On the balance sheet, Lode Gold extended its construction loan agreement with Rompsen Investment Corporation to May 1, 2028, from October 31, 2026, easing near-term financial pressure. As of fiscal Q3 2025 (FYE August 31), the company reported cash of CA$151,650, working capital of negative CA$5,981,629, mineral assets of CA$26,094,471, and a net loss of CA$203,961 for the three-month period (EPS of CA$(0.003)). Lode Gold has approximately 61.97 million shares outstanding and a market capitalization of about CA$17.7 million, with a 62.9% year-over-year return.

The company also holds the Dingman Property in Ontario, an orogenic gold deposit with 376 koz of gold in the measured and indicated category and 47 koz inferred. Separately, Lode Gold spun out its earlier-stage Yukon (Golden Culvert, WIN) and New Brunswick (McIntyre Brook, Riley Brook) exploration assets into Gold Orogen (OROG:CSE), which began trading on March 2, 2026, via a reverse takeover of Great Republic Mining Corp. (GRM:CSE). Lode Gold shareholders of record on February 18, 2026, received a tax-free distribution of 0.5739 Gold Orogen shares for each Lode Gold share held. Gold Orogen has outlined five high-priority Yukon drill targets for the 2026 season and, through its Acadian Gold Corp. joint venture with Fancamp Exploration Ltd. (FNC:TSX.V), controls more than 445 km² in New Brunswick.

Valuation

Couloir's valuation rests on a peer group of nine companies along the broader Fremont area and Nevada's Walker Lane Trend that have published an MRE or preliminary economic assessment (PEA). On an enterprise value to gold-equivalent ounce (EV/AuEq) basis, the peer group averaged 49.2, or 36.8 after excluding the highest and lowest outliers.

Applying the 36.8 multiple implied 372% upside for Lode Gold; a 25% discount for California's more complex permitting environment relative to Nevada reduced this to an adjusted 279% upside, supporting the CA$1.08 target. At an EV/AuEq of 7.8, Lode Gold screens well below the peer average alongside fellow California name Kore Mining (TSXV: KORE) at 3.4.

Risks

Couloir assigns a VERY HIGH risk rating. Key risks include exploration and development risk, should study results disappoint, commodity price risk given the company's high leverage to the gold price, wider market risk tied to interest rates and economic conditions, and dilution risk if non-dilutive funding is unavailable. Couloir notes that it has been retained by the issuer under a research coverage service agreement, and the principal of the firm maintains a financial interest in the company's securities through an affiliated fund entity.

Outlook

Couloir is "maintaining a positive outlook for the company over the next 12-month period," anchored on near-term PFS catalysts, the enlarged resource base, a short potential path to pilot-plant cash flow, a supportive gold macro environment, management alignment through share ownership, and an improved financial position.

The firm reiterates its BUY rating and CA$1.08 target, implying 279% upside from current levels.