Explorer Targeting High-Grade Gold in Quebec Sets New Start Date for Drilling

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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.

Harvest Gold Corp. (HVG:TSX.V; HVGDF:OTCMKTS) has rescheduled its planned second drill program at its Mosseau property and is targeting a new start date of October 5 following a request from the Lac Simon First Nation, the company said in an August 17 release.

The revised timeline would allow roughly 30 to 40 consecutive days of drilling, enough to complete the campaign by mid-November. The company said it remains fully financed for the program and has already established its drill targets.

The program had originally been set to begin in July. The drill contractor arrived on site as planned on July 17 and was ready to commence work on July 20. Harvest Gold holds a three-year Authorization to Initiate Work (ATI) permit issued by the Quebec government in 2025, along with a forestry permit obtained in June 2026, and all planned targets sit in the central portion of the Mosseau property — close to the high-grade discovery hole Harvest Gold drilled in 2025 and within the area tested during that campaign.

The change follows constructive discussions with the Lac Simon First Nation. On July 20, at the community's request, Harvest Gold agreed to delay the start of drilling and to meet with Band Council representatives on July 23. At that meeting, representatives asked Harvest Gold to finalize two agreements already under negotiation before drilling could proceed. The company responded with a written commitment to accelerate the discussions — targeting completion of one agreement by mid-August and the second by mid-September — while seeking Lac Simon's consent to begin drilling as negotiations continued.

Harvest Gold welcomed the scheduling of a full Band Council meeting for August 4 and kept its contractor at the property in anticipation of a possible start. That meeting was ultimately held on August 10, followed by a second on August 12. The company said negotiations have since progressed substantially and that its relationship with the Lac Simon First Nation remains constructive, though the community continues to prefer that drilling wait until both agreements are complete.

In response, Harvest Gold has agreed to honor that preference and intends to keep working toward a long-term, mutually beneficial relationship, the company said. On August 12, it notified its drilling contractor — a firm approved by Lac Simon — that the program would be rescheduled.

The October 5 target is the day after the two-week hunting season in the central Mosseau area ends, giving the company the consecutive window it needs to finish by mid-November. Harvest Gold said additional details on its selected drill targets will be shared with the market in the coming weeks.

A Very Good Neighborhood

Harvest Gold's flagship Mosseau project lies within the Urban Barry greenstone belt, a region that has become a major focus for Gold Fields Ltd. (GFI:NYSE; GFI:JSE) following its acquisition of Osisko. Gold Fields' Windfall deposit is located east of Harvest's property, and the company has subsequently assembled much of the surrounding ground, leaving Harvest's projects as some of the few properties in the belt outside Gold Fields' control.

That neighboring position forms an important part of Harvest's investment thesis. The company is exploring Archean greenstone rocks similar to those that host Windfall's high-grade gold system and has positioned its approximately 51-kilometer contiguous land package along the belt as a "land play" aimed at attracting patient, asset-oriented investors. The strategy places Harvest's exploration ground next to a 3.2-million-ounce (Moz) deposit grading 8.1 g/t gold that underpinned a US$1.6-billion acquisition and shares the same structural setting that contributed to Windfall's value.

"We imagined this 'land play' opportunity three years ago when we began our Quebec journey," Harvest Gold President and Chief Executive Officer Rick Mark has told Streetwise Reports. "We believe it changes the investment metrics when looking at Harvest Gold, and we hope to attract longer-term, asset-focused capital to come in beside our existing shareholders, the largest of which [is] Crescat Capital, who own 19.9%."

'An Exciting Year of Discovery'

Harvest Gold's shares rose 11% on July 15 after the company announced the launch of its fully funded 2026 exploration campaign at Mosseau. The program calls for approximately 4,000 meters of diamond drilling designed to further evaluate the property's gold potential.

The campaign is expected to comprise roughly 20 holes focused on the Kiask River Mineralized Corridor in the central part of Mosseau. Harvest Gold said the corridor contains its high-grade discovery, where previous drilling returned 105 grams per tonne (g/t) gold across 1.15 meters. The company intends to extend the known mineralized area while investigating other high-priority structural and geophysical targets identified through recent exploration.

Mark said Harvest Gold entered the 2026 field season ready to use drilling to build on the previous year's breakthrough.

"Our technical team has developed compelling drill targets that have the potential to significantly expand the Kiask River Mineralized Corridor while advancing our understanding of this emerging gold system," Mark said. "This 2026 program positions Harvest Gold for an exciting year of discovery."

In June, the company announced that it had obtained the permits needed for the 2026 Mosseau drilling campaign after defining 50 targets along the 32-kilometer Kiask River Mineralized Corridor and narrowing those down to 20 priority targets for this year's program.

Eleven of the priority targets are located within a 2-kilometer section associated with a magnetic-high anomaly, while Harvest Gold expects to drill at least eight holes within 500 meters of its earlier discovery hole. That hole returned 105 g/t gold over 1.15 meters. Mark said, "Last year, in our maiden drill program, we drilled 21 exploratory holes over approximately 9 kilometers of the Mosseau property. Since then, we have acquired 24 claims and (we will) fully control the Mosseau/La Belle property, which includes the entirety of the 32-kilometer-long Kiask River Mineralized Corridor. This year, after analyzing 2025 drill results, revisiting historical data bases and adding new geochemistry and prospecting results, we have 50 defined drill targets along the 32 kilometers, but will focus on 20 holes emanating from our 2025 Discovery Hole."

Previous drilling in central Mosseau also identified a continuous gold-bearing corridor and produced additional high-grade results. Alongside the main discovery intersection, assays recorded 4.3 g/t silver and 464 parts per million copper.

Other significant intersections included 0.5 g/t gold across 16.35 meters, 0.76 g/t gold over 5.85 meters and 0.22 g/t gold across 16 meters. Harvest Gold said its drilling has traced a mineralized zone as much as 16 meters wide over approximately three kilometers, with testing reaching depths of roughly 100 meters.

The Catalyst: Gold Is Climbing Again

Gold prices moved higher Monday as a softer U.S. dollar and reduced expectations for a Federal Reserve interest-rate increase provided support, while investors remained focused on geopolitical developments in the Middle East, according to a report by Sumit Saha for Reuters on August 17.

Spot gold gained 0.9% to US$4,417.24 an ounce by 1:34 p.m. ET, while U.S. gold futures for December delivery finished 0.8% higher at US$4,473.70.

Bart Melek, global head of commodity strategy at TD Securities, said the gold market appears to be reflecting expectations for stagflation, with weaker employment conditions and an assumption that the Fed will accept current inflation levels, Saha noted.

"A big factor here is the US dollar has weakened to a psychologically important 100 level," he said, according to the article.

The dollar dropped to its weakest point in more than two months, increasing gold's appeal to investors using other currencies because the metal becomes less expensive for them. Markets also reduced expectations for a Fed rate increase following last week's softer-than-forecast U.S. payrolls figures and muted consumer inflation data.

Investors are now looking ahead to minutes from the Fed's July meeting, scheduled for release Wednesday, for further indications about the central bank's approach to monetary policy. CME's FedWatch Tool indicated that traders see a 33% chance of a September rate increase, compared with 51.2% a month earlier.

Because gold does not generate interest income, lower borrowing costs generally make the metal more attractive by reducing the opportunity cost associated with holding bullion.

Meanwhile, Middle East tensions remained a source of uncertainty. A senior Iranian official told Reuters that Tehran would intensify tensions in the Strait of Hormuz and elsewhere in the region if diplomatic negotiations with the United States fail, signaling a potentially more aggressive stance.

Gold prices have remained supported by recent economic data even as expectations for an imminent agreement involving Iran have weakened, while silver output continues to rise alongside a recovery in physical bar and coin demand from last month’s lows, according to precious metals analysts at Heraeus, Ernest Hoffman reported for Kitco News on August 17. The analysts said gold traded mostly steady to moderately higher last week after a strong advance the previous week.

The outlook for an agreement to reopen the Strait of Hormuz remains uncertain, with the analysts noting that oil shipments through the waterway have been nearly nonexistent since early July as inventories decline, while crude prices remain well below levels seen at the start of the conflict.

"The fog has continued to hang thick around the negotiations, or lack thereof, surrounding a deal to reopen the Strait of Hormuz," they wrote. The Brent-WTI price gap stood near US$6 per barrel on August 14, wider than the US$4-per-barrel spread recorded when the United States was promoting the possibility of an agreement on August 5.

Heraeus said recent macroeconomic figures have generally favored precious metals. Along with weak jobs data, the US CPI (3.4%) and PPI (4.7%) came in at or lower than estimated, the analysts wrote.

"The net result of this led to a ~20 bp (basis point) reduction in the US two-year Treasury yield and a reduction in the implied probability of a September rate hike by the Fed from ~80% to ~35% since their respective late-July peaks," they said, according to Hoffman. Lower Treasury yields and reduced expectations for a September rate increase have therefore provided additional support for gold.

Ownership Share and Structure¹

Harvest Gold's management and board members own 5% of the company, and of these, President/CEO Rick Mark holds the greatest share. One institution, Crescat Capital LLC, has 19.9%. Other institutions own 11.5%. Retail investors own the rest.

It has 179.38 million shares outstanding. Its market cap is CA$8.93 million. Its 52-week range is CA$0.04–CA$0.13 per share.