ESGold Moves Montauban Processing Facility Into Commissioning Phase

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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.

Key Takeaways

• ESGold is advancing commissioning at its fully permitted Montauban gold-silver project in Québec.
• New equipment, including a Falcon gravity concentrator and industrial thickeners, has arrived at the processing facility.
• Montauban's processing facility is designed to handle up to 1,000 tonnes of material per day.
• Installation, integration, and testing are progressing as ESGold assembles the processing circuit.
• The company expects first gold production to take place in late 2026, with its 2026 surface diamond drilling program now underway and exploration and expansion work planned into 2027.
• Atrium Research maintains a "Buy" rating and CA$1.30 price target for ESGold.

Falcon Gravity Concentrator Arrives at Montauban

On September 10, 2026, ESGold Corp. (ESAU:CSE; ESAUF:OTCQB; Z7D:FSE) announced that it is advancing commissioning activities at its fully permitted Montauban gold-silver project in Québec, Canada, after the arrival of new equipment for the site's 1,000-tonne-per-day processing facility.

The newly delivered equipment includes a Falcon gravity concentrator manufactured by Sepro Mineral Systems, as well as a series of industrial thickeners supplied through A.M. King. These components will now move through installation, integration, testing, and commissioning as ESGold continues to assemble the processing circuit.

"Every major piece of equipment that arrives at Montauban makes the progress at [the] site increasingly tangible," said Gordon Robb, CEO of ESGold. "The Falcon concentrator and thickeners are now at Montauban and moving into the next stages of installation, integration, and commissioning. We have invested considerable time and capital building the infrastructure required to reach this point, and our focus is increasingly on bringing the various components of the processing circuit together in a controlled and systematic way."

According to the release, key developments at Montauban include:

• Falcon gravity concentrator: Designed to use centrifugal forces to separate heavier minerals from lighter material, with applications including the recovery of fine, liberated precious metals.
• Industrial thickeners: Designed to separate solids from liquids in mineral slurry, producing a higher-density underflow while allowing clarified water to be recovered and reused.
• Plant commissioning: Installation, mechanical and electrical integration, system testing, and operational-readiness activities are progressing across the facility.
• Processing capacity: The facility is designed for permitted processing of up to 1,000 tonnes per day and includes a Merrill-Crowe recovery circuit.

The Falcon concentrator is expected to operate as part of Montauban's broader processing flowsheet alongside grinding, separation, thickening, leaching, and recovery systems. The company stated that the thickeners are intended to support slurry management and water recovery within the processing circuit.

The equipment arrival follows ESGold's previously announced procurement program and inspections of manufactured equipment before shipment. The company said the main mill building is complete, with additional processing components continuing to arrive at the site as commissioning progresses.

For Montauban, the company's plans include screening and separation, grinding, cyanide leaching, clarification and de-oxygenation, Merrill-Crowe precipitation, and doré production. Commissioning has begun and is expected to continue progressively as individual components and systems are installed, connected, and tested.

Pierre-Marc Gagnon, P.Eng., Operations Director of ESGold, ended the release by saying: "From an operations perspective, the arrival of this equipment allows us to continue advancing installation sequencing and integration across the plant. Commissioning is a progressive process, and each component that is installed, connected, and tested moves the overall processing system forward. There is still work to complete, but the transition from construction into commissioning and operational preparation is well underway."

ESGold Corp. is a pre-production mining company focused on metals exploration across North and South America, with its flagship Montauban project located in Canada.

Gold Market Remains in Focus for Junior Miners

Junior miners and exploration companies hit the ground running this year after gold rallied to above US$5,500 per ounce in January. Many companies chose to begin exploration or production amid these highs. While prices have since fallen, and even dipped below US$4,000 in June, prices remain substantially higher than they were in August 2025.

Gold.org wrote that "[T]he stage is set for a possible breakout. On the upside, clear catalysts — a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold's momentum and lift it back towards US$4,500/oz or above."

Gold prices traded around US$4,400 as rising oil prices and stronger-than-expected U.S. jobs data increased expectations for a Federal Reserve rate hike at its September 16 meeting.

Despite economic and geopolitical turmoil, the metals sector as a whole is also showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has projected that its metals and minerals price index will rise 17% in 2026.

Analyst Highlights ESGold's Montauban Potential

Atrium Research's Ben Pirie reiterated a "Buy" rating and CA$1.30 price target for ESGold on September 3, 2026, after the company announced the commencement of its 2026 surface diamond drilling program at Montauban. Pirie called the announcement a "critical milestone" and offered the following reasons for following the company:

• Montauban is fully permitted and funded, with first production targeted for H2/26 at a 1Ktpd mill processing five legacy tailings sites.
• Tailings reprocessing avoids drilling and blasting, with operating costs of ~CA$35/t and forecast ~72% margins, supporting strong cash flow.
• Near-term cash flow enables internally funded exploration across the extensive land package, turning new ounces into production feed without additional mill capex.
• ESGold trades at ~0.4x NAV and ~3.0x 2027E cash flow versus peers at ~0.6x NAV and ~5.3x P/CF, implying room for re-rating as production approaches.

Production and Exploration Catalysts Ahead

ESGold's investor presentation lists construction and commissioning updates and processing throughput results as near-term focuses. The company expects first gold production to take place in late 2026, with its 2026 surface diamond drilling program now underway and exploration and expansion updates planned into 2027. ESGold has exploration and expansion updates planned into 2027.

The company's Montauban project is fully permitted and funded, and the mill building has been completed, setting up the company for near-term cash flow.

Ownership & Share Information¹

ESGold Corp. has a market cap of CA$63.82 million, with 110.21 million shares outstanding. The company's 52-week range is CA$0.42-CA$1.08. Institutions own 5% of shares, while Management & Insiders own 60%. The remaining 35% of shares are Retail.

Frequently Asked Questions

Q: What is ESGold's Montauban project?
A: Montauban is ESGold's flagship gold-silver project in Québec, Canada, where the company is advancing a fully permitted processing facility.

Q: What is ESGold doing at Montauban in 2026?
A: ESGold is progressing commissioning activities, including installation, integration, and testing of equipment for its 1,000-tonne-per-day processing facility.

Q: What equipment has ESGold received at Montauban?
A: The company has received a Falcon gravity concentrator and industrial thickeners, which will be integrated into the project's processing circuit.

Q: When does ESGold expect to begin gold production?
A: ESGold expects first gold production from Montauban in late 2026, subject to the continued progress of commissioning and operational preparation.

Q: What are ESGold's next catalysts?
A: Near-term catalysts include additional commissioning and processing updates, throughput results, and exploration activity, with further expansion updates planned into 2027.

Q: What is the analyst outlook for ESGold?
A: Atrium Research analyst Ben Pirie reiterated a Buy rating and CA$1.30 price target for ESGold on September 3, 2026.

Q: What is mining project commissioning?
A: Commissioning is the process of installing, connecting, testing, and preparing equipment and systems so a mining operation can transition toward production.

Q: What is a gravity concentrator?
A: A gravity concentrator separates minerals based on differences in density, helping recover heavier minerals from lighter material.

Q: What are mineral processing thickeners?
A: Thickeners separate solids from liquids in mineral slurry, creating a higher-density material while allowing clarified water to be recovered and reused.

Q: What is a 1,000-tonne-per-day processing facility?
A: A 1,000-tonne-per-day facility is designed to process up to 1,000 tonnes of mineralized material or other feed material during a 24-hour period, subject to operating conditions.

Q: What is the Merrill-Crowe process?
A: Merrill-Crowe is a precious-metals recovery method that uses clarification, de-oxygenation, and zinc precipitation to recover gold and silver from solution.

Q: Why is gold processing important for mining companies?
A: Gold processing separates and recovers valuable metals from mined or stockpiled material, making it a critical step between mineral extraction and the production of saleable gold or doré.