Visible Gold Hits 52 of 92 Holes as Golden Triangle Discovery Expands

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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.

Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQX; B4IF:FSE) reported assay results from five drill holes at the Surebet Discovery on its 100%-owned Golddigger Property in British Columbia's Golden Triangle, with results from the Golden Gate and Surebet zones and visible gold identified in multiple reported intervals.

Drill hole GD-26-478 intersected 13.81 g/t gold over 4.85 meters in the Golden Gate Zone. The volcanic-hosted interval consisted of multiple quartz-sulphide veins containing numerous occurrences of visible gold to the naked eye associated with galena, sphalerite, pyrrhotite, and chalcopyrite. Gold-equivalent assays for the interval remained pending.

GD-26-414 intersected a newly discovered Golden Gate Zone vein that formed part of a 480-meter northeastern step-out expansion during 2026. The hole returned 10.26 g/t gold equivalent over 5.00 meters, including 18.30 g/t gold equivalent over 2.80 meters. The mineralization consisted of a broad quartz-sulphide vein and associated veinlets containing several occurrences of visible gold.

At the Surebet Zone, GD-26-426 returned 5.27 g/t gold equivalent over 9.85 meters within a broader 23.50-meter interval grading 2.55 g/t gold equivalent. Mineralization included breccia and stockwork veining containing visible gold associated with galena, sphalerite, and pyrrhotite.

GD-26-450 intersected 4.42 g/t gold equivalent over 6.96 meters, including 5.32 g/t gold equivalent over 5.00 meters, within a wider interval of 3.06 g/t gold equivalent over 12.97 meters. The mineralization occurred in sediment-hosted quartz breccia and stockwork veins containing visible gold, galena, sphalerite, pyrrhotite, pyrite, and chalcopyrite. GD-26-439 returned 4.97 g/t gold equivalent over 2.95 meters, including 14.49 g/t gold equivalent over 1.00 meter in the Surebet Zone.

Visible gold had been intersected in multiple veins and shear zones in 52 of 92 holes drilled during 2026. All drill holes completed during the 2026 program had intersected quartz-sulphide mineralization, and 92 of 97 planned holes had been completed for a total of 45,616 meters drilled. Only nine holes with complete gold-equivalent assays had been reported from the 97-hole program.

The total footprint of the Surebet system had increased to 2.01 square kilometers from 1.8 square kilometers before the 2026 drilling season. The Bonanza Zone had expanded to 1.51 square kilometers from 1.27 square kilometers, while the Golden Gate Zone had expanded to 1.17 square kilometers from 0.85 square kilometers.

"Assay results for these announced holes from the Surebet and Golden Gate Zones confirm additional gold-mineralization over broad intervals, increasing confidence in the continuity and expansion potential of the high-grade part of the Surebet system that remains open," Founder and CEO Roger Rosmus said in the news release.

Gold Holds Above US$4,300 as Markets Weigh Rates and Fiscal Pressures

According to a September 14 Kitco News report, gold had entered the trading week near a one-month low, with prices below US$4,300 per ounce as markets prepared for the Federal Reserve's interest-rate decision. Ryan McIntyre, president of Sprott Inc., focused on sovereign debt and fiscal stability as longer-term factors affecting the gold market.

"The nominal interest rate argument is gonna diminish as there is increasing fiscal uncertainty," he said. McIntyre also described gold as the "North Star" of monetary assets and said its role as an asset without a corresponding sovereign liability had remained relevant amid fiscal concerns.

McIntyre said U.S. institutional investors had remained relatively underexposed to gold despite its performance during the year. He pointed to the relationship between economic growth and government interest expenses, saying, "My view is once the interest expense exceeds the nominal growth rate in the United States, then you run into trouble because you literally can't even pay off the interest. The economy's not growing itself out of the interest." He also said that investors had faced both persistent inflation pressures and the financial consequences of higher borrowing costs.

Stifel analyst Cole McGill followed with an August 7 update in which he maintained his Buy recommendation and CA$4.25 price target for Goliath.

Trading Economics reported on September 16 that gold had climbed back above US$4,300 per ounce after a two-session decline. Its market reference showed gold at US$4,348.87 per ounce, up 1.32% for the day and 18.87% over the previous year.

The report said gains in oil prices and bond yields had lost momentum as markets awaited the Federal Reserve's policy decision. Trading Economics described gold as "one of the most widely followed precious metals" and said it had often been regarded as a safe-haven asset during periods of economic uncertainty, inflation, and geopolitical risk.

Reuters reported the same day that gold prices had risen as the U.S. dollar weakened and oil prices declined ahead of the Federal Reserve's interest-rate decision.

Nikos Tzabouras, a senior market analyst at Tradu.com, said, "Gold firms up today on easing dollar strength, a cooldown in oil prices and a pullback in U.S. bond yields."

Reuters noted that a subdued U.S. dollar had made dollar-denominated metals less expensive for buyers using other currencies, while higher interest rates had increased the opportunity cost of holding non-yielding bullion.

Tzabouras also identified competing forces affecting the market. "As long as supply disruptions keep crude and consumer prices elevated, pressure for monetary tightening will persist, weighing on bullion," he said. At the same time, he said, "On the other hand, ballooning deficits are eroding confidence in the greenback and fuelling the debasement trade, driving investors toward hard assets like gold."

Analyst Sees Growing Gold Footprint as Step-Out Drilling Extends Bonanza

Stifel analyst Cole McGill highlighted the expansion of Goliath's mineralized footprint in a July 15 research note following step-out drilling that extended the Bonanza shear structure by approximately 750 meters to the southwest.

According to McGill, the results "showcase continuity of the Bonanza shear structure/host lithology (>1.8km x >1.8km corridor)." He said additional step-out drilling had "the ability to put upward pressure on total ounce count of property."

McGill based his valuation of Goliath at approximately US$45 per ounce on Stifel's 4.2 million ounce gold exploration target. He also calculated that the company's US$190 million enterprise value reflected approximately 1.36 million ounces of gold using Stifel's US$140 per ounce in-situ value benchmark.

McGill followed with an August 7 update in which he maintained his Buy recommendation and CA$4.25 price target for Goliath.

Drilling Continues as Blue Origin Work Defines Additional Targets

Goliath's fully funded 2026 drill program comprised approximately 50,000 meters of systematic drilling using seven drill rigs. The program targeted the expansion of known gold mineralization laterally and at depth, with work focused on the Bonanza, Eldorado, Golden Gate, Surebet, and Whopper zones. At the time of the September 16 release, 45,616 meters had been drilled in 92 completed holes.

Complete gold-equivalent assays had been reported for only nine of the 97 holes in the 2026 program. The company stated that additional assays remained outstanding, while gold-equivalent assays for GD-26-478 were also pending.

Ownership and Share Structure¹

Management and insiders owned 20% of the company on a partially diluted basis, while strategic and institutional investors collectively held 35.0%, including Crescat Capital, a Global Commodity Group (Singapore), McEwen Inc. (MUX:TSX; MUX:NYSE), Waratah Capital Advisors, Deutsche Bank AG, US Global Investors Inc., Rob McEwen, Eric Sprott, and Larry Childress.

The remaining shares were held by other institutional funds and retail investors. Goliath has 177 million shares issued and outstanding with a market capitalization of CA$292 million, or approximately US$213 million, and a 52-week trading range of CA$1.265 to CA$3.54.

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