Zodiac Gold Spots Gold and Critical Minerals in Liberia's Mining Boom

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1. Disclosure for the quote from the Stewart Thomson article published on May 20, 2026

1. For the quoted article (May 20, 2026), Zodiac Gold Inc. has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts.  The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

2. 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.

Zodiac Gold Inc. (ZAU:TSX.V; ZAU:XFRA; ZAUIF:OTCQB), a West African gold explorer, released soil survey results on September 28, 2026, identifying gold (Au), nickel (Ni), cobalt (Co), chromium (Cr), and copper (Cu) anomalies in a survey covering 530 km (kilometers) of its Liberian licenses, consistent with national data and pointing to polymetallic potential in a jurisdiction experiencing a mining resurgence.

Key Investor Takeaways

• Zodiac Gold's September 28, 2026, soil survey confirms coherent multi-kilometer anomalies in gold and U.S.-designated critical minerals within its Liberian licenses, building on national stream sediment survey data.
• Liberia's iron ore production is projected to reach 25-30 million tons in 2026, led by ArcelorMittal's expansion to 20 million tons annually under a long-term agreement with an agreement for US$200 million in fees paid to the government.
• As a junior explorer, Zodiac operates in the same jurisdiction, benefiting from major FDI and infrastructure upgrades, but focuses on gold with emerging critical minerals and iron ore optionality; it is not partnered with or directly benefiting from ArcelorMittal's operations.
• Recent trenching and drilling results at Todi continue to de-risk targets ahead of a targeted resource estimate by year-end 2026.
• Financing completed in 2026 supports an aggressive, fully funded program in a politically stable West African setting with historical U.S. ties.

Zodiac Tests for More Than Gold in Northwest Liberia

Zodiac Gold is using a large-scale soil sampling program to investigate the mineral potential of its licenses in northwest Liberia, with results pointing to anomalism in both gold and a range of critical minerals. The company's September 28, 2026, release covers results from the Bomi South and Bong West licenses, part of its 2,316-square-kilometer (km²) land package. Zodiac has collected 10,661 soil samples, with laboratory gold assays received for 9,160 samples, alongside portable X-ray fluorescence (pXRF) analysis across 45 elements for 2,270 samples to date. The program has identified several critical mineral anomalies, and additional results will be reported as they become available. Zodiac reported that portions of its licenses overlap some of the most anomalous areas in Liberia's national stream-sediment dataset for 16 elements included on the U.S. Geological Survey's 2025 critical-minerals list. Peak pXRF values included 686 parts per million (ppm) Ni, 894 ppm Co, 3,368 ppm Cr, and 512 ppm Cu, while the program also detected rare earth elements, vanadium, niobium, and manganese.

Still, gold remains the company's primary exploration focus. Zodiac identified coincident gold and arsenic anomalies extending for as much as 2.5 km, with gold anomalism reaching up to 1.16 g/t in one area. The company plans to use the results to prioritize additional soil sampling, geological mapping, trenching, and drilling should results continue to be favorable.

"The Soil Sampling Program is additional support for our belief in the high prospectivity of our district-scale land package, not only for gold but also potentially for critical minerals and iron ore. The Ministry's national survey data first pointed us to the critical minerals potential across this license package. What our own soil sampling and pXRF program has now confirmed is that those indications are real, they are coherent over multiple kilometers and in several elements," said David Kol, CEO of Zodiac Gold. "Combined with the gold pathfinder trend we're seeing in arsenic, this tells us we could be sitting on more than one mineralizing system within a single license block."

Kol continued, "The critical minerals signature within the license package may be a significant additional opportunity. This aligns directly with the priority now shared across the United States and its G7 allies of securing diversified, reliable supplies of critical minerals from trusted partner jurisdictions and reducing dependence on a single dominant supplier. Liberia — a longstanding United States partner with a U.S.-dollar-based economy, an English-speaking, common-law business environment, and deep historical ties to the United States — is well positioned to contribute to these allied supply chains. Nickel, cobalt, chromium, and copper, the elements most strongly expressed in the company's soil data, are all U.S.-designated critical minerals. Realizing this potential will be subject to successful follow-up exploration and studies of priority targets."

Zodiac stated results remain early-stage exploration data and are not yet evidence of an economic mineral deposit. Their significance is in helping Zodiac refine a large and relatively underexplored land position while simultaneously testing for multiple mineral systems. That goal puts the company within a broader exploration story taking shape in Liberia as the country looks beyond its established iron-ore industry and seeks to better define what else its geology may contain, such as gold and critical minerals.

Liberia's Mining Renaissance Opens the Next Exploration Frontier

Liberia's mining industry is entering a period of rapid expansion, with iron ore at the center of the current growth. The country produced roughly 10 million tonnes of iron ore in 2025, and the Mines and Energy Minister has said production could reach approximately 30 million tonnes in 2026 as ArcelorMittal S.A. (MT:NYSE) Liberia expands and additional producers contribute new volumes. Mining Weekly and FrontPageAfrica have reported on the government's production target, stating that "gold production is also expected to rise as Mansa Resources' Dugbe mine ramps up" and that "the coming months will test Liberia's ability to deliver on its ambitious targets," respectively. ArcelorMittal's expansion also includes major upgrades to Liberia's rail and port infrastructure, potentially creating capacity that could support a wider mining industry, as well as Zodiac Gold's potential iron ore production.

Ghana Mining Review has reported that nearly 80% of Liberia remains geologically unexplored, while the government has been pursuing additional geological mapping and seeking to identify critical mineral opportunities. The Liberia Geological Survey has also been tasked with cataloging additional mineral targets, reflecting a push to improve the country's understanding of its resource base as global demand for critical minerals grows.

Policy is evolving alongside that exploration push. Liberia is working on changes to its mining framework, including proposals that would increase state participation in mining projects, while legislation moving through the country's legislature has proposed amendments to portions of the existing Minerals and Mining Law covering areas including mineral rights and licensing. The reforms underscore the government's effort to attract investment and develop its resources while retaining a greater share of the economic value generated by mining.

For exploration companies, the significance of Liberia's mining boom may extend beyond the projects already moving toward production. Large-scale iron-ore investment is demonstrating the country's ability to support major mining operations and infrastructure, while geological mapping and exploration are beginning to address what remains undiscovered. Zodiac operates at that earlier stage of the cycle: its latest program does not establish a mine, but it adds geological information in a country where the government and industry are increasingly focused on finding what comes next.

Gold Sector Still Up Over 2025

In an exclusive conversation with Streetwise Reports, management of Zodiac remarked on the importance of location in the company's success strategy.

The company said, "West Africa hosts over 450 Moz (million ounces) of discovered gold across 70+ deposits over 1 Moz, making it the largest Paleoproterozoic gold-producing region in the world. Liberia is one of the least explored regions within this prolific belt, with strong potential for the discovery of +1 Moz deposits. The country is politically stable with a mining-friendly code, 25% corporate tax, 3% royalty, and 100% repatriation of profits. Gold prices at record highs provide a strong macro tailwind for exploration-stage companies advancing district-scale discoveries."

Although, gold prices pulled back sharply in late September 2026, with spot gold falling below US$4,200 per ounce on September 28. Kitco reported spot gold near US$4,165 per ounce in early U.S. trading, down approximately 2.8% on the session, while Reuters reported that the metal fell more than 4% to a more than seven-week low. The decline followed renewed concerns over inflation and expectations for additional U.S. interest-rate increases as rising oil prices pushed Treasury yields and the U.S. dollar higher.

Despite the recent correction, gold demand remained elevated during the first half of 2026. The World Gold Council reported total gold demand, including over-the-counter activity, of 2,522 tonnes, up 2% year over year, while the value of demand reached a record US$380 billion. According to the report, the LBMA gold price averaged US$4,506.29 per ounce during the second quarter, 37% above the year-earlier average. Investment demand and central-bank purchases remained important sources of demand, although elevated prices continued to weigh on jewelry consumption. In China, the World Gold Council reported that gold ETFs added 11 tonnes in August, while the People's Bank of China increased its reported gold reserves by 20.2 tonnes, extending its buying streak to 22 consecutive months.

The gold market remains sensitive to monetary policy, inflation expectations, currency movements, and geopolitical developments. Reuters reported that expectations for a higher-for-longer U.S. interest-rate environment and a stronger dollar were weighing on gold during the week, while Kitco reported that renewed Middle East tensions and higher oil prices were adding to inflation and rate concerns. The recent decline reflects changing macroeconomic expectations, while central-bank purchases, investment flows, and geopolitical uncertainty remain important factors for the broader gold market.

Project Update and Next Steps

¹On May 20, 2026, Technical Analyst Stewart Thomson gave Zodiac a "Speculative Buy" rating, with a short-term price target of CA$0.45, a medium-term price target of CA$0.75, and a long-term technical price target of CA$1.00. Thomson noted that ". . . early results appear to highlight significant potential for the project."

According to the release, results will integrate with the ongoing 14,000-meter diamond drill program at the Todi Gold Project's Arthington and Lewis sites along the Monterra Trend. Follow-up includes infill soil sampling, mapping, trenching, and target definition on the new nickel-cobalt-chromium-copper and gold-arsenic trends. Recent trenching at Lewis North returned strong intervals such as 58 m at 3.15 g/t Au, including 11 m at 15.40 g/t Au, with a 1 m sample at 158 g/t Au, extending mineralization along strike.

Company management believes that potential investors should consider who has already invested in Zodiac, as the ownership structure often demonstrates confidence in future performance. Strong insider ownership of 30% aligns management with shareholders, and the company board includes prominent mining fund manager Larry Lepard, accomplished mining executive Brett Richards, and veteran geologists.

Ownership & Share Information²

Zodiac Gold Inc. has a market cap of approximately CA$65.69 million, with 184.76 million shares outstanding. The company's 52-week range is CA$0.13-CA$0.44.

Management & Insiders own 30% of shares, while Institutions own 10%.

Frequently Asked Questions

Q: How does Zodiac Gold compare to larger players like ArcelorMittal in Liberia's current mining environment?

A: Zodiac is an early-stage gold and critical minerals explorer with a district-scale land package, while ArcelorMittal is the dominant iron ore producer ramping output significantly; both operate in the same jurisdiction but at different scales with no reported direct relationship.

Q: What is the significance of the new critical minerals anomalies?

A: They align with national data showing top-percentile rankings for elements including nickel, cobalt, and chromium, supporting potential for polymetallic systems alongside gold priority targets.

Q: When might a resource estimate be released?

A: The company targets announcement of a mineral resource estimate in Q4 2026 pending completion of the current drill program.