Frank Giustra Sees Potential for a Dramatic Gold Revaluation as Zodiac Gold Advances Liberia Exploration

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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.

Key Investor Takeaways

• In an October 11, 2026, interview with Dominic Frisby, Frank Giustra discussed central bank demand, government debt, monetary policy and geopolitical uncertainty as important themes in the gold market.
• Sustained higher gold prices could improve the potential economics of viable gold deposits and support investor interest in exploration companies, although benefits vary by project and company.
• Zodiac Gold's October 2026 update reported 34 meters (m) at 0.71 g/t gold (Au) at Feh Feh, including 18 meters at 1.18 g/t Au, and extended the Lewis North gold-in-soil anomaly to approximately 3 kilometers (km).
• Additional anomalies at Lewis South and Gbolomine expand the areas Zodiac can investigate, while ongoing and planned drilling will be important in evaluating the targets.
• Zodiac has targeted a mineral resource estimate by Q4 2026. Investors should watch for updates on drilling and resource work.
• A rising gold price may provide favorable market conditions, while Zodiac's longer-term prospects also depend on exploration success, resource definition, financing, and the eventual economic viability of the Todi project.

Giustra Calls Out Bullish Market

Zodiac Gold Inc. (ZAU:TSX.V; ZAUIF:OTCQB; K19:XFRA), a West African gold exploration company focused on Liberia's Todi Gold Project, could receive a potential boost from sustained strength in gold prices as it advances exploration across a growing portfolio of targets.

In an October 11, 2026, interview titled "Gold Will Do Things You Can't Even Imagine," Canadian investor Frank Giustra discussed the forces he believes could drive gold prices substantially higher. Hosted by Dominic Frisby as part of Money Markets & More, the interview covered topics like central bank demand for physical gold, government debt, monetary policy, geopolitical uncertainty, and the possibility of a significant revaluation of the precious metal.

Giustra, who built his fortune in mining and natural resources before founding the renowned film studio Lionsgate, described the current precious metals bull market as different from previous cycles. He believes that central banks' movement away from government debt and toward physical gold is an important development, while another round of "quantitative easing" could heighten concerns over the U.S. dollar.

These factors could have implications for gold exploration companies if they contribute to a sustained increase in gold prices. For companies such as Zodiac Gold, however, the potential benefits would depend on exploration results, the definition of economically viable mineral resources, and the ability to advance projects toward development.

What Frank Giustra Says Could Drive Gold Higher

Frisby's interview highlighted the following points from Giustra: 

• Central bank demand for physical gold. One of the central topics is the shift by central banks from government debt toward physical gold. Continued institutional demand could support the metal by adding a source of buying beyond private investors and financial market speculation.
• Government debt and monetary policy. Giustra also discusses the risks associated with growing government debt and the possibility of additional quantitative easing. If policymakers respond to financial or economic pressures with renewed monetary expansion, concerns about currency purchasing power could increase interest in gold as an alternative store of value.
• The U.S. dollar and financial repression. The discussion considers how monetary and fiscal policies can affect the dollar and the broader financial system. Changes in confidence in government-issued currencies could influence demand for gold, although the relationship is not automatic, and prices can also be affected by interest rates, currency movements, and investor positioning.
• Geopolitical uncertainty. Giustra points to what he considers an exceptionally dangerous geopolitical environment. Heightened uncertainty can increase interest in gold as a safe-haven asset, although geopolitical developments can produce different market responses depending on their effects on inflation, interest rates, and global liquidity.
• The potential for a major gold revaluation. The interview also explores whether gold could ultimately be revalued substantially higher. This is an outlook discussed by Giustra, rather than a confirmed price forecast. Its realization would depend on the evolution of monetary policy, official-sector demand, investor sentiment, and broader economic conditions.

Together, these themes provide a framework for understanding why some investors remain focused on gold despite volatility and corrections in its market price.

For exploration companies, a sustained higher gold price could improve the potential economics of deposits that ultimately demonstrate sufficient grade, scale, and mineability.

Latest News From Zodiac Gold

Zodiac Gold is advancing its 100%-owned Todi Gold Project, a 2,316-square-kilometer (km²) land package in Liberia that includes the 16-kilometer (km) Monterra Trend. In October 2026, the company reported its broadest trench result to date at the Feh Feh target, alongside an expansion of the Lewis North gold-in-soil anomaly. The results add to the company's ongoing effort to identify and prioritize mineralized zones across the project.

Highlights from the latest exploration update include:

• Trench FFT003 at Feh Feh returned 34 m grading 0.71 grams per tonne (g/t) gold (Au), including 18 m at 1.18 g/t Au, with a highest individual sample grade of 2.91 g/t Au. The trench was completed approximately 100 m from the previously reported FFT002 result.
• Soil sampling extended the gold-in-soil anomaly at Lewis North by 1.2 km to approximately 3 km along the Monterra Trend. Nine samples returned grades above 1 g/t Au, with a peak reported value of 35.7 g/t Au.
• The company reported that the Lewis South anomaly had expanded to 2.2 km and identified a new 1.3 km anomaly near Gbolomine artisanal workings.
• Two drill rigs are active at Lewis, with drilling at Feh Feh planned as the company continues to test its exploration targets.

The Feh Feh results build on earlier trenching in which FFT002 returned 23 m at 0.68 g/t Au, including 12 m at 1.16 g/t Au and a 1 m interval at 8.28 g/t Au. In its October 2026 exploration update, Zodiac said the latest results point to a growing inventory of exploration targets.

The company plans to use continued drilling and sampling to investigate the extent and continuity of mineralization. It's important to note that trenching and soil sampling help identify areas that warrant further investigation, but they do not establish a mineral resource or demonstrate that a deposit can be mined economically.

Future drilling, geological interpretation, and resource estimation will be important steps in evaluating the project's potential.

A Higher Gold Price and Zodiac Gold

Giustra's outlook is relevant to Zodiac Gold because the company is exploring for gold at a time when monetary policy, central bank purchases, and geopolitical uncertainty remain important considerations for precious metals investors.

Higher gold prices could improve the economics of a gold deposit by increasing the revenue generated per ounce produced. Depending on a project's grade, recovery rates, operating costs, capital requirements, taxes, and royalties, a stronger gold price could potentially make gold mineralization even more economically viable. 

Technical analyst Stewart Thomson gave Zodiac a "Speculative Buy" rating and noted that "early results appear to highlight significant potential for the project."¹

For an exploration-stage company like Zodiac, the relationship is more indirect.

The company does not yet have a producing operation at Todi, but sustained strength in the metal could support investor interest in gold exploration, improve financing conditions for some junior companies, and increase the potential value of discoveries that ultimately support viable development projects.

Zodiac's exploration results will therefore remain central to its prospects. A stronger gold market could provide a favorable backdrop, but it cannot substitute for the technical work needed to demonstrate a deposit's quality.

Even in a rising gold market, exploration companies face risks related to drilling outcomes, financing, permitting, infrastructure, jurisdiction, and the eventual costs of developing a mine.

Stock Earns a "Speculative Buy"

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."

What Investors Should Watch for Zodiac

Upcoming drill results from Lewis North could help determine whether the expanded soil anomaly corresponds to underlying gold mineralization and whether that mineralization will support further drilling and mineral resource estimation. Planned drilling at Feh Feh could provide additional information about the significance of the latest trench results, while work at Lewis South, Gbolomine, and other targets may help establish the broader scale of the Todi project.

Investors may also want to monitor the company's progress toward its stated resource objective, its financing requirements, and the extent to which new exploration results support a coherent geological model across the Monterra Trend.

At the sector level, the developments highlighted by Giustra — central bank gold demand, government debt, monetary policy, and geopolitical risk — will remain relevant to gold pricing. However, market prices can move in either direction, and a bullish long-term outlook does not eliminate the possibility of significant short-term corrections.

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, a chairman and veteran geologists.

Ownership & Share Structure²

Zodiac Gold Inc. has a market cap of approximately CA$65.69 million, with 185.5 million shares outstanding. The company's 52-week range is CA$0.13-CA$0.44.

As mentioned above, Institutions own 10% of shares, while Management & Insiders own 30%. The remaining 60% of shares are Retail.

Frequently Asked Questions

Q: What is Zodiac Gold's Todi Gold Project mineral resource target for 2026?
A: Zodiac Gold has targeted a mineral resource estimate by the fourth quarter of 2026. Continued drilling, geological interpretation, and resource estimation will be important in determining whether the company's exploration results can support this objective.
Q: How could rising gold prices benefit Zodiac Gold?
A: Sustained higher gold prices could improve the potential economics of gold deposits and support investor interest in exploration companies such as Zodiac Gold. However, the company remains in the exploration stage, and its long-term prospects depend on exploration success, resource definition, financing, permitting, and the eventual economic viability of the Todi Gold Project.
Q: What are the upcoming catalysts for Zodiac Gold investors?
A: Key catalysts include drill results from the Arthington and Lewis targets, as well as planned drilling at Feh Feh. Investors may also monitor progress toward the company's targeted mineral resource estimate by Q4 2026, along with financing requirements and developments in the gold market.

Q: Who is Frank Giustra, and what is his outlook on gold prices?
A: Frank Giustra is a Canadian investor and entrepreneur known for his work in mining and natural resources and for founding Lionsgate, the entertainment company. In an October 11, 2026, interview with Dominic Frisby, Giustra discussed central bank demand for physical gold, rising government debt, monetary policy, and geopolitical uncertainty as factors that could influence gold prices. He suggested the precious metals market could experience substantial further gains, although his outlook represents a forecast rather than a guaranteed outcome.