Offshore Gold Explorer Wins Ghana Pledge to Clarify Status of 10,000-Square-Kilometer License

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1. Disclosure for the quote from the Stewart Thomson article published on October 6, 2026

1. GoldCoast Resource Corp. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$4,000 for the preparation of an independent technical research report, published on October 6, 2026.
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. Mr. Thomson is not an investment advisor. He does not know the financial situation or risk tolerance of any reader. 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. Mr. Thomson owns no securities in GoldCoast Resource Corp., and he has no direct financial relationship with the company.

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.

• GoldCoast Resource Corp. said the Government of Ghana has committed to issuing a public statement confirming that its offshore reconnaissance licenses have not been suspended.
• The Minerals Commission has said the licenses remain in force, but on October 8, it directed the company to suspend operational activities until stakeholder engagement is complete.
• GoldCoast's license package covers about 10,000 square kilometers, roughly 53% of Ghana's offshore coastline.
• The company has completed a Phase I airborne magnetic survey of about 60,000 line kilometers, with results expected in Q4, and has applied for a prospecting license.
• Technical analyst Stewart Thomson rated GoldCoast a technical Speculative Buy in an October 6 review, before the license dispute.¹
• Ghana produced a record 6 million ounces of gold in 2025, and central banks bought 289 tonnes of gold in the second quarter of 2026, a record for that quarter.

GoldCoast Resource Corp. (GCR:CSE; GCRFF:OTCQB; EKW:FSE) announced that the Government of Ghana has committed to issuing a public statement confirming that the company's offshore reconnaissance licenses have not been suspended, according to an October 19 release. The commitment followed a meeting in Accra between regulatory authorities and GoldCoast Chairman Sam Jonah and Director and Counsel Bobby Banson.

The company sought the meeting after learning of an October 9 letter from the Office of the Secretary to the President to the National Fisheries Association of Ghana, which stated that GoldCoast's licenses had been suspended. GoldCoast said it never received the letter and called its statement inaccurate, citing a letter from the Minerals Commission of Ghana confirming that the licenses remain valid and in good standing. No date was given for the government's statement, and the company said it will announce when it is issued.

"We appreciate the prompt engagement of the government authorities in addressing this matter," Jonah said. "Our licenses are in good standing, and we welcome the government's commitment to correct the public record."

In an exclusive quote to Streetwise Reports, Founder and Chief Executive Officer Michael Nikiforuk said the company has "sailed through" the "stormy seas" of recent weeks and that its exploration thesis "remains fully and completely intact."

"This is one of the last great unexplored gold frontiers in the world," he said. "And it's a very unique story, a one-of-a-kind story."

The dispute stems from an October 8 directive in which the Minerals Commission told GoldCoast's Ghana subsidiary to suspend operational activities under its licenses until stakeholder engagement is complete, Graphic Online reported. The Commission said the directive was "not a cancellation, revocation or termination of the licenses," which remain in force. It followed concerns raised by civil society groups and the fishing community.

Nikiforuk said the reports of a suspension hit the company hard, prompting calls from worried shareholders. "We really paid a price," he said. "You get multiple media outlets publicizing your license has been suspended . . . when in fact it hasn't."

In an October 8 release, GoldCoast said no operations had been conducted under the licenses since August 22. Jonah said in Monday's release that the company will "continue to engage openly with all stakeholders, including the fishing community, as we move forward."

GoldCoast requested a trading halt on October 14 pending clarification from the government, and its shares resumed trading on the Canadian Securities Exchange on October 20.

GoldCoast is a Canadian exploration company focused on offshore gold in Ghana, which the company describes as Africa's largest gold-producing country. Its reconnaissance license package covers about 10,000 square kilometers, roughly 53% of Ghana's offshore coastline.

The company has completed a Phase I high-resolution airborne magnetic survey covering about 60,000 line kilometers, with results expected in Q4. It applied for a prospecting license on August 13, and its next phase of work depends on that license and on environmental permits. The company has not yet defined any mineral resources.

¹In an October 6 review written before the license dispute, technical analyst Stewart Thomson of Thomson Research rated GoldCoast a technical Speculative Buy.

He said the company was "riding a wave of momentum," and that with gold "looking technically ready to move significantly higher, the timing for a first-mover in offshore placer gold exploration is good."

Thomson said gold is finding good support around US$4,000 per ounce, with an inverse head-and-shoulders pattern on the Stochastics oscillator that "supports the bulls."

In an October 6 review, technical analyst Stewart Thomson rated GoldCoast a technical Speculative Buy.¹

He added that a drifting bull flag pattern on the weekly chart "suggests a surge to US$9,000 is a realistic scenario."

He also pointed to a large inverse head-and-shoulders pattern that has formed over 13 years on the CDNX, the TSX Venture Exchange index of junior resource stocks, which he said suggests "a resource stocks super cycle is set to commence." On GoldCoast's own daily chart, Thomson said that "even with limited trading," the stock is showing signs of a potential bullish wedge pattern, with Stochastics on a buy signal.

He identified resistance zones for profit-taking at CA$0.87 in the short term, CA$1.00 in the medium term, and CA$1.20 in the long term.

Gold has pulled back from this year's record, but buying by central banks continues to put a floor under the metal. Gold traded at about US$4,138 per ounce on October 20, roughly 26% below its all-time high of about US$5,590 set on January 28, according to MetalCharts. 

Central banks added 289 tonnes of gold in the second quarter, up 62% from a year earlier and a record for a second quarter, according to the World Gold Council. Poland and China led the buying. In the council's annual survey, 89% of central banks said they expect global gold reserves to rise over the next 12 months, and a record 45% planned to increase their own holdings.

"Central bank sentiment towards gold remains exceptionally strong," the council said.

Ghana, where GoldCoast is exploring, produced a record 6 million ounces of gold in 2025, the Ghana Chamber of Mines said, cementing its position as Africa's top producer. Artisanal and small-scale miners accounted for about 3.11 million ounces of that total, about 52%, while large-scale mines produced 2.83 million ounces.

About 51.2% of the company is owned by insiders and management. The rest is retail and institutional investors. 

Its market cap is approximately CA$29.67 million with 69.81 million shares outstanding. It has traded in a range of CA$0.45 and CA$1.20 since the stock went live on August 10.

What did GoldCoast announce on October 19, 2026?

The company said Ghanaian government authorities have committed to issuing a public statement confirming that its offshore reconnaissance licenses have not been suspended. The commitment came at a meeting in Accra with Chairman Sam Jonah and Director and Counsel Bobby Banson.

Are GoldCoast's licenses suspended?

No. The Minerals Commission has said the licenses remain in force. However, on October 8 it directed the company to suspend operational activities until stakeholder engagement is complete. GoldCoast said no operations had been conducted under the licenses since August 22.

When will the government statement be issued?

No date has been given. GoldCoast said it will announce when the statement is issued.

Is GoldCoast stock trading?

Yes. GoldCoast requested a trading halt on October 14 pending clarification from the government, and its shares resumed trading on the Canadian Securities Exchange on October 20.

What are GoldCoast's next steps?

The company expects results from its airborne magnetic survey in Q4 and is awaiting a decision on the prospecting license it applied for on August 13. Its next phase of work also depends on environmental permits and stakeholder engagement, including with the fishing community.