Drilling Intersects Gold in Every Hole as Goliath Expands Five High-Grade Zones in B.C.s Golden Triangle

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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:OTCQB; B4IF:FSE) announced the final batch of gold-only assay results from 70 drill holes completed during its 2025 campaign at the Surebet Discovery, located on the 100% controlled Golddigger Property in British Columbia's Golden Triangle. Results for 110 additional drill holes remain pending and are expected to include multi-element data for gold equivalent calculations once silver, copper, lead, and zinc assays are finalized.

Goliath stated that every drill hole completed at Surebet to date has intersected gold mineralization. Of the 110 holes drilled in 2025, 83 — or 76% — contained visible gold. Since its inception, 355 out of 386 total drill holes have shown visible gold, according to the company.

The 2025 drill program totaled 64,364 meters. Results from the campaign were reported to have extended the mineralized footprint across five zones now known to host 46 gold-rich veins, all of which remain open. The updated geological model includes the Bonanza, Surebet, Golden Gate, Whopper, and Eldorado zones, along with associated Eocene-aged RIRG dykes, based on gold-only assay data from the campaign.

Highlighted drill results include GD-25-319 in the Golden Gate Zone, which intersected 19.13 g/t Au over 6.10 meters, including 22.86 g/t Au over 5.10 meters and 29.09 g/t Au over 4.00 meters. In the Bonanza Zone, hole GD-25-405 returned 10.58 g/t Au over 8.30 meters, including 14.04 g/t Au over 6.25 meters and 15.50 g/t Au over 5.60 meters. In the Surebet Zone, GD-25-312 intersected 10.56 g/t Au over 3.70 meters. Additional intercepts were reported from the Golden Gate, Whopper, Bonanza, and Surebet zones. The company stated that all reported intervals are approximately true width and reflect gold-only assays.

Dr. Quinton Hennigh, Geologic and Technical Advisor to Crescat Capital, described the consistent high-grade results as "remarkable" and highlighted the growing predictability of the lode system as the model is refined.

Roger Rosmus, Founder and CEO of Goliath Resources, stated the discovery continues to grow with each drill season and said that multiple stacked vein systems and Eocene-aged gold-bearing dykes remain open for further exploration. Goliath also released an updated 3D model of the Surebet discovery, available to view on its YouTube channel.

In a separate update on January 22, 2026, Goliath announced that it had amended its option agreement with The J2 Syndicate and J2 Syndicate Holdings Ltd. to fast-track ownership of the Golddigger Property from 49% to 100% and reduce the Net Smelter Return royalty from 3% to 2%. As part of the transaction, Goliath will issue 3,000,000 common shares (no warrants) to the syndicate by March 15, 2026, subject to TSX Venture Exchange approval.

The revised agreement also pushes the deadline for publishing a maiden resource estimate from June 1, 2027, to June 1, 2030. The updated payment terms require Goliath to pay US$1 for every gold equivalent ounce exceeding 4,000,000 ounces in the eventual MRE, replacing the previous US$1 million plus US$1/oz over 2,000,000 structure. In a change of control scenario prior to publishing the resource, the acquiring entity would inherit the terms, but the 4 million ounce exemption would no longer apply.

Gold Market Developments Linked to Geopolitical and Monetary Conditions

According to a January 20 report from GOLDINVEST, gold briefly climbed above US$4,700 per ounce amid global political tensions and trade uncertainty. The publication noted strong demand for gold from investors seeking refuge from economic and geopolitical instability, stating that the breakout was seen by many as confirmation that "the risk premium in the price is continuing to solidify."

The report also cited the World Economic Forum's Global Risks Report 2026, which named "geo-economic confrontation" as the top global risk for the year.

Cole McGill of Stifel Nicolaus Canada Inc. reaffirmed a "Buy" rating on Goliath Resources.

Also on January 20, Stewart Thomson commented that government reliance on debt and fiat currency was driving renewed interest in gold as an alternative savings vehicle. He described gold as "the money of ‘citizen kings'" and said its fundamentals were "through the roof," pointing to central bank activity, global conflict, and a weakening of faith in paper currencies.

On January 21, GoldFix reported that Poland's central bank approved the purchase of up to 150 tons of gold, positioning the country among the top ten gold reserve holders globally. The move was framed as part of a broader trend of nations turning to bullion as a strategic reserve in response to financial fragmentation. GoldFix quoted the National Bank of Poland as saying, "This will place Poland among the elite 10 countries with the largest gold reserves in the world."

Third-Party Reviews of Surebet Drilling Results

In a January 20 flash note, Cole McGill of Stifel Nicolaus Canada Inc. reaffirmed a "Buy" rating on Goliath Resources and listed an intraday share price of CA$2.58. The firm reviewed the final 70 drill holes released from the 2025 Surebet campaign and highlighted hole GD-25-319, which returned "4m @ 29.09g/t Au." Stifel noted that the cumulative weighted average grade x width drilled at Surebet stands at "4.89g/t over 6.74m."

The analysts described their position as "a constructive thesis on GOT rooted in misunderstood ounce quality" and said the results boosted confidence in the high-grade core. They added that "Surebet drilling continues to yield strong grades over minable widths," with standout intervals from both the Bonanza and Golden Gate zones. The firm maintained a target price of CA$5.00 per share.

Upcoming Assay Releases, Data Compilation, and Drill Program Activities

Assay results for 110 additional drill holes remain outstanding from the 2025 season. These will include multi-element values used to calculate gold equivalents once silver, copper, lead, and zinc results have been compiled and interpreted.

The company stated that data compilation and interpretation from the 2025 drill campaign are ongoing. According to its investor presentation, these results are informing ongoing target modeling across the five primary mineralized zones at Surebet.

Goliath reported that it is fully funded for the 2026 drill season, which will focus on expanding the five mineralized zones and follow-up testing of the causative intrusive body identified in the updated geological model.

The new model now outlines 46 mineralized veins across five zones that remain open both laterally and at depth. 

Ownership and Share Structure¹

Management and insiders hold approximately 20% of the company on a partially diluted basis. Strategic and institutional investors collectively own 37%, including Crescat Capital LLC, Global Commodity Group (Singapore), McEwen Inc., Waratah Capital Advisors, Rob McEwen, Eric Sprott, and Larry Childress.

The remainder is held by other institutional and retail investors. Goliath has 173 million shares outstanding, a market capitalization of CA$442 million (approximately US$322 million), and a 52-week trading range between CA$1.12 and CA$3.54.