A Deeper, Wider Mineral System Emerges at Montauban

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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.

ESGold Corp. (ESAU:CSE; ESAUF:OTCQB; Z7D:FSE) announced the completion of an integrated 3D geological model based on Ambient Noise Tomography (ANT) for its Montauban Project in Québec. Developed by Geomatic World Inc. in collaboration with CAUR Technologies, the model identified a mineralized corridor extending to approximately 900 meters in depth and over 2 kilometers along strike. These dimensions exceeded the limits of historical exploration at Montauban, where drilling was largely confined to depths of approximately 50 meters and the deepest historical holes reached about 250 meters.

According to the company, the mineralized trends outlined in the model remained open and appeared to widen at depth. The modeled corridors extended to the edge of the current ANT survey coverage, indicating potential continuation beyond the study area. ESGold stated that the model integrated ANT seismic velocity data with geological mapping, structural analysis, and geochemistry to outline lithological and structural corridors comparable to those associated with historical mineralization at Montauban.

Gordon Robb, Chief Executive Officer of ESGold, said in a company news release, "This is the most important technical milestone in ESGold's history. The integrated 3D model has fundamentally changed how we understand Montauban. What is becoming clear is that mineralization extends well beyond the historically mined areas, to depths and along strike lengths that were never previously explored."

André Gauthier, Director and senior consulting geologist, added in the same release, "The ANT and 3D geological modeling provide a coherent, technically robust framework that simply did not exist before. The identification of deep-seated structural corridors, lithological continuity, and coincident geochemical anomalies in areas that have never been drilled is highly encouraging."

The company described the model as the most advanced geological interpretation completed at Montauban to date and characterized it as a pivotal step in the project's evolution. As interpreted, the system was described as structurally controlled and vertically extensive, with features remaining open along strike and at depth. ESGold noted that only a limited portion of its land package had been assessed using ANT so far.

Gold's Long-Term Drivers Remain Intact Amid Volatility

On January 27, Stewart Thomson of Galactic Updates wrote that "a historic breakout occurred last week" in junior mining stocks and stated that it "likely ushers in a multi-decade ‘bull era' for junior miners who are tasked with finding critical minerals, silver, and supreme money gold." Thomson wrote that "a myriad of CDNX and OTC-listed juniors are staging glorious ten, twenty, and even one-hundred-bagger action," and concluded that "an awesome bull era for the miners is ready to start now."

Gold and silver markets later showed signs of stabilizing following a sharp correction that unsettled investors. On February 2, Yahoo Finance reported that gold hovered near US$4,700 per troy ounce after falling more than 9% the previous Friday, while silver futures dropped to around US$76 per ounce, extending losses of more than 25% over the same period. The sell-off was attributed to President Trump's nomination of Kevin Warsh as the next Federal Reserve Chair, along with forced liquidations and margin calls. Tom Essaye of Sevens Report Research commented that "the dam broke," saying the parabolic moves seen over recent weeks "were unsustainable." Nancy Tengler, Chief Executive Officer and Chief Investment Officer of Laffer Tengler Investments, described the volatility as "a little bit disturbing" and advised investors "to move aside and wait for things to settle," adding, "I would just stay away from this trade because it turned into a momentum trade."

Adding to the discussion of precious metals market dynamics, Bloomberg's Garfield Reynolds wrote on February 3 that "gold's 3-day plunge was very much a correction waiting to happen," but said that "the fundamental drivers for its multi-year advance are still in play to argue against a sustained tumble for precious metals." Reynolds noted that demand for physical gold remained evident in Asia, writing that "those queueing up for physical gold regarded the extreme turmoil on precious metals markets as a dip-buying opportunity." He added that many buyers "may not have any specific target in mind for gold, but instead look at the yellow metal's longer-term record of mostly solid gains and judge that it is worth buying and holding as a result."

Reynolds also wrote that holding physical gold was "a key plank in the support such purchases offer," a dynamic that applied to central banks as well. He stated that while central bank buying "slowed down for the full year of 2025," prices were supported because "retail buyers snapped up coins and bars in the final quarter of 2025 at the fastest pace in 12 years," amplifying "the impact of rampant ETF demand." Reynolds concluded that "it's likely to take several more severe selloffs like the one we just witnessed to seriously dent underlying demand for bullion," and noted that buyers were unlikely to expect a rapid return to earlier gains, instead pointing to "a more modest grind higher for precious metals" amid ongoing monetary and geopolitical uncertainty.

"Mineralization Extending to ~900m and ~2km of Strike," Says Atrium Research

According to a February 3 research report from Atrium Research, equity research analyst Ben Pirie wrote that ESGold announced results from an ANT-based 3D geological model at its Montauban Project in Québec that outlined mineralization extending to approximately 900 meters in depth, compared with historical drilling that was largely confined to approximately 50 meters, with the deepest historical hole reaching about 250 meters. Pirie wrote that the updated interpretation outlined a strike length of approximately 2 kilometers within the surveyed area and indicated mineralization widening at depth, noting that the model was bounded by the limits of the ANT survey and remained open beyond current coverage.

In the same February 2026 report, Pirie stated, "We are maintaining our BUY rating and target price of CA$1.30/share on ESGold." He added that ANT velocity data integrated with historic and modern datasets defined coherent structural corridors comparable to historical mineralization mined at Montauban, and wrote that significant north-northwest and northeast trending structures were interpreted as first-order controls on hydrothermal fluid flow and mineral deposition.

Pirie also wrote that ESGold was advancing exploration plans to expand ANT coverage across the property, integrate additional geophysical datasets to refine targets, and prepare a step-out diamond drill program to test targets identified by the model. He stated that drilling was expected to commence in early spring 2026 and that drill plans would advance in parallel with efforts to move the Montauban tailings operation toward production, which the report said was expected later in 2026.

Expanded Exploration Plan Follows ANT Breakthrough

ESGold said it planned to build on the ANT model with a systematic exploration strategy. According to the company, this would begin with an expansion of ANT coverage to evaluate the potential extent of the mineralized corridor at a district scale.

The company also stated that it intended to integrate additional geophysical datasets to refine structural targets. A step-out diamond drilling program was under development, which ESGold said was designed to test high-priority zones identified by the model. Drilling was anticipated to commence in early spring 2026, subject to permitting, access, and logistics.

These exploration activities were being planned alongside ESGold's existing tailings project, which the company said was advancing toward production in 2026. ESGold stated that any additional mineralization identified through exploration could be integrated into future mine plans, subject to further evaluation.

The company noted that the ANT-based model suggested mineralization was not limited to previously mined zones. ESGold said it planned to extend ANT survey coverage to assess the broader mineralized system and define its overall scale and geometry.

The ANT-based model was prepared by Geomatic World Inc. using seismic velocity data provided by CAUR Technologies. ESGold described the model as conceptual in nature and stated that it would be refined as additional data became available.

Ownership and Share Structure¹

60% of ESGold is held by management and insiders, about 5% is institutional, and about 35% is public float.

Top investors include Paul Mastantuono with 2.2%, the CEO, Robb, with 0.55%, and Andre Gauthier with 0.33%.

Its market cap was approximately CA$69 million with 91.44 million shares outstanding. It traded in a 52‑week range of approximately CA$0.19 and CA$1.44.