Gold Explorer Launches 10,000-Meter Program in Finland

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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.

Goldsky Resources Corp. (GSKR:TSX.V) has begun the 2026 winter drilling season at its fully owned Rajapalot property in northern Finland, according to a February 3 release.

Four diamond drill rigs have been mobilized to the site over the past weeks, initiating a 10,000-meter drilling program at Rajapalot, the company said.

Approximately 8,000 meters will focus on infill drilling at the Raja and Palokas deposits, aiming to increase confidence in the existing inferred resources and support the transition from exploration licenses to mining licenses under Finnish regulations.

A target test drill program of about 2,000 meters is planned to explore several high-priority targets near the current Rajapalot resource areas to support potential resource growth.

"We are very excited to demonstrate our continued commitment to the Rajapalot project under the new management of Goldsky by way of assigning a significant 10,000-meter drilling program that will support important long-term objectives for the project," Chief Executive Officer Russell Bradford said. "Our commitment to upgrading some important areas of the currently defined mineral resource is a major step forward for the project, which will enable us to forge ahead with our permitting advancement at Rajapalot. Similarly, further target test exploration drilling at the project, if successful, will only serve to strengthen the underlying fundamental of the project by way of increasing the gold-cobalt resource base at Rajapalot."

Bradford continued, "This is our first major exploration program under the new banner of Goldsky Resources Corp., and an exciting first step in our new Nordic-focused gold development and exploration company."

Mineralization Occurs Across Area Kilometers Across

At Rajapalot, mineralization is considered orogenic in nature, the company said in the release. Gold-cobalt mineralization is consistently found within highly sheared and foliated wall rocks adjacent to strongly hydrothermally altered, northwest-to-north-dipping shear zones. Mineralization typically appears as disseminated to semi-massive sulfide lenses (mainly pyrrhotite, with lesser pyrite and cobaltite), hosted within strongly deformed and altered mafic volcanic and volcaniclastic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Perapohja greenstone belt.

Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a three-kilometer-by-two-kilometer area within the larger Rajapalot project area, which measures four kilometers by four kilometers. Gold-cobalt mineralization at Rajapalot has been drilled to over 640 meters below the surface at both South Palokas and Raja prospects, and mineralization remains open at depth across the entire project.

An inferred mineral resource (MRE) has been calculated for the Rajapalot project (effective date of Aug. 26, 2021), based on an underground-only mining scenario containing 9.8 million tonnes at 2.8 grams per tonne (g/t) gold (Au) and 441 parts per million (ppm) cobalt (Co), equating to 867,000 ounces (oz) gold and 4,311 tonnes of cobalt, the company said.

The effective date of the MRE remains unchanged from the previous MRE and will be restated in the PEA (preliminary economic assessment) technical report when it is filed.

The mineral estimate is reported for a potential underground-only scenario. Inferred resources were reported at a cut-off grade of 1.1 g/t AuEq (gold equivalent) with a depth of 20 meters below the base of solid rock regarded as the near-surface limit of potential mining, Goldsky said.

A parent block size of 12 meters by 12 meters by four meters (more than 20% of the drill hole spacing) was determined as suitable. Subblocking down to four meters by four meters by 0.5 meter was used for geologic control on volumes, thinner, and moderately dipping wireframes.

Rounding of grades and tonnes may introduce apparent errors in averages and contained metals, the company noted. Drilling results to June 20, 2021. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Expert: A Good Opportunity for New Investors

Writing on January 5, Jeff Clark and Daniel Flynn of The Gold Advisor noted, "The news keeps coming at Goldsky."

Following last week’s announcement of securing 100% ownership of Barsele — Sweden’s largest undeveloped gold deposit — the company has confirmed that winter drilling is now underway at Rajapalot in neighboring Finland.

Goldsky was formed late last year through the merger of First Nordic Resources and Mawson, with Rajapalot coming from the Mawson side of the deal. Rajapalot is already a significant asset, hosting Inferred Resources of 867,000 ounces of gold and 4,311 tonnes of 7cobalt. A 2023 PEA outlined an after-tax NPV(5) of US$211 million at US$1,700 gold, with a competitive AISC of US$824 per ounce. Goldsky aims to build on this foundation.

Four diamond rigs are on site, and the company plans to complete the following over the coming weeks: 8,000 meters of infill drilling at the Raja and Palokas deposits to increase confidence in the existing Inferred Resources and support the transition from exploration licenses to mining licenses and 2,000 meters of step-out and exploration drilling to test priority targets near the resource area, aiming to support future resource growth.

"Goldsky jumped 10% on the results before retracing a bit to end the day up 4%," Clark wrote. "It’s good to see the market already responding to developments outside of Barsele, and these moves should grow in momentum when it actually comes to results."

Goldsky has dipped slightly following its strong post-merger run, which could present a good opportunity for new investors to start a position or for existing holders to add, Clark said. The upside case this year is already supported by Barsele, with potential PEA economics and resource growth ahead. Progress at Rajapalot further strengthens this outlook, with incoming assays representing another clear value milestone.

"Jeff maintains an overweight position, and Haywood maintains a BUY rating and 12-month price target of CA$6.25 for Goldsky — what represents upside of nearly 70% from where it trades today," the piece noted.

The Catalyst: Hotel Sells Gold Bar Decorations

Gold's impressive rise through late last year and into early 2026 has attracted considerable attention, with physical bullion now literally emerging from unexpected places, according to Kitco's Neil Christensen on February 6. The Grand Emperor Hotel in Macau has announced plans to remove its floor to sell the inlaid gold bars for a significant profit. The hotel, which opened in 2006, is known for its opulent decor, including a lobby floor embedded with numerous gold bars.

"In light of the prevailing market conditions and the market price of the precious metal currently at a high level, the directors are of the view that the disposal represents a good opportunity for the group to realize and unlock the value of the precious metal whilst enabling the group to save security and insurance expenses associated with the precious metal in the future," the company stated in its filing with the Hong Kong Stock Exchange, according to Christensen.

The company plans to raise US$12.76 million by selling 2,539.91 ounces of gold. Reports suggest that the company is raising capital as it closes its casino business and shifts its focus to developing entertainment and amusement facilities.

"Given that the relevant area is planned to undergo renovation and redevelopment, the precious metals that were originally part of the hotel’s interior design and outfits are no longer relevant to the theme of the hotel in the future," the company explained.

While gold has experienced some notable volatility recently, prices continue to consolidate at elevated levels just below US$5,000 an ounce. Over the past 20 years, the value of the gold in the hotel’s floor has increased by more than 850%.

Harshal Dasani, Business Head at INVasset PMS, suggests that the current fluctuations in gold and silver indicate we are approaching intermediate bottoms, not cycle tops, according to a report by Saloni Goel for Mint on February 6. His confidence in the precious metals is based on fundamental factors such as central bank purchases, low real interest rates, and industrial demand for silver. Despite the significant declines in gold and silver prices since the end of January, Dasani anticipates that gold prices will reach US$6,000 by the end of December, with silver peaking at US$150.

"The recent rebound in gold and silver should not be read through the lens of a 'dead-cat bounce,'" he noted. "The sharp fall preceding it was not driven by a deterioration in fundamentals but by a classic liquidity and positioning shock. Over the past few weeks, both COMEX and Shanghai raised margins aggressively, triggering forced liquidation of leveraged long positions, particularly in silver. Such margin-led flushes tend to compress price moves into a short window, creating the illusion of a structural breakdown. Historically, in secular bullion bull phases, these events have acted more as position resets than trend reversals."

Ownership and Share Structure¹

About 12% of the company is held by insiders and management, about 20% by institutions, and about 32.5% by Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE). The rest, 35.5%, is retail.

Top shareholders besides Agnico include CQS (UK) LLP with 0.79%, N. Ross Wilmot with 0.38%, Taj Singh with 0.34%, and Neil MacRae with 0.25%.

Its market cap is CA$674.58 million with 178.46 million shares outstanding. It trades in a 52-week range of CA$1.28 and CA$4.64.