New 3D Model Maps Mineralization 900 Meters Deep Across 2 Kilometers at Qubec Gold Project

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1. Disclosure for the quote from the John Newell article published on February 9, 2026

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ESGold Corp. (ESAU:CSE; ESAUF:OTCQB; Z7D:FSE) reported the completion and delivery of a comprehensive Ambient Noise Tomography based 3D geological model for its Montauban Project in Québec. The model was prepared by Geomatic World Inc. in collaboration with CAUR Technologies and illustrated mineralized architecture extending to depths of approximately 900 meters and over a strike length of about 2 kilometers within the current survey area.

According to the company, the model identified mineralized trends that remain open and are bounded only by the limits of existing ANT coverage. Most historical drilling at the property had been confined to depths of about 50 meters, with the deepest holes extending to approximately 250 meters. The company stated that the model showed mineralization appearing to widen at depth.

Gordon Robb, ESGold’s CEO, said in a company news release, "This is the most important technical milestone in ESGold’s history." He added that "The integrated 3D model has fundamentally changed how we understand Montauban."

The company also reported that the model identified deep seated structural corridors, lithological continuity, and coincident geochemical anomalies in areas that have not previously been drilled. André Gauthier, Director of ESGold and senior consulting geologist, said in a company news release that "The identification of deep-seated structural corridors, lithological continuity, and coincident geochemical anomalies in areas that have never been drilled is highly encouraging."

ESGold stated that the completion of the model marks a milestone in the company’s evolution from a legacy mining site toward a project with district scale exploration potential. The company said it intends to validate the interpretations through expanded geophysics and targeted drilling.

Gold Market Activity and Precious Metals Trends

Recent market commentary described continued volatility across the gold and broader precious metals sector, according to reporting cited by VBL on February 8. Early February price movements were linked in part to speculative trading activity. Speaking in Washington, US Treasury Secretary Scott Bessent said recent swings were tied to trading conditions in China, stating, "The gold move thing — things have gotten a little unruly in China." He added that authorities were tightening margin requirements and characterized the movement as "kind of like a classical, speculative blowoff." His remarks followed a period of record-breaking gains in precious metals that later reversed amid broader market shifts, including a stronger US dollar and changes in investor sentiment.

Market commentary from Couloir Capital dated February 11 reported that gold prices "ended higher by 1.97% during the week, and are up another 1.60% today as safe-haven demand remained resilient, even as some geopolitical risks eased, with investors continuing to hedge against macro and policy uncertainty." The same commentary stated that "ongoing central-bank gold purchases also provided a tailwind, reinforcing confidence in longer-term demand." Couloir also noted mixed performance among related metals, reporting that silver prices declined before rebounding, while copper and zinc prices moved lower amid supply and demand shifts in industrial markets.

According to reporting published February 11 by Yahoo Finance UK, gold prices rose alongside expectations related to US economic conditions and monetary policy. The report stated that gold futures climbed 0.9% to US$5,077.20 per troy ounce, while spot prices reached US$5,055.34 at the time of writing. Kyle Rodda, senior market analyst at Capital.com, said, "Yields being lower are obviously supportive of gold today... After soft retail sales numbers, there's the expectation that perhaps, further and deeper rate cuts may be needed more imminently than previously thought." The coverage also noted that declining yields tend to increase the appeal of non income producing assets such as gold. Tim Waterer of KCM wrote in a note that "moves of more conviction from either gold or the dollar may be reserved until after the NFP release, with US jobs data likely to factor into the Fed's interest rate trajectory. Any softness in the jobs data for January could help gold's rebound efforts."

Expert Commentary on Montauban Geological Model, Exploration Plans, and Project Development

In a February 3, 2026, research report, equity research analyst Ben Pirie of Atrium Research noted that ESGold Corp. reported results from a 3D geological model based on Ambient Noise Tomography at its Montauban Project in Québec. According to Pirie, the model outlined mineralization extending to a depth of approximately 900 meters, compared with historical drilling that was largely confined to about 50 meters, with the deepest historical hole reaching roughly 250 meters. He wrote that the interpretation outlined a strike length of approximately 2 kilometers within the surveyed area and indicated that mineralization widened at depth while remaining open beyond the limits of the ANT survey.

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

Pirie further 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 outlined 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 later in 2026.

¹ According to a February 9 report from John Newell of John Newell & Associates, ESGold Corp. was described as advancing a past producing gold and silver asset in Québec with what he called "a rare combination of attributes: a fully permitted, low-capex tailings reprocessing operation already under construction, paired with district-scale exploration potential that has never been tested with modern geological tools." In the same report, Newell stated that "What makes this situation different is that the first value driver is not a drill bit, but cash flow, and exploration comes second, funded internally rather than by dilution."

Newell also wrote that "Historic tailings sitting on surface are reprocessed to generate near-term revenue while simultaneously addressing a legacy environmental liability," and added that "That cash flow is then redirected into systematic exploration across a large, contiguous land package." He further stated that the Montauban Project "offers near-term cash flow and long-term discovery optionality on the same property."

In the same analysis, Newell stated that ESGold Corp. "is rated a Speculative Buy at CA$0.77."

Ongoing Work and Project Development Activities

ESGold reported that it plans to validate interpretations from the 3D geological model through expanded geophysics and targeted stepout drilling at the Montauban Project. The company stated that this work is intended to test structural continuity and confirm mineralization identified by the model.

The company also disclosed that more than US$15 million has been invested in developing the Montauban Project to date. It reported obtaining all required permits to restore the site and signing required protocols with the municipality of Notre Dame de Montauban.

ESGold stated that it has completed infrastructure at the site, including access roads, a 1.3-kilometer hydro power line, and a 20,000-square-foot milling facility. The company also reported that engineering design for the processing plant has been completed in collaboration with Alphard Engineering in Montreal.

In addition, the company stated that construction is underway on a fully permitted tailings reprocessing operation targeting gold, silver, and mica production. ESGold reported that the project benefits from existing infrastructure, including road access, hydroelectric power, and historic mining infrastructure.

The company also noted that historical exploration work at the Montauban property includes a drill hole database containing 352 valid drill hole collars with a total meterage of 1,654.04 meters and 1,170 assay intervals totaling 1,498.05 meters. The company reported that a total of 35 test pits and trenches totaling 77.44 meters were excavated, and 112 samples were collected and analyzed for gold, silver, and multi-element content.