Project Advances With New Funding, Expanded Survey, and Drill Targeting Underway

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

1. For the quoted article (published on February 9, 2026), the Giant Mining has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). 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.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

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.

ESGold Corp. (ESAU:CSE; ESAUF:OTCQB; Z7D:FSE) continued advancing development at its Montauban Gold-Silver Project in Québec, as gold prices remained elevated despite expected volatility tied to geopolitical events. The company stated that gold prices were approximately twice as high as two years ago, with ongoing debt levels and economic uncertainties cited as long-term drivers of gold and silver prices.

In March, ESGold closed a CA$7.2 million offering involving the sale of 10,683,000 units at CA$0.68 per unit. The company indicated that proceeds were being directed toward advancing the Montauban project, as well as for general working capital and corporate purposes.

At the Montauban project, ESGold is conducting a 70-square-kilometer district-scale Ambient Noise Topography survey. This work represents the second phase of surveying and builds on earlier findings that identified a mineralized corridor extending to approximately 900 meters in depth and over at least 2 kilometers of strike length. The company stated that the survey is intended to define high-priority drill targets and further assess the size, shape, and continuity of mineralized anomalies.

"This next phase marks an important step in defining the full scale of Montauban," said Gordon Robb, ESGold's CEO, in a company statement.

Separately, Ahmad Assiri, a strategist at Pepperstone Group Ltd., commented on gold price movements, stating, "Gold's push above US$4,800 reflects a recalibration of risk, rather than a full regime shift," adding that "markets are now pricing in a lower probability of prolonged disruption while still retaining a meaningful discount versus the pre-Iran setup."

Gold Holds Near Record Levels 

A market update from Excelsior Prosperity, dated April 12, examined gold price behavior from a technical perspective, noting that gold had closed the prior week at US$4,787.40 within a wide range between US$4,100 and US$5,600. The report stated that gold had recorded "a third week in a row of green candles" following a March decline and described price action in 2026 as "far more volatile, vexing bulls and bears alike" compared to the prior year. It also noted that February marked a new all-time high monthly close of US$5,247.90 after an extended period of upward movement.

According to an April 14 report from Kitco News, gold prices were testing resistance above US$4,800 as easing geopolitical tensions and softer inflation data influenced the U.S. dollar. Simon-Peter Massabni, Head of Business Development at XS.com, said the dollar index had fallen to a six-week low and stated that "this decline is not merely a temporary correction, but rather reflects a shift in market sentiment, as risk appetite improves alongside growing hopes for a relative easing of tensions between the United States and Iran." He added that these dynamics were "reducing demand for the dollar as a safe-haven asset."

Massabni also described gold's positioning within broader macroeconomic conditions, stating that "gold remains in a consolidation phase, caught between its role as a safe-haven asset and the pressures of a high-interest-rate environment and a strong dollar," and said that geopolitical risks and monetary policy uncertainty remained key short-term drivers.

In the same report, Carsten Fritsch, Commodity Analyst at Commerzbank, said that gold prices had remained supported under current conditions. He noted that "the downside potential for prices is limited by the fact that virtually no further Fed rate cuts are priced in until the end of the year," adding that "as long as the market does not begin to seriously consider a rate hike by the U.S. Federal Reserve … the gold price is unlikely to fall much further." He also pointed to investor behavior, stating that gold-backed exchange-traded funds had seen holdings increase by 25 tonnes since the start of April following prior outflows.

Analysts Maintain Buy Rating and Target as Montauban Development Advances

John Newell of John Newell & Associates wrote on February 9 that ESGold Corp. was advancing a past-producing asset with "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." He added that "this is not a Greenfields gamble. It is a clean-up and restart story with meaningful upside if exploration delivers." Newell also described the company's approach, stating that "the result is a dual-track model that bypasses the traditional Lassonde Curve dip, allowing exploration to be funded internally rather than through repeated equity raises," and assigned the company a "Speculative Buy at CA$0.77."

Bob Moriarty of 321Gold.com wrote in a February 19 opinion piece that the Montauban project included tailings and hard rock resources, noting that "a subsequent 43-101 resource estimate from 2010 identified 47,198 ounces of gold and 481,000 ounces of silver." He also stated that "recent exploration conducted by the ESGold Corp. technical team suggests that Montauban appears to be a multi-lens VMS deposit with the potential for multiple stacked layers of VMS mineralization not recognized in previous mining work." Moriarty further commented that "management intends to progress the fully permitted low capex tailings reprocessing plant for cash flow while simultaneously conducting advanced exploration into the hard rock potential."

In an April 9 update, Peter Krauth wrote that ESGold was progressing multiple workstreams at the Montauban project, stating that the company was "making strong, coordinated progress at its Montauban Gold-Silver Project in Québec, with drilling prep, district-scale exploration, and mill development all advancing at the same time." He added that the upcoming drill program was "highly strategic, specifically targeting high-priority zones identified through a refined geological model," and noted that "this will be the first time the Montauban system is tested using modern exploration techniques and a fully integrated dataset." Krauth also cited CEO Gordon Robb, who said, "We've been working aggressively behind the scenes to bring all of these pieces together, and we are now entering a phase where that progress becomes visible… We are fully funded to execute on this plan."

Atrium Research covered ESGold Corp. in an April 10 research note authored by Riley Venton, P.Eng, and Ben Pirie. The analysts reiterated a BUY rating on the company and maintained a CA$1.30 price target following updates on construction and exploration at the Montauban Gold-Silver Project.

In the report, the analysts commented on ongoing exploration work, stating that the integrated geological model developed from recent survey data "reframes Montauban as an untested district-scale system." They also noted that the company had secured all major components required for the mill circuit, with fabrication underway and equipment arriving on site, while first production remained on track for the second half of 2026.

The analysts outlined planned exploration activity, noting that drill permits had been submitted and that drilling was targeted to commence in May 2026, focusing initially on the surface crown pillar connecting historically defined zones.

Project Development and Operational Milestones

According to ESGold's investor presentation, the Montauban project is a fully permitted and fully funded tailings reprocessing operation designed to produce gold, silver, and mica from historic mine waste. The project is advancing toward commissioning, with a mill building completed and current processing capacity rated at 1,000 tons per day.

The company reported that all major permits have been secured, plant and infrastructure are largely installed, and commissioning is underway. ESGold also noted that more than US$15 million has been invested into developing the project, with drilling, metallurgical testing, and resource verification completed.

The presentation states that the project targets production in 2026, with tailings operations intended to establish recurring cash flow. Construction and commissioning updates, as well as processing throughput results, were identified as ongoing operational developments.

Exploration work includes an expanded Ambient Noise Topography survey covering approximately 70 square kilometers, with integration of survey data into drill targeting. Step-out diamond drilling is anticipated in early spring 2026, subject to permitting and logistics.

The company has expanded its land position to 417 claims covering approximately 20,618 hectares, following integrated 3D modeling that identified a deep and expanding mineralized corridor. Exploration and expansion updates are expected to continue into 2027, alongside ongoing district-scale evaluation of the Montauban system.

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.