Author: Gold News Club

‘Supergiant’ Gold Deposits Could Be Worth Over US$80 Billion  ScienceAlert

Canada’s Barrick to pay $430 million to settle Mali gold mine dispute, Bloomberg News reports  Reuters

Barrick Completes Hemlo Transaction  Barrick Mining

The Bull Case For Barrick Mining (TSX:ABX) Could Change Following Mali Dispute Settlement and Mine Control Restoration  Yahoo Finance

California’s latest gold rush  The Economist

Source: Streetwise Reports 11/26/2026

West Point Gold Corp. (WPG:TSXV; WPGCF:OTCQB) recently announced a management change as well as new assay results, which one newsletter writer notes as “promising.”

West Point Gold Corp. (WPG:TSXV; WPGCF:OTCQB) entered the week with a decisive shift in direction: Quentin Mai has stepped down as CEO, and a new investor-driven leadership group has arrived. The company announced on November 10 that Mai had resigned but will continue as an advisor, and that renowned venture capitalist Andrew Bowering has been appointed as Director.

In a note published on November 10, Chen Lin of What Is Chen Buying? What Is Chen Selling? delivered his opinion on what veteran mining financier Andrew Bowering’s new position in the company signals.

Bowering is “looking for the next home run with his and his friend/family money,” Chen wrote. He notes that Bowering visited the project recently and loved it, and assesses Quentin Mai’s departure as a sign that “[Mai] was too successfully running WPG and now big whales want it, and he was pushed out.” The change, in his view, indicates a runway for aggressive value creation. Chen added the stock to his scorecard, calling WPG “a relatively low-risk multi-bagger from here.”

Bowering has raised over US$500M in development capital and is actively involved in other companies in both the electronics and precious metal sectors.

Furthermore, West Point released assay results for new drilling on November 25, 2025, noting that the high-grade zone was extended at depth, with the highest grades up to 21.9 g/t Au.

Other highlights included:

• Hole GC25-81 returned 36.6 m of 7.35 g/t gold (Au) from 161.5 to 198.1 m, including 25.9 m of 9.95 g/t Au from 167.6 m to 193.5 m, 80 m below hole GC25-47, which returned 50.3 m of 3.76 g/t Au from 79.3 m, including 33.5 m of 5.46 g/t Au from 82.3 m.
• Hole GC25-81 extends the higher-grade zone down dip, with the deepest reported intersection in that zone now approximately 175 m below the surface.
• Hole GC25-80 intersected 44.2 m of 1.11 g/t Au from 157.0 m to 201.2 m, including 16.8 m of 2.43 g/t Au from 184.4 m to 201.2 m, below hole GC21-15, which returned 21.3 m of 2.00 g/t Au from 10.7 m.

In the release, the President and CEO, Derek Macpherson, stated, “Our current drilling at NE Tyro has exceeded expectations . . . By stepping beneath the earlier holes, we successfully extended the high-grade zone at depth, confirming continuity and showing the system is strengthening as we move down-dip. This advancement has meaningful implications for both the grade profile and the overall scale of our upcoming maiden resource. Drilling continues at NE Tyro, and we expect to receive additional assays before year-end.”

Furthermore, analysis from Caesars Report on West Point’s new drilling results mirrors Chen’s optimistic opinion on management. In its coverage, the publication wrote that West Point Gold “continues to intersect promising gold values at Tyro,” highlighting both grade and structural consistency. “The residual 70 meters still contain almost a gram of gold per tonne of rock. And as the true widths are estimated to be 70-90% of the reported widths, these results will help to increase the tonnage pretty fast,” the publication noted.

Market Context for Gold Juniors

Global gold demand rose 16% in Q3 2025 alone, with the average price hitting US$3,456/oz. up 40% year-on-year. Prices breached the US$4,000/oz milestone in early October 2025, marking one of the fastest rallies on record. Imaru Casanova notes for VanEck that in 2025, the price for gold equities has held fast due to ” western investment demand once again acting as an important driver of gold prices — unlike in 2023 and 2024 when central bank demand acted as the main driver.”

“Central banks and Asian investors don’t typically buy gold equities, but Western investors do; their return to the gold markets should continue to support a re-rating of the gold mining sector,” she wrote back in July. [OWNERSHIP_CHART-11225]

In an article breaking down the “epic third record quarter” for mid-tier and junior gold miners in 2025, veteran gold analyst Adam Hamilton wrote that “Given smaller gold miners’ epic record fundamentals evident in their latest results, they certainly ought to see similar outperformance this time around. Amazingly, that argues the lion’s share of their stock-price gains are likely still yet to come.” Hamilton went on to note that “Now is the time to do your homework, researching to find the best mid-tiers and juniors with superior fundamentals.”

Ownership and Share Structure

About 6.4% of West Point Gold is owned by insiders and management, and about 17.2% by institutions. The rest is retail.

Top shareholders include President & CEO Derek Macpherson with 2.01%, Chairman Anthony Paterson with 1.6%, CFO John McNiece with 1.8%, Director Andy Bowering with 0.8%, and U.S. Global Investors Inc. with 1.1%.

Its market cap is CA$86 million with 87.78 million shares outstanding, and it trades in a 52-week range of CA$0.21 and CA$0.68.

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Important Disclosures:

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of West Point Gold Corp.
2. Miles Byrne wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: WPG:TSXV; WPGCF:OTCQB,
)

Source: Bob Moriarty 11/26/2025

Bob Moriarty of 321gold.com explains why he likes Trident Resources Corp. (ROCK:TSXV; TRDTF:OTCMKTS).

Merely a fortnight ago, I wrote about a fledgling company named Trident Resources Corp. (ROCK:TSXV; TRDTF:OTCMKTS). At that juncture, they broadcast an interval of 7.03 grams across 43.25 meters, equating to a value of 304 gram-meters. Anything surpassing 100 gram-meters signifies a triumph. Anything eclipsing 300 gram-meters indicates a mine in the making.

When they proclaimed their revelation two weeks prior, the equities catapulted upwards by over 100% on the intraday pinnacle. Subsequently, it has vacillated between CA$1.32 and CA$2.10 before alighting at CA$1.43 last Friday.

The corporation orchestrated a webinar the previous week. They proclaimed they would unveil an updated MRE preceding the New Year. On November 24, they overachieved, augmenting total gold to precisely 2 million ounces. That encompasses 896,500 gold ounces in the indicated category and an incremental 1,129,600 ounces in inferred. That’s 166% of the historic resource of an aggregate 1.2 million ounces.

One of the actions they undertook that resonated immensely with me was modernizing the historic figures to mirror a more sensible price of gold. With spot gold sustaining over US$4,000 an ounce, it plainly doesn’t compute to employ the antiquated historic values of US$1,500 and US$1,700 for gold. Both those numbers are in USD, as is the fresh value of US$2,600 for gold in the revised MRE.

Trust it or not, that’s genuinely not the most momentous intelligence in the press release. This year’s agenda of 19 holes has solely had three holes divulged. That leaves an additional 16 more as a delightful holiday gift to anticipate. I hypothesize the corporation will persist in pummeling investors with favorable news until they awaken and inhale the fragrance of the roses.

As of last Friday, ROCK possessed a market cap of a mere CA$45 million, notwithstanding having a high-grade 2 million gold ounce resource and CA$12 million in cash and shares in the vault.

That’s not solely affordable.

That’s preposterous.

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Important Disclosures:

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Trident Resources Corp.
2. Bob Moriarty: I, or members of my immediate household or family, own securities of: Trident Resources Corp. My company has a financial relationship with: Trident Resources Corp. My company has purchased stocks mentioned in this article for my management clients: None. I determined which companies would be included in this article based on my research and understanding of the sector.
3. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: ROCK:TSXV;TRDTF:OTCMKTS,
)

Source: Streetwise Reports 11/26/2025

Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB; FSE: X7W) reported high-grade results from its first drill campaign at the Mud Lake target, including 43.10 g/t gold over 0.50 meters. The discovery supports the company’s theory of stacked, sub-parallel gold-bearing structures across the Gold Rock Camp.

Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB; FSE: X7W) has released results from a three-hole drill campaign at its Mud Lake target, part of the larger Gold Rock Camp in northwestern Ontario. The drilling was designed to test the presence of repeated high-grade gold-bearing structures along the Manitou-Dinorwic Deformation Zone, a regional shear structure that spans approximately 20 kilometers across the property.

According to the company, one of the quartz vein intercepts returned 43.10 grams per tonne (g/t) gold over 0.50 meters starting at a depth of 76.50 meters. Surface sampling in the same target area also reported a high-grade shear zone assay of 93.00 g/t gold. These early-stage results indicate that Mud Lake may host a mineralized footprint of approximately 1 kilometer, comparable to the central Gold Rock target area.

Trey Wasser, CEO of Dryden Gold, stated in the news release, “One of our four major objectives in the 2025 exploration program was to validate our theory of periodicity of deposits in the Gold Rock Camp. Our early success at Mud Lake confirms that the geological setting could support multiple sub-parallel, gold-bearing structures.”

The Mud Lake target was initially identified during a 2024 mapping campaign. In 2025, Dryden’s fieldwork uncovered a flexure in the mineralized trend — a geological bend often associated with mineral deposition—where weather-resistant quartz-feldspar porphyry rocks were found to host gold mineralization. The company’s geological team noted similarities between Mud Lake and existing systems at Gold Rock, including the Big Master and Elora shear zones.

While the Pincher deformation zone at Mud Lake does not outcrop at surface, Dryden plans to assess its potential through additional drilling. All samples were processed at Activation Laboratories in Dryden, Ontario, with analyses performed according to ISO/IEC 17025 standards.

Gold Sector Activity Highlights Liquidity and Rate-Cut Dynamics

According to a November 24 analysis from Bloomberg, “Gold-backed exchange-traded funds have seen steady inflows this year, and the trend looks set to extend into 2026, aiding bullion prices.” The report noted that global holdings in bullion-backed ETFs expanded in every month except May, even maintaining a modest gain during October’s pullback. Bloomberg attributed this resilience to shifting expectations around U.S. monetary policy, stating, “A revival in Fed rate-cut expectations, as well as concerns about the central bank’s shifting make-up, stand to give the metal fresh appeal.”

A separate November 24 report by Matthew Piepenburg emphasized the broader systemic liquidity issues driving precious metals demand. He wrote that “liquidity — or cash flows — are like the oil levels in a basic engine,” and asserted that the recent divergence between repo rates and the Federal Funds Rate signaled tightening conditions in financial markets. Piepenburg argued that “gold is recognizing” these warning signs, which included a notable US$125 billion in short-term funding operations recently injected by the Federal Reserve to stabilize the repo market.

On November 25, Reuters reported that gold prices remained steady after weaker-than-expected U.S. retail sales reinforced investor sentiment that the Federal Reserve may cut interest rates. Spot gold was flat at US$4,139.79 per ounce, following a nearly 2% gain earlier in the week. Peter Grant, vice president and senior metals strategist at Zaner Metals, stated, “There’s revived hope for a December rate cut based on recent dovish Fed speak, and this (data) doesn’t seem to be changing that.”

The article also cited Fed Governor Stephen Miran, who pointed to a weakening job market as a reason to lower rates further. Meanwhile, Ricardo Evangelista, an analyst at ActivTrades, explained that “the underlying conditions of ongoing economic uncertainty, geopolitical turbulence and dovish Fed expectations continue to support gold prices.”

Endorsements Reflect Building Momentum Around Ontario Gold Explorer

Jeff Clark of The Gold Advisor offered a strong endorsement of Dryden Gold Corp. in a November 13 update, highlighting the company’s progress at its flagship Gold Rock area. According to Clark, the 2025 drill campaign “more than tripled the size of the principal structure, the Elora Shear zone, to more than 800 meters along strike.” He added that the most recent results demonstrated “good continuity between the historic Jubilee and Pearl occurrences,” while noting that most drill holes had not yet tested depths beyond 200 meters. Clark emphasized that several sub-parallel, gold-bearing structures were also identified in the hanging wall to the Elora Shear.

In the same report, Clark reaffirmed the relevance of ongoing comparisons to the Red Lake Gold Mine, stating that Dryden “continues to investigate geological and grade similarities.” He cited heavyweight support from notable industry figures and institutions as a reflection of the company’s growing reputation. Clark concluded with a “Strong Buy on dips” recommendation, writing that Dryden “sits at that rare intersection of scale, grade, and momentum that can turn a well-backed explorer into a genuine discovery story.”

On October 16, Ron Wortel of Couloir Capital raised his price target on Dryden Gold to CA$0.85. His report cited structural confirmation of high-grade, stacked gold zones within the Elora Gold System, which spans approximately one kilometer. He highlighted the Gap Hole discovery as a milestone, demonstrating mineralized continuity between the Elora and Big Master systems and potential expansion toward the Paymaster structure.

Wortel’s analysis also included regional progress at Hyndman and Sherridon. At Hyndman, channel sampling returned 23.32 grams per tonne gold over 2.8 meters, supporting its designation as a 2026 drill target. At Sherridon, drill results such as 1.28 grams per tonne gold over 19 meters were interpreted as indicators of bulk-tonnage potential along a five-kilometer trend. Wortel noted that structural modeling had revealed shear-parallel and fold-related controls consistent with features observed at Red Lake.

His report additionally referenced Dryden’s CA$7.82 million LIFE financing, with Centerra Gold maintaining its 9.9% equity stake. Wortel concluded that Dryden was advancing its core milestones ahead of schedule, particularly across its 2025 drill campaign, and that these developments supported an upward valuation adjustment.

Brien Lundin echoed those sentiments in an October 28 update, writing, “Dryden Gold Corp. continues to advance its district-scale exploration strategy in Ontario’s Dryden Gold District, with meaningful results across all four of its 2025 campaign objectives.” He added that with “strong exploration momentum, robust funding and multiple discovery zones across its land package, the company remains a Buy.”

Expanding the Gold Rock Footprint

Dryden Gold’s exploration efforts at Mud Lake are part of a broader strategy to test for periodicity across the Gold Rock Camp, which spans a 50-kilometer strike length underlain by gold-bearing deformation zones. The company’s investor presentation describes this as a district-scale exploration opportunity with several targets now permitted for follow-up drilling, including Gold Rock North, Hyndman, and Sherridon. [OWNERSHIP_CHART-11012]

The Mud Lake discovery follows ongoing work at Dryden’s flagship Big Master and Elora systems, where previous drilling has returned intervals such as 301.67 g/t gold over 3.90 meters and 30.72 g/t over 5.70 meters. In addition, early exploration at Hyndman and Sherridon has produced notable surface samples and channel results, including 23.32 g/t gold over 2.80 meters and 617.00 g/t gold in a surface grab sample, respectively.

Dryden Gold reports a fully funded 2026 exploration budget of CA$5.95 million (US$ as reported) and plans to drill over 23,000 meters across its targets beginning in Q4 2025. The company holds a 100% interest in over 70,000 hectares in the Dryden District, a historically underexplored gold region with infrastructure in place for year-round operations. Exploration efforts continue to focus on identifying structurally controlled, high-grade gold systems analogous to those found in the nearby Red Lake district.

Ownership and Share Structure¹

According to the company, management and insiders own 6.38%, with strategic entities owning 53.82% of Dryden.   

Centerra Gold Inc. (CG:TSX; CADGF:OTCPK)  holds 9.96%, with  Alamos Gold Inc. (AGI:TSX; AGI:NYSE) holding a 11.93% stake in it. Euro Pacific Asset Management LLC owns 3.79%. There are 193 million shares outstanding.  

Its market cap is CA$61 million, and it trades in a 52-week range of CA$0.395 and CA$0.105.

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Important Disclosures:

1. Dryden Gold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dryden Gold.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

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.

( Companies Mentioned: DRY:TSXV; DRYGF:OTCQB; FSE: X7W,
)

Source: Streetwise Reports 11/26/2025

Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE) has reported new third-quarter exploration progress on six Tembo licenses adjacent to Barrick Mining Corp.’s (ABX:TSX; B:NYSE) Bulyanhulu Mine in Tanzania. The company could receive up to US$45 million in contingent payments based on resource discoveries under its agreement with Barrick.

Lake Victoria Gold Ltd. (LVG:TSX; LVGLF:OTCQB; E1K:FSE) announced an update on third-quarter exploration work completed by Barrick Mining Corp.’s (ABX:TSX; B:NYSE) Tanzanian joint venture, Bulyanhulu Gold Mine Limited, on six licenses acquired from LVG under a 2021 asset purchase agreement. The licenses form part of the Tembo Inlier, which lies adjacent to the Bulyanhulu Mine in the prolific Lake Victoria Goldfield.

During the quarter, Bulyanhulu conducted several initiatives aimed at refining geological and structural models and assessing the potential for mineralized systems similar to the nearby Bulyanhulu deposit. Work included 94 line-kilometers of gradient array induced polarization (GAIP) geophysical surveying and the commencement of an aircore (AC) drilling program. Nineteen holes totaling 419 meters were completed at the Enze target out of a planned 30,750-meter campaign.

According to Lake Victoria Gold, “early logging indicates a 15-meter regolith profile over basalt and felsic tuff sequences, including quartz-veined and moderately foliated argillite intercalations that host smokey-grey quartz veins and boxworks, presumably after sulphide.” In addition, Barrick advanced planning for diamond and reverse circulation (RC) drilling along the Itetemia trend, with the intent to evaluate potential repetitions of the known Reef 1 and Reef 2 horizons.

As of September 30, 2025, cumulative project expenditures totaled US$6.66 million of the US$9 million committed under the agreement. LVG may receive contingent payments of up to US$45 million from Barrick, based on future resource thresholds.

Lake Victoria Gold’s President and CEO, Marc Cernovitch, stated, “The continued progress by Barrick at Tembo reinforces the long-term potential of this highly strategic asset.” Director David Scott added, “The GAIP survey, the extensive aircore program, and the planned diamond and RC drilling all target the same core objective — vectoring toward Bulyanhulu-style mineralization within the Inlier.”

On November 26, Lake Victoria also announced initial assay results from its ongoing 4,000-meter drill program at the fully permitted Imwelo Gold Project in northern Tanzania. The first five diamond drill holes have confirmed the vertical continuity of the primary mineralized zone to depths greater than 250 meters, extending beyond the limits of the current open-pit design. These results also revealed additional mineralized lodes in both the hanging wall and footwall, providing potential to increase future resource estimates.

The drill program combines reverse-circulation pre-collars with diamond-core tails, allowing for both cost efficiency and the collection of high-quality geological and geotechnical data to inform final pit design and mine planning. According to the company, the grades and widths intersected so far are consistent with the existing resource model, supporting both resource conversion and expansion goals. With five of the planned twenty-four holes completed and assays processed by MSA Laboratories in Geita, further results are pending.

Lake Victoria Gold’s President and CEO, Marc Cernovitch, stated that the initial results met expectations and confirmed the mineralization extends beneath the current pit shell. Exploration Manager Hendrick Mering added that geological continuity and veining align with earlier interpretations, and the depth potential is particularly encouraging. The company indicated that drilling will continue with the goal of refining pit geometry, improving resource classification, and evaluating underground mining potential.

Gold Sector Sees Continued Support Amid Liquidity Shifts and Rate-Cut Expectations

Gold-backed exchange-traded funds (ETFs) have experienced consistent inflows throughout 2025, according to a Bloomberg analysis published on November 24. The report stated that global holdings in bullion-backed ETFs increased in every month except May and even posted gains during October’s market pullback. Analysts attributed the sustained interest to evolving expectations around U.S. monetary policy, noting that a potential revival in Federal Reserve rate-cut plans and uncertainty over the Fed’s future composition may be contributing factors supporting gold demand.

A separate commentary from Matthew Piepenburg, also published on November 24, examined broader liquidity dynamics and their influence on the precious metals market. He described cash flow and liquidity as fundamental to market function and argued that recent discrepancies between repo rates and the Federal Funds Rate indicated tightening conditions. Piepenburg highlighted a US$125 billion injection by the Federal Reserve into short-term funding markets as a sign of potential financial stress and noted that gold appeared to be responding to these underlying indicators.

On November 25, Reuters reported that gold prices remained steady following lower-than-expected U.S. retail sales data, which reinforced expectations of a more accommodative Federal Reserve policy. Spot gold was unchanged at US$4,139.79 per ounce after posting a nearly 2% gain earlier in the week.

Peter Grant, vice president and senior metals strategist at Zaner Metals, stated, “There’s revived hope for a December rate cut based on recent dovish Fed speak, and this (data) doesn’t seem to be changing that.” Fed Governor Stephen Miran also pointed to signs of labor market weakness as a potential reason for rate adjustments, while ActivTrades analyst Ricardo Evangelista added that continued economic uncertainty and geopolitical risks remained supportive factors for gold prices.

Analysis Highlights Ongoing Development and Exploration Upside

In a November 7 analyst note, Alina Islam, a mining analyst from Red Cloud Securities, presented a positive assessment of the company’s ongoing work at both the Imwelo and Tembo gold projects. According to Islam, Lake Victoria Gold is actively progressing toward mine development and continues to advance exploration across its key assets in the Lake Victoria goldfield of Tanzania.

Islam noted that Lake Victoria Gold was “currently completing additional geotechnical work to finalize the pit design at its Imwelo project,” a fully permitted gold asset located within the Geita Greenstone Belt. She also reported that the company has conducted 50,000 meters of drilling at the Tembo Project, specifically targeting the Ngula 1, Nyakagwe, and Nyakagwe East zones. According to Islam, CEO Marc Cernovitch stated that Lake Victoria Gold has “just scratched the surface” with exploration drilling at Tembo, which has reached depths of up to 250 meters to date.

Looking ahead, Islam identified multiple upcoming milestones that may support the company’s continued progress. These include an updated pre-feasibility study and detailed engineering work for Imwelo, a revised resource model for the project, and the potential for a first gold pour between Q4 2026 and Q1 2027. Islam did not assign a formal rating or target price but outlined the development milestones as key markers for the company’s trajectory.

Tembo Partnership Anchors Exploration Activity in Tanzania’s Gold Belt

The Tembo Project sits adjacent to Barrick’s Bulyanhulu Mine and covers a 32-square-kilometer land package. To date, over 50,000 meters of drilling have been completed across the area. Bulyanhulu’s work at the Tembo Inlier, including recent GAIP surveying and AC drilling, is part of a larger exploration program with a US$9 million budget commitment and up to US$45 million in contingent payments to Lake Victoria Gold based on defined resource milestones. [OWNERSHIP_CHART-11073]

Elsewhere, Lake Victoria Gold is progressing development of its fully permitted Imwelo Gold Project, located 12 kilometers from AngloGold Ashanti’s Geita Mine. With over 28,000 meters of drilling already completed, Imwelo’s capital expenditure has been estimated at US$15.03 million, including a US$5.67 million processing plant and US$1.45 million in pre-production mining costs. A term sheet has been signed for a gold pre-pay forward purchase facility, and the company is in negotiations with a local banking syndicate for additional financing.

Tanzania remains a focal point for mining development, drawing foreign investment from major players such as BHP and Perseus Mining. According to Lake Victoria Gold’s presentation, mining represents more than 50% of the country’s exports by value and contributes over US$2.5 billion annually to the economy. The Tembo and Imwelo projects position the company within one of Africa’s most active gold-producing regions, supported by strategic partnerships and an experienced technical team.

Ownership and Share Structure¹

About 28% is owned by management and insiders, institutions own 15%, shares issued for the acquisition of Imwelo include 12.3%, the TAIFA Group owns 8.2%, and Barrick owns 3%. The rest is retail.

Top shareholders include AIMS Asset Management with 8.76%, Rostam Aziz with 8.2%, Simon Charles Benstead with 7.47%, Concept Capital Management Ltd. with 5.83%, and Walter David Scott with 3.08%.

Its market cap is CA$34.21 million. It has 195 million shares outstanding, according to the company, and trades in a 52-week range of CA$0.13 and CA$0.25. Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Important Disclosures:

1. Lake Victoria Gold Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Lake Victoria Gold Ltd. and Barrick Mining Corp.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

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.

( Companies Mentioned: LVG:TSX; LVGLF:OTCQB; E1K:FSE,
)

Source: Dave Storms 11/26/2025

As of the third quarter of 2025, Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) maintains a strong financial position with several catalysts on the horizon, noted Analyst Dave Storms for Stonegate Capital Partners on November 20. Find out how he values the company.

As of the third quarter of 2025, Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) maintained a strong financial position, holding CA$103.1 million in cash and cash equivalents, according to an updated research note by Analyst Dave Storms for Stonegate Capital Partners on November 20.

This was bolstered by a US$100.2 million equity financing in February 2025 and a CA$30.5 million flow-through financing in June 2025. The company continues to focus its operating expenses on advancing its flagship KSM project and exploration at Iskut, 3 Aces, and Snowstorm, Storms noted. Additionally, Seabridge renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025.

“Seabridge’s flagship KSM project in British Columbia’s Golden Triangle remains the world’s largest undeveloped gold project and the third largest copper development resource,” Storms wrote.

The 2022 Preliminary Feasibility Study (PFS) for the project outlined a 33-year mine life with production at an all-in sustaining cost (AISC) of US$601/oz, net of copper credits, and an initial capital expenditure of US$5.3 billion. The project received its Substantially Started Designation (SSD) in July 2024, securing its Environmental Assessment Certificate for the project’s duration, the analyst said.

Near-term goals include completing the Site Investigation program, a future Bankable Feasibility Study (BFS), and advancing the joint venture (JV) process, according to the research report. The company has indicated it expects to announce a partnership before the end of the year.

Situated in the Northwest Territories, Courageous Lake provides Seabridge with another Tier-1 scale project. It hosts 2.8 million ounces (Moz) of proven and probable gold reserves, 11 Moz of measured and indicated resources, and 3.3 Moz of inferred resources. The 2024 PFS outlined a 12.6-year mine life, producing approximately 201,000 ounces per year at an AISC of US$999/oz, with an after-tax NPV5% of US$523 million and an IRR of 20.6%, Storms said.

“Given the size and value of Courageous Lake we see the potential for a spin out of this asset to create value and expect a decision in the coming quarters,” he wrote.

Exploration Portfolio

Seabridge also manages several high-impact exploration-stage projects that offer significant organic growth potential, Storms noted.

The Iskut project, located just 20 kilometers from KSM, has shown early signs of becoming a “second KSM” with the 2024 discovery of the Snip North porphyry system. A maiden Cu-Au resource is anticipated by early 2026 following an 8,000-meter, twenty-three diamond drill hole campaign, which is currently being evaluated and has shown promising early results. The 3 Aces project in Yukon, a high-grade orogenic gold system, recently completed a 3,000-meter drill campaign, while Snowstorm in Nevada will undergo a CA$1.8 million geophysical program to refine drill targets.

Outlook and Leadership

“Seabridge offers exceptional leverage to metal prices,” the analyst wrote. The company’s strategy is to secure a major JV partner for KSM, unlock value from Courageous Lake, and continue expanding its district-scale exploration pipeline.

Importantly, Seabridge has consistently grown ounces of gold and copper per share faster than outstanding shares, maximizing leverage while minimizing dilution.

“Backed by a strong leadership team, robust balance sheet, permitted flagship asset, and multiple near-term catalysts, Seabridge is well-positioned to emerge as one of the most compelling development stories in the global gold and copper sector,” Storms said.

Valuation

In valuing Seabridge, Stonegate applied an EV/NAV range of 0.6x to 0.8x, resulting in a valuation of US$41.97 to US$58.16, with a midpoint of US$50.06. Using an EV/Reserves valuation method, the firm applied a multiple range of 20.0x to 30.0x, resulting in a valuation of US$42.85 to US$67.57, with a midpoint of US$55.21. The stock closed US$23.98 at the time of writing.

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Important Disclosures:

1. Seabridge Gold Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Seabridge Gold Inc.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. They or members of their household own securities of: Seabridge Gold Inc.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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Disclosures for Stonegate Capital, Seabridge Gold Inc., November 20, 2025:

IMPORTANT DISCLOSURES AND DISCLAIMER (a) The research analyst and/or a member of the analyst’s household do not have a financial interest in the debt or equity securities of the subject company. (b) The research analyst responsible for the preparation of this report has not received compensation that is based upon Stonegate’s investment banking revenues. (c) Stonegate or any affiliate have not managed or co-managed a public offering of securities for the subject company in the last twelve months, received investment banking compensation from the subject company in the last 12 months, nor expects or receive or intends or seek compensation for investment banking services from the subject company in the next three months. (d) Stonegate’s equity affiliate, Stonegate Capital Partners, “SCP” has a contractual agreement with the subject company to provide research services, investor relations support, and investor outreach. SCP receives a monthly retainer for these non-investment banking services. (e) Stonegate or its affiliates do not beneficially own 1% or more of any class of common equity securities of the subject company. (f) Stonegate does not make a market in the subject company. (g) The research analyst has not received any compensation from the subject company in the previous 12 months. (h) Stonegate, the research analyst, or associated person of Stonegate with the ability to influence the content of the research report knows or has reason to know of any material conflicts of interest at the time of publication or distribution of the research report. (i) No employee of Stonegate has a position as an officer or director of the subject company. Ratings – Stonegate does not provide ratings for the covered companies. Distribution of Ratings – Stonegate does not provide ratings for covered companies. Price Chart – Stonegate does not have, nor has previously had, a rating for its covered companies. Price Targets – Stonegate does not provide price targets for its covered companies. However, Stonegate does provide valuation analysis. Regulation Analyst Certification: I, Dave Storms, CFA, hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report. For Additional Information Contact: Stonegate Capital Markets, Inc. Dave Storms, CFA Dave@stonegateinc.com 214-987-4121 Please note that this report was originally prepared and issued by Stonegate for distribution to their market professional and institutional investor customers. Recipients who are not market professional or institutional investor customers of Stonegate should seek the advice of their independent financial advisor prior to taking any investment decision based on this report or for any necessary explanation of its contents. The information contained herein is based on sources which we believe to be reliable but is not necessarily complete and its accuracy cannot be guaranteed. Because the objectives of individual clients may vary, this report is not to be construed as an offer or the solicitation of an offer to sell or buy the securities herein mentioned. This report is the independent work of Stonegate Capital Markets and is not to be construed as having been issued by, or in any way endorsed or guaranteed by, any issuing companies of the securities mentioned herein. The firm and/or its employees and/or its individual shareholders and/or members of their families and/or its managed funds may have positions or warrants in the securities mentioned and, before or after your receipt of this report, may make or recommend purchases and/or sales for their own accounts or for the accounts of other customers of the firm from time to time in the open market or otherwise. While we endeavor to update the information contained herein on a reasonable basis, there may be regulatory, compliance, or other reasons that prevent us from doing so. The opinions or information expressed are believed to be accurate as of the date of this report; no subsequent publication or distribution of this report shall mean or imply that any such opinions or information remains current at any time after the date of this report. All opinions are subject to change without notice, and we do not undertake to advise you of any such changes. Reproduction or redistribution of this report without the expressed written consent of Stonegate Capital Markets is prohibited. Additional information on any securities mentioned is available on request.

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