Author: Atrium Research September 25, 2026
Riley Venton, P.Eng | Equity Research Analyst | [email protected] | 705-927-0466
Ben Pirie | Equity Research Analyst | [email protected] | 647-688-9661
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What you need to know:
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ESGold has completed ~2,030m of its 5,000m drill program and has consistently observed sulphide-bearing intervals.
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~400 core samples are pending assays to determine the grade of the promising core samples.
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In addition, an expanded ANT survey and updated 3D model has outlined property-wide opportunities, and commissioning continues to progress.
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In our view, ESAU is nearing a key inflection with drill results and first production both on the horizon.
Yesterday, ESGold Corp. (ESAU:CSE, ESAUF:OTC, Z7D:FSE) provided an update on its 2026 diamond drill program at Montauban. Drilling has now surpassed 2,000m of the planned 5,000m program, which has repeatedly encountered sulphide-bearing intervals. At the same time, commissioning is advancing, and district-scale knowledge is evolving, as ESAU approaches a key inflection point. We are maintaining our BUY rating and target price of $1.30/share on ESGold.
Drilling has intersected multiple sulphide-bearing intervals. As of September 15ᵗʰ, ESAU has drilled 19 holes (~2,030m) and continues to intersect alteration, quartz-carbonate veining and locally sulphide-bearing intervals. Sulphides include pyrite, pyrrhotite, and galena. With ~400 core samples now pending assays, we patiently await upcoming results, particularly given what the Company is seeing in the core. In addition, nine holes have intersected historic underground workings or voids, which will aid ESAU in reconciling results with historic mine data. The 5,000m drill program remains ongoing as the Company looks to test continuations of the mineralized system outside and below the historic mine workings.
ANT survey expanded. On September 15ᵗʰ, ESAU announced the completion of its expanded survey and updated property-wide 3D model, which defined a broader mineralized system and identified new exploration opportunities. The survey was expanded to the north beyond the historic mine area and now covers ~70km² (Figure 3). Favourable geology has been traced toward the east and southeast, identifying deeper structural corridors and new targets both laterally and at depth. ESAU now views the southern and eastern corridors as priorities. The integrated 3D model is a critical tool that ESAU continues to improve upon with each new piece of data to enhance its understanding of the district-wide opportunity at Montauban. We discuss the ANT survey release in further detail below.
Key equipment continues to arrive for commissioning. On September 10ᵗʰ, the Company announced the arrival of key processing equipment as commissioning advances at its 1Ktpd facility. This included a Falcon Gravity Concentrator and a series of industrial thickeners. The main mill infrastructure is nearly complete, while major equipment continues to arrive at site to facilitate potential first production by year-end. We discuss the update in further detail below.
Our Take ESAU continues to push forward on all fronts, and in our view, is approaching a key inflection point. While the 3D model has pointed to the significant exploration opportunity at Montauban, drill results ultimately need to prove out this upside, and results are on the way. At the same time, commissioning progress is providing increased visibility on cash coming in the door, which will position ESAU for its aggressive exploration plans.
Catalysts
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5,000m Drill Program – Ongoing
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Construction Completion/First Production – YE 2026
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