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AGC: Assaying Underway; 2026 Drill Plans Increased to 42,000m

What you need to know:
• AGC announced that the 2,100m of historic drill core is currently being assayed and is expected to confirm continuity of mineralization at the Akyanga deposit, with results expected later this quarter.
• Additionally, AGC is preparing to kick off its 15,000m Phase 1 drill program and expects to engage a drill contractor in the coming weeks.
• AGC has increased its 2026 drill program to 42,000m, which will include a Phase 2 program later this year.
• We initiated coverage on Avanti Gold last week (see our note here) as the Company looks to accelerate development of its Misisi project in the DRC.

This morning, Avanti Gold Corp. (AGC:CSE, AVTGF:OTC, X370:FSE) announced that 2,100m of historic untested drill core is currently being assayed, which is anticipated to confirm continuity of high-grade mineralization along strike and down dip of the Akyanga deposit, which remains open along strike and at depth. The samples arrived at the SGS assay lab in Mwanza-Tanzania today, and testing is underway. As a reminder, the untested core represents ~10% of the total historic drilling and targeted the northwest extension and the high-grade southern zones at depth. Results are expected later in Q1 and will assist in guiding 2026 drilling. We are maintaining our BUY rating and target price of $0.90/share on AGC.

Further, AGC is preparing to commence its 15,000m Phase 1 drill program, and is fully funded following a C$25M private placement in October. The tender process for a drill contractor is now complete, and a signed agreement is expected in the coming weeks. Phase 1 will now prioritize increasing the footprint of the Akyanga deposit (12,500m), with 2,500m attributed to Akyanga East to test high-priority targets given its proximity to the main deposit. Prior Phase 1 plans included only 4,500m at Akyanga, with the difference attributed to satellite deposits, which will now be tested in the Phase 2 program (discussed below). Drilling is expected to commence in late Q1 and extend through July.

In addition, following a review of prior exploration data, Avanti has increased its 2026 drill plans from the initial 15,000m to a total of 42,000m, which will include a 27,000m Phase 2 program planned for August through December. Phase 2 will include the satellite targets with drilling spread between Ngalula (3,500m), Tulonge (2,000m), Lubitchako (2,500m), and Kilombwe (2,500m), to test a promising opportunity for new ore sources on the project’s 133km2 land package, along with an additional 14,500m at Akyanga (27,000m total in 2026). While Phase 1 drilling is being conducted at Akyanga, the Company plans to complete early exploration work, including ground truthing, sampling, and mapping, to further refine drill plans. The 2026 drill program is summarized below in Figure 1.