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• ESGold has secured all major components required for the Montauban mill circuit, and first production is on track for H2/2026.
• In parallel, drill plans are advancing with a fully funded program targeted to commence in May.
• The expanded 70km2 ANT survey is nearing completion, and high-priority targets will be followed up with drilling.
• ESAU continues to take important steps in advancing both initiatives, and numerous key catalysts are anticipated in the upcoming months.
This morning, ESGold Corp. (ESAU:CSE, ESAUF:OTC, Z7D:FSE) provided an update on mill construction and drill plans at its Montauban Au-Ag Project in Quebec. The complete mill circuit is now secured, and drill permits have been submitted, with a fully funded drill program expected to commence in May following a recent C$7.2M financing (details below). The Company continues to take key steps in advancing the Mountauban Project to production in 2026, while simultaneously exploring and expanding the district-scale land package to define the broader Montauban system. The coming months will be key as ESGold looks to deliver important milestones with regard to both initiatives. We are maintaining our BUY rating and target price of C$1.30/share on ESGold.
Construction Update
ESGold has now secured all major components required for the Montauban mill circuit, with letters of credit submitted to equipment manufacturers. As a reminder, construction of the mill building was completed toward the end of 2025, and equipment procurement was the next milestone we were watching for. Fabrication is now underway with select vendors, and the arrival of processing equipment to the site is ongoing. The Company continues to steadily advance toward mill buildout and commissioning, and importantly, first production remains on track for H2/26.
Exploration Update
We remind readers that a key differentiator for ESGold is the opportunity to simultaneously define untested district-scale potential on the property, while generating cash from tailings reprocessing. The Company continues to advance exploration in parallel with plant construction, and drill permits have now been formally submitted to the Quebec government. Mobilization is anticipated in the near-term, with drilling targeted to commence in May. Initial drilling will include the surface crown pillar to better define near-surface mineralization to support a future MRE update. Recall, the surface crown pillar connects the North and South Zone, which host historical resources totalling 47Koz Au and 481Koz Ag, and we anticipate will be the first area of additional mill feed when tailings are eventually exhausted.
ESAU: Progress Toward 2026 Production; Advancing Drilling in Parallel
What you need to know:• ESGold has secured all major components required for the Montauban mill circuit, and first production is on track for H2/2026.
• In parallel, drill plans are advancing with a fully funded program targeted to commence in May.
• The expanded 70km2 ANT survey is nearing completion, and high-priority targets will be followed up with drilling.
• ESAU continues to take important steps in advancing both initiatives, and numerous key catalysts are anticipated in the upcoming months.
This morning, ESGold Corp. (ESAU:CSE, ESAUF:OTC, Z7D:FSE) provided an update on mill construction and drill plans at its Montauban Au-Ag Project in Quebec. The complete mill circuit is now secured, and drill permits have been submitted, with a fully funded drill program expected to commence in May following a recent C$7.2M financing (details below). The Company continues to take key steps in advancing the Mountauban Project to production in 2026, while simultaneously exploring and expanding the district-scale land package to define the broader Montauban system. The coming months will be key as ESGold looks to deliver important milestones with regard to both initiatives. We are maintaining our BUY rating and target price of C$1.30/share on ESGold.
Construction Update
ESGold has now secured all major components required for the Montauban mill circuit, with letters of credit submitted to equipment manufacturers. As a reminder, construction of the mill building was completed toward the end of 2025, and equipment procurement was the next milestone we were watching for. Fabrication is now underway with select vendors, and the arrival of processing equipment to the site is ongoing. The Company continues to steadily advance toward mill buildout and commissioning, and importantly, first production remains on track for H2/26.
Exploration Update
We remind readers that a key differentiator for ESGold is the opportunity to simultaneously define untested district-scale potential on the property, while generating cash from tailings reprocessing. The Company continues to advance exploration in parallel with plant construction, and drill permits have now been formally submitted to the Quebec government. Mobilization is anticipated in the near-term, with drilling targeted to commence in May. Initial drilling will include the surface crown pillar to better define near-surface mineralization to support a future MRE update. Recall, the surface crown pillar connects the North and South Zone, which host historical resources totalling 47Koz Au and 481Koz Ag, and we anticipate will be the first area of additional mill feed when tailings are eventually exhausted.
Underlying
ESGOLD CORP.
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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