Gold Explorer Strikes Big in BC After CA$27M Boost

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Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) had CA$20,000,000 of cash, deposits and liquid securities as of its March 31, 2025 financial statement. In addition to further strengthening its solid balance sheet, it has recently completed  a brokered bought deal and concurrent non-brokered financing at CA$3.17 per share  for total proceeds of CA$27,065,605.  

The bought deal offering of 7,256,500 common shares priced at CA$3.17 per share for CA$23,003,105 was led by Stifel Nicolaus Canada Inc., acting as lead underwriter and sole bookrunner, with participation from CIBC World Markets Inc. and Cormark Securities Inc. In return for their services, the underwriters received a 6% cash commission based on proceeds raised and 435,390 broker warrants, equal to 6% of the total shares sold. These warrants are exercisable at CA$2.12 per common share until June 16, 2027.  

The concurrent non-brokered private placement of 1,281,545 common shares  priced at CA$3.17 per share, for proceeds of CA$4,062,500 closed as well. These finders received a 6% cash commission based on proceeds raised and 76,893 finder warrants, equal to 6% of the total shares sold. These warrants are exercisable at CA$2.12 per common share until June 17, 2027.  These common shares are subject to a four-month and one-day hold period from their issuance date. 

Goliath confirmed that the cash commissions paid was from existing cash and not from the offering’s aggregate gross proceeds raised. 

Proceeds from this financing will support exploration efforts at the Golddigger-Surebet Project, located in British Columbia’s Golden Triangle. The funds will be used for qualifying Canadian exploration expenses, including flow-through critical mineral mining expenditures and BC flow-through mining expenditures. Goliath confirmed that these expenses would be incurred before December 31, 2026, and renounced to subscribers by December 31, 2025. 

All securities in the LIFE offering were exempt from the prospectus requirement under Part 5A of National Instrument 45-106 and Coordinated Blanket Order 45-935. However, the broker warrants and underlying shares were issued under a different exemption and are subject to a hold period expiring October 17, 2025 and October 18, 2025 respectively. The closing of the offering remains subject to final approval from the TSX Venture Exchange. 

Safe-Haven Demand and Structural Exposure Drive Gold Market Dynamics

Gold prices continued to respond to heightened geopolitical and macroeconomic pressure, underscoring the metal's role as both a safe-haven asset and a structural hedge against financial instability. In mid-June, gold prices surged briefly to US$3410 per ounce following reports of Israeli airstrikes on Iran. As Stockhead reported on June 13, "investors piled into safe havens," including gold, in response to escalating conflict in the Middle East, even as the broader ASX index turned negative amid war jitters.

Additional upward pressure on gold came from market dislocations in the physical delivery space. According to a June 13 report by VBL, traders at JPMorgan and Morgan Stanley generated US$500 million in revenue in Q1 2025 from arbitrage trades involving precious metals. A premium on gold and silver prices on COMEX relative to international benchmarks created an opportunity to buy metal abroad and deliver it to U.S. exchanges. Bloomberg noted this represented the second-highest quarterly total for U.S. bullion desks in a decade, nearly double the ten-year average.

Market sentiment remained highly sensitive to developments that could affect gold's role as a reserve asset. As investor Chen Lin wrote in a June 13 commentary, "Oil jumped, gold jumped . . . the market is hit hard," following Israel's attack on Iran. He emphasized his decision to sell out of gold and silver futures positions due to uncertainty stemming from geopolitically induced volatility and the risk of margin calls affecting broader equity markets.

Underlying the strong demand for physical gold is broader skepticism about the integrity of global financial systems. In a June 16 commentary, Matthew Piepenburg described gold as "the ultimate lie detector," referencing the record physical gold purchases observed across major exchanges in 2025. He stated that over 2000 tonnes of gold were acquired from London to New York, placing pressure on derivative-heavy systems like those underpinning the London and NY gold exchanges. Piepenburg warned that "the Eurozone . . . doesn't have the gold their contracts promised," highlighting growing preference among counterparties for physical metal over paper claims.

He further argued that "gold is no longer just a hedge or matter of speculation, it's THE emerging global Tier-1 asset," noting that even central banks that had long downplayed gold have begun accumulating it at record levels. The commentary framed this shift in institutional behavior as a response to structural risks, including excessive sovereign debt and currency debasement.

What's Driving the Strategy at Goliath

Goliath Resources' current financing initiatives directly support its ongoing expansion and exploration work at the Golddigger Property, particularly in the Surebet Zone. According to the company's May 2025 investor presentation, over 92,000 meters of diamond drilling have been completed on-site, with results indicating a 100% mineralization hit rate across more than 400 drill pierce points spanning 1.8 square kilometers.

The Surebet Zone features vertically stacked, bonanza-grade gold veins, many of which show visible gold and have been linked to a Reduced Intrusion Related Gold system (RIRG). One 2024 drill hole, GD-24-260, assayed 34.52 grams per tonne gold equivalent (AuEq) over 39 meters, including 132.93 g/t AuEq over 10 meters. Another, GD-24-249, recorded 45.60 g/t AuEq (or 1.5 oz/T AuEq) over 5.95 meters, including 226.12 g/t AuEq (7.3 oz/T AuEq) over 1 meter.

The project's location offers logistical advantages, with barge access via tidewater and a permitted mill site nearby in Kitsault. The infrastructure, combined with a robust geological model supported by academic partnerships including the Colorado School of Mines and SRK Consulting, positions the Golddigger Property for further exploration and potential development.

Additionally, a newly discovered zone called Blue Origin, located 4.5 kilometers south of Surebet, is being evaluated as a potential feeder source. The area hosts bismuth, molybdenite, and chalcopyrite mineralization with visible gold, which may further support the system’s scale and continuity. Goliath’s 2025 program includes relogging over 3,400 meters of prospective RIRG-related drill core and other highly prospective drill core from 2021 – 2024. It will also be conducting a geophysical survey at Treasure Island, a VMS-style target within its land package. 

Goliath's strategic decisions around financing and exploration are informed by a strong shareholder base, historical drill success, and advancing geological models, setting the stage for a data-driven 2025 field season.

Analyst Coverage and Investor Sentiment Highlight Growing Confidence

On May 1, Red Cloud Securities vice president and mining analyst Taylor Combaluzier raised his target price for Goliath Resources Ltd. to CA$2.90 per share, an 81% increase. The updated valuation was based on 2024 drill results from the Golddigger Property, which supported an estimated mineral inventory of 4 to 6 million gold-equivalent ounces grading 6.62 grams per tonne. Combaluzier stated the 2024 program "likely significantly expanded gold mineralization" and noted that the upcoming 2025 drill campaign could further add to the resource. He also suggested that strong new results "could help close the gap" between Goliath's current valuation and its peer group. Red Cloud maintained a Buy rating on the stock, with a projected return of 65% at the time of the report.

In a May interview with Triangle Investor, Thomas J. Parilla, president of Parilla Investment Group, identified Goliath Resources as one of his firm's key holdings. He cited the company's exploration results and leadership, stating, "Goliath, their drill results are just off the charts," and described CEO Roger Rosmus as "a fantastic CEO" with international credibility. Parilla referenced internal company estimates suggesting the Golddigger project could ultimately support a US$2.5 billion valuation in a potential acquisition. He added, "I would imagine that's a US$12–15 stock when you get out that far," indicating that acquisition interest could follow the conclusion of the current drill season.

On May 18, George Billman of Resourceful Insights highlighted Goliath's growing footprint in the southern Golden Triangle as a catalyst for rising market value and regional land consolidation. He reported that the company's market capitalization had increased by US$146 million since the end of 2023, a gain of nearly 150%.

Billman attributed this rise to "mounting evidence of expansive Reduced Intrusion-related Gold System (RIRGS)" mineralization and the visibility of stacked veins and feeder dykes across the property. He also noted that management and insiders had grown their collective ownership to 51.5%, describing the shareholder base as "strong-handed" and well-positioned for long-term value realization.

Ownership and Share Structure

According to Goliath Resources, management and insiders own 20% of its shares on a partially diluted basis. 

Strategic and institutional investors collectively own 32.5%, with notable holdings including Crescat Capital LLC at 12.2%, Global Commodity Group (Singapore) at 5%, McEwen Mining at 4.8%, Waratah Capital Advisors 4.3%, Rob McEwen at 3.2%, Eric Sprott at 2% and Larry Childress at 1%. 

The remaining shares are held by other institutional funds and retail investors. 

Post this current round of financing,  Goliath has 161.7  million issued and outstanding shares and (141.86M free float traded shares??). Its market cap is C$347.63  Its 52-week range is C$0.90  – C$2.87 per share.