Gold Explorer Achieves Breakthrough Results in BC's Golden Triangle
Research Report

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Disclosures for Zacks Small-Cap Research, Goliath Resources Ltd., October 22, 2025:

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Goliath Resources Ltd.'s (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) Surebet Discovery continues to yield impressive results, solidifying its reputation as a top-tier high-grade gold system in British Columbia's Golden Triangle, Zacks Small-Cap Research Analyst Ronald Wortel wrote in an updated research note on October 22.

The 2024–2025 drilling campaigns achieved visible gold intersection rates of 94% and 76%, respectively, with every hole encountering quartz-sulphide mineralization, the anlyst noted. Notable intercepts include 132.93 grams per tonne g/t gold equivalent (Au Eq) over 10 meters in the Bonanza Zone, 12.03 g/t Au Eq over 10 meters in the RIRG dykes, and 10.6 g/t Au over 22.82 meters in the calc-silicate breccia.

The mineralized area covers 1.8 km², remains open, and features 12 stacked veins and four Eocene-aged dykes. Metallurgical tests confirm a 92.2% gold recovery rate, including 48.8% free gold via gravity, Wortel said A new magmatic-source model across three rock packages enhances the potential for increased tonnage and supports future resource definition. These findings significantly reduce project risk and position Goliath for a valuation boost.

Over 64,000 Meters Drilled

On September 23, 2025, the company announced it had completed over 64,000 meters of drilling across 110 drill holes, achieving a 100% success rate in 90 days on the 1.8 km² Surebet Gold Discovery, which remains open at the Golddigger Property in British Columbia's Golden Triangle. This program exceeded the planned 60,000 meters, demonstrating the company's capability to execute a large and successful drilling initiative.

Results from this extensive program are anticipated to sustain market interest amid a favorable gold market, Wortel said.

On September 25, 2025, Goliath Resources announced a CA$23 million bought deal private placement, with an average price of CA$4.39 and no warrant, according to the analyst. Goliath secured a CA$23 million bought deal structured flow-through financing led by Stifel Canada, reflecting strong institutional demand for exposure to its Golden Triangle exploration success.

Proceeds are designated for qualifying exploration expenditures at the Golddigger-Surebet Gold Project, directly funding its aggressive exploration and resource development strategy. This premium-priced, non-dilutive, only ~3.2%, capital injection materially strengthens Goliath’s balance sheet, de-risks its path toward a maiden resource, and positions the company for strategic growth at Surebet in 2026, Wortel said.

Valuation Based on Results

Zacks' valuation of Goliath is based on expectations for the drilling results from the Surebet Prospect, outlining a mineralization target range that shows significant value generated for the company based on discounting the value of the in-ground resource potential, the analyst wrote.

Goliath has now completed over 150,000 meters of drilling to the end of 2025, having completed an additional 64,000 meters in 2025. A simplistic analysis could say they are adding another 2/3 of our end-of-2024 value with this program. The company has not provided a budget for the expanded drill program, other than that it is fully funded.

Wortel said Zacks is estimating the remaining balance sheet cash as an asset in its valuation related to the current funding expected to close soon, that will be used for the 2026 drilling budget.

Wortel said firm's valuation is also influenced by the rise in gold prices, US$4,075 and up US$420 per ounce at the time of writing, and CA$5,705 per ounce, a significant increase of C$A1,140 per ounce.

Zacks applied a 1% discount to the market price to account for the in-ground value of the ounces. The firm's new fair market value for the stock is US$4.90, reflecting a change of US$0.86 from the previous report. This valuation represents a 159% premium over the market price of US$1.89 at the time the note came out.

A Leading Junior Explorer, Analyst Says

Goliath Resources has delivered numerous high-grade, high-confidence results from its Surebet Discovery, reinforcing its status as a leading junior explorer in British Columbia’s Golden Triangle, Wortel wrote.

The 2024–2025 drill programs revealed visible gold in 94% and 76% of holes, respectively, with all holes intersecting quartz-sulfide mineralization.

"With over 150,000 meters drilled and a land package expanded to 91,518 hectares — controlling 56 kilometers of the Red Line trend — Goliath is well-positioned for resource delineation, valuation uplift, and strategic interest. Infrastructure access and surface exposure further de-risk development," the analyst wrote. "These results materially enhance our investment thesis, supporting Goliath’s transition from exploration to a high-conviction development candidate with M&A appeal."