Explorer Uncovers Excellent 4.3Moz Gold Potential at Surebet in BC
Research Report

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Disclosures for Stifel, Goliath Resources Ltd., November 3, 2025:

Important Disclosures and Certifications I, Cole McGill, research analyst, certify that the views expressed in this research report accurately reflect my personal views about the subject securities or issuers; and I, Cole McGill, certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. Our European Policy for Managing Research Conflicts of Interest is available at www.stifel.com/institutional/ImportantDisclosures. Stifel or an affiliate expects to receive or intends to seek compensation for investment banking services from Goliath Resources Limited in the next 3 months. The equity research analyst(s) responsible for the preparation of this report receive(s) compensation based on various factors, including Stifel's overall revenue, which includes investment banking revenue. Investment Rating System Our investment rating system is defined as follows: Buy - We expect a total return of greater than 10% over the next 12 months with total return equal to the percentage price change plus dividend yield. Speculative Buy1 - We expect a total return of greater than 30% over the next 12 months, with total return equal to the percentage price change plus dividend yield, accompanied by substantially higher than normal risk including the possibility of a binary outcome. Hold - We expect a total return between -5% and 10% over the next 12 months with total return equal to the percentage price change plus dividend yield. Sell - We expect a total return below -5% over the next 12 months with total return equal to the percentage price change plus dividend yield. Occasionally, we use the ancillary rating of Suspended (SU) to indicate a long-term suspension in rating and/or target price, and/or coverage due to applicable regulations or Stifel policies. Alternatively, Suspended may indicate the analyst is unable to determine a "reasonable basis" for rating/target price or estimates due to lack of publicly available information or the inability to quantify the publicly available information provided by the company and it is unknown when the outlook will be clarified. Suspended may also be used when an analyst has left the firm. 1 This rating is only utilised by Stifel Canada. Of the securities we rate, 48% are rated Buy, 0.25% are rated Speculative Buy, 19% are rated Hold, 0.5% are rated Sell and 33% are rated Suspended. Within the last 12 months, Stifel or an affiliate has provided investment banking services for 21%, 3%, 0% and 4% of the companies whose shares are rated Buy (includes Speculative Buy), Hold, Sell and Suspended, respectively. Within the last 12 months, Stifel or an affiliate has provided material services for 38%, 25%, 20%, 38% and 12% of the companies whose shares are rated Buy, Speculative Buy, Hold, Sell and Suspended, respectively. The securities of the company or companies mentioned in this report may not be registered in certain states or other jurisdictions and as a result, the securities may not be eligible for sale in some states or jurisdictions. Additionally, the securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. The information contained herein is not an offer to sell or the solicitation of an offer to buy any security in any state or jurisdiction where such an offer or solicitation would be prohibited.

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Stifel initiated coverage on Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) with a Buy rating and a target price of CA$5 per share in a research note on November 3, as compared to CA$2.65 at the time of writing, an 89% return.

Goliath's rapidly advancing Surebet discovery, which includes two of the top five drill holes on North American gold projects since 2020, has produced assay results that suggest the potential for a multi-million-ounce, high-grade discovery in the Golden Triangle, wrote Stifel Analyst Cole McGill.

 Coupled with a relative infrastructure advantage — being less than 10 kilometers from tidewater with nearby power and road connections — McGill said the firm anticipates a fully funded 2026, 40-kilometer program that can continue to build confidence in the discovery. This could lead to multiple expansions as the market recognizes the high-grade, infrastructure-proximal potential of the property.

Drilling into Relevance

Over five seasons, Goliath has drilled more than 152 kilometers on the rapidly expanding Surebet discovery in the Golden Triangle, achieving what few other explorers have: a 100% gold hit rate, McGill noted. Of the top 250 assays released on North American gold exploration-stage assets since 2020, Surebet has delivered 18, including two of the top five (ranked on a gram-per-meter basis).

Impressively, McGill said Surebet’s first 150 holes are comparable to the former Great Bear Resources Ltd.'s Dixie (acquired by Kinross Gold Corp. [K:TSX; KGC:NYSE] in 2022 for US$1.45 billion) first 150, averaging 124 grams per meter (g/m), versus Dixie's LP Zone at 129, just a 4% difference.

Surebet's weighted average grade/width after 150 holes was 8.63 grams per tonne gold (g/t Au) over 15.64 meters, compared to the LP Zone at 4 g/t Au over 20.73 meters.

"While no two gold systems are the same, and significant differences exist between these two, we think the Surebet discovery is in its early innings, with a further 88 holes from a staggering 64-kilometer 2025 program to be released over the next few months," McGill wrote.

Relative Infrastructure Advantage Key to Monetizing Discovery

Surebet's location offers one of the more favorable spots in the Golden Triangle. Mineralization is less than 10 kilometers from tidewater at Hastings Arm and less than 30 kilometers from the former company town of Kitsault, B.C., which was purpose-built for the Kitsault Molybdenum mine. The town still has a power connection, seasonal road access from Terrace, accommodations for over 1,000 people, and bathymetry for deep-water port access, all of which greatly enhance the discovery’s development prospects.

"Famously endowed, the Golden Triangle has one of the highest discovery rates in North America at 14.9 ounces per meter drilled over the last two years," the analyst wrote. "Equally important to rapid ounce growth is the value the market pays for ounces. Since 2021, gold development assets in the Golden Triangle have traded hands at an average of 3.1% in situ. With a fully funded 40km 2026 program, we think GOT provides strong leverage to exploration dollars."

Inventory analysis suggests a +4-million-ounce (Moz), +5 g/t exploration target, according to the report. Based on preliminary assay analysis, Stifel calculated a 4.3-Moz Au exploration target (22.6 million tonnes at 5.8 g/t Au). Equally important to grade is distribution, and the bulk of these presumed ounces are in two zones — Surebet and Bonanza, averaging 8.83 meters in width.

Canadian High-Grade Gold Asset Valuations Provide Downside Protection

Based on the firm's exploration target, Stifel sees GOT trading at $68/oz (1.7% in situ value), or a grade-adjusted $12/oz, compared to K/GBR acquisition at 16.1% in situ (grade-adjusted $98/oz) or GFI/OSK acquisition at 15.2% in situ (grade-adjusted $38/oz), McGill said.

He emphasized that both these projects saw orders of magnitude more work over Surebet at the time of acquisition, "but it clearly pays to be high grade in North America, with just six pre-construction assets <4g/t, <2MMoz Au."

Potential Ounce Quality of Surebet Mispriced by Market

McGill said Stifel models its Surebet mine plan producing 205,000 ounces per annum Au (4,000 tpd throughput) over 11 years with an average AISC of $1,258/oz and initial capital of US$815 million, for a C$2.07 billion NPV5% at $3,000/oz Au, yielding an average of US$320 million per annum FCF, and trading at 0.30x P/NAV.

"After corporate adjustments and a 0.55x P/NAV multiple, we are initiating coverage on Goliath Resources with a BUY rating and a $5.00/sh TP," he wrote.