Gold Explorer With Quebec 'Land Play' Targets High-Grade Discovery at Mosseau

1. Harvest Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. In addition, Harvest Gold Corp.has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Harvest Gold Corp.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Harvest Gold Corp.'s (HVG:TSX.V; HVGDF:OTCMKTS) stock rose 11% the same day it announced is beginning its fully financed 2026 exploration campaign with an approximately 4,000-meter diamond drilling program at its flagship Mosseau Project in the Abitibi Region of Quebec, according to a July 15 release.

The planned campaign will include roughly 20 diamond drill holes across the Kiask River Mineralized Corridor in the central area of Mosseau. The corridor contains Harvest Gold's high-grade discovery, where previous drilling returned 105 grams per tonne (g/t) gold over 1.15 meters. The program aims to extend the known mineralization and assess other priority structural and geophysical targets identified through the company's recent exploration efforts.

"We are now ready to launch our 2026 exploration season, starting with a focused drill program designed to build on last year's high-grade discovery at Mosseau," President and Chief Executive Officer Rick Mark said. "Our technical team has developed compelling drill targets that have the potential to significantly expand the Kiask River Mineralized Corridor while advancing our understanding of this emerging gold system. This 2026 program positions Harvest Gold for an exciting year of discovery."

Forage Val d'Or (FVD), a well-established and experienced Quebec drilling contractor, has been selected for the drilling work. Established in 1987, FVD operates a varied fleet of hydraulic skid-mounted and helicopter-portable rigs while maintaining rigorous environmental and operational practices, the release said. The company belongs to the Association de l'exploration minière du Québec (AEMQ) and the Canadian Diamond Drilling Association (CDDA), and it is moving forward with ECOLOGO certification.

Harvest Gold also noted that FVD formalized a partnership with Mawi of Lac Simon on June 19, 2026. Under the arrangement, Mawi acts as FVD's exclusive Indigenous partner for mineral exploration drilling activities, supporting Harvest Gold's focus on meaningful Indigenous involvement and strong local community relationships as exploration progresses.

"We are equally pleased to be working with Forage Val d'Or and to support their partnership with Mawi of Lac Simon, which reflects our commitment to responsible exploration and meaningful collaboration with Indigenous communities," Mark said.

With drilling starting, results are expected in the coming months. The company said it also planned to share more news in the coming weeks.

'A Land Play'

Additionally, Mark told Streetwise Reports the company is making a deliberate strategic pivot away from being seen as purely a drill-results company toward emphasizing the long-term value of its consolidated land position.

He framed it as insurance against the volatility of exploration: "If you're resting your value on a drill program, it can be a short-term, 'sugar high,'" he said. "Of course, drill success is always paramount, but this year, if all goes as planned, Harvest Gold will provide our shareholders the security of land ownership. We expect to earn 80% of Mosseau from Vior Inc. as per our agreement and enter a JV (joint venture) with them. That, along with our now 100% ownership of the La Belle and Urban Barry properties give Harvest Gold control over 51 kilometers of strike length in the Urban Barry belt. I remind your readers that in 2024, Gold Fields paid CA$2.16 billion for Osisko Mining’s Windfall deposit, to the east of Harvest’s properties, and purchased most of the claims surrounding the company’s properties."

"We imagined this ‘land play’ opportunity three years ago when we began our Quebec journey," Mark said. "We believe it changes the investment metrics when looking at Harvest Gold and we hope to attract longer-term, asset-focused capital to come in beside our existing shareholders, the largest of which is Crescat Capital, which owns 19.9%."

Priority Targets Sit Along 2-Kilometer Zone

In June, the company announced that it had completed the permit process for the drilling at Mosseau after reporting that it had identified 50 drilling targets along the 32-kilometer Kiask River Mineralized Corridor and had selected 20 of those targets for the campaign.

The announcement said 11 of the 20 priority targets sit along a 2-kilometer zone linked to a magnetic-high feature. The company expects to position at least eight planned drill holes within 500 meters of the previously disclosed Discovery hole that returned 105 g/t gold over 1.15 meters.

"Last year, in our maiden drill program, we drilled twenty-one exploratory holes over approximately 9 kilometers of the Mosseau property," Mark said at the time. "Since then, we have acquired 24 claims and now fully control the Mosseau/La Belle property, which includes the entirety of the 32-kilometer-long Kiask River Mineralized Corridor. This year, after analyzing 2025 drill results, revisiting historical data bases and adding new geochemistry and prospecting results, we have 50 defined drill targets along the 32 kilometers, but will focus on 20 holes emanating from our 2025 Discovery Hole."

Harvest Gold said earlier that drilling in the central area established a continuous gold-mineralized corridor and produced high-grade results. Assays from the Discovery also included 4.3 g/t silver and 464 ppm (parts per million) copper. Other reported intersections included 0.5 g/t gold over 16.35 meters, 0.76 g/t gold over 5.85 meters, and 0.22 g/t gold over 16 meters. The company said the results outline a mineralized corridor reaching up to 16 meters in width, extending for about three kilometers, and tested to depths of roughly 100 meters.

The company also said it uses certified reference materials, blanks, and duplicate samples in its sampling, quality-control, and laboratory analysis protocols. AGAT Laboratories Ltd. in Quebec processes and analyzes the drilling samples.

In addition to Mosseau, the company's investor presentation outlines proposed work programs at other company properties. At the Urban Barry project, planned work includes regional till geochemistry surveys. At the LaBelle property, proposed exploration activities include airborne geophysics, prospecting, and soil sampling.

 Gold Recovers, Inches Higher

Gold recovered from its earlier losses and moved modestly higher on Wednesday after June U.S. producer-price data came in below expectations, according to a July 15 report by Ashitha Shivaprasad for Reuters. Rising Middle East tensions capped the advance, however, as markets remained concerned that inflation and interest rates could stay elevated.

Spot gold added 0.3% to US$4,067.60 an ounce at 8:58 a.m. EDT, while U.S. gold futures climbed 0.2% to US$4,075.80.

"Gold has pared losses from earlier this morning as PPI came in lower than expected and eased some of those concerns about the Fed having multiple interest rate hikes this year," said Phillip ⁠Streible, chief market strategist at Blue Line Futures, according to the Reuters report.

The Labor Department's Bureau of Labor Statistics said the final-demand Producer Price Index declined 0.3% in June, following a downwardly revised 0.6% rise in May. Reuters-polled economists had anticipated no monthly change after the May gain was initially reported at 1.1%.

CME FedWatch Tool data showed that traders now place the likelihood of a Federal Reserve rate increase at its July meeting at about 9.1%, down from 16.6% before the report, Shivaprasad wrote.

Data released Tuesday also showed that U.S. consumer-price growth eased more sharply than expected in June.

Elsewhere, the United States said it had launched another round of strikes on Iran after restoring a naval blockade of Iranian ports, the report said. Iran threatened to further disrupt regional energy supplies, and oil prices continued to rise on Wednesday.

"Recent developments revolving around the Strait of Hormuz have simply revived fears around ⁠untamed price pressures. Should tensions escalate further, resulting in higher oil prices, this could expose gold to downside risks," said Lukman Otunuga, senior research analyst at FXTM, noted the article. "A solid breakdown below this point ⁠may open the doors toward US$3,950 and US$3,000. Should US$4,000 prove reliable support, prices may rebound back toward US$4,100."

More expensive fuel could prolong inflation pressures, potentially leading central banks to keep borrowing costs high for longer and reducing the appeal of gold, which does not generate interest income.

Experts: Miners Are Still Attractive

Gold may face continued pressure in the year's latter half as investors anticipate further Federal Reserve rate increases. Still, Bank of America sees meaningful long-range potential in precious metals and identifies mining companies as an especially attractive area, Neils Christensen wrote for Kitco News on July 13.

Since late June, the bank's commodity team has adopted a more cautious view of gold. Last week, it lowered its projected 2026 average gold price by 14% to US$4,360 per ounce.

Despite that revision, Bank of America continues to hold a favorable long-term outlook for bullion. Its equity team believes that the current pause in gold prices has created appealing valuations among mining shares, Christensen wrote.

The bank expects the Federal Reserve to raise rates three times this year, even as inflation moderates. Its analysts believe these conditions could prompt investors to shift away from expensive stocks and toward sectors that markets have largely overlooked.

"Higher interest rates reduce the money supply, which means tighter financial conditions for businesses. All else being equal, it's a bearish sign for equities," the analysts said in the report, according to Christensen. "Higher rates, lower free cash flows, and record index concentration have sent investors into stocks that are smaller, less expensive, and less crowded. There is scope for more rotation: US$21 trillion in U.S. household cash is 33% over the pre-Covid trend, and cash with -1% after-tax real yield is no prize."

Bank of America identified several areas it considers inexpensive, including bonds, banks, and Latin American stocks. It also placed mining near the top of its list of favored sectors, Christensen noted.

The analysts said rising gold prices have made gold producers among the market's strongest earners. Higher margins have reached record levels, enabling those companies to improve their financial positions.

"Gold miner free cash flow is 10x higher than it was in 2020, with half the long-term debt as a percentage of equity,” the analysts said. “Gold miner earnings yields are the highest of any sector at 12.0% and are at the least expensive relative to the S&P 500 in the last 20 years."

BofA added that metals-related shares currently trade at a 19% reduction to their net asset value, the article said. The analysts also said mining stocks can help investors diversify portfolios because their performance has limited alignment with both shares and fixed-income investments.

“Gold miners have low correlations to both equities and fixed income (0.3 and 0.2 over the last 10 years),” the analysts said.

Ownership and Share Structure¹

Harvest management and board members own 5% of the company, and of these, President/CEO Rick Mark holds the greatest share. One institution, Crescat Capital LLC, has 19.9%. Other institutions own 11.5%. Retail investors own the rest.

Harvest has 179.98 million shares outstanding. Its market cap is CA$8.07 million. Its 52-week range is CA$0.04–CA$0.13 per share.

Common Questions From Investors

Why does management describe Harvest Gold as a "land play," and what does that mean for investors? Beyond drill results, CEO Rick Mark frames Harvest as a real-estate or land-consolidation story: by funding the current drilling on its main Mosseau property, the company earns 80% of it through a joint venture with Vior, the company it acquired the ground from, and combined with 100% ownership to the south and along the belt to the north. That gives Harvest a controlling interest in roughly 51 kilometers of contiguous strike in the Abitibi's Urban Barry belt. Mark positions this consolidated land as a long-term value that can attract asset-focused, decade-horizon investors (or a partner who funds a much larger program), providing "a basis and some faith" for shareholders even if any single drill campaign comes up short.

What makes the Kiask River Mineralized Corridor significant? It contains Harvest Gold's high-grade discovery, where previous drilling returned 105 grams per tonne (g/t) gold over 1.15 meters. The company expects to position at least eight planned holes within 500 meters of that Discovery hole, and 11 of the 20 priority targets sit along a 2-kilometer zone linked to a magnetic-high feature.

How were the drilling targets selected? Harvest has identified 50 drilling targets along the 32-kilometer KRMC and selected 20 for the campaign, after analyzing 2025 drill results, revisiting historical databases, and adding new geochemistry and prospecting results.

Is there an Indigenous partnership tied to the work? Yes. FVD formalized a partnership with Mawi of Lac Simon on June 19, 2026, under which Mawi acts as FVD's exclusive Indigenous partner for mineral exploration drilling activities.