Liberia Gold Explorer Starts Major Drill Campaign at Arthington

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1. Disclosure for the quote from the Stewart Thomson article published on May 20, 2026

1. For the quoted article (May 20, 2026), Zodiac Gold Inc. has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts.  The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

2. 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.

Gold prices remain elevated after a strong rally, creating renewed interest in early-stage explorers operating in underexplored regions of West Africa. Zodiac Gold Inc. (ZAU:TSX.V; ZAU:XFRA; ZAUIF:OTCQB) is one company moving quickly to capitalize on this environment by advancing its Todi gold project in Liberia.

Why Liberia Stands Out for Gold Investors

Liberia sits within the prolific Paleoproterozoic gold belt that has already produced more than 450 million ounces across dozens of large deposits. The country offers political stability, a mining-friendly regulatory framework, a 25 percent corporate tax rate, a 3 percent royalty, and full repatriation of profits. These factors reduce typical frontier-market risks while giving companies access to a region with strong discovery potential for deposits exceeding one million ounces.

The Company Behind the Todi Gold Project

Zodiac Gold focuses exclusively on the Todi Gold Project, a district-scale land package that includes the Arthington discovery along the Monterra Trend. The company has already completed more than 6,800 meters of drilling across three prior campaigns with a high mineralization hit rate, positioning Arthington as a growing gold system with clear expansion potential along strike and at depth.

Key Investor Takeaways

• Zodiac Gold has started a new 3,000-meter diamond drilling program at Arthington with the option to expand to 5,000 meters based on results.
• The Monterra Trend spans more than 16 kilometers and hosts multiple mineralized targets, including Ben Ben and Youth Camp.
• Previous drilling at Arthington returned high-grade intercepts such as 18 meters at 4.67 g/t gold and 9.65 meters at 7.50 g/t gold.
• Strong insider ownership of 30 percent aligns management interests with shareholders.
• Technical Analyst Stewart Thomson issued a Speculative Buy rating with price targets ranging from CA$0.45 short-term to CA$1.00 long-term.
• The company plans a Mineral Resource Estimate once sufficient drill density is achieved.

2026 Drill Program Targets Scale and Resource Definition

The current campaign at Arthington runs concurrently with exploration along the Ben Ben to Youth Camp corridor. The commencement of a new diamond drilling program uses a diamond drill rig, with potential for a second rig later in the year to speed up results. The program aims to expand the known mineralized footprint, increase drill density, and support a future Mineral Resource Estimate. A broader 2026 plan also includes 3,600 meters of trenching and 14,000 meters of diamond drilling across the full Monterra Trend, plus drone magnetic and LiDAR surveys to refine targets. 

High-Grade Results Already Demonstrate Potential

Drilling to date has returned several notable intercepts, including 18.00 meters at 4.67 g/t Au (including 1.00 meter at 55.90 g/t Au), 9.65 meters at 7.50 g/t Au (including 3.00 meters at 20.36 g/t Au), and 6.00 meters at 10.60 g/t Au. Trenching and channel sampling west of the main zones have also returned encouraging grades up to 32.8 g/t Au, suggesting the system may extend further than currently modeled.

Gold Market Conditions and Sector Tailwinds

Gold traded above US$4,000 per ounce for much of 2026 after peaking near US$5,500 earlier in the year. Although prices have moderated, they remain 24% higher than July 2025 levels. Gold.org noted that catalysts such as geopolitical shocks or lower interest-rate expectations could push prices back toward US$4,500. Central bank buying and ongoing geopolitical tensions continue to provide structural support, according to S&P Global. The World Bank forecasts a 17 percent rise in global metals prices for 2026, marking the first broad increase since 2022.

Technical Analyst Perspective and Valuation Context

¹On May 20, 2026, technical analyst Stewart Thomson gave Zodiac a "Speculative Buy" rating with targets of CA$0.45 short-term, CA$0.75 medium-term, and CA$1.00 long-term. Thomson highlighted the early results as evidence of significant project potential.

Share Structure and Ownership Alignment

Zodiac Gold has a market capitalization of CA$63.92 million based on 182.62 million shares outstanding. The 52-week trading range is CA$0.10 to CA$0.44.

²Insiders hold 30 percent of the shares, while institutions own 10 percent, and retail investors hold the remaining 60 percent. This ownership profile provides meaningful alignment between management and shareholders.

Common Questions from Investors

Q: What is diamond drilling?

A: Diamond drilling uses a diamond-tipped bit to extract intact cylindrical rock samples known as drill core. These samples allow geologists to analyze gold content, rock types, and structural features in detail.

Q: What is a Mineral Resource Estimate?

A: A Mineral Resource Estimate is a technical report that quantifies the tonnage, grade, and geological continuity of a mineral deposit based on drilling and sampling data. It serves as a key milestone for project advancement and economic evaluation.

Q: What does "along strike and at depth" mean?

A: Along strike refers to testing the horizontal continuation of a mineralized zone, while at depth means drilling deeper to determine if gold mineralization persists underground.

Q: How should investors interpret gold grades in grams per tonne?

A: Grade expressed as g/t Au measures grams of gold per tonne of rock. Intercepts above 1 g/t are often considered potentially economic in open-pit settings, while higher grades indicate richer mineralization.

Retail investors evaluating Zodiac Gold should weigh the early-stage nature of the project, the need for additional drilling to define resources, and the inherent volatility of gold prices and junior mining equities. The current program represents a logical next step in testing district-scale potential along a well-positioned trend in a mining-friendly jurisdiction.