FRA: RR7

Introduction

A2Gold Corp., formerly known as Allegiant Gold, is a Nevada-focused precious-metals exploration company advancing two major district-scale projects: the Eastside Gold-Silver Project in Esmeralda County and the recently acquired Taylor Silver-Gold-Antimony Project in White Pine County.

The company’s flagship Eastside Project currently contains approximately 1.4 million ounces of inferred gold and 8.8 million ounces of inferred silver. Taylor adds a large historical silver resource, a broad oxide-gold corridor, historical antimony production, and deeper copper-gold porphyry and carbonate-replacement potential. Together, Eastside and Taylor cover approximately 230 square kilometres of prospective mineral tenure in Nevada.

The investment case is based on exploration leverage rather than near-term production. A2Gold has already established a meaningful resource base at Eastside, but less than 18 percent of the wider land package has been systematically tested. The company is now conducting its largest drilling campaign to date, comprising a planned 30,000-metre reverse-circulation program and approximately 2,500 metres of diamond drilling designed to support an updated Eastside mineral resource estimate.

The Taylor acquisition materially expands the story. Taylor is a permitted and drill-ready district containing a historical silver resource of approximately 11.0 million measured and indicated ounces and 0.6 million inferred ounces using a US$17/oz silver assumption. A historical sensitivity calculation at US$30/oz silver increases the total to more than 20 million ounces. Taylor also hosts a 3-by-10-kilometre anomalous gold corridor, former antimony mines, and substantial untested depth potential.

A2Gold’s strongest advantages are:

A meaningful existing gold-silver resource at Eastside.
Large district-scale land packages in Nevada.
Strong road, power, water, and nearby-service infrastructure.
A technically experienced Nevada exploration team.
Strategic ownership and technical participation from Kinross Gold.
A comparatively tight share structure for a company controlling multiple district-scale projects.
Exposure to gold, silver, antimony, and possible copper-gold systems.

The biggest weakness is equally clear: A2Gold remains an exploration-stage company. There is no PEA, no reserve, no mine plan, no production forecast, no published AISC, and no reliable estimate of development capital. The company must first demonstrate resource growth, improve geological confidence, complete modern metallurgical and engineering studies, and show that its large low-grade resource can support an economic mining operation.

Projects / Location / MRE / Grades

Project 1: Eastside Gold-Silver Project, Nevada

Flagship Advanced Exploration Asset

Eastside is A2Gold’s flagship project. It is located in Esmeralda County, Nevada, approximately 35 kilometres northwest of Tonopah, within the Walker Lane mineral trend.

The project covers approximately 92 square kilometres and is 100 percent controlled by A2Gold. It benefits from all-season road access, proximity to U.S. Highway 95, an electrical transmission line crossing or passing close to the property, nearby communities and services, and a long history of mining in the wider Tonopah district.

Eastside is not a single isolated deposit. It is a district-scale system containing the Original or McIntosh resource area, the Castle Zone, Blackrock, Boss, Berg, and numerous additional exploration targets. The company reports that less than 18 percent of the property has been systematically explored, leaving substantial room for new discoveries and resource expansion.

The project is particularly interesting because it combines a large, near-surface, lower-grade bulk-tonnage resource with narrower high-grade structures. Historical and recent drilling suggests the possibility that higher-grade feeder structures occur inside or beneath the wider disseminated gold-silver system.

Eastside Mineral Resource Estimate

The current Eastside resource is based on a technical report with an effective date of July 30, 2021.

Resource Area	Category	Tonnes	Gold Grade	Silver Grade	Contained Gold	Contained Silver
Original/McIntosh Zone	Inferred	61.73M tonnes	0.55 g/t Au	4.4 g/t Ag	1.090Moz	8.70Moz
Castle Zone	Inferred	19.99M tonnes	0.49 g/t Au	Not included	0.314Moz	Not included
Total Eastside	Inferred	81.72M tonnes	Approximately 0.53 g/t Au	—	1.404Moz	8.70Moz

The Original/McIntosh resource was constrained using a 0.15 g/t gold cut-off grade and a US$1,725/oz gold assumption. Castle also used a 0.15 g/t cut-off. All currently reported ounces are in the inferred category.

Eastside Resource Feel

Eastside has scale, but it is not currently a high-grade resource. The average grades of 0.49–0.55 g/t gold place the project in the lower-grade bulk-tonnage category. For this type of deposit, profitability will depend heavily on:

Strip ratio.
Mining and processing scale.
Metallurgical recovery.
Crushing and leaching requirements.
Silver recovery.
Capital intensity.
Water availability.
Operating costs.
Gold and silver prices.

The positive side is that much of the known mineralization is relatively shallow and appears potentially compatible with open-pit mining. Castle mineralization begins close to surface in some areas, and the company has described it as a possible starter-pit opportunity.

Eastside Metallurgy

Preliminary metallurgical testing indicates that Eastside mineralization may be amenable to conventional cyanide processing.

Historical company disclosure indicated approximate gold recoveries of around 70 percent under coarser heap-leach conditions, while finer grinding produced recoveries exceeding 90 percent in some tests. Silver recovery appears weaker, with historical indications around 20 percent under heap-leach conditions and approximately 50 percent under finer-grind processing.

These results are encouraging but preliminary. The recovery assumptions still need to be confirmed through additional variability testing across different resource zones, oxidation states, rock types, depths, and grade ranges. The company’s diamond-drilling program is intended partly to provide better geological, geotechnical, and metallurgical data for future resource modelling and technical work.

Eastside Drilling and High-Grade Potential

Eastside has a historical drilling database of approximately 70,000 metres. The company began a fully funded 30,000-metre RC campaign in January 2026, followed by a planned seven-hole, approximately 2,500-metre diamond-drilling program at Castle. The objectives include infill drilling, step-out drilling, geological modelling, resource expansion, and testing new district targets.

Several historical and recent intersections show that higher-grade zones occur within the wider system. Examples disclosed in the company presentation include:

ES-243: 2.6 g/t gold over 148 metres, including 21.9 g/t gold over 14 metres.
ES-239: 39.0 g/t gold over 3 metres.
ES-245: 3.4 g/t gold over 15.2 metres.
A 2025 intersection of 2.9 g/t gold over 20 metres.
A separate intersection of 1.14 g/t gold and 16.3 g/t silver over 16.8 metres, including 5.0 g/t gold and 26.4 g/t silver over 3.1 metres.

These results should not be treated as the average grade of the deposit. However, they support the possibility of higher-grade structural zones or feeders that could improve the quality of the resource if continuity is demonstrated.

Blackrock Target

Blackrock is situated within the Castle area. Surface channel sampling announced in June 2026 returned values of up to 10.5 g/t gold and 74.7 g/t silver.

The target is important because the mineralized veins occur in Paleozoic basement rock rather than only in the volcanic rocks that host much of the previously drilled Castle mineralization. The veins display low-sulfidation epithermal textures, suggesting the possibility of higher-grade feeder structures beneath or adjacent to the broader disseminated system.

The current Castle resource does not contain any ounces from Blackrock and does not include a silver resource. Blackrock is therefore pure exploration upside at this stage. Surface samples are selective and must be confirmed by drilling before they can be considered representative.

Eastside Grade Feel

Eastside should be classified as a large, low-grade, near-surface gold-silver system with embedded high-grade exploration potential.

The existing resource itself does not qualify as high grade. The investment case depends on one or more of the following outcomes:

A significant increase in total ounces.
Discovery of higher-grade starter zones.
Better-defined high-grade feeder structures.
Favourable strip ratios and recoveries.
Low enough capital and operating costs to support bulk mining.
Strong gold and silver prices.

The project could become attractive at scale, but drilling results alone are not enough. A future PEA will ultimately determine whether the current grades, metallurgy, infrastructure, and mining geometry can support an economic operation.

Project 2: Taylor Silver-Gold-Antimony Project, Nevada

District-Scale Growth and Critical-Minerals Asset

A2Gold completed the acquisition of the Taylor Project on June 15, 2026. Taylor is located in White Pine County, Nevada, and covers approximately 117 square kilometres.

Taylor is fully permitted and bonded for exploration and benefits from road access, power, water rights, historical mine workings, and a substantial archive of historical geological and drilling information. Following closing, A2Gold stated that drill mobilization was expected shortly thereafter.

The project contains four main forms of potential:

A historical near-surface silver resource.
A broad oxide-gold corridor.
High-grade historical antimony mineralization.
Deeper carbonate-replacement, skarn, and porphyry-style targets.

Taylor Historical Silver Resource

The Taylor silver estimate was prepared by SRK Consulting in 2018. A2Gold treats the estimate as historical rather than as a current mineral resource for the company.

Historical Category	Short Tons	Silver Grade	Contained Silver
Measured and Indicated	3.789M tons	2.89 oz/t Ag	10.995Moz
Inferred	0.180M tons	3.35 oz/t Ag	0.603Moz
Total	3.969M tons	—	11.598Moz

The base historical estimate used a US$17/oz silver price and a 1.6 oz/t cut-off grade.

A historical sensitivity calculation using US$30/oz silver and a 0.9 oz/t cut-off produced:

Historical Sensitivity Category	Short Tons	Silver Grade	Contained Silver
Measured and Indicated	8.755M tons	2.04 oz/t Ag	17.883Moz
Inferred	1.343M tons	1.98 oz/t Ag	2.662Moz
Total	10.098M tons	—	20.545Moz

This sensitivity shows that the size of the mineralized envelope is highly responsive to the silver-price and cut-off assumptions. However, the 20.545Moz figure is not a new current resource. A2Gold must complete sufficient verification, drilling, modelling, and technical work before Taylor can be reported as a current NI 43-101 mineral resource.

Taylor Silver Grade Feel

Taylor’s historical silver grades of approximately 2.0–3.4 oz/t, equivalent to roughly 62–106 g/t silver, are materially stronger than the silver grade currently reported at Eastside.

The principal risks are historical-data verification, metallurgical performance, continuity, mining geometry, recovery, and the amount of drilling needed to bring the estimate into compliance with current standards.

Taylor has also produced silver historically. This confirms that mineralization can occur at mineable grades, but historical production does not establish that a modern operation would be economically viable.

Taylor Gold Potential

The wider Taylor property contains a roughly 3-kilometre-by-10-kilometre anomalous gold corridor.

Reported historical and surface results include:

Channel sampling of 4.2 g/t gold over 11.0 metres, including 7.1 g/t gold over 3.3 metres.
Drill hole SPT-66 with 1.02 g/t gold over 18.3 metres beginning at surface.
Drill hole SPT-65 with 0.68 g/t gold over 24.4 metres beginning at surface, including 0.85 g/t over 12.2 metres.

These results indicate potential for near-surface oxide gold mineralization, but Taylor does not yet have a current gold resource. Gold therefore represents exploration optionality rather than established project value.

Taylor Antimony Potential

Taylor includes former antimony workings and several areas of historically reported high-grade antimony mineralization.

Historical information disclosed by A2Gold includes grades ranging from several percent antimony to substantially higher values in selected samples and old workings. Reported drill intervals include approximately:

7.01 percent antimony over 4.3 metres.
4.61 percent antimony over 4.6 metres.
3.79 percent antimony over 5.5 metres.

Selected historical samples reportedly returned values above 18 percent antimony, with some older mine material reporting considerably higher grades. The company has identified a broad geochemical antimony footprint and believes several mineralization styles may be present.

These grades are potentially significant, but they must be treated cautiously. Much of the information is historical, selected samples can overstate average grade, and there is no current compliant antimony resource, metallurgy, mine plan, or economic study.

Taylor Depth Potential

One of Taylor’s strongest exploration arguments is that historical drilling was shallow. The company reports that most historical holes terminated within approximately the upper 135–152 metres, while the prospective stratigraphic package extends much deeper.

This leaves potential for:

Extensions of near-surface silver mineralization.
Deeper carbonate-replacement deposits.
Skarn mineralization.
Gold-antimony structures.
Porphyry-related copper-gold mineralization.

A2Gold has outlined plans for updated resource work, silver expansion drilling, testing of gold and antimony targets, geophysical surveys, and deeper diamond drilling.

Taylor Acquisition Terms

A2Gold acquired Taylor through a combination of shares, cash payments, and royalties.

The principal consideration included:

8,662,881 A2Gold common shares.
US$1.0 million in cash consideration paid through scheduled instalments.
A 2 percent net-smelter-return royalty over certain unencumbered claims.
A right to repurchase part of the royalty under defined time and payment conditions.

A separate transaction covering strategically located Taylor claims involved US$225,000, 316,377 common shares, and a 1 percent NSR royalty, with a partial royalty-repurchase right.

The transaction adds substantial potential, but it also creates new cash obligations, royalties, share dilution, and exploration spending requirements.

Project 3: Bolo Gold Project, Nevada

Carlin-Type Exploration Optionality

A2Gold owns 100 percent of the Bolo Project, located in Nevada.

Bolo covers approximately 1,254 hectares and has more than 10,000 metres of historical drilling. The company describes the mineralization as Carlin-type gold with attractive near-surface grades. A discovery was made in 2016, but Bolo does not currently form the central investment thesis and does not have a current economic study.

The project provides additional optionality because:

It is situated in a favourable Nevada gold setting.
Historical drilling has already identified mineralization.
It is 100 percent owned.
It could potentially be advanced through drilling, partnered, spun out, or monetized.

For valuation purposes, Bolo should be treated as early-stage optionality rather than assigned a producer-style value.

Project 4: Goldfield West Project, Nevada

Non-Core Exploration Optionality

Goldfield West consists of 81 unpatented claims in Nevada. The project is 100 percent owned and has undergone historical exploration.

It is not currently receiving the same level of capital or attention as Eastside and Taylor. Its main strategic value is as a non-core asset that could provide future discovery, partnership, sale, or spin-out optionality.

The core A2Gold thesis remains Eastside and Taylor. Bolo and Goldfield West should be considered secondary assets.

Share Structure / Ownership / Insiders

Capital Structure

A2Gold’s April 2026 corporate presentation provided the following February 2026 capital structure:

Capital Structure Metric	February 2026 Presentation
Common shares	104,234,378
Warrants	15,759,022
Options	4,325,000
RSUs	3,310,000
Fully diluted shares	127,628,400

The company subsequently issued 8,662,881 shares to complete the Taylor acquisition and 316,377 shares for strategic Taylor claims. Based on those disclosed issuances, an analytical pro-forma estimate is:

Pro-Forma Metric	Approximate Amount
Common shares after disclosed Taylor issuances	113,213,636
February 2026 warrants	15,759,022
February 2026 options	4,325,000
February 2026 RSUs	3,310,000
Estimated pro-forma fully diluted shares	136,607,658

This is an analytical estimate, not an official current cap table. Exercises, expirations, cancellations, new grants, or other issuances after the February presentation may change the actual number. The next financial statements and management-information filing should be used to confirm the updated capital structure.

Share Structure Feel

The share structure is one of A2Gold’s strengths.

An estimated pro-forma fully diluted count of approximately 136.6 million shares remains relatively tight for a junior company controlling two district-scale projects and several secondary assets.

At an illustrative reference price of C$0.90 per share:

136.61M fully diluted shares × C$0.90 = approximately C$122.9M fully diluted market capitalization.

The calculation is illustrative and should not be interpreted as a live market quote.

The principal dilution risks are:

Future Eastside drilling.
Taylor resource-definition and deep drilling.
Metallurgical and engineering studies.
Potential PEA, PFS, and permitting work.
Property-payment and royalty obligations.
Working capital.
Possible acquisitions.
Exercise or repricing of securities.

The company is better positioned than many early-stage explorers because it already has a substantial resource and strategic backing, but exploration across two large districts will remain capital intensive.

Cash and Financial Position

A2Gold reported cash of approximately C$9.96 million as of December 31, 2025, with total current assets of approximately C$10.18 million and total liabilities of approximately C$0.62 million.

This was a strong cash position relative to the balance sheet at that date. However, it predates much of the 2026 drilling expenditure, Taylor transaction payments, acquisition-related costs, and the expanded two-project exploration strategy. Therefore, it should not be treated as the current July 2026 cash balance.

The company completed a C$10.5 million financing in September 2025, led in part by Kinross. The financing was completed at C$0.50 per unit and helped fund the expanded Eastside program. Kinross obtained approximately 9.9 percent ownership on a partially diluted basis.

A2Gold also conducted a warrant-exercise incentive program covering 10.5 million warrants with a C$0.70 exercise price. The company’s January 30, 2026 completion announcement should be checked in the final editing process for the exact number exercised and gross proceeds, because the downloadable release was not retrievable during this research update. The existence and original terms of the program are confirmed in the December 29, 2025 announcement.

Ownership / Insiders

The February 2026 presentation reported the following ownership profile:

Ownership Group	February 2026 Ownership
Management and insiders	21%
Kinross Gold	10%
Other corporate holders	4%
Retail and institutions	65%
Mining majors, management, insiders, and corporate holders combined	35%

The retail-and-institutional category included investors such as Ingalls & Snyder and Eric Sprott.

The Taylor share issuances mechanically dilute the percentages of pre-existing holders unless those holders acquired additional shares. Applying only the disclosed Taylor issuances would reduce the earlier 35 percent aligned group to roughly 32 percent on a simplified pro-forma basis, before accounting for any warrant exercises or subsequent trading.

The exact current ownership should therefore be confirmed through the next official ownership disclosure.

People / Management

Norm Pitcher

Chairman and Director

Norm Pitcher is a professional geologist with more than 30 years of mining-industry experience.

He previously served as President and Chief Operating Officer of Eldorado Gold. His career also includes experience with Pan American Silver, Ivanhoe Gold, Pioneer Metals, and other mining companies. He has worked across exploration, project evaluation, open-pit mining, underground mining, development, and operations.

Peter Gianulis

President and CEO

Peter Gianulis has more than 23 years of experience in natural-resource investing and capital markets.

He founded Carrelton Asset Management and previously worked as a partner at Saranac Capital and within the Salomon Brothers Hedge Fund Group. He has been involved in successful investments or exits including Hathor Exploration, CGA Mining, and Northern Orion.

The company presentation attributes six successful exits over approximately 20 years to him.

Sean McGrath

Chief Financial Officer

Sean McGrath is a Canadian Chartered Professional Accountant and has more than 20 years of experience providing financial-management and consulting services to publicly traded companies, particularly in natural resources.

His responsibilities have included corporate strategy, reporting, treasury, internal controls, budgeting, forecasting, taxation, and public-company compliance.

John Marma

Vice President, Exploration

John Marma is a professional geologist with approximately 25 years of experience in exploration, development, and production, principally in Nevada.

Before joining A2Gold, he was involved with White Pine Metals and the Taylor Project. He previously served as Director of Exploration and Geology for Hecla Mining’s Nevada operations and held senior roles with Klondex Mines and Newmont.

His experience includes:

Epithermal vein systems.
Carlin-type deposits.
Orogenic gold.
Porphyry systems.
Nevada mine exploration.
Geological support for operations.

He was involved in the discovery of the Eastern Veins and Green Racer Sinter Vein at the Midas Mine.

Gabe Kassos

Chief Geologist

Gabe Kassos has more than 20 years of gold-exploration and mining experience.

His background includes work with Newmont on the Carlin Trend and Long Canyon, Equinox Gold, OceanaGold, and Klondex. His experience covers brownfield exploration, resource expansion, mine-life extension, and several Nevada-style deposit types.

Andy Wallace

Head Geologist

Andy Wallace was the principal of Cordex Exploration, one of Nevada’s best-known exploration groups.

Cordex is credited with nine Nevada gold discoveries, including Marigold, Lone Tree or Stonehouse, Daisy, Pinson, and Dee. Wallace’s experience extends beyond discovery into resource delineation, feasibility studies, permitting, construction, and production.

Shawn Nichols

Director

Shawn Nichols has more than 30 years of capital-markets experience. He previously worked as Senior Investment Counsel and Assistant Corporate Secretary for Citibank Canada and served as Director of Capital Markets at Scotia Capital.

Javier Reyes

Director

Javier Reyes has more than 25 years of financial and natural-resource experience. He has managed natural-resource funds, participated in the restructuring of publicly traded mining companies, and played a role in the turnaround of Luca Mining.

Risks / Catalysts / Timeline

Key Risks

Key Risk	Why It Matters
Exploration-stage risk	A2Gold has no reserve, PEA, feasibility study, mine plan, or production decision. It remains dependent on drilling and future studies.
Inferred-resource risk	All current Eastside ounces are inferred. Additional drilling may change tonnage, grade, geometry, classification, and contained ounces.
Low-grade risk	Eastside averages approximately 0.49–0.55 g/t gold. Low-grade deposits require favourable strip ratios, recovery, scale, infrastructure, and cost control.
Metallurgical risk	Preliminary testing is encouraging, but recovery may vary materially across rock types, oxidation states, depths, and processing methods.
Economic-study risk	There is no published capex, AISC, mine life, annual production estimate, NPV, IRR, or payback calculation. The project’s economic viability is unproven.
Resource-update risk	The updated Eastside resource may grow less than expected or may not materially improve grade and confidence.
High-grade continuity risk	High-grade drill intervals and surface samples may be narrow, discontinuous, or difficult to model and mine.
Taylor historical-resource risk	Taylor’s silver estimate is historical and cannot yet be treated as a current A2Gold mineral resource.
Taylor integration risk	Management must integrate a new district while continuing a large Eastside campaign. This increases technical, financial, and organisational demands.
Antimony verification risk	Taylor’s high-grade antimony data are largely historical. Modern drilling, QA/QC, metallurgy, and resource modelling are required.
Financing risk	Advancing two districts through drilling, metallurgy, resources, and economic studies will require substantial capital.
Dilution risk	Additional equity may be required before either project reaches a development decision.
Royalty and acquisition obligations	Taylor includes cash instalments and royalties that reduce future project economics and consume treasury.
Permitting and environmental risk	Nevada is favourable, but future mine development would still require environmental studies, federal and state approvals, water management, bonding, and consultation.
Water risk	Large open-pit and heap-leach operations require dependable water access and detailed hydrological work.
Commodity-price risk	A2Gold’s valuation is highly sensitive to gold and silver prices. Antimony sentiment may also change materially.
Share-structure reporting risk	Website figures, presentation figures, warrant expiries, exercises, and acquisition shares may not be fully synchronized until the next filing.
Strategic-holder risk	Kinross ownership is positive, but it does not guarantee a takeover, joint venture, technical success, or continued funding.
Execution and focus risk	The company must avoid spreading capital too thinly across Eastside, Taylor, Bolo, Goldfield West, gold, silver, antimony, and deeper porphyry targets.

Catalysts

Expected Period	Potential Catalyst
2026	Assay results from the Eastside RC drilling campaign
2026	Results from approximately 2,500 metres of Castle diamond drilling
2026	Drill testing of Blackrock and other higher-grade structural targets
2026	Continued testing between McIntosh and Castle
2026	Additional geological, geophysical, and metallurgical data from Eastside
2026–2027	Updated NI 43-101 mineral resource estimate for Eastside
2026	Commencement and progress of Taylor drilling following acquisition closing
2026–2027	Verification and expansion drilling on Taylor’s historical silver resource
2026–2027	Current NI 43-101 Taylor silver resource estimate
2026–2027	Taylor oxide-gold drill results
2026–2027	Modern testing of Taylor gold-antimony targets
2026–2027	Deep diamond drilling for CRD, skarn, or porphyry-related targets
2027 or later	Metallurgical updates for Eastside and Taylor
2027 or later	Preliminary Economic Assessment on the highest-priority project
Medium term	Strategic collaboration, investment, joint venture, or transaction involving Kinross or another major
Medium term	Partnership, sale, or spin-out of Bolo or Goldfield West
Longer term	Advancement of one project from exploration into development studies

The 30,000-metre Eastside campaign, Castle core program, planned Eastside resource update, and Taylor resource-definition work are the most important near-term catalysts.

Expected Timeline to Full Production

A2Gold has not published an official production schedule. Any development timeline is therefore conceptual and conditional.

Year / Period	Focus	What It Means
2026	Resource-growth year	Large-scale Eastside RC drilling, Castle core drilling, Blackrock evaluation, Taylor acquisition integration, and commencement of Taylor drilling.
2026–2027	Resource-definition stage	Updated Eastside resource work and preparation of a current Taylor resource, assuming drilling and verification are successful.
2027	Initial economic assessment stage	A PEA could become possible once sufficient resource, metallurgy, mine-design, infrastructure, and cost data are available. No official completion date has been given.
2028–2029	Advanced-study stage	If a PEA is positive, the company could begin PFS-level drilling, engineering, permitting studies, environmental work, and more detailed metallurgy.
2029 onward	Financing and permitting stage	A successful project would require permits, water planning, detailed engineering, project financing, and potentially a strategic partner.
2030 onward	Earliest conceptual development window	Construction or production would only become realistic if prior studies, permitting, financing, and technical results are favourable. This is an analytical estimate, not company guidance.

The main point is that A2Gold is not a near-term producer. Even under a successful scenario, several major technical and regulatory stages remain before construction.Investors should focus first on resource quality, metallurgy, economics, and the selection of a clear flagship development path rather than assigning a precise production year today.

Valuation

Important Valuation Note

A2Gold cannot reasonably be valued using the same free-cash-flow method as a producer or PEA-stage developer.

The company currently has:

No mineral reserves.
No PEA.
No mine plan.
No annual production estimate.
No published AISC.
No development-capital estimate.
No official after-tax NPV or IRR.
No official projected free cash flow.

It would be misleading to invent an FCF forecast.

The following valuation is therefore a simplified resource-stage in-situ value-capture model. It estimates the gross metal value of known or historical resources and applies a small percentage to represent the amount the equity market might attribute to an exploration-stage asset after accounting for uncertainty, future capex, recovery, dilution, permitting, time, and technical risk.

This is not an official company valuation and should not be treated as precise fair value.

Asset Valuation Treatment

Project / Asset	Valuation Treatment
Eastside	Main resource-stage valuation using the current inferred gold and silver resource
Taylor silver	Discounted historical-resource optionality using the US$30/oz historical sensitivity envelope
Taylor gold	No quantified value because there is no current gold resource
Taylor antimony	No quantified value because there is no current antimony resource
Taylor deep CRD/porphyry potential	No quantified value
Blackrock	Included only indirectly in Eastside exploration optionality
Bolo	Fixed exploration-optionality value
Goldfield West	Fixed non-core optionality value

Valuation Assumptions

Metal Prices

Two high-metal-price scenarios are used:

Scenario	Gold Price	Silver Price
High-price scenario	US$6,000/oz	US$150/oz
Aggressive high-price scenario	US$7,000/oz	US$200/oz

Resource Inputs

Asset	Resource Input Used
Eastside gold	1.404Moz inferred
Eastside silver	8.70Moz inferred
Taylor silver	20.545Moz historical sensitivity envelope
Taylor gold	Excluded
Taylor antimony	Excluded

Value-Capture Assumptions

Valuation Case	Eastside Gross-Metal-Value Capture	Taylor Historical Silver Capture	Bolo and Goldfield Optionality
Conservative	1.0%	0.5%	US$5M
Base	2.0%	1.0%	US$10M
Aggressive	3.0%	1.5%	US$20M

Taylor receives a lower capture rate because its silver estimate is historical and requires verification.

Additional assumptions:

CAD/USD conversion: C$1.35 per US$1.00.
Pro-forma fully diluted shares: approximately 136.61 million.
No value is assigned to unquantified Taylor gold, antimony, copper, CRD, skarn, or porphyry potential.
No debt adjustment is applied.
No deduction is made for future exploration, study, construction, or financing expenditure.
No deduction is made for future share dilution.
No value is assigned to a potential strategic premium or takeover.

US$6,000 Gold / US$150 Silver Scenario

Eastside Gross In-Situ Metal Value

Step 1 — Gold Value

1.404Moz gold × US$6,000/oz
= US$8.424 billion

Step 2 — Silver Value

8.70Moz silver × US$150/oz
= US$1.305 billion

Step 3 — Total Eastside Gross Metal Value

US$8.424B + US$1.305B
= US$9.729 billion

Step 4 — Eastside Attributed Values

Case	Capture Rate	Eastside Attributed Value
Conservative	1.0%	US$97.29M
Base	2.0%	US$194.58M
Aggressive	3.0%	US$291.87M

Taylor Historical Silver Value

Step 1 — Gross Historical Silver Value

20.545Moz silver × US$150/oz
= US$3.082 billion

Step 2 — Taylor Attributed Values

Case	Capture Rate	Taylor Attributed Value
Conservative	0.5%	US$15.41M
Base	1.0%	US$30.82M
Aggressive	1.5%	US$46.23M

All-Projects Valuation at US$6,000 Gold / US$150 Silver

Case	Eastside Value	Taylor Value	Other Optionality	Total USD Value	Total CAD Value	Implied CAD Value per Share
Conservative	US$97.29M	US$15.41M	US$5.00M	US$117.70M	C$158.89M	C$1.16
Base	US$194.58M	US$30.82M	US$10.00M	US$235.40M	C$317.79M	C$2.33
Aggressive	US$291.87M	US$46.23M	US$20.00M	US$358.10M	C$483.43M	C$3.54

US$7,000 Gold / US$200 Silver Scenario

Eastside Gross In-Situ Metal Value

Step 1 — Gold Value

1.404Moz gold × US$7,000/oz
= US$9.828 billion

Step 2 — Silver Value

8.70Moz silver × US$200/oz
= US$1.740 billion

Step 3 — Total Eastside Gross Metal Value

US$9.828B + US$1.740B
= US$11.568 billion

Step 4 — Eastside Attributed Values

Case	Capture Rate	Eastside Attributed Value
Conservative	1.0%	US$115.68M
Base	2.0%	US$231.36M
Aggressive	3.0%	US$347.04M

Taylor Historical Silver Value

Step 1 — Gross Historical Silver Value

20.545Moz silver × US$200/oz
= US$4.109 billion

Step 2 — Taylor Attributed Values

Case	Capture Rate	Taylor Attributed Value
Conservative	0.5%	US$20.55M
Base	1.0%	US$41.09M
Aggressive	1.5%	US$61.64M

All-Projects Valuation at US$7,000 Gold / US$200 Silver

Case	Eastside Value	Taylor Value	Other Optionality	Total USD Value	Total CAD Value	Implied CAD Value per Share
Conservative	US$115.68M	US$20.55M	US$5.00M	US$141.23M	C$190.65M	C$1.40
Base	US$231.36M	US$41.09M	US$10.00M	US$282.45M	C$381.31M	C$2.79
Aggressive	US$347.04M	US$61.64M	US$20.00M	US$428.68M	C$578.71M	C$4.24

Valuation Interpretation

The model produces an indicative range of approximately:

C$1.16–C$3.54 per share under US$6,000 gold and US$150 silver.
C$1.40–C$4.24 per share under US$7,000 gold and US$200 silver.

The base analytical values are:

C$2.33 per share at US$6,000 gold and US$150 silver.
C$2.79 per share at US$7,000 gold and US$200 silver.

Summary & Quick Scorecard

Category	Points / Assessment	Overall
Company Overview	Stock ticker: TSXV: AUAU / OTCQX: AUXXF / FRA: RR7 Metals: Gold and silver, with antimony and possible copper exposure Projects: Eastside and Taylor Phase: Advanced exploration Country: United States, Nevada	—
1. Management	Previous successful project, discovery, mine build, or company sale: Yes Exploration to development experience: Yes Big Mining Company experience: Yes Markets track record: Yes	Strong
2. Projects	High grades: Mixed MREsize: Yes Optionality: Yes	Good
3. Cost Structure	Low AISC: Unknown Capex: Unknown Infrastructure: Positive, but insufficient to establish economics	Unknown
4. Share Structure Discipline	Pro-forma common shares: approximately 113.21M pro-forma Fully diluted shares: approximately 136.61M FD market cap at C$0.90: approximately C$122.9M	Strong
5. Insider / Ownership	Management and insiders: approximately 35%	Strong
6. Location	Country: United States, Nevada Tier 1 jurisdiction	Strong

RT Rating and Commentary

A2Gold Corp. is on our watchlist.

We would rate the company 5 out of 5 stars.

A2Gold has several qualities we look for in a junior mining company: a meaningful existing resource, large district-scale land positions, a strong Nevada-focused technical team, substantial management ownership, strategic participation from Kinross, good infrastructure, and a comparatively disciplined share structure.

The management and technical team is the strongest part of the story. Norm Pitcher brings mine-development and operating experience from Eldorado Gold. Andy Wallace brings a genuine Nevada discovery track record. John Marma brings detailed Nevada and Taylor experience from Hecla, Klondex, Newmont, and White Pine. Gabe Kassos adds resource-growth and brownfield experience. Peter Gianulis provides capital-markets and transaction expertise.

Eastside gives the company an established starting point of approximately 1.4Moz gold and 8.7Moz silver. This is large enough to be strategically relevant, but the current resource is still entirely inferred and low grade. A2Gold must demonstrate that the project can deliver scale, acceptable recoveries, manageable strip ratios, and reasonable capital intensity.

Taylor improves the optionality substantially. It adds a historical silver resource, stronger silver grades, near-surface gold targets, antimony potential, and deeper district-scale targets. The acquisition also creates a more diversified precious-metals story and gives the company several ways to create value.

A few drawbacks of A2Gold are like lack of economic evidence. There is currently no PEA, no reserve, no AISC, no capex estimate, no production profile, and no formal development timeline. Eastside’s average grade is low, and Taylor’s silver estimate remains historical. The company has geological potential, but it has not yet demonstrated that either core project can become a profitable mine.

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