• Drill hole GD-25-387 intersected 4.05 g/t Au over 6.13 meters, including 5.36 g/t Au over 4.15 meters from a zone containing substantial quartz-sulphide mineralization corresponding to the Bonanza Zone that remains open. The intercepts are approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received); see image below.
  • Drill hole GD-25-385 intersected 6.59 g/t Au over 4 meters, including 8.4 g/t Au over 3.13 meters from a series of quartz-sulphide veins and breccias belonging to the Surebet Zone that remains open. The intercepts are approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
  • Drill hole GD-25-398 intersected two gold rich veins corresponding to the Bonanza Zone that remains open. The first interval assayed 5.41 g/t Au over 4.64 meters within 3.73 g/t Au over 6.77 meters and the second interval assayed 2.68 g/t Au over 3.00 meters. These intercepts are approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
  • Drill hole GD-25-378 intersected two gold rich veins. The first assayed 4.83 g/t Au over 4.54 meters, including 6.28 g/t Au over 3.44 meters part of the Bonanza Zone that remains open where multiple occurrences of VG-NE were observed. The second interval was in the Surebet Zone that remains open that assayed 2.49 g/t Au over 9.12 meters. The intercepts are approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
  • Drill hole GD-25-410 intersected 4.18 g/t Au over 5.14 meters, including 5.28 g/t Au over 4.06 meters in an interval of strong quartz-sulphide mineralization containing multiple occurrences of VG-NE located in the eastern most part of the system which extends the Bonanza Zone to 1.25 km and remains open. The intercepts are approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
  • Drill hole GD-25-356 intersected part of the Bonanza Zone that remains open where multiple occurrences of VG-NE have been observed in an interval that assayed 4.98 g/t over 3.87 meters. The intercepts are approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
  • Drill hole GD-25-376 intersected 4.32 g/t Au over 4.2 meters, including 5.47 g/t Au over 3.2 meters corresponding to the Surebet Zone that remains open where multiple occurrences of VG-NE were observed, as well as 3.55 g/t Au over 3.93 meters corresponding to the Bonanza Zone that remains open. The intercepts are approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
  • High-grade gold has been identified in three distinct rock packages discovered to date at the Surebet Discovery. This includes the gently dipping gold-rich stacked quartz-sulphide breccias/stockwork veins; the gold-rich intermediate to felsic Eocene-aged Reduced Intrusive Related Gold (RIRG) dykes; and the recently discovered broad gold-rich zones of calc-silicate altered breccia. All mineralized rock types contain substantial amounts of VG-NE (from fine-grained to coarse-grained gold) and remain open for expansion. This confirms the presence of a Motherlode magmatic source at depth, a causative intrusion responsible for the extensive 1.8 km2 high-grade gold system at Surebet.
  • The recently completed 2025 drill campaign significantly exceeded the initial plans of 40,000 meters for a total of 64,364 meters of systematic drilling with 9 drill rigs. 100% of the drilling was focused on the Surebet Discovery, where the Company designed a detailed campaign that tested for the Motherlode intrusive gold source, the mineralized RIRG Eocene-aged dykes, infill drilling within the known stacked veins, as well as expanding the known mineralized veins laterally and to depth.
  • 100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization. VG-NE was observed in 83 drill holes out of 110 (or 76%) completed in 2025. 92% of the holes (355 out of 386) drilled to date at the Surebet Discovery contain VG-NE (see heat map below).
  • The Surebet Discovery has widespread drill holes representing more than 600 pierce points over an area of 1.8 km2 within 12 gold-mineralized veins, returning high metal values showing it has the potential to become one of the most significant gold discoveries in British Columbia’s Golden Triangle in many years.

TORONTO, Dec. 02, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce 10 additional assay results from its 2025 drill program where drill hole GD-25-383 intersected 7.28 g/t Au over 8.00 meters, within 5.85 g/t Au over 10.00 meters in Eocene-aged granitoid dyke. The same interval also includes 9.20 g/t over 5.92 meters as well as 12.75 g/t Au over 4.02 meters, containing multiple occurrences of VG-NE that remains open at the Surebet Discovery on its 100% controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia. Assays are still pending for 70 holes from this year’s exploration campaign, of which 55 (representing 79% of the pending holes) contain up to 12 occurrences of VG-NE; see images above and table below.

The high-grade gold-mineralization seen in the Bonanza Zone has been expanded by drilling to 1.25 km along its east-west orientation that remains open for expansion, and also to the northwest where Bonanza extends for 580 meters and remains open for expansion. Continuity of strong gold mineralization has also been confirmed by drilling in the higher up Surebet Zone that extends for 1.2 km in a southwest-northeast direction and remains open for expansion. The continuity, widths and grades demonstrated by drilling in multiple lodes shows this extensive 1.8 km2 gold system continues to demonstrate strong potential to become one of the most significant gold discoveries in British Columbia’s Golden Triangle in many years. The strong results received to date vector to targets that remain open with excellent expansion potential.

The strong gold-mineralization in the Bonanza Zone has been expanded in the third dimension to 1.25 km along its east-west orientation, while the northwest extent of 580 meters has been confirmed with additional drill holes in the third dimension and remains open, the series of stacked veins (at the Bonanza Zone and Surebet Zone) has a vertical relief of 800 meters and contains widespread VG-NE. Continuity of strong gold mineralization has been confirmed in the Surebet Zone that extends for 1.2 km in a southwest-northeast direction and remains open. The continued extent, continuity and grade of mineralization in the Surebet System shows it has the potential to become one of the most significant gold discoveries in British Columbia’s Golden Triangle in many years, providing for strong expansion potential in 2026. Remaining drill results from the 2025 drill season have the potential to provide desirable widths, grades and continuity observed thus far.

100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization as well as 83 of the 110 drill holes (or 76%) from 2025 contain gold visible to the naked eye (VG-NE) clearly demonstrating the discovery potential remaining on the property.

Dr. Quinton Hennigh, Geologic & Technical Advisor to Crescat Capital, a strategic investor in Goliath, states: “With every newly reported gold intercept, the picture that is emerging at Goliath’s Surebet project is continually being enhanced with respect to both consistency and scale of this remarkable quartz-sulfide lode system. Over and over, we are seeing strong gold grades across stout lode thickness, commonly exceeding 4 meters true width. This bodes well for potentially employing bulk, cost effective mining techniques. Also important, given that the Surebet gold system is comprised of a network of stacked quartz-sulfide lodes, tonnages can build up quickly with these sorts of lode thicknesses. Updated models of the Surebet lode network such as those presented in this news release illustrate this potential quite well. The 2025 drill program continues to strengthen the Surebet story in every respect.”

Mr. Roger Rosmus, Founder & CEO of Goliath states: ““The Surebet discovery is rapidly emerging as a high-grade gold system in the Golden Triangle. As can be seen by the widespread VG-NE over a vast area, contained within a series of stacked, gently dipping veins that remain open and are expanding with every drill hole. One series of stacked veins in the Surebet Zone dip in the southwest direction, while the series of stacked veins at the Bonanza Zone dip in the southeast direction. Which opens up the possibility that they are coming from two separate sources approximately 4,000 metres, or more, apart. Additionally, the vertical RIRG Eocene-aged dykes could be coming off a large magma chamber underlying the entire gold mineralizing system. In future drilling we need to continue following the Surebet Zone stacked veins to the southwest and the Bonanza Zone to the southeast, plus explore deeper for the magmatic source to determine if there are more than one source or one common source. What we have discovered through drilling, so far, is located within a mountain and as we follow the high-grade gold system deeper we can drill from the valley floor to drill for the source of the stacked gently dipping veins and vertical RIRG Eocene-aged dykes. Another exciting element is that at the top of the mountain the VG-NE is fine-grained and sporadic, it then quickly transitions into abundant fine-grained VG-NE, then deeper transitions into coarse-grained and abundant VG-NE. Which helps us to follow the system deeper for the source to assess the abundance of coarse-grained VG-NE. More work is needed to expand toward the limits of the various zones, but our team couldn’t be more enthusiastic with what we have found which is emerging as a rare high-grade gold discovery. Once we have all the assays from this year’s campaign, we will continue to update our 3D models along with advanced analysis at the Colorado School of Mines. We believe the Surebet discovery continues to demonstrate it’s quickly becoming one of the most significant high-grade gold discoveries in British Columbia’s Golden Triangle in many years.”

Drill hole GD-25-383 intersected 7.28 g/t Au over 8.00 meters, within 5.85 g/t Au over 10.00 meters. The same interval also includes 9.20 g/t over 5.92 meters as well as 12.75 g/t Au over 4.02 meters, containing multiple occurrences of VG-NE within an Eocene-aged Reduced Intrusion Related Gold (RIRG) dyke that remains open. Drill hole GD-25-311 intersected multiple gold-rich veins, including 15.13 g/t Au over 3 meters from a section of quartz-sulphide veining with multiple occurrences of VG-NE corresponding to the Bonanza Zone that remains open, as well as 2.6 g/t Au over 4.01 meters corresponding to the Surebet Zone that remains open. Drill hole GD-25-370 intersected the Bonanza Zone that remains open in an interval that assayed 5.66 g/t Au over 5.05 meters, including 9.24 g/t Au over 3.05 meters from a zone of strong quartz sulphide veining and breccia with numerous occurrences of VG-NE. Drill hole GD-25-387 intersected 4.05 g/t Au over 6.13 meters, including 5.36 g/t Au over 4.15 meters from a zone containing substantial quartz-sulphide mineralization corresponding to the Bonanza Zone that remains open. Drill hole GD-25-385 intersected 6.59 g/t Au over 4 meters, including 8.4 g/t Au over 3.13 meters from a series of quartz-sulphide veins and breccias belonging to the Surebet Zone that remains open. Drill hole GD-25-398 intersected mineralization corresponding to the Bonanza Zone that remains open in an interval that assayed 5.41 g/t Au over 4.64 meters within 3.73 g/t Au over 6.77 meters. An additional interval of Bonanza Zone mineralization assayed 2.68 g/t Au over 3.00 meters. Drill hole GD-25-378 intersected 4.83 g/t Au over 4.54 meters, including 6.28 g/t Au over 3.44 meters part of the Bonanza Zone that remains open where multiple occurrences of VG-NE were noted. Additionally, gold mineralization was also intercepted in an interval of the Surebet Zone that remains open and assayed 2.49 g/t Au over 9.12 meters. Drill hole GD-25-410 intersected 4.18 g/t Au over 5.14 meters, including 5.28 g/t Au over 4.06 meters in an interval of strong quartz-sulphide mineralization containing multiple occurrences of VG-NE located in the easternmost part of the system which extends the Bonanza Zone to 1.25 km and remains open. Drill hole GD-25-356 intersected part of the Bonanza Zone that remains open where multiple occurrences of VG-NE have been observed in an interval that assayed 4.98 g/t over 3.87 meters. Drill hole GD-25-376 intersected 4.32 g/t Au over 4.2 meters including 5.47 g/t Au over 3.2 meters corresponding to the Surebet Zone that remains open where multiple occurrences of VG-NE were observed, as well as 3.55 g/t Au over 3.93 meters corresponding to the Bonanza Zone that remains open.

All intercepts are approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received). The gold grades, coupled with VG-NE within substantial quartz-sulphide veins, stockworks, and breccias, which are mineralized with sphalerite, pyrrhotite, and chalcopyrite, highlight the potential for further expansion.

Table 1: Collar information for VG-NE drill holes reported in this news release.

Hole ID CRS Easting Northing Elevation (m) Azimuth Dip Length (m) Number of VG-NE occurrences
GD-25-102 NAD83 UTM 9N 457699 6162437 1133 230 65 214 5
GD-25-244 NAD83 UTM 9N 457381 6162945 1623 165 80 745 1
GD-25-254 NAD83 UTM 9N 457256 6162711 1474 110 74 828 2
GD-25-267 NAD83 UTM 9N 457938 6162554 1137 195 60 450 1
GD-25-301 NAD83 UTM 9N 457445 6162773 1513 168 58 702 2
GD-25-303 NAD83 UTM 9N 457364 6162754 1508 157 61 676 5
GD-25-305 NAD83 UTM 9N 457447 6162774 1513 155 54 687 2
GD-25-306 NAD83 UTM 9N 457214 6162332 1220 342 58.5 346 4
GD-25-308 NAD83 UTM 9N 457364 6162756 1509 160 67 705 4
GD-25-310 NAD83 UTM 9N 457214 6162332 1219 28 62 509 1
GD-25-312 NAD83 UTM 9N 457365 6162756 1509 150 71 681 5
GD-25-315 NAD83 UTM 9N 457218 6162331 1219 63 63 486 1
GD-25-316 NAD83 UTM 9N 456927 6163020 1651 150 76 723 5
GD-25-319 NAD83 UTM 9N 457365 6162754 1505 141 62 629 3
GD-25-322 NAD83 UTM 9N 457214 6162332 1219 250 70 594 2
GD-25-323 NAD83 UTM 9N 456927 6163020 1652 90 80 620 5
GD-25-325 NAD83 UTM 9N 457365 6162755 1509 128 88 669 3
GD-25-326 NAD83 UTM 9N 457236 6162867 1586 23 80 734 2
GD-25-327 NAD83 UTM 9N 457016 6162593 1388 5 65 459 1
GD-25-329 NAD83 UTM 9N 457444 6162778 1515 330 80 685 1
GD-25-330 NAD83 UTM 9N 457326 6162856 1582 206 73 681 1
GD-25-331 NAD83 UTM 9N 457815 6162506 1144 194 83 360 2
GD-25-333 NAD83 UTM 9N 457365 6162757 1509 127 71 798 4
GD-25-335 NAD83 UTM 9N 457015 6162587 1387 180 60 498 3
GD-25-336 NAD83 UTM 9N 456710 6162961 1639 315 75 606 1
GD-25-339 NAD83 UTM 9N 457236 6162865 1586 120 70 792 3
GD-25-341 NAD83 UTM 9N 456927 6163020 1652 310 75 615 1
GD-25-342 NAD83 UTM 9N 457815 6162511 1146 335.5 70 350 2
GD-25-344 NAD83 UTM 9N 457319 6162857 1585 265 77 705 1
GD-25-348 NAD83 UTM 9N 457413 6163252 1733 115 65 1001 1
GD-25-349 NAD83 UTM 9N 457817 6162512 1145 50 65 756 2
GD-25-351 NAD83 UTM 9N 457235 6162738 1489 170 57 723 4
GD-25-352 NAD83 UTM 9N 457038 6162952 1604 42 76 847 3
GD-25-357 NAD83 UTM 9N 456865 6162628 1451 135 65 525 1
GD-25-361 NAD83 UTM 9N 457191 6163128 1712 160 85 699 2
GD-25-363 NAD83 UTM 9N 457411 6163251 1733 175 68 901 1
GD-25-366 NAD83 UTM 9N 457399 6162901 1606 210.5 69 705 5
GD-25-367 NAD83 UTM 9N 457235 6162864 1585 213 74 651 11
GD-25-368 NAD83 UTM 9N 457485 6163165 1706 250 77 690 2
GD-25-369 NAD83 UTM 9N 457319 6162859 1585 310 85 738 1
GD-25-371 NAD83 UTM 9N 457190 6163130 1712 40 86 681 1
GD-25-375 NAD83 UTM 9N 457486 6163164 1706 250 85 747 1
GD-25-379 NAD83 UTM 9N 457189 6163129 1712 268 85 614 1
GD-25-381 NAD83 UTM 9N 457511 6163074 1660 115 65.9 360 1
GD-25-382 NAD83 UTM 9N 457591 6162372 1119 215 45 160 1
GD-25-386 NAD83 UTM 9N 457512 6163073 1660 129 56 459 3
GD-25-389 NAD83 UTM 9N 457849 6162680 1209 170 70 483 1
GD-25-392 NAD83 UTM 9N 457757 6162595 1200 280 55 423 1
GD-25-393 NAD83 UTM 9N 457322 6162859 1585 5 68 702 2
GD-25-395 NAD83 UTM 9N 457402 6162902 1606 105 65 801 1
GD-25-400 NAD83 UTM 9N 457598 6162374 1119 147 83 309 2
GD-25-401 NAD83 UTM 9N 457881 6162620 1179 210 80 600 1
GD-25-403 NAD83 UTM 9N 457467 6163017 1633 147 83 600 3
GD-25-405 NAD83 UTM 9N 457763 6162595 1200 82 74.5 312 5
GD-25-407 NAD83 UTM 9N 457399 6162904 1608 350 82 395 2
                 

Table 2: Assay highlights from 2025 drill holes reported in this news release.

Hole ID   From (m) To (m) Interval (m) Au (g/t)
GD-25-383 Interval 417.00 432.00 15.00 4.05
including 417.00 427.00 10.00 5.85
including 417.00 425.00 8.00 7.28
including 418.10 424.02 5.92 9.20
including 420.00 424.02 4.02 12.75
GD-25-311 Interval 277.97 282.00 4.03 2.83
including 277.97 281.02 3.05 3.15
including 361.09 365.10 4.01 2.60
Interval 580.00 583.00 3.00 15.13
GD-25-370 Interval 313.00 316.00 3.00 4.94
Interval 319.00 324.05 5.05 5.66
including 321.00 324.05 3.05 9.24
Interval 445.00 449.00 4.00 2.04
GD-25-387 Interval 76.00 85.20 9.20 2.91
including 77.02 84.32 7.30 3.66
including 77.02 83.15 6.13 4.05
including 79.00 83.15 4.15 5.36
including 80.00 83.15 3.15 6.36
GD-25-385 Interval 138.00 141.00 3.00 3.59
Interval 257.00 261.00 4.00 6.59
including 257.00 260.13 3.13 8.40
GD-25-398 Interval 73.30 80.07 6.77 3.73
including 74.39 79.03 4.64 5.41
Interval 132.00 135.00 3.00 2.68
GD-25-378 Interval 583.95 593.07 9.12 2.49
including 587.56 592.10 4.54 4.83
including 587.56 591.00 3.44 6.28
GD-25-410 Interval 183.32 188.46 5.14 4.18
including 183.32 187.38 4.06 5.28
GD-25-356 Interval 522.13 526.00 3.87 4.98
GD-25-376 Interval 388.00 391.93 3.93 3.55
Interval 252.05 258.00 5.95 3.06
Including 252.80 257.00 4.20 4.32
Including 252.80 256.00 3.20 5.47
           

High-grade gold mineralization has been confirmed in three distinct rock packages at the Surebet Discovery, which include: gently dipping gold-rich mineralized stacked quartz-sulphide breccias/stock work veins; gold-rich intermediate to felsic Eocene-aged RIRG dykes that crosscut the veins; and the broad zones of calc-silicate altered breccia. All three rock packages contain substantial amounts of VG-NE (from fine-grained to coarse-grained gold) and remain open. Which strongly indicates the presence of a Motherlode magmatic causative source at depth responsible for the widespread high-grade gold mineralization at the Surebet Discovery.

Table 3: Collar information for drill holes reported in this news release.

Hole ID CRS Northing (m) Easting (m) Elevation (m) Azimuth (deg) Dip (deg) Length (m)
GD-25-410 NAD83 / UTM zone 9N 6162659 457976 1174 23 66 216
GD-25-398 NAD83 / UTM zone 9N 6162373 457596 1119 140 50 273
GD-25-387 NAD83 / UTM zone 9N 6162372 457594 1119 190 70 408
GD-25-385 NAD83 / UTM zone 9N 6163163 457488 1705 140 70 504
GD-25-383 NAD83 / UTM zone 9N 6162902 457401 1607 147 66 828
GD-25-378 NAD83 / UTM zone 9N 6163019 457465 1634 260 85 603
GD-25-376 NAD83 / UTM zone 9N 6162864 457235 1585 217 81 640
GD-25-370 NAD83 / UTM zone 9N 6162741 457231 1488 275 65 477
GD-25-356 NAD83 / UTM zone 9N 6162865 457235 1586 181 71 643
GD-25-311 NAD83 / UTM zone 9N 6162775 457446 1514 143 65 810
               

The 2025 drill consisted of 64,364 meters of systematic drilling with 9 drill rigs. The campaign was aimed at expanding the geometry of the Surebet Discovery laterally and to depth. 100% of the drilling was focused on the Surebet Discovery. The Company designed a detailed drill plan that consisted of: testing for the Motherlode Magmatic intrusive gold source; testing an additional 13 Eocene-aged dykes observed on the surface that had never been drill tested for RIRG mineralization; infill drilling with the goal of increasing pierce points density in all known stacked veins. With a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain; testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones (as they are key locations where there are two styles of gold mineralization enriching the zones) and expanding the known mineralized veins laterally and to depth where they currently remain open.

Surebet Discovery Highlights

  • 83 out of 110 holes (or 76%) drilled in 2025 contain VG-NE and 100% of drill holes have intersected substantial quartz-sulphide mineralization. Assays are still pending for 70 holes from this year’s exploration campaign, of which 55 (representing 79% of the total pending) contain up to 12 occurrences of visible gold to the naked eye VG-NE. See news releases dated: November 17, 2025, October 27, 2025, September 22, 2025, September 8, 2025, August 26, 2025, and July 28, 2025.
  • 60 out of 64 holes (or 94%) drilled in 2024 contain VG-NE up to 11.5 mm (7/16 inches) in size, all of which returned high-grade gold.
  • 92% of the holes (355 out of 386) drilled to date at Surebet contain VG-NE (see heat map above).
  • The best hole drilled to date is GD-24-260 previously reported from the Bonanza Zone assayed 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters (see news release dated January 13, 2025). More details on the QA/QC protocol can be found in the section titled “QA/QC Protocol” below.
  • The best hole drilled to date from the RIRG Eocene-aged dykes is GD-22-58 that assayed 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters, plus a second separate interval down hole of 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters (see news release dated March 13, 2025). ). More details on the QA/QC protocol can be found in the section titled “QA/QC Protocol” below.
  • The best hole drilled to date from the calc-silicate altered breccia is drill hole GD-25-337, which intersected 10.60 g/t Au over 22.82 meters, including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received). More details on the QA/QC protocol can be found in the section titled “QA/QC Protocol” below.
  • Multiple gently dipping gold-mineralized stacked veins have been identified every year on the Surebet high-grade gold discovery. Recent discoveries include RIRG Eocene-aged dykes, Goldilocks Zones where the veins and vertical RIRG dykes crosscut (which are characterized by having high-grade gold in two temperature regimes) and recently discovered high-grade gold in a third distinct rock package, which increases potential tonnage and gold content of the high-grade gold system at the Surebet Discovery.
  • A total of 12 stacked gently dipping high-grade gold veins extend for 1.2 kilometers at the Surebet discovery, have been enhanced by four high-grade RIRG Eocene-aged dykes that are up to 25 meters wide and exposed along strike at surface for up to 1,500 meters have been discovered and modelled to date (see news release dated June 23, 2025).
  • The footprint of the mineralization discovered to date at Surebet is 1.8 km2 and remains open in all directions.
  • Thanks to the mountainous topography, mineralization in the veins is exposed on the surface for 2.1 km of strike (1.0 km on the south slope and 1.1 km on the north slope) with a vertical relief of 700 meters.
  • A study completed by the Colorado School of Mines confirms a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and outlines a common magmatic source for the high-grade gold system, now in three distinct rock packages. Which gives the Surebet untapped discovery potential to increase tonnage and gold content in the various known rock packages. Until this study, researchers and explorers in the Golden Triangle had not recognized the high-grade gold discovery potential in the Eocene-aged RIRG dykes (see news release March 13, 2025), which is showing the potential that these discoveries could be a geological breakthrough in the Golden Triangle of British Columbia.
  • Goliath has drilled over 156,000 meters with over 600 pierce points in the Surebet Discovery located at the Golddigger property between 2021 and 2025.
  • The Surebet Discovery has predictable continuity and good metallurgy with gold recoveries of 92.2% from gravity and flotation at a 327-micrometer crush including 48.8% free gold recovery from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows a benign rock composition without deleterious elements (see news release March 1, 2023).
  • Based on positive grassroots exploration and drill results in recent years, Goliath significantly increased its land package from 66,608 hectares to 91,518 hectares (226,146 acres) and now controls 56 kilometers of key terrain of the Red Line geologic trend providing for additional discovery potential.
  • The Golddigger Property is located on tidewater with a barge route to Prince Rupert (190 km south) and close to infrastructure including the town of Kitsault adjacent to a permitted mine site on private property.

About Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada’s greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has predictable continuity and good metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present (see news release dated March 1, 2023).

The Property is in a well positioned location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport.

About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)

Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is an Independent Director of the Company.

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath recently completed its largest fully funded drill campaign to date for a total of 64,364 meters in 2025 and is fully funded for a large (40k – 50k meter) drill program in 2026. The Company’s key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Mr. Rob McEwen, Mr. Eric Sprott and Mr. Larry Childress.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

QA/QC Protocol & Disclaimer

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain VG-NE or high-grade sulphide mineralization.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where ‘xx’ denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Nutrien Ltd. NTR is gaining from healthy demand for crop nutrients, its actions to reduce costs and strategic acquisitions. Higher fertilizer prices are providing further support. However, exposure to volatile input costs and supply tightness could pressure margins.The NTR stock has gained 21.8% over the past year, compared with the Zacks Fertilizers industry’s 4.2% rise.  

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Let’s find out why NTR stock is worth retaining at the moment.

Healthy Demand, Acquisitions & Cost Cuts Aid NTR Stock

Nutrien is well-placed to benefit from higher demand for fertilizers, backed by the strength in global agriculture markets. It is seeing healthy fertilizer demand in its major markets. Tight inventories are expected to support crop commodity prices in 2025. Strong demand and supply tightness have also led to an uptick in fertilizer prices this year. Favorable farmer economics, improved affordability and low inventory levels are expected to drive potash demand globally. The phosphate market is also supported by low producer and channel inventories. Restricted exports from China have also led to supply tightness in this market. Demand for nitrogen fertilizer also remains healthy in major markets. Global nitrogen requirement is driven by demand in North America, India and Brazil. A resurgence in industrial nitrogen demand also bodes well. The company expects record crop production prospects in the United States and sees strong demand for crop inputs. NTR saw record potash sales volumes in the first nine months of 2025, driven by favorable potash affordability and robust consumption in North America and major offshore markets. Third-quarter volumes also rose due to strong demand in North America and offshore. NTR has raised potash sales volume guidance for 2025 to 14-14.5 million tons, driven by anticipated higher global demand.NTR should also gain from acquisitions and increased adoption of its digital platform. It continues to expand its footprint in Brazil through acquisitions. It is expected to continue pursuing targeted opportunities in its core markets. The company expects to utilize part of its free cash flow for incremental growth investments, including tuck-in acquisitions in the retail business in 2025.Cost and operational efficiency initiatives are also expected to aid the company’s performance. NTR remains focused on lowering the cost of production in the potash business. It has announced several strategic actions to reduce its controllable costs and boost free cash flow. NTR has accelerated operational efficiency and cost savings initiatives, and anticipates achieving around $200 million of total savings in 2025. The company is ahead of schedule on this cost-reduction goal.

Nutrien Exposed to Input Cost Volatility  

Nutrien uses sulfur and natural gas as key inputs. Supply disruptions from Russia amid the war with Ukraine contributed to the rise in natural gas prices. Plant shutdowns and maintenance also resulted in a tight supply of these inputs, which, coupled with strong demand, pushed up their prices. The company saw higher sulfur input costs and natural gas prices in the third quarter, leading to a higher cost of goods sold per ton in phosphate and nitrogen businesses, respectively. The company remains exposed to a volatile input cost environment amid supply tightness.

NTR’s Zacks Rank & Other Key Picks

NTR currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the Basic Materials space are Kinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Harmony Gold Mining Company Limited HMY. At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and HMY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Kinross Gold’s current-year earnings is pegged at $1.65 per share, indicating a year-over-year rise of 142.7%. KGC’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.4%. The Zacks Consensus Estimate for FSM’s current fiscal-year earnings stands at 83 cents per share, reflecting an 80.4% year-over-year increase. FSM’s shares have surged 123% in the past year.The Zacks Consensus Estimate for HMY’s fiscal 2026 earnings is pegged at $2.68 per share, indicating a rise of 111% from the year-ago levels. HMY’s shares have rallied roughly 120% in the past year.

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Kinross Gold Corporation (KGC) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Fortuna Mining Corp. (FSM) : Free Stock Analysis Report

Nutrien Ltd. (NTR) : Free Stock Analysis Report

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BASF SE BASFY recently announced that it will offer licensing of its state-of-the-art polytetrahydrofuran (PolyTHF) 1800 production technology to clients and partners. BASF, being one of the leaders in the development of this technology, has three PolyTHF production assets globally. They are located in Caojing, China; Ludwigshafen, Germany; and Geismar, the United States.

The licensing aims to create significant value, not just for the company, but for its clients and partners too. The attractive proposition gives them access to innovation and R&D at lower costs and shortens delivery time.

BASFY’s proprietary PolyTHF technology is widely used in a range of textiles, including swimwear, sportswear, underwear, shirts and stretch jeans for its elastic spandex and elastane fibers.

The licensing will strengthen the company’s ties with its long-standing partners by unlocking value for them. Given the usefulness of the proprietary technology, the partners and BASFY will be able to nurture innovation and reshape the textile market.

The company’s shares have gained 19.5% over the past year against the industry’s 22.9% decline.

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BASFY’s Zacks Rank & Key Picks

BASFY currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Kinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Harmony Gold Mining Company Limited HMY. At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and HMY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.63 per share, indicating a rise of 139.71%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.37%. KGC’s shares have risen 184.8% in the past year.

The Zacks Consensus Estimate for FSM’s current fiscal-year earnings stands at 83 cents per share.Its shares have surged 104.2% in the past year.

The Zacks Consensus Estimate for HMY’s 2026 earnings is pegged at $2.66 per share, indicating a rise of 112% from year-ago levels. HMY’s shares have gained 109.9% in the past year.

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Kinross Gold Corporation (KGC) : Free Stock Analysis Report

BASF SE (BASFY) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Fortuna Mining Corp. (FSM) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Barrick Mining Corporation B successfully completed its divestiture of the Hemlo Gold Mine in Canada to Carcetti Capital Corp. The consideration totaled $1.09 billion, including $875 million in cash, $50 million in HMC shares and a production and tiered gold price-linked cash payment structure of up to $165 million. While the cash and shares were received on closing, the structured payment arrangement will begin in January 2027 for a five-year term.

On the recent completion of the divestiture of the Alturas Project in Chile to Boroo Pte. Ltd, the company received an upfront cash payment of $50 million. Barrick has also been granted 0.5% net smelter return royalty on gold and silver produced from the Project as a part of the transaction. It will terminate once 2 million ounces of gold and gold-equivalent have been produced, with Boroo having the option to repurchase the royalty within four years from closing for $10 million.

In line with the expectations, the Hemlo deal was concluded within the fourth quarter of 2025. The proceeds from the divestitures will now be beneficial in strengthening the balance sheet and returning capital to its shareholders.

Hemlo, which produced 143,000 ounces of gold last year, was Barrick’s last operating mine in Canada, a key region for Barrick. With the closure of its operations with Hemlo, Barrick plans to unlock upcoming opportunities in the region through a number of early-stage projects and exploration targets. The divestment enables Barrick to access opportunities and operate world-class gold and copper mines in the country.

B’s shares have gained 138.5% over the past year against the industry’s 110% rise.

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B’s Zacks Rank & Key Picks

Barrick currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space areKinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Harmony Gold Mining Company Limited HMY. At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and HMY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.63 per share, indicating a rise of 139.71%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.37%. KGC’s shares have risen 182.1% in the past year.

The Zacks Consensus Estimate for FSM’s current fiscal-year earnings stands at 83 cents per share.Its shares have surged 102.9% in the past year.

The Zacks Consensus Estimate for HMY’s 2026 earnings is pegged at $2.66 per share, indicating a rise of 109.45% from year-ago levels. HMY’s shares have gained 109.9% in the past year.

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Kinross Gold Corporation (KGC) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Barrick Mining Corporation (B) : Free Stock Analysis Report

Fortuna Mining Corp. (FSM) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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BASF SE BASFY recently announced the scale-up in India with its Ultradur specialty grades, like flame-retardant and hydrolysis-resistant, now available in the country. This underlined BASFY’s commitment to delivering high-performing engineered plastics globally, tailored needs according to each local market.

The action was in response to higher demands and further enabled faster deliveries, improved supply reliability and greater flexibility for customers across India. The localized supply of Ultradur is aimed at serving Indian customers in a swift manner with a higher focus on innovation and industrial growth. Ultradur’s exceptional performance pairs dimensional stability with mechanical strength, making it suitable for precision components.

The flame retardancy and durability are enhanced with rigidity, resistance to heat, chemicals and weathering. Its low moisture absorption and ease of processing also make Ultradur a preferred material for electric vehicles, connectors, electronics and industrial applications.

BASFY’s shares have gained 19.2% over the past year against the industry’s 25.5% decline.

Zacks Investment Research

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BASFY’s Zacks Rank & Key Picks

BASFY currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Kinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Harmony Gold Mining Company Limited HMY. At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and HMY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.63 per share, indicating a rise of 139.71%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.37%. KGC’s shares have risen 162.7% in the past year.

The Zacks Consensus Estimate for FSM’s current fiscal-year earnings stands at 83 cents per share.Its shares have surged 87.4% in the past year.

The Zacks Consensus Estimate for HMY’s 2026 earnings is pegged at $2.66 per share, indicating a rise of 109.45% from year-ago levels. HMY’s shares have gained 93.6% in the past year.

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Kinross Gold Corporation (KGC) : Free Stock Analysis Report

BASF SE (BASFY) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Fortuna Mining Corp. (FSM) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Stepan Company SCL recently announced the completion of the sale of its subsidiary Stepan Philippines Quaternaries, Inc. (“SPQI”), manufacturing assets located in Bauan, Batangas, Philippines. The assets were sold to Masurf, Inc., a subsidiary of Musim Mas Holdings Pte. Ltd.

The transaction was arranged in line with SPQI’s previously announced Asset Transfer Agreement that outlined its commitment to strategic priorities. The closing also entails SPQI entering into a tolling agreement with Masurf for the continued service of SPQI customers in Southeast Asia.

The closing of the transaction enables Stepan to sharpen the focus on core operations, positioning it for higher success in the future. The new tolling transaction will complement its existing global manufacturing network by ensuring uninterrupted service and growth opportunities for customers in Southeast Asia.

Although the terms of the transaction have not been out, the company expressed its confidence in SPQI’s thriving performance under Masurf’s stewardship and through the dedicated contributions of the Philippines team.

SCL’s shares have plunged 40.7% over the past year compared with the industry’s 25.5% decline.

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SCL’s Zacks Rank & Key Picks

SCL currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space areKinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Harmony Gold Mining Company Limited HMY. At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and HMY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.63 per share, indicating a rise of 139.71%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.37%. KGC’s shares have risen 162.7% in the past year.

The Zacks Consensus Estimate for FSM’s current fiscal-year earnings stands at 83 cents per share.Its shares have surged 87.4% in the past year.

The Zacks Consensus Estimate for HMY’s 2026 earnings is pegged at $2.66 per share, indicating a rise of 109.45% from year-ago levels. HMY’s shares have gained 93.6% in the past year.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Fortuna Mining Corp. (FSM) : Free Stock Analysis Report

Stepan Company (SCL) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Lupaka Gold Corp. (LPK.V) on Thursday said although the company fully expects the Republic of Peru to honour their obligations under the ICSID Convention and pay an recently issued award, it is taking immediate steps to collect the award proceeds.

In this regard, Lupaka in a statement said it has engaged an investigative agency to "identify worldwide assets of the Republic of Peru as potential targets for seizure".

Lupaka added: "Once the identification process is complete, and if the award payment has not yet been received, the company will pursue seizure of said assets through proceedings in the most appropriate jurisdictions utilizing the ICSID Award until such time as the full amount of the award and attendant costs are realized."

CEO Gordon Ellis said the company is hopeful that Peru will pay the amounts it owes shortly, adding it has the full support of Benchwalk, its funding partner.

In a background summary, the company noted it initiated an arbitration claim against the Republic of Peru in late 2019. The arbitration process was conducted through the International Centre for Settlement of Investment Disputes (ICSID) and continued until the ICSID Tribunal issued an Award in favour of the company on June 30, 2025.

Subsequent to the award date, Lupaka noted Peru had 120 days in which to challenge the award via a request for an annulment. The 120-day period passed on October 28, 2025, with no annulment being requested. Having no further recourse, the Republic of Peru must pay the award amounts, Thursday's statement said.

As of October 31, 2025, the amount payable was approximately US$67 million, which will continue to grow at an ICSID designated, compounded interest rate of UST plus 5% (which presently equates to near 9%), Lupaka added.

VANCOUVER, British Columbia, Nov. 20, 2025 (GLOBE NEWSWIRE) — Lupaka Gold Corp. ("Lupaka" or the “Company") (TSX-V: LPK, FRA: LQP) advises that although the Company fully expects the Republic of Peru to honour their obligations under the ICSID Convention and pay the recently issued Award, the Company is taking immediate steps to collect the Award proceeds.

In this regard, the Company has engaged an investigative agency to identify worldwide assets of the Republic of Peru as potential targets for seizure. Once the identification process is complete, and if the Award payment has not yet been received, the Company will pursue seizure of said assets through proceedings in the most appropriate jurisdictions utilizing the ICSID Award until such time as the full amount of the Award and attendant costs are realized.

Gordon Ellis (CEO) commented “While we are hopeful that Peru will pay the amounts it owes shortly, we are preparing to follow through with asset seizures if necessary. We are pleased to have the full support of Benchwalk, our funding partner, as we move forward.”

Background summary: The Company initiated an arbitration claim against the Republic of Peru in late 2019. The arbitration process was conducted through the International Centre for Settlement of Investment Disputes (ICSID) and continued until the ICSID Tribunal issued an Award in favour of the Company on June 30, 2025.

Subsequent to the Award date, Peru had 120 days in which to challenge the Award via a request for an annulment. The 120-day period passed on October 28, 2025, with no annulment being requested. Having no further recourse, the Republic of Peru must pay the Award amounts.

As of October 31, 2025, the amount payable was approximately US$67 million, which will continue to grow at an ICSID designated, compounded interest rate of UST plus 5% (which presently equates to ~9%).

For ongoing updates and more detail with respect to the Arbitration Award, please refer to the Company’s website (www.lupakagold.com/projects/arbitration).

For background on the basis for the Claim, please refer to the Company’s previous news releases, also available on the Company’s website (www.lupakagold.com/news).

Lupaka was represented in the arbitration proceedings by the international law firm LALIVE (www.lalive.law), with the financial backing of Bench Walk Advisors (www.benchwalk.com). Both firms continue to be involved until the Award proceeds are received.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.

About Lupaka Gold

Lupaka is a Canadian-based company focused on creating shareholder value through identification and development of mining assets.

About LALIVE

LALIVE is an international law firm with offices in Geneva, Zurich and London, that specializes in international dispute resolution. The firm has extensive experience in international investment arbitration in the mining sector, amongst others, and is currently representing investors and States as counsel worldwide.

About Bench Walk Advisors

Bench Walk Advisors is a global litigation financier with over USD 250 million of capital deployed across in excess of 100 commercial cases. Bench Walk and its principals have consistently been ranked as leading lawyers and litigation funders in various global directories.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.gellis@lupakagold.comTel: (604) 985-3147

or visit the Company’s profile at www.sedarplus.ca or its website at www.lupakagold.com

LyondellBasell Industries N.V. LYB and Nippon Paint China recently announced the launch of their partnership to close the loop for recycling coating packaging barrels. The initiative was announced at the China International Import Expo (CIIE). It promotes circularity in China’s coatings industry.

The system establishes a process for mechanically recycling used paint barrels. Under Nippon Paint’s Refresh Service, post-consumer barrels are collected from retail outlets and undergo processing by waste management providers. The plastic components are then sent for further processing to GXLYB to be converted into recycled pellets under LYB’s CirculenRecover brand. These recycled materials, when blended with virgin resins, are used by packaging manufacturers to produce new barrels through injection molding.

This step emphasizes the importance of cross-value-chain collaboration in advancing sustainable solutions. It helps reduce reliance on fossil fuels by increasing the circulation of valuable plastics.

The initiative is an expansion of the ongoing collaborations since 2022. LYB and Nippon Paint have previously collaborated on packaging made with CirculenRecover polymers, and in 2023, they signed an MoU to further this cause.

LYB’s shares have lost 43.9% over the past year compared with the industry’s 25.8% decline.

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In the fourth quarter, LyondellBasell anticipates reduced operating rates and year-end seasonality to impact results across most of its businesses. Increased natural gas and feedstock costs are expected to put pressure on integrated polyolefins margins in North America. LYB also sees soft industrial and consumer demand to persist in Europe.

While Industry downtime aided oxyfuels margins during October, seasonally higher costs for feedstocks and reduced octane values are expected to pressure margins for the balance of the fourth quarter. Cost reduction initiatives are also forecast to offset some of the pricing pressures in Advanced Polymer Solutions.

LYB’s Zacks Rank & Key Picks

LYB currently has a Zacks Rank #4 (Sell).

Some better-ranked stocks in the Basic Materials space areKinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Harmony Gold Mining Company Limited HMY. KGC sports a Zacks Rank #1 (Strong Buy), while FSM and HMY carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.63 per share, indicating a rise of 139.71%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.37%. Its shares have gone up by 156% in the past year.

The Zacks Consensus Estimate for FSM’s current fiscal-year earnings is pegged at 83 cents per share.Its shares have gained 70.2% in the past year.

The Zacks Consensus Estimate for HMY’s 2026 earnings is pegged at $2.66 per share, indicating a rise of 109.45% from year-ago levels. HMY’s shares have gained 78.3% in the past year.

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Kinross Gold Corporation (KGC) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

LyondellBasell Industries N.V. (LYB) : Free Stock Analysis Report

Fortuna Mining Corp. (FSM) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Stifel Canada on Tuesday reiterated its buy rating on the shares of Goliath Resources (GOT.V) and it

Gold hit a fresh all-time high as investors flocked to safe-haven assets, with spot prices crossing $3,500 an ounce. According to CNBC, spot gold price reached $3,508.50/ounce early today, topping the previous peak reached in April. The earlier rally was fueled by U.S. President Donald Trump’s sweeping tariff plans, though prices later cooled somewhat when he softened some of his proposals.

Having said that, gold has been one of the standout commodities this year, with prices up more than 30% so far in 2025. The precious metal has notched gains for six straight sessions now. Increasing rate cut expectations, a weaker U.S. dollar, tensions surrounding the Federal Reserve’s independence and geopolitical risks are strengthening the case for the yellow metal as a reliable hedge amid uncertainty.

Investors can capitalize on the bullish momentum of gold by investing in stocks like Agnico Eagle Mines Limited AEM, Idaho Strategic Resources Inc. IDR, Harmony Gold Mining Company Limited HMY and Gold Fields Limited GFI.

Catalysts Powering Gold Higher

Expectations of Fed Rate Cuts: The biggest driver has been the market’s conviction that the Federal Reserve will trim interest rates soon. Traders are assigning a 90% probability to a 25-basis-point cut at the Sept. 17 meeting, per CME’s FedWatch tool. Lower rates reduce the attractiveness of yield-bearing assets, making non-yielding gold more attractive. Soft economic data and elevated global risks only add to the likelihood of a looser policy stance. All eyes are now on Friday’s U.S. jobs report, which could shape expectations for the Fed’s next rate move.

A Weaker Dollar: Gold prices typically move in the opposite direction of the U.S. dollar, and 2025 has been no exception. U.S. Dollar Index (DXY) has fallen roughly 10%, according to TradingView, giving international buyers more incentive to scoop up gold. As gold is priced in dollars, a weaker currency makes the metal cheaper for buyers overseas, pushing up global demand and prices.

Concerns Over Fed Independence: Investor nerves have been rattled by escalating political pressure on the Fed. Trump’s criticism of the central bank and its leadership has raised fresh doubts about its independence. Markets fear that political interference in monetary policy could weaken the dollar and destabilize financial markets, which, in turn, strengthens gold’s safe-haven appeal.

Lingering Geopolitical and Economic Uncertainty: Finally, trade tensions, tariffs and fragile growth remain in the backdrop. Even when gold briefly cooled after April’s spike, these risks never fully disappeared. Investors are finding it safer to adopt longer-term strategies that prioritize stability, and gold remains a top choice for that.

4 Stocks to Ride Gold’s Rally

Agnico Eagle: Based in Toronto, AEM is one of the world’s leading gold producers, with operations across Canada, Mexico, and Finland. The company has built a reputation for quality growth, strengthened further after its merger with Kirkland Lake Gold, which created a top-tier senior producer with an impressive project pipeline. Key developments like the Odyssey project at the Canadian Malartic Complex, Detour Lake and Hope Bay are expected to support strong production and cash flow for years ahead. Hope Bay alone holds 3.4 million ounces of reserves, making it a valuable long-term asset.

Financially, Agnico Eagle is in good shape. In the second quarter of 2025, operating cash flow nearly doubled year over year to $1.8 billion, while free cash flow rose to $1.3 billion. The company ended the quarter with $963 million in net cash, highlighting its balance sheet strength. With a five-year annualized dividend growth rate and a payout ratio of 27%, AEM offers investors both stability and reliable income.

The Zacks Consensus Estimate for AEM’s 2025 EPS estimates implies a 64% year-over-year growth. Over the past 30 days, the estimates have risen 26 cents per share. The stock sports a Zacks Rank #1 (Strong Buy).

You can see the complete list of today’s Zacks #1 Rank stocks here.

Idaho Strategic: Headquartered inCoeur d'Alene, Idaho Strategic is a unique player in the gold sector, combining active gold production with one of the largest rare earth element (REE) land packages in the United States. Its flagship Golden Chest Mine, located in the Murray Gold Belt, is already in production and supported by additional assets like the New Jersey Mill and Eastern Star exploration property. By consolidating historic gold mines in the belt, the company now controls more than 7,000 acres of claims, giving it a strong foothold in a proven gold district.

IDR is ramping up its largest exploration program yet at Golden Chest, while also advancing REE projects across its 19,090-acre land position. These include drilling, trenching and sampling to uncover long-term value in rare earths and thorium. With improving cash flows and a low debt profile, Idaho Strategic is well-positioned to fund both its gold operations and its ambitious exploration plans, offering investors exposure to two critical resources.

The Zacks Consensus Estimate for IDR’s 2025 EPS suggests 13.4% year-over-year growth. Over the past 30 days, estimates have risen by 15 cents per share. The stock carries a Zacks Rank #2 (Buy).

Harmony Gold: It is South Africa’s largest gold producer by volume. HMY is steadily building a stronger global presence with projects spanning South Africa, Papua New Guinea, and Australia. The company’s crown jewel is the Wafi-Golpu copper-gold project in PNG, which holds an estimated 13 million ounces of gold reserves and is expected to be a long-term growth driver. Adding to this, the Eva Copper project in Australia offers a lower-risk pathway to expand its copper-gold footprint, positioning Harmony as a diversified resource producer with exposure to both gold and copper markets.

Financially, the company is on solid footing. As of June 30, 2025, cash and cash equivalents totaled $738 million, up 186% year over year. Free cash flow in fiscal 2025 jumped 58% to $614 million, giving Harmony Gold ample flexibility to fund its ambitious growth projects. With a five-year annualized dividend growth rate of nearly 20%, the company combines strong development potential with attractive shareholder returns.

The Zacks Consensus Estimate for HMY’s fiscal 2026 EPS implies 128% year-over-year growth. Over the past seven days, the consensus estimate has risen 4 cents per share. The stock carries a Zacks Rank #2.

Gold Fields: It is one of the world’s largest unhedged gold producers, with operations across South Africa, Ghana, Australia, Peru and Chile. The company has been expanding aggressively through acquisitions and new projects to strengthen its long-term production profile. Its 2024 purchase of Osisko Mining gave it full ownership of the Windfall project in Quebec, which is expected to start producing gold by 2028. In the near term, the ramp-up of the Salares Norte mine in Chile is on track for steady-state production in the fourth quarter of 2025, while the planned consolidation of the Gruyere mine in Australia adds another layer of high-quality output.

Gold Fields’ financial performance is equally impressive. In the first half of 2025, it generated $952 million in adjusted free cash flow, a sharp turnaround from last year’s outflow, courtesy of higher volumes and strong gold prices. The company also boosted its interim dividend by 133% year over year. With 13.5% production growth expected this year, Gold Fields offers both growth and income potential.

The Zacks Consensus Estimate for GFI’s 2025 EPS implies 94% year-over-year growth. Over the past 90 days, the consensus estimate has risen by 22 cents per share. The stock carries a Zacks Rank #2.

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Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

Gold Fields Limited (GFI) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Idaho Strategic Resources, Inc. (IDR) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Harmony Gold Mining Co. Ltd. HMY saw a roughly 20% surge in all-in-sustaining costs (AISC) to $1,806 per ounce (oz) in the fiscal 2025 (ended June 30, 2025). Total cash operating costs also climbed 19% year over year to $1,499 per oz in the fiscal year, hurt by lower production and higher labor and electricity costs. Increased cash operating costs and higher sustaining capital led to the uptick in AISC. Harmony remains exposed to higher costs, which are likely to weigh on its margins over the near term. Labor and electricity remain the largest components of its cost structure.  HMY experienced a 16% increase in electricity and water costs in fiscal 2025 due to higher annual tariffs charged by Eskom. While the company is implementing various energy-saving initiatives and launching a renewable energy program, the burden of higher electricity costs is unlikely to abate over the near term due to higher tariffs. The company’s AISC guidance for fiscal 2026 indicates a year-over-year increase, reflecting inflationary pressures and higher sustaining capital expenditures.  Among its peers, AngloGold Ashanti plc AU saw higher total operating costs in the second quarter, including increased royalty expenses and costs associated with the initial inclusion of Sukari, elevated costs related to legacy TSFs and higher costs resulting from mining contractor rate adjustments. AngloGold Ashanti’s total cash costs per ounce were up 8%, while AISC per ounce increased 7%. AngloGold expects consolidated AISC in the band of $1,580- $1,705 per ounce in 2025.Gold Fields Limited GFI reported a roughly 0.7% year-over-year decline in AISC to $1,739 per ounce in the second quarter. Gold Fields’ all-in cost rose around 2% year over year. Gold Fields sees AISC of $1,500-$1,650 per ounce and all-in cost between $1,780-$1,930 per ounce for full-year 2025.

HMY’s Price Performance, Valuation & Estimates

Shares of Harmony Gold have shot up 61.8% year to date against the Zacks Mining – Gold industry’s rise of 85.4%, thanks to a surge in gold prices.

Zacks Investment Research

Image Source: Zacks Investment Research

From a valuation standpoint, HMY is currently trading at a forward 12-month earnings multiple of 4.61, a roughly 67.9% discount to the industry average of 14.36X. It carries a Value Score of B.

Zacks Investment Research

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for HMY’s fiscal 2026 earnings implies a year-over-year rise of 127.6%. The EPS estimates for fiscal 2026 have been trending higher over the past 60 days.

Zacks Investment Research

Image Source: Zacks Investment Research

HMY stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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AngloGold Ashanti PLC (AU) : Free Stock Analysis Report

Gold Fields Limited (GFI) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Harmony Gold Mining Company Limited HMY reported adjusted earnings of $1.29 per share in fiscal 2025 (ended June 30, 2025), up 30% from adjusted earnings of 99 cents recorded a year ago.

In fiscal 2025, revenues rose 24% year over year to $4,071 million. Average gold prices received for the fiscal year increased 31% year over year to $2,620 per ounce (oz).

Harmony Gold’s Production Dips and Costs Rise

Gold production was 1,479,671 oz for fiscal 2025, down 5% year over year.

Cash operating costs per oz increased 19% year over year to $1,499. All-in-sustaining costs rose 20% year over year to $1,806 per oz.

HMY’s Financial Overview

As of June 30, 2025, cash and cash equivalents rallied around 186% year over year to $738 million.

Total adjusted free cash flow surged 58% year over year to $614 million in fiscal 2025.

Long-term debt was $107 million at the end of fiscal 2025, up around 9% year over year.

HMY’s Outlook

Harmony Gold expects to produce 1.4-1.5 million oz of gold in fiscal 2026.

The company’s capital expenditure guidance reflects the higher spending required for both sustaining and major capital projects. Capital expenditures for fiscal 2026 are projected to increase to $699 million as a result of HMY’s investment in high-quality ounces and driving long-term growth across its portfolio.

HMY Stock’s Price Performance

Shares of Harmony Gold have surged 38.7% in the past year against the 59.3% growth in the industry.

Zacks Investment Research

Image Source: Zacks Investment Research

HMY’s Zacks Rank & Other Key Picks

HMY currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the Basic Materials space are Agnico Eagle MinesLimited AEM, The Mosaic Company MOS and Carpenter Technology Corporation CRS. AEM and MOS currently sport a Zacks Rank #1 (Strong Buy) each, while CRS carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for AEM’s current-year earnings is pegged at $6.94 per share, implying a 64.07% year-over-year surge. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 10.03%. AEM’s shares have gained 79.1% in the past year.

The Zacks Consensus Estimate for MOS’ 2025 earnings is pegged at $3.17 per share, indicating a rise of 60.10% from year-ago levels. The company’s earnings beat the consensus estimate in one of the trailing four quarters, while missing it in the rest. Its shares have soared 20.6% in the past year.

The Zacks Consensus Estimate for CRS’ current fiscal-year earnings is pegged at $9.51 per share, indicating a 27.14% year-over-year increase.Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 8.38%. CRS’shares have gained 67% in the past year.

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Carpenter Technology Corporation (CRS) : Free Stock Analysis Report

Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

The Mosaic Company (MOS) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

We recently published 10 Stocks Skyrocket While Wall Street Sinks; 5 Quietly Hit New Record Highs. Harmony Gold Mining Company Ltd. (NYSE:HMY) is one of the top performers on Friday.

Harmony Gold snapped a four-day losing streak on Friday, jumping 5.31 percent to end at $13.28 apiece as investors loaded positions following the surge in prices of gold.

As of writing, spot prices of gold were up by 0.97 percent to $3,450.29 per troy ounce, buoyed by a higher probability of an interest rate cut next month.

Harmony Gold (HMY) Climbs as Gold Prices Jump

Svetlana Lukienko/Shutterstock.com

Gold typically benefits from lower interest rates, as the latter makes yields from bonds and savings less attractive. Additionally, lower interest rates tend to weaken the US dollar, making gold more affordable and appealing to foreign investors.

In other news, Harmony Gold Mining Company Ltd. (NYSE:HMY) reported a stellar earnings performance in the full fiscal year of 2025, with net income jumping by 75 percent to $802 million from $459 million in the same period last year.

Revenues grew 24 percent to $4.07 billion from $3.28 billion year-on-year, primarily driven by a 27-percent increase in the average gold price of $2,620/oz from $1,999/oz year-on-year.

Following the results, Harmony Gold Mining Company Ltd. (NYSE:HMY) declared $8.88 worth of cash dividends to shareholders as of October 10 record. The dividends are payable on October 13, 2025.

While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

Investors interested in stocks from the Mining – Gold sector have probably already heard of Harmony Gold (HMY) and Franco-Nevada (FNV). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Harmony Gold and Franco-Nevada are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This means that HMY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. However, value investors will care about much more than just this.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

HMY currently has a forward P/E ratio of 4.36, while FNV has a forward P/E of 37.93. We also note that HMY has a PEG ratio of 0.08. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FNV currently has a PEG ratio of 2.42.

Another notable valuation metric for HMY is its P/B ratio of 3.12. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, FNV has a P/B of 5.38.

Based on these metrics and many more, HMY holds a Value grade of A, while FNV has a Value grade of F.

HMY has seen stronger estimate revision activity and sports more attractive valuation metrics than FNV, so it seems like value investors will conclude that HMY is the superior option right now.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Franco-Nevada Corporation (FNV) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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ST. HELIER, Jersey, August 29, 2025–(BUSINESS WIRE)–MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC)

MAC Copper Limited (NYSE:MTAL, ASX:MAC) ("MAC" or the "Company") is pleased to announce that the requisite majorities of MAC shareholders today voted in favour of resolutions to approve the proposed acquisition of 100% of the issued share capital in MAC by Harmony Gold (Australia) Pty Ltd (a wholly owned subsidiary of Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY)) ("Harmony") by way of a Jersey law scheme of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991 (as amended) ("Scheme"), to authorise the directors of MAC to implement the Scheme and deal with certain ancillary matters and to approve the alteration of MAC’s Articles of Association.

Capitalised terms used in this announcement have the meaning given to them in the Scheme Circular, a copy of which is attached to MAC’s announcement released on 31 July 2025.

Results of Court Meeting and General Meeting

A detailed report of the proxy position and votes cast at the Court Meeting and the General Meeting is attached to this announcement.

In summary:

  • 98.43% of the votes cast by Scheme Shareholders at the Court Meeting were in favour of the resolution to approve the Scheme;

  • 87.50% of Scheme Shareholders present and voting (whether in person, online or by proxy) at the Court Meeting voted in favour of the resolution to approve the Scheme; and

  • 97.84% of the votes cast by MAC Shareholders at the General Meeting were in favour of the General Meeting Resolutions.

Court Sanction Hearing

MAC will apply to the Royal Court of Jersey for orders sanctioning the Scheme at the Court Sanction Hearing scheduled for 9 October 2025.

If the Court sanctions the Scheme at the Court Sanction Hearing, MAC intends to deliver a copy of the orders of the Court to the Registrar of Companies for registration on 10 October 2025, upon which the Scheme will become Effective. If this occurs:

  • MAC Shares are expected to be suspended from trading on the NYSE on 10 October 2025 (with effect from the close of trading on the NYSE); and

  • MAC CDIs are expected to be suspended from quotation on the ASX on 13 October 2025 (before trading opens on the ASX).

MAC will release a separate announcement providing further details in relation to the closing timetable for the Transaction in due course.

Further information

If, after reading the Scheme Circular, you have any questions about the Scheme or the Scheme Circular, please contact MAC’s proxy solicitation firm, Sodali & Co, at:

If you are a MAC Shareholder Call toll-free in US:+1 (800) 662-5200Outside of US:+1 (203) 658-9400

If you are a MAC CDI Holder Within Australia:1300 229 418Outside Australia:+61 2 9066 4059

This announcement has been authorised for release by Mick McMullen, CEO and Director.

About MAC Copper Limited

MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.

The following information is provided in accordance with ASX Listing Rule 3.13.2.

Court Meeting – Resolution 1 – Approval of Scheme of Arrangement

Proxy position as follows:

Number of votes cast

% of votes cast

Number of shareholders

% of shareholders

FOR

67,231,673

98.31

14

82.35

AGAINST

1,069,142

1.56

2

11.76

OPEN1

0

0

0

0

TOTAL2

68,387,081

100%

17

99.99

ABSTAIN3

86,266

0.13

1

5.88

REQUSITE MAJORITIES

At least 75%

More than 50%

Resolution carried on a poll as follows:

Number of votes cast

% of votes cast

Number of shareholders

% of shareholders

FOR

67,231,673

98.43

14

87.5

AGAINST

1,069,142

1.57

2

12.5

TOTAL

68,300,8150

100%

16

100

ABSTAIN

86,266

N/A

1

N/A

__________________________________

1

Open votes to be voted at the proxy’s direction.

2

Totals may exceed 100% due to rounding.

3

Votes relating to a shareholder abstaining from voting are not counted in determining the requisite majorities.

General Meeting

Resolution 1 – Authorise directors to carry the Scheme into effect

Proxy position as follows:

Number of votes cast

% of votes cast

Number of shareholders

% of shareholders

FOR

67,038,244

97.72

14

82.35

AGAINST

1,476,502

2.15

2

11.76

OPEN4

0

0

0

0

TOTAL5

68,601,012

100%

16

99.99%

ABSTAIN6

86,266

0.13

1

5.88

REQUSITE MAJORITIES

At least two thirds

–

Resolution carried on a poll as follows:

Number of votes cast

% of votes cast

Number of shareholders

% of shareholders

FOR

67,038,244

97.84

14

87.5

AGAINST

1,476,502

2.16

2

12.5

TOTAL

68,514,746

100%

16

100

ABSTAIN

86,266

N/A

1

N/A

__________________________________

4

Open votes to be voted at the proxy’s direction.

5

Totals may exceed 100% due to rounding.

6

Votes relating to a shareholder abstaining from voting are not counted in determining the requisite majorities.

Resolution 2 – Amendment to Articles of Association

Proxy position as follows:

Number of votes cast

% of votes cast

Number of shareholders

% of shareholders

FOR

67,035,978

97.72

14

82.35

AGAINST

1,476,389

2.15

2

11.76

OPEN7

0

0

0

0

TOTAL8

68,601,012

100%

16

99.99%

ABSTAIN9

86,645

0.13

1

5.88

REQUSITE MAJORITIES

At least two thirds

–

Resolution carried on a poll as follows:

Number of votes cast

% of votes cast

Number of shareholders

% of shareholders

FOR

67,035,978

97.84

14

87.5

AGAINST

1,476,389

2.16

2

12.5

TOTAL

68,514,746

100%

16

100

ABSTAIN

88,645

N/A

1

N/A

__________________________________

7

Open votes to be voted at the proxy’s direction.

8

Totals may exceed 100% due to rounding.

9

Votes relating to a shareholder abstaining from voting are not counted in determining the requisite majorities.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250829513937/en/

Contacts

Mick McMullenChief Executive Officer & DirectorMAC Copper Limitedinvestors@metalsacqcorp.com Morné EngelbrechtChief Financial OfficerMAC Copper Limited

Harmony Gold (HMY) has been on a downward spiral lately with significant selling pressure. After declining 6.3% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Why a Trend Reversal is Due for HMY

The heavy selling of HMY shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 28.72. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.

3-month RSI Chart for HMY

This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering HMY in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 1.4% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, HMY currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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This article first appeared on GuruFocus.

  • Adjusted Free Cash Flow: ZAR11 billion at a 16% margin, a 54% growth from the previous year.

  • Headline Earnings Per Share: Increased by 25% to ZAR23.37 per share.

  • Final Dividend: ZAR2.4 billion.

  • Gold Production: 46 tonnes or approximately 1.48 million ounces.

  • All-in Sustaining Costs: ZAR1.05 million per kilogram or about $1,800 per ounce.

  • Underground Recovered Grade: 6.27 grams per tonne.

  • Revenue: Grew by 20% to ZAR74 billion.

  • Net Profit: Increased by 67% to ZAR14.6 billion.

  • EBITDA: Increased by 37% to ZAR26 billion.

  • Net Cash on Balance Sheet: Surged by 285% to ZAR11.1 billion.

  • Market Capitalization: Approximately ZAR180 billion or USD 10 billion.

  • Total Dividend Per Share: ZAR382 or $0.21 per share.

Release Date: August 28, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

  • Harmony Gold Mining Co Ltd (NYSE:HMY) achieved its 10th consecutive year of meeting production guidance, enhancing investor confidence.

  • The company reported record high cash flows with adjusted free cash flow reaching over ZAR11 billion at a 16% margin.

  • Headline earnings per share rose by 25% to ZAR23.37 per share, and a record final dividend of ZAR2.4 billion will be paid.

  • Underground recovered grades increased to 6.27 grams per tonne, exceeding upward revised grade guidance.

  • Harmony Gold Mining Co Ltd (NYSE:HMY) maintained a strong balance sheet with net cash surging by 285% to ZAR11.1 billion.

Negative Points

  • The second half of the financial year saw unacceptable safety performance, despite improvements in LTIFR.

  • All-in sustaining costs increased by 17% to ZAR1.05 million a kilogram, reflecting lower planned production and mine inflation.

  • The company faced challenges in securing contractors for projects at Moab Khotsong and Mponeng, causing delays.

  • Production decreased by 5% to 46 tonnes or 1.48 million ounces due to safety stoppages and inclement weather.

  • The optimized assets quadrant operates at a higher cost, impacting margins despite efforts to maintain flexibility.

Q & A Highlights

Q: Bruce Williamson from Integral Asset Management asked about the sustainability of high grades at Mponeng and whether Harmony is high grading due to high gold prices. A: Beyers Nel, CEO, clarified that Harmony is not high grading but following a sequential grid mining method to ensure safety and stability. The current high grades are a result of overperformance on planned reserve grades, and the focus remains on maintaining reserve grades as a hedge against cost inflation.

Q: An unidentified participant inquired about the opportunity cost of delays in the Wafi-Golpu project. A: Beyers Nel acknowledged the significant opportunity cost due to delays but emphasized the project's value as a Tier 1 copper-gold mine. He expressed confidence that the wait is worthwhile, given the global demand for large-scale copper mines.

Q: Arnold Van Graan from Nedbank asked about operational and CapEx changes for MAC Copper and the flexibility to maintain margins in optimized assets. A: Beyers Nel stated that Harmony will conduct a detailed technical analysis of MAC Copper post-acquisition to align it with their operational standards. He also mentioned that optimized assets are managed with flexibility and sustaining CapEx to maintain production and margins.

Q: Rene Hofreiter from Noah Capital questioned the production gap between 2030 and 2035 and the sustainable grade at Mponeng. A: Beyers Nel explained that the gap is due to the tapering of optimized assets and not related to MAC Copper. He noted that the current high grades at Mponeng are due to mining in high-grade areas, but future grades should align with reserve grades.

Q: A participant asked about the impact of high gold prices on cutoff grades and grade management. A: Beyers Nel emphasized that Harmony maintains constant cutoff grades regardless of gold price fluctuations to avoid mining lower-grade areas that could be less profitable in the future.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Goliath Resources Limited

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  • 100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization and 95% of drill holes completed thus far in 2025 contain gold visible to the naked eye (“VG-NE”). This clearly demonstrates the continuity and predictability of this expansive gold-rich system.

  • Drilling at the Surebet Discovery has hit VG-NE in three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.

  • 65 drill holes have been completed for a total of 45,000 meters in 2025, with only 50 holes remaining totaling 15,000 meters. With roughly 1 month remaining, Goliath is on target to complete its planned up to 60,000 meter drill program with 9 rigs actively turning. Assays are pending for 55 drill holes completed to date.

  • Since drilling started in 2021, many holes have returned impressive metal factors with 9 holes delivering greater than 200 grams*meters (“g*m”) and up to 1346 g*m, 11 holes greater than 150 g*m, 25 holes greater than 100 g*m, 31 holes greater than 75 g*m and 61 holes greater than 50 g*m have been drilled on the Surebet Discovery that remains wide open

  • The Surebet Discovery has widespread drill holes over an area of 1.8 km2 or greater than half the size of Central Park, New York City returning high metal factors showing it has the potential to be one of the most important high-grade gold discoveries in the Golden Triangle since the Eskay Creek discovery.

  • Drill hole GD-25-337 intersected 10.60 g/t Au over 22.82 meters (a 242 grams*meters hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. From the andesite unit below the Bonanza Zone which contains multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters, hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • Drill hole GD-24-277 intersected 12.16 g/t Au over 6 meters, including 18.22 g/t Au over 4.00 meters hosted in a strongly calc-silicate altered andesite unit from 114.00 meters to 120.00 meters containing substantial quartz-sulphide veining as well as multiple occurrences of VG-NE part of the Bonanza Zone. This hole was part of the re-logging program. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • Drill hole GD-25-318 intersected 11.03 g/t Au over 5.7 meters within a zone of substantial quartz-sulphide mineralization from 341.00 meters to 346.70 meters with multiple occurrences of VG-NE. The mineralized interval consists of strongly altered sandstone with quartz-sulphide stockwork and breccia, containing moderate amounts of sphalerite and pyrrhotite, part of the Bonanza Zone located at the contact between sedimentary and volcanic units and remains open. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • Drill hole GD-25-343 intersected 10.08 g/t Au over 5.00 meters consisting of strongly calc-silicate altered, sheared andesite with quartz-sulphide veins containing moderate amounts of pyrrhotite and chalcopyrite as well as bismuth minerals and VG-NE from the Bonanza Zone located at the contact between sedimentary and volcanic units. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • Drill hole GD-25-334 intersected 6.85 g/t Au over 6.00 meters from a zone of quartz-sulphide veins containing multiple occurrences of VG-NE and mineralized with substantial amounts of sphalerite, chalcopyrite and galena hosted within the sandstone unit believed to be part of the Surebet Zone. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • High-grade gold has been identified in three distinct rock packages discovered to date on Surebet. This includes the gently dipping gold-rich stacked quartz-sulphide breccias/stock work veins, the gold-rich intermediate to felsic Eocene-aged Reduced Intrusive Related Gold (RIRG) dykes, and the recently discovered broad gold-rich zones of calc-silicate altered breccia, all of which contain substantial amounts of VG-NE and remain wide open for expansion. This confirms the presence of a Motherlode magmatic source at depth, a causative intrusion responsible for the extensive 1.8 km2 high-grade gold system at Surebet.

  • The 2025 planned campaign is under way and consists of up to 60,000 meters of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet Discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of:

    • Testing for the Motherlode Magmatic intrusive gold source;

    • Testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization;

    • Infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain;

    • Testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and

    • Expanding the known mineralized veins laterally and to depth where they currently remain open.

TORONTO, Aug. 26, 2025 (GLOBE NEWSWIRE) —  Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is excited to announce assay results from drill hole GD-25-337 which intersected 10.60 g/t Au over 22.82 meters, including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters at Surebet on the 100 % controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia. 100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization as well as 95% of the 2025 drill holes contain VG-NE, clearly demonstrating the exceptional discovery potential remaining on the property. Drilling has been completed for 65 holes (45,000 meters) during the 2025 drill season, with 50 holes remaining (15,000 meters). With roughly 1 month remaining, the Company is on target to complete the planned up to 60,000 meter program with 9 rigs actively drilling. The intercepts reported are approximately true width, and reflect gold only assays (AuEq values will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

Dr. Quinton Hennigh, Geologic & Technical Advisor to Crescat Capital, a strategic investor in Goliath, states: “Goliath’s exploration team, having synthesized a detailed model of the Surebet high-grade mineralizing system after the 2024 season, was thoroughly prepared to undertake an aggressive, highly focused drill program this season. The success rate of mineralized intercepts encountered thus far is remarkable, and now we see the fruits of this work in the form of exceptional assays coming back from early holes. Surebet is now continually delivering strong results, a trend I expect to continue given this update.”

Mr. Roger Rosmus, Founder & CEO of Goliath states: “The more we drill at the Surebet the better it gets with pleasant surprises along the way, which is a good rule of thumb about how new discoveries can become future mines. Most notably, the Surebet Discovery has widespread drill holes with gold visible to the naked eye and several containing high gram x meter assays. It is becoming abundantly clear to our team that Surebet is emerging as the most important grassroots high-grade gold discoveries in the Golden Triangle of British Columbia since the Eskay Creek discovery. We still have many holes with assays pending and are progressing toward completing our up to 60,000 meter drill program in 2025. This year's drilling campaign is shaping up to be our most impressive yet at the Surebet high-grade gold discovery. At this point we have only reported 7 holes of the 115 planned holes for 2025. We look forward to substantial assay news flow from this years aggressive drilling program.”

Recent results have returned exceptional high-grade gold from drill hole GD-25-337, which intersected 10.60 g/t Au over 22.82 meters (242 gram*meter hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters from the andesite unit. Which is below the Bonanza Zone containing multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. Additional drill results have expanded the high-grade gold mineralization within the Bonanza Zone and associated structures, with several drill holes returning significant intercepts. Notably, drill hole GD-24-277 intersected 12.16 g/t Au over 6.0 meters, including a high-grade core of 18.22 g/t Au over 4.00 meters, hosted in a strongly altered andesite unit. This mineralization at the contact between sedimentary and volcanic rocks corresponding to the Bonanza Zone was further confirmed by hole GD-25-318, which intersected 11.03 g/t Au over 5.7 meters, hole GD-25-343, which returned 10.08 g/t Au over 5.0 meters, as well as hole GD-25-334 which intersected 6.85 g/t Au over 6.00 meters. The exceptional grades coupled with VG-NE within substantial quartz-sulphide veins, stockworks, and breccias, which are mineralized with sphalerite, pyrrhotite, and chalcopyrite, highlight the excellent potential for further resource expansion.

Table 1: Assay highlights from 2025 drill holes reported in this news release.

Hole ID

 

From (m)

To (m)

Interval (m)

Au (g/t)

 

Interval

113.00

135.82

22.82

10.60

GD-25-337

including

120.11

135.82

15.71

15.19

 

including

120.11

123.47

3.36

37.28

 

and

132.74

135.82

3.08

36.11

GD-25-318

Interval

341.00

346.70

5.70

11.03

GD-25-343

Interval

612.00

617.00

5.00

10.08

GD-25-334

Interval

413.00

419.00

6.00

6.85

GD-24-277

Interval

114.00

120.00

6.00

12.16

 

Including

115.00

119.00

4.00

18.22

High-grade gold mineralization has been confirmed in three distinct rock packages at the Surebet Discovery, which include: gently-dipping gold-rich mineralized stacked quartz-sulphide breccias/stock work veins; gold-rich intermediate to felsic Eocene-aged RIRG dykes that crosscut the veins; and the broad zones of calc-silicate altered breccia. All three rock packages contain substantial amounts of VG-NE and remain wide open, which strongly indicates the presence of a Motherlode magmatic causative source at depth responsible for the widespread high-grade gold mineralization at the Surebet Discovery.

Table 2: Collar information for drill holes reported in this news release.

Hole ID

CRS

Northing (m)

Easting (m)

Elevation (m)

Azimuth (deg)

Dip (deg)

Length (m)

GD-25-343

NAD83 / UTM zone 9N

6162734

457228

1481

138

50

660

GD-25-337

NAD83 / UTM zone 9N

6162509

457818

1141

244

62

370

GD-25-334

NAD83 / UTM zone 9N

6162734

457228

1481

128

66

696

GD-25-318

NAD83 / UTM zone 9N

6162964

456710

1635

105

77

662

GD-24-277

NAD83 / UTM zone 9N

6162440

457701

1133

0

80

990

The 2025 planned campaign is under way and consists of up to 60,000 meters of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of: testing for the Motherlode Magmatic intrusive gold source; testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization; infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain; testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and expanding the known mineralized veins laterally and to depth where they currently remain open.

Surebet Discovery Highlights

  • 62 out of 65 holes (or 95%) drilled thus far in 2025 contain VG-NE and a 100% hit rate of drill holes have intersected substantial quartz-sulphide mineralization.

  • 60 out of 64 holes (or 94%) drilled in 2024 contain VG-NE up to 11.5 mm (7/16 inches) in size, all of which returned high-grade gold.

  • The best hole drilled to date is GD-24-260 previously reported from the Bonanza Zone assayed 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters delivering a 1346 gram*meter hole (see news release dated January 13, 2025).

  • The best hole drilled to date from the RIRG Eocene-aged dykes is GD-22-58 that assayed 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters, plus a second separate interval down hole of 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters (see news release dated March 13, 2025).

  • The best hole drilled to date from the third distinct rock package consisting of calc-silicate altered breccia is drill hole GD-25-337, which intersected 10.60 g/t Au over 22.82 meters, including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

  • Multiple gently-dipping gold-mineralized stacked veins have been identified every year on the Surebet high-grade gold discovery. Recent discoveries include RIRG Eocene-aged dykes, Goldilocks Zones where the veins and vertical RIRG dykes crosscut (which are characterized by having high-grade gold in two temperature regimes) and recently discovered high-grade gold in a third distinct rock package. Which continuously increase the potential tonnage and gold content of the high-grade gold system at the Surebet discovery.

  • A total of 12 stacked gently dipping high-grade gold veins extend for 1.2 kilometers at the Surebet discovery, have been enhanced by four high-grade RIRG Eocene-aged dykes that are up to 25 meters wide and exposed along strike at surface for up to 1,500 meters have been discovered and modelled to date (see news release dated June 23, 2025).

  • The footprint of the mineralization discovered to date at Surebet is 1.8 km2, greater then half the size of Central Park in New York City and remains open in all directions.

  • Thanks to the mountainous topography, mineralization in the veins is exposed on the surface for 2.1 km of strike (1.0 km on the south slope and 1.1 km on the north slope) with a vertical relief of 700 meters.

  • A study completed by the Colorado School of Mines confirms a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and outlines a common magmatic source for the high-grade gold system, now in three distinct rock packages. Which gives the Surebet discovery tremendous untapped discovery potential to increase tonnage and gold content in the various known rock package. Until this study, researchers and explorers in the Golden Triangle had not recognized the high-grade gold discovery potential in the Eocene- aged RIRG dykes (see news release March 13, 2025), which is showing the potential that these discoveries could be a geological breakthrough in the Golden Triangle of British Columbia.

  • Goliath has drilled a total of 92,000 meters with over 400 pierce points on the Golddigger property between 2021 and 2024, which culminated in the updated geologic model used for this year’s drill planning.

  • The Surebet Discovery has predictable continuity and very good metallurgy with gold recoveries of 92.2% from gravity and flotation at a 327-micrometer crush including 48.8% free gold recovery from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows a benign rock composition without deleterious elements (see news release March 1, 2023).

  • Based on positive grassroots exploration and drill results in recent years, Goliath significantly increased its land package from 66,608 hectares to 91,518 hectares (226,146 acres) and now controls 56 kilometers of key terrain of the Red Line geologic trend providing for additional upside discovery potential.

  • The Golddigger Property is located on tidewater with a barge route to Prince Rupert (190 km south) and close to infrastructure including the town of Kitsault adjacent to a permitted mine site on private property.

About Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada’s greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has predictable continuity and excellent metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present (see news release dated March 1, 2023).

The Property is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport.

About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)

Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is an Independent Director of the Company.

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Mr. Rob McEwen, Mr. Eric Sprott and Mr. Larry Childress.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Disclaimer

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain VG-NE or high-grade sulphide mineralization.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where ‘xx’ denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Harmony Gold Mining Co. Ltd. HMY is slated to report fiscal 2025 results before the opening bell on Aug. 28. The Zacks Consensus Estimate for fiscal 2025 earnings has been stable in the past 60 days. The consensus estimate for earnings is pegged at $2.85 per share, suggesting a 190.8% year-over-year rise.

Zacks Investment Research

Image Source: Zacks Investment Research

The benefits of higher gold prices and strong production in the final quarter of fiscal 2025 are expected to reflect on HMY’s performance amid headwinds from higher costs.

FY25 Earnings Whispers for HMY Stock

Our proven model does not conclusively predict an earnings beat for HMY. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.HMY has an Earnings ESP of 0.00% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Shaping HMY’s FY25 Results

Higher gold prices are likely to have supported the company’s performance. Gold prices have racked up strong gains this year as worries over the global trade war have boosted safe-haven demand. Prices hit new highs driven by a surge in safe-haven demand amid the intense trade tussle, geopolitical tensions, a weak dollar and increased purchases by central banks. Prices of the yellow metal rocketed to a record high of $3,500 per ounce on April 22. While gold prices retreated from their April 2025 highs, they closed the second quarter above the $3,300 per ounce level. The company is also likely to have achieved its full-year fiscal 2025 production guidance of 1.4-1.5 million ounces, even though gold output declined year over year in the first nine months. The company produced roughly 1.11 million ounces during this period, down 6% from 1.18 million ounces a year ago, largely due to interruptions from unprecedented rainfall in South Africa, which impacted electricity supply to its West Wits operations. This impacted production from Mponeng, Doornkop and Kusasalethu operations.   Nevertheless, Harmony is expected to have met the annual production target, banking on a stronger final quarter and improved performance at its high-grade Mponeng and Moab Khotsong assets. It raised its underground recovered grade guidance to 6.00g/t from 5.80g/t, driven by strong performances from Mponeng and Moab Khotsong. Harmony, like most miners, is exposed to higher costs, which is likely to have been a drag on its performance. Labor and electricity remain the largest components of its cost structure. It saw a roughly 24% surge in all-in-sustaining costs (in dollars) in the third quarter of fiscal 2025. Total cash costs also climbed 22% year over year in the quarter. While the company is implementing various energy-saving initiatives and launching a renewable energy program, the burden of higher electricity costs is unlikely to have abated due to higher tariffs.

HMY Stock’s Price Performance and Valuation

HMY’s shares have popped 53.4% in a year, topping the Zacks Mining – Gold industry’s 49.4% rise and the S&P 500’s increase of 15.8%. With respect to its major peers, Gold Fields Limited GFI and DRDGOLD Limited DRD have surged 125.4% and 109.8%, respectively, over the same period.

HMY’s One-year Price PerformanceZacks Investment Research

Image Source: Zacks Investment Research

From a valuation standpoint, Harmony Gold is currently trading at a forward 12-month earnings multiple of 5.52, a roughly 60.5% discount to the peer group average of 13.97X. HMY is also trading at a discount to Gold Fields and DRDGOLD. Harmony Gold has a Value Score of B, while both Gold Fields and DRDGOLD have a Value Score of C.

HMY’s P/E F12M Vs. Industry, GFI and DRDZacks Investment Research

Image Source: Zacks Investment Research

Investment Thesis for HMY Stock

Harmony, South Africa's biggest gold producer by volume, has a diverse portfolio of gold development projects spread across South Africa and Papua New Guinea (PNG).  The company’s development projects currently in progress include the development of the Wafi-Golpu copper-gold project in PNG and the Eva Copper project in Australia. The Wafi-Golpu project is believed to be a game-changer for the company, with an estimated gold reserve of 13 million ounces. The low-risk Eva Copper project in Australia offers additional upside, giving HMY a significant global copper-gold footprint. HMY also boasts a strong balance sheet and generates substantial cash flows, which allows it to finance its development projects and drive shareholder value. Higher gold prices are expected to boost HMY’s profitability and drive cash flow generation. However, elevated energy and labor costs are likely to weigh on its margins.

Final Thoughts: Hold Onto HMY Shares

Harmony is advancing several key development projects, which are expected to enhance production and expand its international footprint. The acquisition of Eva Copper aligns with the company’s goal of transitioning into a low-cost gold and copper producer. The favorable gold price environment is also expected to aid HMY’s performance. However, its high electricity and labor costs warrant caution. Therefore, holding onto HMY stock will be prudent ahead of its earnings announcement.

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Gold Fields Limited (GFI) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

DRDGOLD Limited (DRD) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Harmony Gold (HMY) closed at $15.91 in the latest trading session, marking a +2.71% move from the prior day. This move outpaced the S&P 500's daily loss of 0.4%. Meanwhile, the Dow experienced a drop of 0.34%, and the technology-dominated Nasdaq saw a decrease of 0.34%.

The stock of gold miner has risen by 4.45% in the past month, leading the Basic Materials sector's gain of 2.44% and the S&P 500's gain of 1.67%.

The investment community will be paying close attention to the earnings performance of Harmony Gold in its upcoming release. The company is slated to reveal its earnings on August 28, 2025.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.85 per share and a revenue of $0 million, indicating changes of +190.82% and 0%, respectively, from the former year.

Investors should also pay attention to any latest changes in analyst estimates for Harmony Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. As of now, Harmony Gold holds a Zacks Rank of #2 (Buy).

Digging into valuation, Harmony Gold currently has a Forward P/E ratio of 5.44. This valuation marks a discount compared to its industry average Forward P/E of 12.96.

It's also important to note that HMY currently trades at a PEG ratio of 0.09. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Mining – Gold industry had an average PEG ratio of 0.58 as trading concluded yesterday.

The Mining – Gold industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 75, placing it within the top 31% of over 250 industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Here are three stocks with buy ranks and strong growth characteristics for investors to consider today August 19th:

Harmony Gold HMY: This company which conducts underground and surface gold mining, carries a Zacks Rank #1 (Strong Buy), and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 17.8% over the last 60 days.

Harmony Gold Mining Company Limited Price and ConsensusHarmony Gold Mining Company Limited Price and Consensus

Harmony Gold Mining Company Limited price-consensus-chart | Harmony Gold Mining Company Limited Quote

Harmony Gold has a PEG ratio of 0.09 compared with 0.13 for the industry. The company possesses a Growth Score of A.

Harmony Gold Mining Company Limited PEG Ratio (TTM)Harmony Gold Mining Company Limited PEG Ratio (TTM)

Harmony Gold Mining Company Limited peg-ratio-ttm | Harmony Gold Mining Company Limited Quote

Western Digital WDC: This company which is a leading developer and manufacturer of data storage devices and solutions based on NAND flash and hard disk drive technologies, carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 13.4% over the last 60 days.

Western Digital Corporation Price and ConsensusWestern Digital Corporation Price and Consensus

Western Digital Corporation price-consensus-chart | Western Digital Corporation Quote

Western Digital has a PEG ratio of 0.85 compared with 1.76 for the industry. The company possesses a Growth Score of B.

Western Digital Corporation PEG Ratio (TTM)Western Digital Corporation PEG Ratio (TTM)

Western Digital Corporation peg-ratio-ttm | Western Digital Corporation Quote

Nutrien NTR: This company which is a leading integrated provider of crop inputs and services, carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 12.9% over the last 60 days.

Nutrien Ltd. Price and ConsensusNutrien Ltd. Price and Consensus

Nutrien Ltd. price-consensus-chart | Nutrien Ltd. Quote

Nutrien has a PEG ratio of 0.91 compared with 1.23 for the industry. The company possesses a Growth Score of B.

Nutrien Ltd. PEG Ratio (TTM)Nutrien Ltd. PEG Ratio (TTM)

Nutrien Ltd. peg-ratio-ttm | Nutrien Ltd. Quote

 

See the full list of top ranked stocks here.

 

Learn more about the Growth score and how it is calculated here.

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Western Digital Corporation (WDC) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Nutrien Ltd. (NTR) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

ST. HELIER, Jersey, August 18, 2025–(BUSINESS WIRE)–MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC)

MAC Copper Limited (NYSE:MTAL, ASX:MAC) ("MAC" or the "Company") is pleased to provide the following update on the proposed acquisition of 100% of the issued share capital in MAC by Harmony Gold (Australia) Pty Ltd (a wholly owned subsidiary of Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY)) ("Harmony") by way of a Jersey law scheme of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991 (as amended) ("Scheme").

Capitalised terms used in this announcement have the meaning given to them in the Scheme Circular, a copy of which is attached to MAC’s announcement released on 31 July 2025.

Update on regulatory conditions precedent

MAC has been notified by Harmony that Harmony has received written notice under section 74(2) of the Foreign Acquisitions and Takeovers Act 1975 (Cth) on behalf of the Australian Federal Treasurer stating that the Commonwealth Government does not object to the Scheme.

Accordingly, the regulatory condition precedent in clause 3.1(c) of the Implementation Deed has now been satisfied and that all regulatory conditions to the Scheme have now been satisfied.

MAC CEO, Mick McMullen, commented:

"The receipt of regulatory approval from FIRB following the previously announced approval from SARB is another significant step towards implementation of the Transaction as all requisite regulatory approvals have now been obtained. We strongly encourage all shareholders to vote well ahead of the 26 August 2025 (for MAC CDI Holders) and 27 August 2025 cut-off (for MAC Shareholders and Scheme Shareholders). The MAC Directors remain unanimous in recommending that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and that MAC Shareholders vote in favour of the General Meeting Resolution, in the absence of a Superior Proposal."

The Scheme remains subject to the Scheme and the General Meeting Resolution being approved by the requisite majorities of Scheme Shareholders and MAC Shareholders (as applicable) at the Meetings, certain specified conditions precedent to the Streams Restructure Deed being satisfied or waived, the Court sanctioning the Scheme at the Court Sanction Hearing and other customary Conditions set out in the Scheme Circular. As previously announced, the Restructuring Documents have been fully executed and the remaining deliverables to satisfy the Consents Condition are well underway.

Court Meeting and General Meeting

The Court Meeting and General Meeting will be held at 44 Esplanade, St Helier, Jersey JE4 PWG and online via the Virtual Meeting Platform at 12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Friday, 29 August 2025 (for the Court Meeting) and at 1:00 pm (Jersey time) / 8:00 am (New York time) / 10:00 pm (Sydney time) on Friday, 29 August 2025 (for the General Meeting) (or as soon thereafter as the Court Meeting has concluded or been adjourned).

Each MAC Shareholder whose name appears on the Share Register at 4:00 pm (New York time) on Tuesday, 29 July 2025 will be entitled to attend and vote on all resolutions to be put to the Court Meeting and the General Meeting.

Further information

If, after reading the Scheme Circular, you have any questions about the Scheme or the Scheme Circular, please contact MAC’s proxy solicitation firm, Sodali & Co, at:

If you are a MAC Shareholder Call toll-free in US:+1 (800) 662-5200Outside of US:+1 (203) 658-9400

If you are a MAC CDI Holder Within Australia:1300 229 418Outside Australia:+61 2 9066 4059

This announcement has been authorised for release by Mick McMullen, CEO and Director.

About MAC Copper Limited

MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250818660821/en/

Contacts

Mick McMullenChief Executive Officer & DirectorMAC Copper Limitedinvestors@metalsacqcorp.com

Morné EngelbrechtChief Financial OfficerMAC Copper Limited

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Melco Resorts & Entertainment Limited MLCO: This company which develops, owns and operates casino gaming and entertainment casino resort facilities primarily in Asia, has seen the Zacks Consensus Estimate for its current year earnings increasing 96% over the last 60 days.

Melco Resorts & Entertainment Limited Price and ConsensusMelco Resorts & Entertainment Limited Price and Consensus

Melco Resorts & Entertainment Limited price-consensus-chart | Melco Resorts & Entertainment Limited Quote

China Yuchai International CYD: This company which primarily manufactures and sells diesel engines for medium-duty trucks in China, has seen the Zacks Consensus Estimate for its current year earnings increasing 37.2% over the last 60 days.

China Yuchai International Limited Price and ConsensusChina Yuchai International Limited Price and Consensus

China Yuchai International Limited price-consensus-chart | China Yuchai International Limited Quote

Harmony Gold HMY: This company which conducts underground and surface gold mining with operations principally concentrated in South Africa, has seen the Zacks Consensus Estimate for its current year earnings increasing 17.8% over the last 60 days.

Harmony Gold Mining Company Limited Price and ConsensusHarmony Gold Mining Company Limited Price and Consensus

Harmony Gold Mining Company Limited price-consensus-chart | Harmony Gold Mining Company Limited Quote

Eni E: This company which is among the leading integrated energy players in the world, has seen the Zacks Consensus Estimate for its current year earnings increasing 8.4% over the last 60 day.

Eni SpA Price and ConsensusEni SpA Price and Consensus

Eni SpA price-consensus-chart | Eni SpA Quote

Kimball Electronics KE: This company which operates as a contract manufacturer of durable electronics for the medical, automotive, industrial and public safety markets, has seen the Zacks Consensus Estimate for its current year earnings increasing 5.8% over the last 60 days.

Kimball Electronics, Inc. Price and ConsensusKimball Electronics, Inc. Price and Consensus

Kimball Electronics, Inc. price-consensus-chart | Kimball Electronics, Inc. Quote

 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Eni SpA (E) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Kimball Electronics, Inc. (KE) : Free Stock Analysis Report

Melco Resorts & Entertainment Limited (MLCO) : Free Stock Analysis Report

China Yuchai International Limited (CYD) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

ST. HELIER, Jersey, July 31, 2025–(BUSINESS WIRE)–MAC Copper Limited ARBN 671 963 198 (NYSE:MTAL; ASX:MAC)

MAC Copper Limited (NYSE:MTAL, ASX:MAC) ("MAC" or the "Company") is pleased to announce that the Royal Court of Jersey ("Court") today ordered that meetings of MAC shareholders be held to consider the proposed acquisition of 100% of the issued share capital in MAC by Harmony Gold (Australia) Pty Ltd ("Harmony Australia") (a wholly owned subsidiary of Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY) ("Harmony")) by way of a Jersey law scheme of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991 ("Scheme") (the "Transaction").

Unless otherwise defined, capitalised terms used in this announcement have the meaning given to them in the Scheme Circular (as defined below).

Court orders

The Court has today made orders, among other things, that MAC:

  • convene a meeting of Scheme Shareholders to consider and vote on a resolution to approve the Scheme ("Court Meeting"); and

  • convene a meeting of MAC Shareholders immediately after the Court Meeting to approve certain other matters in connection with the implementation of the Transaction ("General Meeting").

The MAC Directors:

  • continue to unanimously recommend that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and MAC Shareholders vote in favour of the General Meeting Resolution at the General Meeting; and

  • intend to vote, or cause to be voted, all MAC Shares or MAC CDIs held or controlled by them (totalling 2.44% of the MAC Shares in aggregate) in favour of the Scheme at the Court Meeting and in favour of the General Meeting Resolution at the General Meeting, in each case, in the absence of a Superior Proposal.

Scheme Circular

The Court approved the dispatch of a scheme circular, which, among other things, contains full details of the Scheme (the "Scheme Circular"). Dispatch of the Scheme Circular to MAC Shareholders and MAC CDI Holders at the Scheme Voting Record Time is expected to be completed on or about 4 August 2025 as follows:

  • MAC Shareholders will receive a hard copy of the Scheme Circular and Proxy Forms by mail unless they have made an election to receive communications through electronic means, in which case they will receive an electronic copy;

  • MAC CDI Holders will receive a hard copy of the Scheme Circular and CDI Voting Instruction Forms by mail unless they have made an election to receive communications through electronic means, in which case they will receive an electronic copy; and

  • other beneficial holders will receive a hard copy of the Scheme Circular and any other voting instruction forms by mail or an electronic copy based on the elections made with the Intermediary that holds MAC Shares on their behalf.

A copy of the Scheme Circular is attached to this announcement and is also available for viewing on MAC’s website at www.maccopperlimited.com.

MAC Securityholders should read the Scheme Circular carefully, and in its entirety, including the materials accompanying it, before deciding how to vote at the Court Meeting and the General Meeting.

If, after reading the Scheme Circular, you have any questions about the Scheme or the Scheme Circular, please contact MAC’s proxy solicitation firm, Sodali & Co, at:

If you are a MAC Shareholder Call toll-free in US:+1 (800) 662-5200Outside of US:+1 (203) 658-9400

If you are a MAC CDI Holder Within Australia:1300 229 418Outside Australia:+61 2 9066 4059

Court Meeting and General Meeting

The Court Meeting and General Meeting will be held at 44 Esplanade, St Helier, Jersey JE4 PWG and online via the Virtual Meeting Platform at 12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Friday, 29 August 2025 (for the Court Meeting) and at 1:00 pm (Jersey time) / 8:00 am (New York time) / 10:00 pm (Sydney time) on Friday, 29 August 2025 (for the General Meeting) (or as soon thereafter as the Court Meeting has concluded or been adjourned).

Each MAC Shareholder whose name appears on the Share Register at 4:00 pm (New York time) on Tuesday, 29 July 2025 will be entitled to attend and vote on all resolutions to be put to the Court Meeting and the General Meeting.

Indicative timetable

An indicative timetable for the next steps of the Transaction is as follows:

Event

Date and Time (Jersey time)1

Scheme Voting Record Time for Court Meeting and General Meeting2

4:00 pm (New York time) on Tuesday, 29 July for Scheme Shareholders and MAC Shareholders (as applicable)

7:00 pm (Sydney time) on Tuesday, 29 July for MAC CDI Holders

Dispatch of Scheme Circular

Monday, 4 August 2025

Latest time for lodging CDI Voting Instruction Forms for Court Meeting and General Meeting

12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Tuesday, 26 August 2025

Latest time for lodging Proxy Forms for Court Meeting and General Meeting

12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Wednesday, 27 August 2025

Court Meeting

12:30 pm (Jersey time) / 7:30 am (New York time) / 9:30 pm (Sydney time) on Friday, 29 August 2025

General Meeting

1:00 pm (Jersey time) / 8:00 am (New York time) / 10:00 pm (Sydney time) on Friday, 29 August 2025 (or as soon thereafter as the Court Meeting has concluded or been adjourned)

Notes:

  • All dates and times are based on MAC and Harmony’s current expectations and are subject to change. If any of the dates and/or times in this expected timetable change materially, the revised dates and/or times will be published by a public announcement filed with, or furnished to, the SEC and released to the ASX and by making such announcement available on MAC’s website at www.maccopperlimited.com.

  • Individuals that become MAC Shareholders (or MAC CDI Holders) after this date will not be entitled to vote (or in the case of MAC CDI Holders, will not be entitled to instruct CHESS Depositary Nominees Pty Limited how to vote) at the Court Meeting and General Meeting.

    • Annual General Meeting

    MAC has determined to postpone the Annual General Meeting (the "AGM") that was proposed to be held at 1:30 pm (Jersey time) / 8:30 am (New York time) / 10:30 pm (Sydney time) on Friday, 29 August 2025 (or as soon thereafter as the General Meeting has concluded or been adjourned) to allow MAC Shareholders to focus on the business of the Court Meeting and the General Meeting.

    MAC will provide a further update in relation to the AGM in due course.

    This announcement has been authorised for release by the board of directors of MAC.

    About MAC Copper Limited

    MAC Copper Limited (NYSE:MTAL; ASX:MAC) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250730628270/en/

    Contacts

    Mick McMullenChief Executive Officer & DirectorMAC Copper Limitedinvestors@metalsacqcorp.com

    Morné EngelbrechtChief Financial OfficerMAC Copper Limited

    Harmony Gold Mining Co. Ltd. HMY and Gold Fields Limited GFI are prominent South Africa-based gold mining companies. They are benefiting from the surge in gold prices this year, driven by investor demand for safe-haven assets amid global economic uncertainties. While gold prices have fallen from their April 2025 highs, they remain favorable, aided by economic uncertainties, and are currently hovering above the $3,300 per ounce level. Against this backdrop, comparing these two gold producers is particularly relevant for investors seeking exposure to the precious metals sector.Despite the recent pullback, gold prices have gained roughly 27% this year. The aggressive trade policies, including sweeping new import tariffs announced by President Donald Trump, intensified global trade tensions and heightened investor anxiety, prompting the price rally. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump’s policies. Prices of the yellow metal catapulted to a record high of $3,500 per ounce on April 22. Increased purchases by central banks, hopes of interest rate cuts, and geopolitical tensions are expected to support gold prices. Let’s dive deep and closely compare the fundamentals of these two gold miners to determine which one is a better investment now.

    The Case for Harmony

    Harmony is South Africa's biggest gold producer by volume, with production of roughly 1.56 million ounces in fiscal 2024.  It has a diverse portfolio of gold development projects spread across South Africa and Papua New Guinea (PNG).  The company’s development projects currently in progress include the development of the Wafi-Golpu copper-gold project in PNG and the Eva Copper project in Australia. The Wafi-Golpu project is believed to be a game-changer for the company, with an estimated gold reserve of 13 million ounces. HMY is currently in negotiations with its joint venture partner, Newmont Corporation (NEM) and the PNG Government regarding the terms of a Mining Development Contract, which is required for a Special Mining Lease.The low-risk Eva Copper project in Australia offers additional upside, giving HMY a significant global copper-gold footprint. HMY acquired Eva Copper in 2022, adding a tier-one mining jurisdiction to its portfolio. The acquisition is in line with HMY’s objective of transitioning into a low-cost gold and copper mining company. The feasibility study update for the project is currently underway. HMY has received a conditional grant funding from the Queensland government, which will help accelerate the development of this project. It is subject to several conditions, including HMY reaching a positive final investment decision by January 2026. Eva Copper is expected to produce 55,000-60,000 tons of copper per annum. Harmony boasts a strong balance sheet and generates substantial cash flows, which allows it to finance its development projects and drive shareholder value. Its net cash climbed roughly 53% to $592 million at the end of the third quarter of fiscal 2025 (ended March 31, 2025), from $386 million at the end of first-half fiscal 2025 (ended Dec. 31, 2024).   HMY also has a dividend policy to pay 20% of net free cash generated to its shareholders at its board’s discretion. HMY offers a dividend yield of 1.4% at the current stock price. It has a five-year annualized dividend growth rate of about 19.4%.

    The Case for Gold Fields

    Gold Fields continues to progress its strategic priorities that align with its three strategic pillars of the business, which include reliable and cost-effective delivery and improving the quality of its asset portfolio. GFI had a strong start to 2025 with attributable equivalent gold production climbing roughly 19% year over year to 551,000 ounces in the first quarter. Gold Fields remains on track to meet its production guidance for 2025. It expects gold equivalent production of 2.25-2.45 million ounces, which indicates year-over-year growth of 13% at the mid-point. In October 2024, Gold Fields completed the acquisition of Osisko Mining. This move is in sync with GFI’s goal to strengthen its portfolio through investments in high-quality and long-life assets. The acquisition enables GFI to expand its presence in Quebec, a Tier 1 mining jurisdiction. It will allow the company to use its expertise in greenfields exploration, project development and underground mining.GFI is advancing its high-grade Windfall project in Quebec, targeting 300,000 ounces of gold annually. It acquired 100% ownership of the Windfall project through the completion of its Osisko Mining buyout. Gold Fields is focused on obtaining the required environmental approvals for full-scale construction and mining.Production ramp-up also continues at Salares Norte in Chile, with commercial levels of production expected in the third quarter of 2025, followed by steady state throughput during the fourth quarter. Gold equivalent production from the mine is expected to be between 325,000 ounces and 375,000 ounces for 2025. GFI is conducting extensive exploration drilling to identify life extension opportunities at the mine.The proposed acquisition of Gold Road offers additional upside. Gold Fields, in May 2025, agreed to acquire 100% of the issued and outstanding share capital of Gold Road Resources Limited. The acquisition, expected to be completed by October 2025, provides an opportunity to enhance GFI’s portfolio through the consolidation of the Gruyere mine in Western Australia, which Gold Fields already operates. Gold Road holds a 50% interest in the Gruyere gold mine in addition to a portfolio of 100%-owned exploration projects. The full ownership of Gruyere will offer GFI more flexibility regarding operation and future development opportunities, besides enhancing its cash-flow profile. Gold Fields remains committed to driving shareholder returns and reducing debt, leveraging healthy cash flow, aided by higher gold prices. It reduced net debt to $1,981 million at the end of the first quarter from $2,086 million at the end of the prior quarter. GFI offers a dividend yield of 2.5% at the current stock price. Its five-year annualized dividend growth rate is roughly 17.3%.

    Price Performance and Valuation of HMY & GFI

    Year to date, HMY stock has shot up 71%, while GFI stock has rallied 91.8% compared with the Zacks Mining – Gold industry’s increase of 55.4%.

    Zacks Investment Research

    Image Source: Zacks Investment Research

    Harmony is currently trading at a forward 12-month earnings multiple of 4.93. This represents a roughly 60% discount when stacked up with the industry average of 12.4X.

    Zacks Investment Research

    Image Source: Zacks Investment Research

    Gold Fields is trading at a premium to Harmony. The GFI stock is currently trading at a forward 12-month earnings multiple of 8.74, below the industry.

    Zacks Investment Research

    Image Source: Zacks Investment Research

    How Does Zacks Consensus Estimate Compare for HMY & GFI?

    The Zacks Consensus Estimate for HMY’s 2025 EPS implies a year-over-year rise of 190.8%. The EPS estimates for 2025 have been going up over the past 60 days.

    Zacks Investment Research

    Image Source: Zacks Investment Research

    The consensus estimate for GFI’s 2025 EPS implies year-over-year growth of 93.9%. The EPS estimates for 2025 have been trending northward over the past 60 days.

    Zacks Investment Research

    Image Source: Zacks Investment Research

    HMY or GFI: Which Stock Should You Bet on Now?

    Both HMY and GFI currently have a Zacks Rank #1 (Strong Buy) each, so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank stocks here.Both Harmony Gold and Gold Fields are well-positioned to capitalize on the current gold price environment. HMY appears to have an edge over GFI due to its more attractive valuation. In addition, Harmony Gold’s stronger growth projections suggest that it may offer better investment prospects in the current market environment. Investors seeking exposure to the gold space might consider HMY as the more favorable option at this time.

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    Gold Fields Limited (GFI) : Free Stock Analysis Report

    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    This article originally published on Zacks Investment Research (zacks.com).

    Zacks Investment Research

    Harmony Gold Mining Company Limited (NYSE:HMY) is one of the most profitable gold stocks to buy right now. On July 17, BMO Capital analyst Raj Ray initiated coverage of Harmony Gold Mining Company Limited (NYSE:HMY) with a Market Perform rating and a $16 price target.

    An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

    The analyst told investors in a research note that Harmony Gold Mining Company Limited (NYSE:HMY) is a South African senior gold producer experiencing geographical diversification and increasing copper exposure.

    While the firm stated that it likes Harmony Gold Mining Company Limited’s (NYSE:HMY) operational setup, it also believes that the stock’s valuation is now broadly in line with the peer average.

    Harmony Gold Mining Company Limited (NYSE:HMY) mines and explores gold and is involved in sales and financial management, building mines, open-pit operations, land rehabilitation, and mine closure.

    The company’s operations are divided into the following segments: Tshepong Operations, Moab Khotsong, Bambanani, Joel, Doornkop, Target 1, Kusasalethu, Masimong, Unisel, Mponeng, Mine Waste Solutions, and Hidden Valley.

    While we acknowledge the potential of HMY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

    READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

    Disclosure: None. This article is originally published at Insider Monkey.

    Harmony Gold Mining Co. Ltd. HMY remains confident in achieving its full-year fiscal 2025 production guidance, even though gold output declined year over year in the first nine months. The company produced roughly 1.11 million ounces during this period, down 6% from 1.18 million ounces a year ago, largely due to interruptions from unprecedented rainfall in South Africa, which impacted electricity supply to its West Wits operations. This impacted production from Mponeng, Doornkop and Kusasalethu operations. Nevertheless, Harmony expects to meet its production guidance of 1.4-1.5 million ounces of gold for fiscal 2025, banking on a stronger final quarter and improved performance at its high-grade Mponeng and Moab Khotsong assets. It raised its underground recovered grade guidance to 6.00g/t from 5.80g/t, driven by strong performances from Mponeng and Moab Khotsong, and now expects to attain above that revised target. The company’s continued investment in mine-life extension and asset optimization underscores its push for a strong finish to fiscal 2025. Among its peers, AngloGold Ashanti plc AU saw a 22% year-over-year surge in gold production to 720,000 ounces in first-quarter 2025. This was its strongest first-quarter production since the first quarter of 2020. The upside was driven by a strong performance from AngloGold Ashanti’s managed operations with solid gains at Siguiri, Cerro Vanguardia and the Australian operations. AngloGold Ashanti expects consolidated gold production between 2.900 million ounces and 3.225 million ounces for 2025.Gold Fields Limited GFI had a strong start to 2025 with attributable equivalent gold production climbing roughly 19% year over year to 551,000 ounces in the first quarter. Gold Fields remains on track to meet its production guidance for 2025. Gold Fields sees attributable gold equivalent production of between 2.25-2.45 million ounces for the full year.

    HMY’s Price Performance, Valuation & Estimates

    Shares of Harmony Gold have rallied 68.9% year to date against the Zacks Mining – Gold industry’s rise of 58.7%, thanks to a surge in gold prices.

    Zacks Investment Research

    Image Source: Zacks Investment Research

    From a valuation standpoint, HMY is currently trading at a forward 12-month earnings multiple of 4.87, a roughly 61.7% discount to the industry average of 12.72X. It carries a Value Score of B.

    Zacks Investment Research

    Image Source: Zacks Investment Research

    The Zacks Consensus Estimate for HMY’s fiscal 2025 earnings implies a year-over-year rise of 190.8%. The EPS estimates for fiscal 2025 have been trending higher over the past 60 days.

    Zacks Investment Research

    Image Source: Zacks Investment Research

    HMY stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

    Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

    AngloGold Ashanti PLC (AU) : Free Stock Analysis Report

    Gold Fields Limited (GFI) : Free Stock Analysis Report

    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    This article originally published on Zacks Investment Research (zacks.com).

    Zacks Investment Research

    Harmony Gold Mining Company Limited (NYSE:HMY) is included in our list of the 10 Best Junior Gold Mining Stocks to Buy According to Billionaires.

    A man, dressed in protective gear, holding a golden nugget freshly extracted from an underground mining shaft.

    On June 23, 2025, ahead of its financial year-end on June 30, 2025, Harmony Gold Mining Company Limited (NYSE:HMY) reported a pre-year-end update. The company reaffirmed its 1.4 to 1.5 million ounces of total production guidance, while expecting its all-in sustaining costs to remain in the $0.057-$0.062 per kg range. Meanwhile, underground recovered grades have surpassed expectations, and capital expenditure is expected to be below the guided $0.61 billion.

    The company’s capital allocation strategy allowed it to meet or exceed guidance for a 10th consecutive year. Furthermore, Harmony Gold Mining Company Limited (NYSE:HMY) reported a record interim dividend payment of $0.08 billion. Its share price on the domestic exchange also hit a record high in April.

    Looking ahead, the company’s potential acquisition of MAC Copper Australia is expected to increase annual copper output by 40,000 tons, boosting free cash flow. Harmony Gold Mining Company Limited (NYSE:HMY) aims to focus its investment strategy on high-grade, low-risk assets like Hidden Valley and Mponeng. Harmony Gold Mining Company Limited (NYSE:HMY) also aims to advance feasibility studies at Eva Copper and permitting for the Tier 1 Wafi-Golpu project, strengthening its copper-gold growth trajectory.

    With mineral properties located in South Africa, Papua New Guinea, and Australasia, Harmony Gold Mining Company Limited (NYSE:HMY) is focused on the exploration, extraction, and processing of gold, uranium, silver, and copper deposits. It is included in our list of the best gold stocks.

    While we acknowledge the potential of HMY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

    READ NEXT: 11 Most Undervalued Cloud Stocks Under $10 According to Hedge Funds and 11 Best Mineral Stocks to Buy According to Hedge Funds.

    Disclosure: None.

    Goliath Resources Limited

    Infographic 1

    Infographic 1

    Infographic 2

    Infographic 2

    Infographic 3

    Infographic 3

    • 2025 drilling has more than doubled the known extent of the Bonanza Zone from 550 meters to over 1.1 km across and remains wide open with 100% of the drill holes intersecting substantial quartz-sulphide mineralization as well as 94% of drill holes containing gold visible to the naked eye (“VG”), assays pending.

    • Drilling has been completed in 34 holes (~25,000 meters) within the first month of drilling with 81 holes remaining (~35,000 meters) on Surebet. With 2 months remaining, the Company is on target to complete the planned and fully funded ~60,000 meter program with 9 rigs actively drilling.

    • Drill hole GD-25-317 intersected excellent gold mineralization in two separate intervals from the Bonanza Zone and the Surebet Zone that remain open, where 8 occurrences of gold visible to the naked eye were identified in quartz-stockwork and breccia zones containing moderate amounts of sphalerite, galena and pyrrhotite:

      • The Bonanza Zone interval consists of 3.17 g/t Au over 18.73 meters, including 5.10 g/t Au over 11 meters, including 11 g/t Au over 4.85 meters.

      • The Surebet Zone interval consists of 3.64 g/t Au over 9.40 meters, including 6.02 g/t Au over 5.50 meters.

      • The reported assays reflect gold only (AuEq value in intervals will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

    • Drill hole GD-25-302 intersected substantial gold mineralization in two separate intervals within a 96.50 meter interval where 6 occurrences of gold visible to the naked eye were identified in an altered andesite unit with high density quartz-sulphide veining corresponding to the Bonanza Zone that remains open:

      • The first interval consists of 2.26 g/t Au over 19.00 meters, including 6.28 g/t Au over 6.00 meters, including 8.88 g/t Au over 4.00 meters.

      • The second interval consists of 1.59 g/t Au over 16.00 meters, including 3.44 g/t Au over 6.00 meters.

      • These new intervals extend the footprint of high-grade gold mineralization of the Bonanza Zone to the south by 150 meters increasing the resource potential of this zone that remains wide open.

      • The reported assays reflect gold only (AuEq value in intervals will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

    • Drill hole GD-25-314 intersected 2.25 g/t Au over 4 meters, including 2.82 g/t Au over 3.15 meters part of the Bonanza Zone.

    • Drill hole GD-25-317 is located 180 meters to the northeast and GD-25-302 is located 420 meters to the east of drill hole GD-24-260, the highest grade gold interval drilled on Surebet to date (see news January 13, 2025), which assayed 34.52 g/t AuEq or 1.11 oz/T AuEq (34.47 g/t Au and 3.96 g/t Ag) over 39.00 meters including 132.93 g/t AuEq or 4.27 oz/T AuEq (132.78 g/t Au and 12.98 g/t Ag) over 10.00 meters, and 166.04 g/t AuEq or 5.34 oz/T AuEq (165.84 g/t Au and 16.07 g/t Ag) over 8.00 meters within an interval composed of altered andesite with substantial quartz-sulphide veining confirming the additional discovery potential for high-grade gold mineralization at the Surebet Discovery that remains wide open.

    • High-grade gold has now been recovered in three distinct rock packages discovered to date on Surebet. This includes the gently dipping gold-rich stacked veins, the gold-rich intermediate to felsic Eocene-aged Reduced Intrusive Related Gold (RIRG) near vertical dykes, and the newly discovered broad gold-rich zones of calc-silicate altered breccia, all of which contain substantial amounts of gold visible to the naked eye and remain wide open for expansion, confirming the presence of the Motherlode magmatic source at depth, a causative intrusion responsible for the extensive 1.8 km2 high-grade gold system at Surebet.

    • The 2025 planned campaign is under way and consists of 60,000 meters (recently increased from 40,000 meters) of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of:

      • Testing for the Motherlode Magmatic intrusive gold source;

      • Testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization;

      • Infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain;

      • Testing zones where the RIRG Eocene-aged dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and

      • Expanding the known mineralized veins laterally and to depth where they currently remain open.

    TORONTO, July 28, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is very pleased to announce positive assay results from drill hole GD-25-317 which assayed 3.17 g/t Au over 18.73 meters, including 5.10 g/t Au over 11 meters, including 11 g/t Au over 4.85 meters within the Bonanza Zone that remains wide open at Surebet on the 100 % controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia. An additional gold-rich interval in the same hole consists of 3.64 g/t Au over 9.40 meters, including 6.02 g/t Au over 5.50 meters part of the Surebet Zone.

    Two intervals of high-grade gold mineralization were also intersected in drill hole GD-25-302 that assayed 2.26 g/t Au over 19.00 meters, including 6.28 g/t Au over 6.00 meters, including 8.88 g/t Au over 4.00 meters, and 1.59 g/t Au over 16.00 meters, including 3.44 g/t Au over 6.00 meters. These new intervals extend the footprint of high-grade gold mineralization of the Bonanza Zone to the south by 150 meters increasing the resource potential of this zone that remains wide open, confirming the additional discovery potential for high-grade gold mineralization at the Surebet Discovery.

    The Company has completed 25,000 meters of drilling (out of 60,000 meters planned and fully funded for 2025), with 100% of the drill holes intersecting substantial quartz-sulphide mineralization as well as 94 % of the holes contain gold visible to the naked eye. The reported assays reflect gold only (AuEq value in interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

    Mr. Roger Rosmus, Founder & CEO of Goliath states: "Receiving exceptional gold only assays of 3.17 g/t Au over 18.73 meters, including 5.10 g/t Au over 11 meters, including 11 g/t Au over 4.85 meters from the first new holes completed in 2025 is a testament to the strong high-grade gold potential at Surebet. With 100% of drill holes completed this year intersecting mineralization, as well as 94% of the holes containing gold visible to the naked eye, we are on track to complete the most ambitious drill program on Surebet to date with 25,000 meters completed and 35,000 meters to go for a total of 60,000 meters that is fully funded. We are looking forward to releasing additional assay results and updating the gold-equivalent (AuEq) hole results as they become available.”

    Drill hole GD-25-317 intersected 5 occurrences of gold visible to the naked eye (“VG”) hosted in veins that are part of a quartz-stockwork in sandstone units containing moderate amounts of sulphides such as sphalerite, galena and pyrrhotite. A 27.68 meter interval with high-density of quartz-sulphide veining from 332.88 meters to 360.56 meters contains 2 occurrences of visible gold at 355.90 meters and 359.47 meters from the Surebet Zone. Another 19.83 meter interval from 441.90 meters to 461.73 meters contains multiple quartz-sulphide veins up to 50 cm wide with 2 occurrences of visible gold at 457.02 meters and 459.66 meters from the Bonanza Zone. Additional VG was identified at 256.90 m. The new intercept is located 180 meters to the northeast of drill hole GD-24-260, the highest grade gold interval drilled on Surebet to date, which assayed 34.52 g/t AuEq or 1.11 oz/T AuEq (34.47 g/t Au and 3.96 g/t Ag) over 39.00 meters including 132.93 g/t AuEq or 4.27 oz/T AuEq (132.78 g/t Au and 12.98 g/t Ag) over 10.00 meters, and 166.04 g/t AuEq or 5.34 oz/T AuEq (165.84 g/t Au and 16.07 g/t Ag) over 8.00 meters within an interval composed of altered andesite with substantial quartz-sulphide veining (see news January 13, 2025). Drill hole GD-25-302 intersected 6 occurrences of VG over a 96.50 meter interval from 89.50 meters to 186.00 meters within an altered andesite unit with high density quartz-sulphide veining corresponding to the Bonanza Zone that remains open. The new intercept is located 420 meters to the east of drill hole GD-24-260.

    Table 1: Assay highlights from 2025 drill holes reported in this news release.

    Hole ID

     

    From (m)

    To (m)

    Interval (m)

    Au (g/t)

    GD-25-317

    Interval

    352.00

    361.40

    9.40

    3.64

    including

    355.90

    361.40

    5.50

    6.02

    Interval

    443.00

    461.73

    18.73

    3.17

    including

    449.85

    460.85

    11.00

    5.10

    including

    456.00

    460.85

    4.85

    11.00

    GD-25-302

    Interval

    99.00

    115.00

    16.00

    1.59

    Including

    103.00

    109.00

    6.00

    3.44

    Interval

    121.00

    140.00

    19.00

    2.26

    Including

    128.00

    134.00

    6.00

    6.28

    Including

    128.00

    132.00

    4.00

    8.88

    GD-25-314

    Interval

    315.00

    319.00

    4.00

    2.25

    including

    315.00

    318.15

    3.15

    2.82

     

    High-grade gold mineralization has been confirmed in three distinct rock packages at the Surebet Discovery, which include: gently-dipping gold-rich mineralized stacked veins; gold-rich intermediate to felsic Eocene-aged RIRG dykes that crosscut the veins; and the broad zones of calc-silicate altered breccia. All three rock packages contain substantial amounts of VG and remain wide open, which strongly indicates the presence of a Motherlode magmatic causative source at depth responsible for the widespread high-grade gold mineralization at the Surebet Discovery.

    Table 2: Collar information for drill hole GD-25-302 reported in this news release.

    Hole ID

    CRS

    Northing (m)

    Easting (m)

    Elevation (m)

    Azimuth (deg)

    Dip (deg)

    Length (m)

    GD-25-317

    NAD83 / UTM zone 9N

    6162777

    457445

    1511

    130

    67

    717

    GD-25-314

    NAD83 / UTM zone 9N

    6162588

    457018

    1382

    80

    70

    593

    GD-25-302

    NAD83 / UTM zone 9N

    6162509

    457818

    1141

    195

    69

    1635

     

    The 2025 planned campaign is under way and consists of 60,000 meters (recently increased from 40,000 meters) of systematic drilling with 9 drill rigs. The campaign aims at expanding the full geometry of the Surebet discovery laterally and to depth. 100% of the drilling will be focused on the Surebet Discovery, where the Company has designed a detailed drill plan that will consist of: testing for the Motherlode Magmatic intrusive gold source; testing an additional 13 Eocene-aged dykes observed on the surface that have never been drill tested for RIRG mineralization; infill drilling with the goal of increasing pierce points density in all known stacked veins with a particular focus on the highest-grade areas from the Bonanza Zone and Surebet Zone intersection domain; testing zones where the RIRG dykes and gently dipping veins crosscut which are being called Goldilocks Zones as they are key locations where there are two styles of gold mineralization enriching the zones; and expanding the known mineralized veins laterally and to depth where they currently remain open.

    2025 re-logging initiative

    Recently released results from the re-logging of holes drilled between 2021 – 2024 include a new interval from drill hole GD-22-64 (see news June 23, 2025) comprising a Reduced Intrusion Related Gold dyke believed to be directly related to the Motherlode feeder source that contained gold visible to the naked eye and assayed 6.31 g/t AuEq over 14.35 meters including 11.36 g/t AuEq over 7.85 meters, as well as drill hole GD-24-280 (see news July 7, 2025), which assayed 8.31 g/t Au over 23.00 meters, including 15.69 g/t Au over 11 meters, including 37.45 g/t Au or 1.20 oz/T over 4 meters hosted in the calc-silicate altered breccia within the high-grade gold Bonanza Zone.

    From the early season re-logging initiative, assays are pending for an additional 6 drill holes containing VG associated with RIRG dykes, calc-silicate altered breccias and known stacked veins, including:

    • GD-24-277 (1 occurrence of VG, hosted in calc-silicate altered andesite breccia);

    • GD-22-102 (5 occurrences of VG, hosted in altered andesite);

    • GD-24-254 (2 occurrences of VG, hosted in andesite);

    • GD-24-267 (1 occurrence of VG hosted in sandstone); and

    • GD-24-244 (1 occurrence of VG hosted in an Eocene-aged dyke).

    Table 3: Assay highlights from the 2025 re-logging program.

    Hole ID

     

    From (m)

    To (m)

    Interval (m)

    Au (g/t)

    Ag (g/t)

    Cu (ppm)

    Pb (ppm)

    Zn (ppm)

    AuEq (g/t)

    GD-24-249

    Interval

    89.00

    91.95

    2.95

    1.71

    0.73

    0.01

    0.00

    0.01

    1.72

    GD-24-283

    Interval

    527.50

    530.15

    2.65

    0.35

    0.52

    0.00

    0.00

    0.01

    0.37

    GD-24-283

    Interval

    534.00

    536.00

    2.00

    0.93

    1.05

    0.01

    0.00

    0.12

    0.98

    GD-21-09

    Interval

    136.50

    139.21

    2.71

    0.29

    1.37

    0.00

    0.01

    0.02

    0.32

     

    Table 4: Collar information for drill holes from the 2025 re-logging program reported in this news release.

    Hole ID

    CRS

    Northing (m)

    Easting (m)

    Elevation (m)

    Azimuth (deg)

    Dip (deg)

    Length (m)

    GD-21-09

    NAD83 / UTM zone 9N

    6163076

    457510

    1657

    140

    62

    388

    GD-24-283

    NAD83 / UTM zone 9N

    6162756

    457363

    1506

    135

    55

    650

    GD-24-249

    NAD83 / UTM zone 9N

    6162560

    457938

    1138

    10

    80

    396

     

    Surebet Discovery Highlights

    • 32 out of 34 holes (or 94%) drilled thus far in 2025 contain gold visible to the naked eye and a 100% hit rate of drill holes have intersected substantial quartz-sulphide mineralization.

    • 60 out of 64 holes (or 94%) drilled in 2024 contained gold visible to the naked eye up to 11.5 mm (7/16 inches) in size, all of which returned high-grade gold.

    • The best hole drilled to date is GD-24-260 previously reported from the Bonanza Zone assayed 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters (see news release dated January 13, 2025).

    • The best hole drilled to date from the RIRG Eocene-aged dykes is GD-22-58 that assayed 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters, plus a second separate interval down hole of 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters (see news release dated March 13, 2025).

    • The best hole drilled to date from the third distinct rock package consisting of calc-silicate altered breccia is GD-24-280 that assayed 8.31 g/t Au over 23.00 meters, including 15.69 g/t Au over 11 meters, including 37.45 g/t Au or 1.20 oz/T over 4 meters within the Bonanza Zone (see news July 7, 2025).

    • Multiple gently-dipping gold-mineralized stacked veins have been identified every year on the Surebet high-grade gold discovery. Recent discoveries include RIRG Eocene-aged dykes, Goldilocks Zones where the veins and vertical RIRG dykes crosscut (which are characterized by having high-grade gold in two temperature regimes) and recently discovered high-grade gold in a third distinct rock package. Which continuously increase the potential tonnage and gold content of the high-grade gold system at the Surebet discovery.

    • A total of 12 stacked gently dipping high-grade gold veins extend for 1.2 kilometers at the Surebet discovery, have been enhanced by four high-grade RIRG Eocene-aged dykes that are up to 25 meters wide and exposed along strike at surface for up to 1,500 meters have been discovered and modelled to date (see news release dated June 23, 2025).

    • The footprint of the mineralization discovered to date at Surebet is 1.8 km2, the equivalent in size to >336 NFL football fields and remains open in all directions.

    • Thanks to the mountainous topography, mineralization in the veins is exposed on the surface for 2.1 km of strike (1.0 km on the south slope and 1.1 km on the north slope) with a vertical relief of 700 meters.

    • A study completed by the Colorado School of Mines confirms a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and outlines a common magmatic source for the high-grade gold system, now in three distinct rock packages. Which gives the Surebet discovery tremendous untapped discovery potential to increase tonnage and gold content in the various known rock package. Until this study, researchers and explorers in the Golden Triangle had not recognized the high-grade gold discovery potential in the Eocene-aged RIRG dykes (see news release March 13, 2025), which is showing the potential that these discoveries could be a geological breakthrough in the Golden Triangle of British Columbia.

    • Goliath has drilled a total of 92,000 meters with over 400 pierce points on the Golddigger property between 2021 and 2024, which culminated in the updated geologic model used for this year’s drill planning.

    • The Surebet Discovery has predictable continuity and very good metallurgy with gold recoveries of 92.2% from gravity and flotation at a 327-micrometer crush including 48.8% free gold recovery from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows a benign rock composition without deleterious elements (see news release March 1, 2023).

    • Based on positive grassroots exploration and drill results in recent years, Goliath significantly increased its land package from 66,608 hectares to 91,518 hectares (226,146 acres) and now controls 56 kilometers of key terrain of the Red Line geologic trend providing for additional upside discovery potential.

    • The Golddigger Property is located on tidewater with a barge route to Prince Rupert (190 km south) and close to infrastructure including the town of Kitsault adjacent to a permitted mine site on private property.

    About Golddigger Property

    The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in a highly prospective geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area, in close proximity to the Red Line, has hosted some of Canada’s greatest gold mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

    The Surebet discovery has predictable continuity and excellent metallurgy with gold recoveries from gravity and flotation at a 327-micrometer crush of 92.2% including 48.8% free gold from gravity alone (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present (see news release dated March 1, 2023).

    The Property is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

    Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the West Coast of British Columbia and houses an international container seaport also with direct access to railway and an airport.

    About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)

    Goliath Resources is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), which is one of the world’s largest research centers in the mining sector. CASERM is a collaborative research venture between Colorado School of Mines and Virginia Tech that is supported by a consortium of mining and exploration companies, analytical instrumentation and software companies, and federal agencies aiming to transform the way geoscience data is acquired and used across the mining value chain. The center forms part of the I-UCRC program of the National Science Foundation. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. Over the past three years, Goliath Resources’ membership in CASERM has allowed a high level of research to be performed on the Surebet Discovery.

    Qualified Person

    Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is an Independent Director of the Company.

    About Goliath Resources Limited

    Goliath Resources is an explorer of precious metals projects in the highly prospective Golden Triangle of Northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath has embarked on its largest drill campaign to date that is fully funded for up to 60,000 meters in total during 2025. The Company’s key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Waratah Capital Advisors, Mr. Rob McEwen, Mr. Eric Sprott and Mr. Larry Childress.

    For more information please contact:

    Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

    Disclaimer

    The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

    Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2024 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration is sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half: one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. The bagged samples are then weighed and secured with a zip tie. Certified reference materials (CRMs), blanks and duplicates are added in the sample stream at a rate of 10%. To ensure analytical anonymity, CRM identification labels are removed prior to submission to the laboratory. Additional out-of-sequence blanks are introduced immediately following core samples that contain visible gold or high-grade sulphide mineralization.

    Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples are then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, certified reference materials, and duplicate samples are inserted regularly into the sample sequence at a rate of 10%.

    All samples are transported in rice bags sealed with numbered security tags. The rice bags are transported from the core shacks to the MSALABS facilities in Terrace, BC. MSALABS is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. The core samples undergo preparation via drying, crushing to ~70% of the material passing a 2 mm sieve and riffle splitting. The sample splits are weighed and transferred into three plastic jars, each containing between 300 g and 500 g of crushed sample material. A 250 g split is pulverized to ensure at least 85% of the material passes through a 75 µm sieve. The crushed samples are transported to the MSALABS PhotonAssayTM facility in Prince George, where gold concentrations are quantified via photon assay analysis (method CPA-Au1). Samples that result in gold concentrations ≥5 ppm are analyzed to extinction. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, inducing the emission of secondary gamma rays, which are measured to quantify gold concentrations. The assays from all jars are combined on a weight-averaged basis. Multielement analyses are carried at the MSALABS facilities in Surrey, BC, where 250 g of pulverized splits are analyzed via ICF6xx and IMS-230 methods. The IMS-230 method uses 4-acid digestion (a combination of hydrochloric, nitric, perchloric and hydrofluoric acids) followed by inductively coupled plasma emission spectrometry to quantify concentrations of 48 elements. Samples with over-limit results for Ag, Cu, Pb and Zn undergo ore-grade analysis via the ICF-6xx method (where ‘xx’ denotes the target metal). This method employs 4-acid digestion followed by inductively coupled plasma emission spectrometry.

    Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and Gold Equivalent (AuEq) metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

    Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

    The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

    This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

    The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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