A Focused Turnaround in One of BC’s Hottest Gold Corridors

• Evergold Corp. (TSXV: EVER) has undergone a significant strategic and leadership reset, with newly appointed President and CEO Alex Walcott - a second-generation geophysicist with deep regional experience - refocusing the company entirely on its Golden Lion gold-silver flagship project in British Columbia's Toodoggone district.
• The Golden Lion property sits within one of Canada's most actively re-rated junior exploration corridors, with property boundaries adjoining successful gold peers, providing meaningful district-level validation for Evergold's geological thesis.
• Historical drilling at Golden Lion has returned intercepts including 66 metres at 1.36 g/t gold equivalent alongside silver hits of up to 900 g/t, with the 2021 campaign establishing down-dip continuity of approximately 175 metres and identifying a previously undercorrected drilling orientation error that the 2026 programme is designed to address.
• With a market capitalisation of approximately C$8 million and roughly 13 million shares outstanding following a share consolidation, Evergold trades at a substantial discount to district peers despite holding multi-gram mineralised intercepts and a defined drill-ready target.
• Management is planning a two-phase 2026 exploration programme comprising approximately 4,000 metres of drilling at the epithermal zone and a property-wide geophysical survey, with a C$5 million financing expected within approximately one month to fund the work.

Evergold Corp. (TSXV:EVER), a British Columbia-based junior explorer with its newly appointed President and CEO Alex Walcott, outlined a straightforward turnaround strategy centred on one flagship asset, the Golden Lion gold-silver project in the Toodoggone region of northern British Columbia, and backed by a retooled management team with genuine operational experience in the region.

Walcott's appointment follows a broader restructuring that included a share consolidation, two new board members, and a renewed focus on turning existing data into drill-ready targets. The company's market capitalisation, at approximately C$8 million with roughly 13 million shares outstanding, reflects its early-stage positioning but also the scale of the re-rating potential if the programme delivers.

The Golden Lion on a District Context

The Golden Lion property comprises approximately 5,000 hectares in the northern Toodoggone, a district that has attracted increasing attention following TDG Gold's Aurora discovery and Anglo American's recent acquisition of a 5% stake in Thesis Gold. Evergold's property boundaries adjoin Thesis Gold's ground, with Sun Summit Minerals situated to the south.The district-level validation being established by better-capitalised peers provides meaningful geological context for Evergold's own ambitions.

The Toodoggone Formation, which hosts mineralisation across multiple projects in the area, is now much better understood than it was a decade ago. Infrastructure has also improved substantially. As Walcott notes, a road now extends to within 10 kilometres of the Golden Lion, compared to a previous requirement to sling a drill by helicopter over 40 kilometres. The practical implication is lower operating costs and more efficient mobilisation - a meaningful consideration for a company of Evergold's size.

What the Geological Data Shows

Golden Lion hosts an intermediate sulphidation epithermal system with a notable base metal and silver signature. Historical drilling has returned intercepts including 66 metres at 1.36 g/t gold equivalent, with high-grade silver hits reaching up to 900 g/t. A porphyry copper target in the northern portion of the property adds optionality, with historical silt samples returning copper values in the hundreds of parts per million.

"What we see right now is we have this fault structure coming through between the Toodoggone formation and the Takla formation - and basically have a reverse fault. The mineralisation where it intensifies is right down the fault structure and this fault structure runs for quite a few kilometres," Walcott explained.

The team has now built a 3D model incorporating all available geophysical and geological data, and the planned 2026 holes will be oriented to intersect the structure correctly, with four-hole fan patterns drilled from consolidated pads for cost efficiency.

Interview with Alex Walcott, President & CEO of Evergold Corp.

Systematic and Focused 2026 Programme

The proposed 2026 exploration programme is designed as a two-phase effort. The first phase targets the established epithermal zone at Golden Lion, with approximately 4,000 metres of drilling planned using the fan-pad methodology described above. This approach allows the team to gather considerable data without frequent and costly drill relocations.

Second phase focuses on property-wide data acquisition, including detailed magnetic surveys and passive electromagnetic methods such as ZTEM or mobile MT. These techniques are designed to identify resistive bodies at depth and have been applied extensively by Walcott in his capacity as a contractor across multiple BC properties. The team's ability to conduct this work in-house, without outsourcing the modelling, represents a genuine cost and time advantage.

Taylor Quinn, who is completing a master's thesis on the Golden Lion project having spent three to four years on the dataset, will serve as exploration manager - an unusual asset for a company at this stage. His detailed understanding of alteration controls and structural geometry adds technical credibility to the programme design.

A financing of approximately C$5 million is expected within the coming month to fund these activities. The company already has camp infrastructure in place with Walcott estimating the preserved timber infrastructure alone represents approximately C$150,000–200,000 in saved helicopter costs.

Corporate Structure and Capital Market Positioning

Following the share consolidation completed in late 2025, Evergold has approximately 13 million shares outstanding and a market capitalisation of approximately C$8 million at a trading price near C$0.55 per share. The company also carries C$350,000 in convertible debt that is expected to convert ahead of or alongside the forthcoming financing.

Walcott highlights the relative valuation gap directly:

"If you look at our nearest neighbours  - Finlay Minerals is trading at around $20 million and has a JV, while Sun Summit, which is probably a fairly comparable target, is around $25 million. We have room to grow."

The board composition has been strengthened with the addition of Alvin Jackson, formerly of EuroZinc and currently Vice President of Exploration at FreeGold Ventures, and Brian Butterworth, President of Hy-Tech Drilling. Charlie Greg, a well-regarded BC geologist, remains a key technical figure and holds approximately 15% of the company. These are names with operational credibility and regional networks - important for a company that will need to secure drill rigs, helicopters, and field personnel in a competitive northern BC logistics environment.

The Investment Thesis for Evergold

• District re-rating underway: The Toodoggone district is attracting institutional capital, with AngloGold Ashanti taking a 5% stake in neighbouring Thesis Gold and a positive PEA completed nearby. Evergold sits in the same mineralised corridor at a fraction of comparable peers' valuations.
• Low market capitalisation with data-backed drilling: At approximately C$8 million market cap, Evergold is priced at an early-stage exploration premium with existing drill data, a 3D structural model, and a defined target. Investors are not paying for speculation alone - there is a substantive geological dataset behind the programme.
• Operationally capable management: The CEO and key technical lead are practising geophysical consultants who regularly work in the same terrain. They have existing contractor relationships, in-house modelling capability, and regional infrastructure knowledge. This reduces execution risk meaningfully compared with management teams learning the ground from scratch.
• Silver optionality is underappreciated: With silver prices having risen substantially, intercepts previously considered secondary - including hits up to approximately 900 g/t silver — now materially improve the gold-equivalent economics of the deposit. Investors should model gold equivalent grades rather than gold alone.
• Actionable near-term catalysts: A C$5 million financing is expected within approximately one month, followed by mobilisation for the 2026 drill programme. Results from 4,000 metres of drilling, combined with property-wide geophysical data, will provide multiple newsflow events through the year.
• Tight share structure limits downside dilution risk: With only approximately 13 million shares currently outstanding post-consolidation, the financing required to fund the programme, while dilutive, is unlikely to create excessive overhang relative to peers.
• Investors should note: This is a pre-revenue junior exploration company with no resource estimate and inherent geological and financing risk. Position sizing should reflect the early-stage nature of the asset.

Macro Thematic Analysis: Junior Gold Explorer Re-Rating

The Toodoggone region of northern British Columbia is emerging as one of Canada's more consequential junior gold exploration corridors. For much of the past decade, the district's remoteness, limited infrastructure, and depressed gold prices conspired to keep institutional interest at bay. That dynamic has materially shifted.

The catalyst has been a combination of discovery-driven momentum and the improving economics of northern BC exploration. TDG Gold's Aurora discovery demonstrated that world-class mineralisation exists in the Toodoggone Formation. Thesis Gold's completion of a positive preliminary economic assessment has advanced the district's credibility from exploration-stage to development-stage potential. AngloGold Ashanti decision to acquire a 5% stake in Thesis Gold  - announced just days before this interview  - signals that major mining companies are now paying attention to a district that was largely overlooked by the senior end of the industry until recently.

Infrastructure is improving in parallel. Road access has extended closer to previously remote projects, reducing the cost and logistical complexity that historically deterred smaller companies from operating here. Helicopter availability has improved with increased regional activity. The collective effect is that the cost-per-metre economics of exploration in the Toodoggone are meaningfully better today than they were five years ago.

Gold's price trajectory adds a further layer of support. With gold trading at elevated levels, the margin of safety for explorers targeting multi-gram epithermal systems has widened. Projects that were marginal at US$1,500 gold look considerably more interesting at current prices. The silver market adds an additional dimension: the gold-to-silver ratio has been compressing, and projects with meaningful silver credits - such as Golden Lion's reported 900 g/t silver intercepts - are being revisited with fresh economic assumptions.

TL;DR

Evergold Corp. (TSXV:EVER) is a restructured junior gold explorer with a single focused asset - the Golden Lion gold-silver project in British Columbia's Toodoggone district. With a new CEO who is a practising geophysicist, a tightened share structure of approximately 13 million shares, and a market cap of roughly C$8 million, the company trades at a significant discount to district peers ranging from C$20–25 million. A two-phase 2026 exploration programme of approximately 4,000 metres of drilling is planned, funded by a forthcoming C$5 million financing. The programme is backed by existing drill data, a completed 3D geological model, and in-house geophysical capability. The district has recently attracted AngloGold Ashanti as a strategic investor in neighbouring Thesis Gold. High-grade silver intercepts up to 900 g/t provide additional economic upside beyond gold. This is a pre-resource, early-stage company - risk is commensurate with the opportunity, but the setup heading into 2026 is more compelling than it has been in several years.

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