Unlocking Near-Term Cash Flow Through Environmental Remediation & Exploration Upside

• ESGold is pursuing near-term production through reprocessing toxic tailings from the historic Montauban mine, 80km west of Quebec City, requiring only $6 million in capex and $2-3 million in operating expenses
• The company has identified approximately 12,000 ounces of gold, one million ounces of silver, and significant mica in tailings across six different piles, with full permits already in place for 1,000 tons per day processing
• New CEO Gordon Robb, former fixed income trader with resource sector experience at Scottie Resources, joined in July 2025 to scale operations and bring institutional partnerships to the family-funded company
• The strategy involves starting with 500 tons per day pilot plant, scaling to 1,000 tons per day, then using cash flow to fund exploration of the underexplored VMS deposit extending to 1,200 meters depth
• ESGold plans to create a scalable model for cleaning up toxic tailings across North America while generating economic value, with less than one-year payback period according to previous preliminary assessment

In an era where exploration companies struggle for market recognition despite record metal prices, ESGold Corporation presents an alternative path to value creation. The company has positioned itself as a near-term producer focused on reprocessing historic tailings while simultaneously addressing environmental liabilities and creating future exploration opportunities. With a new leadership team and a clear path to production, ESGold represents an intriguing proposition for investors seeking exposure to precious metals with reduced development risk.

Leadership Transition

ESGold recently appointed Gordon Robb as CEO, bringing fresh perspective and financial acumen to the organization. Robb, who joined on July 2nd, 2025, brings a unique background combining fixed income trading experience across major financial centers including Toronto and Hong Kong, along with recent resource sector experience at Scottie Resources. Robb explained his decision to join the company,

"There's certain opportunities one can't pass up. ESGold was one of them."

His appointment reflects ESGold's strategic shift toward institutional-grade operations and partnerships, moving beyond its historical structure as a family-funded venture.

Robb's mandate centers on taking the company "to the next level" by leveraging his financial background and resource sector knowledge. 

"Working with Scottie [Resources] for the last few years has been a great introduction into the resource space. I was very fortunate to have great mentors and a great team to work with and learn from."

The Montauban Project: Historical Context and Current Opportunity

The Montauban project sits on historically significant mining ground, with production dating back to 1912 through 1940, and again during the 1980s and 1990s. The early operations focused primarily on zinc, while later periods included gold and silver extraction. This extensive mining history has left approximately one million metric tons of toxic tailings distributed across the townships of Montauban and Notre Dame.

"The township was built around this mine. So what we are planning on doing is cleaning up those toxic tailings piles around this community, employing the people to do so and generating that economic value from the gold and silver and mica left in those tails."

The environmental remediation aspect provides ESGold with both social license and economic opportunity. The company's approach addresses a genuine environmental liability while creating economic value for both shareholders and the local community.

Resource Inventory and Technical Foundation

ESGold's technical team has conducted extensive metallurgical work and geological analysis to quantify the opportunity. The company has identified approximately 12,000 ounces of gold and one million ounces of silver across the tailings, along with significant quantities of mica. This resource base spans six different tailings piles, each representing different historical mining periods and processing methods.

The technical foundation builds on work from three different companies that previously operated in the area: Anacon and Tetreault among others. 

"There's been a lot of metallurgical work, right? We have a database of drill results in this area."

The processing approach centers on gravity separation, a relatively straightforward technique for material already extracted and processed once before. 

"What we need to do is essentially pick it up from the side of the road, right? We're doing gravity separation to be able to separate it." 

Interview with Gordon Robb, CEO of ESGold Corp

Operational Strategy

ESGold's operational approach emphasizes measured scaling rather than aggressive expansion. The company plans to begin with a 500 tons per day pilot plant before scaling to the fully permitted 1,000 tons per day capacity. This graduated approach allows for operational optimization while generating cash flow from the outset.

"Our plan is to start slow, do this properly rather than rush in to make a big splash. The whole point of this is an organic slow approach to reprocess tails, start generating revenue and expand at scale."

The infrastructure foundation already exists, with a steel building in place and most equipment requirements identified. The company holds full permits for 1,000 tons per day processing, eliminating regulatory uncertainty that often plagues development projects.

Capital Requirements

ESGold's capital requirements remain modest compared to traditional mining development projects. The company estimates needing approximately $6 million in capital expenditures and $2-3 million in operating expenditures to reach full production. This low-capex model reflects both the surface nature of the resource and the existing infrastructure.

"This is a low capex project. So we're not looking at the $20, $30, $40 million project financing. We're looking for a partnership to bring in about $6 million in capex, about $2 to $3 million in operating expenditures, and that should get us across the finish line into full production."

The financing strategy emphasizes partnership over equity dilution. Robb indicated preference for debt financing or strategic partnerships over traditional equity raises, citing the company's near-term production profile as enabling more favorable capital structures.

Exploration Upside

Beyond the immediate tailings opportunity, ESGold sits on what Robb describes as a "VMS deposit that is wildly underexplored." Recent ambient noise topography surveys have identified structures extending to 1,200 meters depth, suggesting significant exploration potential beneath the historic workings.

"There is a lot of exploration potential and the bonus here is that we'll already have a functioning mill. So we skip that whole development stage as we continue to explore." 

The exploration strategy will be self-funded through tailings processing cash flow, eliminating the need for dilutive financing typically required for exploration programs. This approach addresses a key challenge facing junior exploration companies in the current market environment.

Market Positioning & Capital Structure

ESGold's capital structure reflects its origins as a family-funded venture. The company has been primarily supported by friends and family of chairman Paul Mastantuono, along with select US family offices. This tight capital structure has kept institutional and bank involvement minimal, creating both opportunities and challenges.

"This has been run essentially like a family business and been funded the same way." 

While this structure has provided patient capital during development, it also limits liquidity and market visibility.

The warrant structure remains manageable, with existing warrants held by the same close group of supporters rather than broadly distributed to market participants.

The Investment Thesis for ESGold

• Near-term production with minimal capex requirements - Only $6 million in capital expenditures needed to reach 1,000 tons per day processing capacity with existing permits and infrastructure
• Environmental and social benefits create strong community support - Cleaning up toxic tailings provides social license while generating economic returns for local employment
• Low-risk resource base with known metallurgy - Surface tailings with established processing techniques eliminate typical mining development risks
• Multiple value drivers beyond tailings - Self-funded exploration potential on underexplored VMS deposit extending to 1,200+ meter depth with existing mill infrastructure
• Experienced new leadership with financial markets background - CEO Gordon Robb brings institutional credibility and capital markets expertise to previously family-funded operation
• Scalable business model for North American tailings - Proof of concept could lead to regional tailings processing opportunities across mining districts
• Strong commodity exposure - Diversified revenue streams from gold, silver, and mica provide protection against single-metal price volatility
• Rapid payback period - Previous preliminary assessment indicated less than one-year payback, likely improved with current higher metal prices
• Strategic financing advantages - Near-term production profile enables debt financing and strategic partnerships rather than dilutive equity raises
• Tight capital structure with institutional opportunity - Family-funded history creates liquidity opportunity as story reaches broader institutional investor base

The global mining industry faces mounting pressure to address legacy environmental liabilities while simultaneously meeting growing demand for critical metals. Historic mining operations across North America have left countless tailings facilities containing recoverable metals alongside environmental hazards. ESGold's model addresses both challenges simultaneously, creating economic value while remediating environmental damage.

Rising metal prices, particularly for precious metals, have made previously uneconomic tailings deposits attractive for reprocessing. Advanced metallurgical techniques and processing technologies enable more efficient recovery of metals from historical waste streams. This convergence of environmental necessity and economic opportunity creates a compelling investment theme.

Robb's observation captures the broader opportunity: 

"The market seems to have an appetite for cash flow. We have never seen metals prices as high as they are. So, we're going to take advantage of the situation we're in. We're going to produce what's on surface, take advantage of those high metal prices, and be able to fund our own drill program by cleaning up the area and that toxic liability."

The model offers particular appeal in the current market environment where exploration companies struggle for recognition despite strong commodity fundamentals. Tailings reprocessing provides immediate cash generation while creating optionality for future exploration and development activities.