Mr. Gordon Robb reports

ESGOLD LAUNCHES 70 KM2 DISTRICT-SCALE ANT SURVEY AT MONTAUBAN FOLLOWING 3D MODEL IDENTIFYING DEEP, EXPANDING 2 KM MINERALIZED CORRIDOR

Esgold Corp. has commenced a second-phase ambient noise tomography survey covering approximately 70 square kilometres at its Montauban gold-silver project in Quebec. The expanded ANT survey commenced on Feb. 17, 2026, and the program represents the most extensive geological investigation conducted across the Montauban property in its 110-year history.

This program represents a sevenfold expansion of the company's initial 10-square-kilometre ANT survey completed in 2025, which formed the basis of Esgold's integrated 3-D geological model. That model imaged mineralized architecture extending to approximately 900 metres in depth and outlined at least two kilometres of strike length indicated, with the corridor widening at depth and remaining open at the limits of the original survey coverage.

The expanded survey program is designed to confirm whether this interpreted structural corridor continues along strike and to assess the potential for additional mineralized lenses within the broader framework. Results will be incorporated into the company's geological model to refine high-priority stepout drill targets and guide a focused drill program planned for spring 2026, with the objective to systematically evaluate the broader district-scale volcanogenic massive sulphide potential at Montauban.

Chief executive officer commentary

"This next phase marks an important step in defining the full scale of Montauban," said Gordon Robb, chief executive officer of Esgold. "Our initial ANT survey and integrated 3-D model revealed a deep and expanding mineralized corridor extending to approximately 900 metres and over at least two kilometres of strike. Critically, the system widened at depth and remained open where the survey ended. The expanded 70-square-kilometre program is seven times larger than our initial survey and represents the most comprehensive geophysical assessment ever conducted across the Montauban district. For the first time in the project's history, this land package has been consolidated under one operator and is being evaluated using modern, deep-penetrating geophysical tools. We believe we are at a pivotal stage in understanding the broader geological framework of Montauban."

Key highlights of survey and program:

• Initial ANT survey identified mineralized architecture extending to approximately 900 metres in depth -- significantly deeper than historical drilling, which was largely confined to shallow levels;
• At least two kilometres of strike length defined within the initial 10-square-kilometre survey area;
• Mineralized corridor widened at depth and remains open where truncated by survey boundaries;
• New 70-square-kilometre ANT program expands coverage approximately seven times beyond the original survey footprint;
• Largest district-wide geophysical survey ever conducted at Montauban;
• First time in Montauban's history that a consolidated land package of this scale has been systematically evaluated under a single operator;
• Survey results will guide targeted stepout drilling planned for 2026.

Defining the true extent of the system

The company's initial ANT survey and integrated 3-D model have most likely materially changed the geological understanding of Montauban. While historical mining operations extracted gold, silver, zinc and lead from multiple shallow zones, drilling was largely confined to depths of approximately 50 metres, with the deepest historical holes reaching approximately 250 metres.

The 3-D model, constructed through integration of ANT seismic velocity data, historical drilling, geological mapping, structural interpretation and geochemistry, identified a coherent mineralized corridor extending to approximately 900 metres in depth. Within the 10-square-kilometre survey footprint, the system demonstrated at least two kilometres of strike length and showed indications of thickening or widening at depth.

Because the initial survey area was limited in its extent, the modelled mineralized architecture was truncated at the survey boundaries. The new 70-square-kilometre program is designed to determine whether the interpreted corridor continues along strike and to evaluate its broader district-scale potential.

The expanded ANT survey will deliver high-resolution, 3-D subsurface imaging across a significant portion of Esgold's newly consolidated Montauban land package. The initial survey covered only a small fraction of the broader property, meaning the majority of the district has never been systematically evaluated using modern deep-imaging technology.

Survey program details are set out below:

• Survey area: covering 70 square kilometres of Montauban's most prospective zones;
• Strike length: mapping multiple kilometres along strike to identify mineralization extensions;
• Depth penetration: scanning from 50 metres to 900 metres deep, with potential for further extension;
• Advanced technology: utilizing Caur Technologies' ultrasensitive Geodes, which are 10 times more effective than traditional geophones, combined with artificial-intelligence-driven modelling that integrates historical drill data and satellite-assisted geophysics:
  • Expected impact of new survey program:
    • Expand the known deposit and enhance the potential for new discoveries;
    • Define high-priority drill targets for future exploration;
    • Assess the size, shape and continuity of mineralized anomalies;
    • Integrate survey data into a state-of-the-art predictability model, leveraging all past regional and local exploration results.

Advancing exploration in parallel with production

The expanded ANT program is being conducted as Esgold continues to advance the Montauban project toward near-term production in 2026. The company's processing facility is fully permitted and construction-ready, with procurement of processing components under way.

Data from the expanded ANT survey will be integrated into an updated predictive 3-D geological model and used to refine high-priority stepout drill targets planned for execution in 2026.

Game-changing technology: how ANT works

Ambient noise tomography leverages naturally occurring and human-made seismic vibrations. These signals travel through the earth and are recorded using ultrasensitive Geodes. The data are then rapidly processed and transmitted, generating a high-resolution 3-D model of the subsurface, with planned imaging depths of 400 m and beyond based on initial results.

This groundbreaking technology has already proved to be a game-changer in the mining sector, with the potential to redefine Montauban's geological model. By integrating AI-driven analysis with historical drill data, Esgold anticipates actionable insights that could unlock a major discovery.

Transforming Esgold's exploration strategy

The launch of this first ever deep exploration program could be a defining moment for Esgold. By identifying new drill targets, mapping the full extent of mineralization and uncovering previously hidden orebodies, this survey program could dramatically reshape the future of Montauban.

Esgold is taking a calculated approach, combining cutting-edge technology, systematic exploration and near-term production. This strategy aims to create significant long-term shareholder value, flipping the traditional junior mining model by using cash flow from operations to finance meaningful discoveries while minimizing dilution.

Why this new survey program matters to investors

The initial 3-D model demonstrated that Montauban extends significantly deeper and farther than historical exploration suggested. The identification of a 900-metre-deep system, widening at depth and open along strike, represents a material shift in the geological understanding of the Montauban project.

The new 70-square-kilometre ANT program seeks to determine whether this mineralized corridor continues beyond the limits of the initial survey and whether Montauban represents a larger, structurally controlled district-scale system.

At the same time, Esgold is advancing toward production at a fully permitted facility. This dual-track approach -- near-term cash flow alongside systematic district-scale exploration -- positions the company to translate geological progress into long-term value creation while maintaining strategic control over a consolidated land package.

Qualified person statement

The scientific and technical information contained in this news release has been reviewed and approved by Andre Gauthier, PGeo, a director of Esgold, a qualified person within the meaning of National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Gauthier has reviewed the data underlying the ANT survey and the resulting 3-D geological model, and believes the interpretations presented are reasonable and appropriate for exploration targeting purposes. The interpretations and conclusions are conceptual in nature and are intended to guide further exploration. They do not constitute a mineral resource or reserve, and are subject to confirmation through additional geophysical work and drilling.

About Esgold Corp.

Esgold is a fully permitted, preproduction mining company advancing a scalable clean mining model across North and South America. The company's flagship Montauban gold-silver project in Quebec is under construction with production anticipated in 2026. With a dual-track strategy of cash flow today and discovery tomorrow, Esgold is building a platform for clean, sustainable growth and long-term shareholder value.

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