Briefing
Table 25-3: Results of the economic analysis of the Montauban tailings Project Economic Indicator Pre-Tax After-Tax NPV (5% discount rate) $14.08M $6.99M IRR 42.6% 23.4% Payback period 2.8 years 1.8 years * The economic assessment comprising the 2025 PEA Report is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied Key points: Table 25-3: Results of the economic analysis of the Montauban tailings Project Economic Indicator Pre-Tax After-Tax NPV (5% discount rate) $14.08M $6.99M IRR 42.6% 23.4% Payback period 2.8 years 1.8 years * The economic; NI 43-101 Technical Report Mineral Resource Estimate and Preliminary Economic Assessment of the Montauban Gold Project, Québec 187 Total direct capital cost is estimated at $18,813,000 for the 2025 PEA Report (see Table; The payback period based on the undiscounted annual cash flow of the Project is also indicated as a financial measure; NI 43-101 Technical Report Mineral Resource Estimate and Preliminary Economic Assessment of the Montauban Gold Project, Québec 188 For the Owners’ capital costs, 5% of the total initial capital cost was used, for a total; Highlights of the 2025 PEA: • A project life of 4 years with the current resources starting in 2025 and ending in 2028; • Project IRR 105.1% pre-tax and 60.3% post-tax; • Production starts at 270,000 metric tonnes of pro; NI 43-101 Technical Report Mineral Resource Estimate and Preliminary Economic Assessment of the Montauban Gold Project, Québec 193 • Total operating costs of $35 per metric tonne of tailings (averaged over the expected l. This brief is based on the cited source artifact and is intended as a research entry point, not a replacement for the original source or EGM canonical data tables.
Source Notes
Table 25-3: Results of the economic analysis of the Montauban tailings Project Economic Indicator Pre-Tax After-Tax NPV (5% discount rate) $14.08M $6.99M...
Extractive summary evidence · source
NI 43-101 Technical Report Mineral Resource Estimate and Preliminary Economic Assessment of the Montauban Gold Project, Québec 187 Total direct capital cost...
Extractive summary evidence 2 · source
The payback period based on the undiscounted annual cash flow of the Project is also indicated as a financial measure.
Extractive summary evidence 3 · source
NI 43-101 Technical Report Mineral Resource Estimate and Preliminary Economic Assessment of the Montauban Gold Project, Québec 188 For the Owners’ capital...
Extractive summary evidence 4 · source
Extracted Document Text
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# Montauban Gold Project Tech Report
Source: https://esgold.com/wp-content/uploads/2026/06/Montauban_Gold_Project_Tech_Report.pdf
Published: 2026-06-01T00:00:00+00:00
Fetched: 2026-09-06T10:59:48.054+00:00
Source artifact: 6a2691a0-33ee-433f-95b2-e0468769f2c6
Normalizer input: text
## Content
# Montauban Gold Project Tech Report
NI 43-101 Technical Report
Mineral Resource Estimate and
Preliminary Economic Assessment of the Montauban Gold Project, Québec
i
NI 43-101 Updated Technical Report on
Mineral Resource Estimate and Preliminary Economic
Assessment of the Montauban Gold Project, Québec
Prepared for:
488-1090 West Georgia St
Vancouver, BC V6E 3V7
Project Location
Latitude: 46º 45’ 02” North; Longitude: 72°17' 05” West
Province of Québec, CANADA
Prepared by the following Qualified Persons:
Claude Duplessis, P.Eng. GoldMinds Geoservices Inc.
Merouane Rachidi, P.Geo., Ph.D. GoldMinds Geoservices Inc.
John Langton, M.Sc., P. Geo. JPL GeoServices Inc.
Edmond St-Jean, P. Eng. Laboratoire LTM Inc.
Effective Date: July 21, 2025 Signature Date: August 29, 2025.
NI 43-101 Technical Report
Mineral Resource Estimate and
Preliminary Economic Assessment of the Montauban Gold Project, Québec
ii
Date and Signature Page
The 2025 PEA Report is effective as at the 21st day of July, 2025.
August 29, 2025
Signed “Claude Duplessis”, P.Eng. ("Signed
and sealed original on file")
GoldMinds Geoservices Inc.
August 29, 2025
Signed “Merouane Rachidi”, Ph.D., P.Eng.
("Signed and sealed original on file")
GoldMinds Geoservices Inc.
August 29, 2025
Signed “John Langton”, M.Sc., P.Geo.
("Signed and sealed original on file")
JPL GeoServices Inc.
August 29, 2025
Signed “Edmond St-Jean”, P.Eng. ("Signed
and sealed original on file")
Laboratoire LTM Inc.
August 29, 2025
Signed “Annie Blier”, M.Env., B.Sc. ("Signed
and sealed original on file")
EnviroMineConseils AB Inc.
NI 43-101 Technical Report
Mineral Resource Estimate and
Preliminary Economic Assessment of the Montauban Gold Project, Québec
iii
CERTIFICATE OF QUALIFIED PERSON
Claude Duplessis, P.Eng.
This certificate applies to the NI 43-101 technical report titled “NI 43-101 Updated Mineral Resource
Estimate and Preliminary Economic Assessment of the Montauban Gold Project, Québec”, signed
August 29, 2025 with an effective date of July 21st, 2025 (the “2025 PEA Report”), prepared for ESGold
Corp.
I, Claude Duplessis, P. Eng., as a co-author of the 2025 PEA Report, do hereby certify that:
I am a senior engineer and consultant with GoldMinds Geoservices Inc. with an office at 2999
Chemin Ste-Foy, Suite 200, Québec, Québec, Canada, G1X 1P7.
I am a graduate from the University of Québec in Chicoutimi, Québec in 1988 with a B.Sc.A in
geological engineering and I have practiced my profession continuously since that time. I have
worked as an engineer for a total of 30 years since my graduation.
I am a registered member of the Order of Engineers of Québec, (#45523) as well as in Ontario,
Alberta and Newfoundland & Labrador.
My relevant experience for the purpose of the 2025 PEA Report is: Over 25 years of consulting in the
field of exploration, mineral resource estimation, orebody modelling, engineering geology,
mineral resource auditing, geotechnical engineering, mine planning and project economic
analysis.
I have read the definition of “qualified person” set out in the NI 43-101 – Standards of Disclosure for
Mineral Projects (“NI 43-101”) and certify that, by reason of my education, affiliation with a
professional association, and past relevant work experience, I fulfil the requirements to be a
qualified person for the purposes of NI 43-101.
I am independent of the issuer applying all the tests in Section 1.5 of NI 43-101.
I am responsible and co-author for the preparation of Items 19, 22, 24, and co-author for the
preparation of Items 1,12 14, 16, 20, 21,25, 26 & 27 of the 2025 PEA Report.
I visited the Property that is the subject of the 2025 PEA Report, on July 11, 2022, September 14, 2022,
and November 14, 2022, as part of this current mandate.
I have had no prior involvement with the property that is the subject of the 2025 PEA Report.
I have read NI 43-101. The parts of the 2025 PEA Report for which I am responsible have been
prepared following NI 43-101 rules and regulations.
As at the effective date of the 2025 PEA Report, to the best of my knowledge, information and
belief, the parts of the 2025 PEA Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make the parts of the 2025 PEA Report for
which I am responsible not misleading.
Dated this 29th day of August, 2025.
(Original Signed and Sealed) “Claude Duplessis”
Claude Duplessis, P. Eng.
NI 43-101 Technical Report
Mineral Resource Estimate and
Preliminary Economic Assessment of the Montauban Gold Project, Québec
iv
CERTIFICATE OF QUALIFIED PERSON
Merouane Rachidi, P.Eng.
This certificate applies to the NI 43-101 technical report titled “NI 43-101 Updated Mineral Resource
Estimate and Preliminary Economic Assessment of the Montauban Gold Project, Québec”, prepared
for ESGold Corp., signed August 29, 2025, with an effective date of July 21st, 2025.
I, Merouane Rachidi, P. Geo., Ph.D., as a co-author of the 2025 PEA Report, do hereby certify that:
I am a Geologist and consultant with GoldMinds Geoservices Inc. with an office at 2999 Chemin
Ste- Foy, Suite 200, Québec, Québec, Canada, G1X 1P7.
I am a graduate from Laval University in Québec city (Ph.D., in Geology, 2012) and I have practiced
my profession continuously since that time.
I am a member in good standing of the of the Ordre des Géologues du Québec, registration
#1792, member of APGO registered #2998 and American Institute of Professional Geologists
#12120.
My relevant experience for the purpose of the 2025 PEA Report is over eight years of consulting in
the field of exploration, mineral resource estimation, 3D orebody modelling, geology, mineral
resource estimation and mine planning.
I have read the definition of “qualified person” set out in the NI 43-101 – Standards of Disclosure for
Mineral Projects (“NI 43-101”) and certify that, by reason of my education, affiliation with a
professional association, and past relevant work experience, I fulfil the requirements to be a
qualified person for the purposes of NI 43-101.
I am independent of the issuer applying all the tests in Section 1.5 of NI 43-101.
I am co-author and responsible for the preparation of Item 14. I am also co-author and responsible
for the relevant parts of Items 1, 12, 23, 25, 26 and 27 of the 2025 PEA Report.
I visited the Property that is the subject of the 2025 PEA Report, on September 14, 2022 and
December 6-8, 2022.
I have had no prior involvement with the property that is the subject of the 2025 PEA Report.
I have read NI 43-101. The parts of the 2025 PEA Report for which I am responsible have been
prepared following NI 43-101 rules and regulations.
As at the effective date of the 2025 PEA Report, to the best of my knowledge, information and
belief, the parts of the 2025 PEA Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make the parts of the 2025 PEA Report for
which I am responsible not misleading.
Dated this 29th day of August 2025.
(Original Signed and Sealed) “Merouane Rachidi”
Merouane Rachidi, Ph.D., P.Geo.
NI 43-101 Technical Report
Mineral Resource Estimate and
Preliminary Economic Assessment of the Montauban Gold Project, Québec
v
CERTIFICATE OF QUALIFIED PERSON
John Langton, M.Sc., P.Geo.
This certificate applies to the NI 43-101 technical report titled “The Mineral Resource Estimate and
Preliminary Economic Assessment of the Montauban Gold Project, Québec”, prepared for ESGold
Corp., signed August 29, 2025, with an effective date of July 21, 2025.
I, John Langton, M.Sc., P. Geo., as a co-author of the 2025 PEA Report, do hereby certify that:
I am a Geologist and consultant with JPL GeoServices Inc. with an office at 133 Graveyard Hill,
Stanley, New Brunswick, Canada, E6B 1T9.
I am a graduate of Queen’s University, Kingston, Ontario (M.Sc. in Geological Sciences, 1993) and I
have practiced my profession continuously since that time.
I am a member in good standing of the of the Ordre des Géologues du Québec, registration #1231
and of Engineers and Geoscientists British Columbia, registration #64373.
My relevant experience for the purpose of the 2025 PEA Report is over eight years of consulting in
the field of mineral exploration and assessment.
I have read the definition of “qualified person” set out in the NI 43-101 – Standards of Disclosure for
Mineral Projects (“NI 43-101”) and certify that, by reason of my education, affiliation with a
professional association, and past relevant work experience, I fulfil the requirements to be a
qualified person for the purposes of NI 43-101.
I am independent of the issuer applying all the tests in Section 1.5 of NI 43-101.
I am co-author and responsible for the preparation of Items 3 and 5 to 11. I am also co-author and
responsible for the relevant parts of Items 1, 2, 4 and 24 to 27 of the 2025 PEA Report.
I visited the Property that is the subject of the 2025 PEA Report, on November 13, 2021.
I co-authored the 2019 technical report (Jourdain et al., 2019) on the Project that is the subject of the
2025 Pea Report.
I have read NI 43-101. The parts of the 2025 PEA Report for which I am responsible have been
prepared following NI 43-101 rules and regulations.
As at the effective date of the 2025 PEA Report, to the best of my knowledge, information and
belief, the parts of the 2025 PEA Report for which I am responsible contain all scientific and
technical information that is required to be disclosed to make the parts of the 2025 PEA Report for
which I am responsible not misleading.
Dated this 29th day of August 2025.
(Original Signed and Sealed) “John Langton”
John Langton, M.Sc., P.Geo.
NI 43-101 Technical Report
Mineral Resource Estimate and
Preliminary Economic Assessment of the Montauban Gold Project, Québec
vi
CERTIFICATE OF QUALIFIED PERSON
Edmond St-Jean, P.Eng.
This certificate applies to the NI 43-101 technical report titled “NI 43-101 Updated Mineral Resource
Estimate and Preliminary Economic Assessment of the Montauban Gold Project, Québec” (the “2025
PEA Report”), prepared for ESGold Corp., signed August 29, 2025, with an effective date of July 21, 2025.
I Edmond St-Jean, Eng. (OIQ, no. 45493), as a co-author of the 2025 PEA Report do hereby certify that:
1. I am an Engineer employed as Manager of Laboratoire LTM inc. at 1140 4e Street Val-d’Or, Quebec.
I was the owner of Laboratoire LTM Inc at the time of the testing with which the design of the
processing circuit was prepared. I am the owner of St-Jean consultants Inc. and work actively on
Montauban Gold Project.
2. I received a bachelor's degree in mining engineering from the Laval University (Quebec, Quebec)
in 1986.
3. I have over 37 years' experience as a mining engineer in the mining industry. I have extensive
experience in mineral processing and mill design. I have two patents about mineral process and
environment. I have worked for the past 27 years for Laboratoire LTM Inc.
4. I have read the definition of "qualified person" as set out in National Instrument 43-101 ("NI 43-101")
and certify that by reason of my education, affiliation with a professional association (as defined in NI
43-101) and past relevant work experience, I fulfill the requirements to be a "qualified person" for the
purposes of NI 43-101.
5. This certificate applies to Items 13, 17, 18 and 21 that were prepared for the 2025 PEA Report. I am
also co-author and responsible for the relevant parts of Items 1, 25 and 26 of the 2025 PEA Report.
6. I am independent of the Issuer applying all the tests in Section 1.5 of NI 43-101.
7. I have not received and do not expect to receive any interest, directly or indirectly, in the propertie
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