Roxmore Resources Reports Additional Drill Results from the Converse Gold Project in Nevada

Roxmore Resources Inc. (RM) has released additional gold and silver assay results from its 30,000-metre Phase 1 infill and extension drilling campaign at the Converse Gold Project in Nevada. The company reported several key intercepts, including CV26-017, which returned 85.3 m @ 0.52 g/t Au and 2.34 g/t Ag from 207.3 m, as well as 32.0 m @ 0.48 g/t Au and 2.85 g/t Ag from 300.2 m. Hole CV26-020 yielded 57.9 m @ 0.62 g/t Au and 3.02 g/t Ag from 76.2 m, including 32.0 m @ 0.84 g/t Au, and 62.5 m @ 0.79 g/t Au and 3.16 g/t Ag from 163.1 m, including 39.6 m @ 1.07 g/t Au. Additionally, CV26-022 returned 94.5 m @ 0.73 g/t Au and 2.34 g/t Ag from 114.3 m.

All three highlighted holes are located in areas currently classified as inferred mineral resources, with the drilling intended to support conversion to indicated or measured categories. The drill program currently has three rigs active, with approximately 31% of the 30,000-metre target completed. Two additional rigs are expected to join the campaign later in 2026, with a Preliminary Feasibility Study (PFS) targeted for 2027.

Management stated that the results demonstrate continuity and predictability, suggesting that infill drilling may support improved grades and a better strip ratio, though no quantified revision was provided. In corporate news, Roxmore Resources announced that Robert Dufour has been appointed as Chief Financial Officer during Zeenat Lokhandwala’s maternity leave.

Roxmore Resources Inc. (RM) is a pre-revenue developer that has completed a Preliminary Economic Assessment (PEA) but holds no reserves or operating mines. The recently reported drill holes represent infill and resource-definition results within inferred resource areas, confirming geological continuity and potentially supporting some conversion from inferred to indicated resources. These results do not alter the company’s 5.2 moz resource base or the economics outlined in the PEA.

The stock has already experienced significant appreciation following the PEA and prior drilling activity. From February 2026, the share price rose from C$2.40 to a high of C$5.38 in April, before correcting to C$2.73 in July and recovering to C$3.97 by August 31. At C$3.97, the company trades at a market capitalization of roughly C$286 million, representing a discount to the PEA’s net present value (NPV) of US$2.7 billion. This valuation suggests the market is pricing in a viable bulk-tonnage development story rather than treating the asset as a speculative exploration lottery.

Roxmore Resources Inc. (TSX: RM; OTCQX: GARLF) is advancing its flagship Converse Gold Project, a 100%-owned asset located on the Battle Mountain–Eureka Trend in Nevada. The company recently expanded its land position by 70% to 13,257 acres.

An updated mineral resource estimate (MRE) effective March 31, 2026, reports an Indicated resource of 103.1 million tonnes at 0.65 grams per tonne gold for 2.16 million ounces of gold. The Inferred resource stands at 218.4 million tonnes at 0.43 grams per tonne gold for 3.03 million ounces of gold. No reserves have been established.

A preliminary economic assessment (PEA) based on a gold price of US$3,600 per ounce outlines a 14-year life of mine with an average annual production of 246,000 ounces of gold. The project features an average recovery rate of 70.9% and an all-in sustaining cost (AISC) of US$1,769 per ounce. Pre-production capital expenditure is estimated at US$829 million. The assessment projects an after-tax net present value at a 5% discount rate of US$2.7 billion, an internal rate of return (IRR) of 43%, and a payback period of 2.2 years.

Other assets include the Newton Gold Project, for which a secondary payment was completed in June 2026.

On the balance sheet as of June 30, 2026, Roxmore held C$40.7 million in cash with no debt, resulting in working capital of approximately C$38.8 million. The company reported a first-half 2026 net loss of C$5.5 million, with spending redirected to the Converse project following a C$32.6 million private placement in March 2026.

Management includes Executive Chairman John Dorward and Executive Vice President of Exploration Vance Spalding. Robert Dufour was appointed chief financial officer in a release dated September 1.