Goliath Successfully Completes 48,443 Meters Of Drilling in 97 Drill Holes in 94 Days, With A 100% Hit Rate And Expands Footprint Of High-Grade Surebet Gold Discovery To 2.01 Km2 That Remains Open, Golddigger Property, Golden Triangle, B.C.

McEwen Inc. (MUX) has concluded its 2026 drilling program, marking a significant milestone in its exploration efforts at the Surebet project. The company reported that 48,443 meters were drilled across 97 holes using seven rigs over a 94-day period. McEwen described this effort as one of North America's largest helicopter-supported programs in alpine terrain this year. This completion brings the cumulative drilling total since 2021 to more than 200,000 meters across 483 holes.

Despite the completion of the program, data remains largely pending. Of the 97 holes drilled in 2026, 83 still have assays pending, with only approximately 14 to 15 holes from the campaign having reported AuEq results to date. The company noted a "100% hit rate," defined as 100% of holes intersecting quartz-sulphide mineralization, rather than returning economic gold grades. Additionally, 59% of the 2026 holes contained visible gold to the naked eye (VG-NE), while 85% (412 of 483) of all holes ever drilled contain VG-NE.

The Surebet "footprint" has been restated at 2.01 square kilometers, representing a 12% increase over the 1.8 square kilometers defined prior to the 2026 season. This figure was previously cited in an August 24, 2026 news release. Specific zones within the footprint have also been updated: the Bonanza Zone is now restated at 1.51 square kilometers (up from 1.27 square kilometers), and the Golden Gate Zone at 1.17 square kilometers (up from 0.85 square kilometers). Both figures were originally published on September 16 and September 18, 2026. The Big Bulk Zone, previously known as the "volcanic wedge zone," is restated as being up to 310 meters long and 110 meters vertically, featuring stacked mineralized veinlets up to 58 meters thick at the Bonanza-Golden Gate junction.

Historical best holes were restated as follows: * GD-23-157: 21.08 g/t AuEq over 23.00 m (18.95 g/t Au, 95.31 g/t Ag) * GD-24-260: 34.52 g/t AuEq over 39.00 m (34.47 g/t Au) * GD-24-291 (Big Bulk): 1.97 g/t AuEq over 33 m * GD-22-58 (Eocene dyke): 12.03 g/t AuEq over 10.00 m

Metallurgical results, derived from a composite core sample, indicate recoveries of 92.2% Au, 86.5% Ag, 94.2% Pb, and 96.9% Zn via gravity plus flotation. Gravity-only recovery yielded 48.8% Au and 10.3% Ag at a 327 micron crush, with no deleterious elements reported. The geological model identifies five stacked zones—Bonanza, Surebet, Golden Gate, Whopper, and Eldorado—totaling 46 gold-rich lodes/veins plus Eocene dyke swarms, interpreted to be fed by a "Motherlode" causative intrusion at depth. No cutoff grade is disclosed, and true width is estimated at 80-90% of the drilled interval length.

McEwen Inc. (MUX) released an operational update regarding its Goliath project that confirms the completion of the drilling program with 97 holes totaling 48,443 meters, falling slightly short of the stated target of roughly 50,000 meters. The company has 83 holes with assays pending, representing a future catalyst pipeline rather than immediate results. Additionally, the 2026-specific VG-NE rate was recorded at 59%, a figure that represents a mild decline compared to prior seasons.

The release reiterates previously published data, including the project’s 2.01 square kilometer footprint, the dimensions of the Bonanza (1.51 square kilometers) and Golden Gate (1.17 square kilometers) zones, the Big Bulk Zone, metallurgy data, and the results from the four best drill holes. Most of this information was disclosed within the last three weeks. No new scale, grade, zone with assays, or economic milestones were introduced. The system remains described as a 2.01 square kilometer, 46-vein discovery with 200,000 meters of drilling, consistent with releases from August 31, September 10, September 16, and September 18.

Goliath remains a pre-resource explorer with no mineral resource estimate, preliminary economic assessment, or revenue. For a company at this stage, significant developments typically involve new assays that materially extend the established grade-width envelope, a maiden resource, or a district-scale new discovery with assays; this update delivered none of these.

The update also serves as a cross-check for McEwen Inc., whose financials, presentations, and transcripts are the primary company-level materials supplied. McEwen holds approximately 5.18 million shares and warrants in Goliath, representing roughly 4.5% of the company on a fully diluted basis. This stake is considered a rounding error against McEwen’s own equity value, rendering the third-party operational update immaterial to the parent company. Key negatives to note include the decline in the VG-NE ratio, drilling slightly under the stated meterage, and the continued absence of any cutoff grade or resource conversion after 200,000 meters of drilling over five years.

Goliath Resources Limited, listed on the TSX-V (GOT), OTCQB (GOTRF) and Frankfurt (B4IF), is a precious-metals explorer focused entirely on the Golden Triangle of northwestern British Columbia. Its core asset is the 100% owned Golddigger Property, which covers 91,518 hectares (226,146 acres). The property lies within 3 km of the Red Line and controls 56 km of that geological trend. Goliath acquired the remaining 51% interest in March 2026 by issuing 3,000,000 shares to the J2 Syndicate, while simultaneously reducing the optionors' NSR from 3% to 2%. A mineral resource estimate is contractually required on or before June 1, 2030.

The company’s discovery, Surebet, comprises five modelled stacked zones—Bonanza, Surebet, Golden Gate, Whopper, and Eldorado—totalling 46 gold-rich lodes and veins, plus multiple Eocene dyke swarms. These features span a stated 2.01 km2 footprint, with more than 200,000 m drilled in 483 holes since 2021. There is currently no mineral resource estimate, no preliminary economic assessment, and no revenue.

Infrastructure access is considered strong for the region. The property is adjacent to tidewater with a barge route to Prince Rupert (190 km), 7 km from the Dolly Varden silver mine road with access to the Alice Arm barge landing, and 25 km from high-tension power. It is also close to Kitsault, which has a permitted mill site on private property and accommodation for 300-plus people.

Strategic holders include Crescat Capital, Global Commodity Group (Singapore), McEwen Inc. (approximately 5.18 million shares plus warrants), Rob McEwen (approximately 2.6% personally), Waratah Capital Advisors, Eric Sprott, and Larry Childress.

The financial statements, MD&A, investor presentation, and earnings-call transcript provided with this data set are those of McEwen Inc., not of Goliath Resources. They represent prior-period context belonging to a different, larger issuer that happens to be a Goliath shareholder, and they are not Goliath financials. No Goliath financial statements, MD&A, investor presentation, or transcript were provided, so Goliath's cash position, burn rate, and share count cannot be assessed from the supplied financials. This is not an earnings release, so there are no new results to assess in that section.