Cambria Gold Mines Announces 166.2 g/t Au and 3,383 g/t Ag over 3.1 Meters at Premier and Expanded Drilling Program

Cambria Gold Mines Inc. (CAMB) released results on September 22, 2026, at 07:00 ET, detailing 6,923 meters of drilling across 70 surface and underground holes at its Premier Gold Project near Stewart, BC. The work constitutes an ongoing infill program at the Premier–Northern Lights (PNL) deposit and the Prew Zone, conducted at approximately 12.5-meter centers.

The headline hole, P26U-0095, intersected 166.22 g/t Au and 3,383 g/t Ag over 3.1 meters from 13.9 meters, including 467 g/t Au and 9,510 g/t Ag over 1.1 meters, with an estimated true width (ETW) of 63%. This intersection marks the northeastern extent of the Prew Zone, an area characterized by silver sulphosalts and native silver/electrum.

Other significant intercepts included P26-2705, which returned 18.26 g/t Au and 34 g/t Ag over 9.2 meters from 267.2 meters, including 33.5 g/t Au over 4.6 meters, with an ETW of 94%. This hole also contained a separate 0.9-meter interval at 36.70 g/t Au. Located approximately 10 meters beyond the end of historic workings, this intersection is believed to be continuous with the 602 Zone.

Additional notable results from the PNL deposit included:

• P26U-0049: 14.68 g/t Au and 32 g/t Ag over 10.0 meters (including 57.20 g/t Au over 2.0 meters), ETW 86%.
• P26U-0051: 37.38 g/t Au and 134 g/t Ag over 5.0 meters (including 46.18 g/t Au over 4.0 meters), ETW 83%.
• P26U-0052: 42.88 g/t Au and 207 g/t Ag over 3.0 meters (including 126.5 g/t Au over 1.0 meter), ETW 96%.
• P26U-0084: 31.26 g/t Au and 94 g/t Ag over 4.0 meters (including 135.5 g/t Au over 0.8 meters), ETW 82%.
• P26U-0048: 12.48 g/t Au and 516.6 g/t Ag over 9.0 meters (including 46.95 g/t Au and 1,632 g/t Ag over 2 meters), ETW 96%.

Other high-grade intersections included P26U-0096 with 105.50 g/t Au over 1.0 meter; P26U-0087 with 50.30 g/t Au over 1.5 meters; P26U-0090 with 47.85 g/t Au and 406 g/t Ag over 2.0 meters; P26U-0104 with 12.56 g/t Au over 6.2 meters; P26U-0121 with 17.60 g/t Au over 2.9 meters; and P26-2703 with 28.73 g/t Au over 2.9 meters (ETW 59%).

Intercepts were calculated on a composite basis using a 1 g/t Au cutoff and a maximum 3-meter internal waste interval, with "including" intervals determined at a 10 g/t Au cutoff. Estimated true widths were disclosed at 50–99% of the downhole length.

The company has expanded its planned program from 27,000 meters to 42,000 meters, incorporating Silver Coin infill drilling with first assays expected in October 2026, as well as winter exploration at PNL. This includes follow-up work on P25-2673, which reported 16.20 g/t Au over 3.9 meters on March 3, 2026, located north of the mill. No revenue, production, resource update, or economic study was announced in this release.

Cambria Gold Mines Inc. (CAMB) released drill results from its Premier–Northern Lights area, focusing on infill and resource-definition drilling. The company completed 70 holes returning grades at or above the deposit's expected grade within a coherent 12.5 m pattern. These results target the existing resource to provide the necessary drill spacing for accurate mine planning and increased Mineral Resource confidence.

The drilling encountered the same breccia-sulphide host rock as previous discoveries. The most significant intercept in this release was hole P26U-0095, which returned a 166 g/t silver-rich result over approximately 2 m true width.

The market has not fully priced in the recent drilling activity. A result from the 602 Zone on 21 April 2026 drove the stock from C$1.44 to C$2.00 by 24 April. However, shares have since round-tripped, closing at C$0.85 on 21 September 2026. This price is 58% below the April peak, 36% below the 24 April close, and only 29% above the 52-week low of C$0.66. Results from the July Prew program had minimal impact, with shares trading between C$0.78 and C$0.83.

Cambria Gold Mines Inc. currently holds a market capitalization of approximately C$313M and C$131.8M in cash. At this stage, the company’s value drivers are reserves, permitting, and the restart capital decision rather than drill results alone. The recent drilling reduces execution risk on mine-planning inputs and re-establishes silver as a meaningful by-product credit.

Significant milestones remain ahead for the company, including a resource upgrade, a feasibility update, the Red Mountain road project, and mill restart economics.

Cambria Gold Mines Inc. (formerly Ascot Resources Ltd.), a Vancouver-based company trading on the TSXV under the ticker CAMB and on the OTCQX under CAMVF, completed a recapitalization through a two-tranche placement totaling C$175 million gross in December 2025 and January 2026. This transaction included C$94.8 million in the second tranche, allowed the company to repay a US$9 million bridge loan to Nebari, facilitated a name change, and enabled its graduation from the NEX market to the TSXV in early 2026.

Prior-period financial data, not disclosed in today’s release, indicates the company generated no revenue. For the fiscal year ending 2025, the net loss was C$390.4 million, driven by a C$48.5 million non-cash fair value loss on stream and credit derivatives, C$8.1 million in non-capitalized mine-site costs, and C$14.0 million in share-based compensation. The first quarter of 2026 saw a net loss of C$75.4 million. As of March 31, 2026, the company held C$131.8 million in cash and C$80.2 million in working capital, with management stating it has at least twelve months of liquidity. Total debt stood at C$65.7 million at the end of FY-2025, with operating cash outflow of C$26.3 million and capital expenditures of C$64.0 million for the year.

The company’s primary asset is the Premier Gold Project, located in the Golden Triangle of British Columbia on Nisga’a Nation Treaty Lands. This site includes the historical Premier and Northern Lights mines, featuring a refurbished 2,500 tonnes per day mill currently on care and maintenance. The project encompasses approximately 6,300 meters of development in the PNL and Big Missouri areas, a water treatment plant, and a 128-bed camp. Deposits within the project include Premier, Silver Coin, Big Missouri, Dilworth, and Martha Ellen, with approximately C$538 million in construction and development spend already incurred.

Cambria also owns 100% of the Red Mountain asset, which holds Measured and Indicated resources of 3.19 million tonnes at 7.63 g/t gold and 21.02 g/t silver, containing 783,000 ounces of gold. The Measured component accounts for 544,000 ounces at 8.81 g/t gold. Additionally, there are Inferred resources of 405,000 tonnes at 5.32 g/t gold. The site features over 2,000 meters of existing underground workings and is suitable for bulk underground mining. The plan involves a 75/25 blend of Red Mountain and Premier feed to the Premier mill via a roughly 23-kilometer access road, with Phase 1 targeting Bromley Humps for 2026, representing a trucking distance of approximately 50 kilometers.

In Washington State, Cambria controls 50% of select patented claims at the Mt. Margaret copper-gold porphyry project, with the BLM holding the remaining 50%, plus 100% of 184 surrounding lode claims. A historic 1980 estimate by Duval suggested 577 million tonnes at 0.36% copper, 0.24 g/t gold, 0.011% molybdenum, and 1.58 g/t silver. This estimate is explicitly not NI 43-101 or S-K 1300 compliant and is not treated as a resource. The proposed spin-out of this asset to ECC Ventures 4 was terminated on September 17, 2026, and the asset is now retained by Cambria.

Remaining in the capital structure are a Sprott streaming/royalty arrangement and Nebari credit facilities, with quarterly interest being paid in shares.