TomaGold Continues to Intersect Wide Zones of Zinc, Gold and Silver on Optioned Chibougamau Independent Claims

Chibougamau Independent Mines Inc. (CBG) is re-reporting drilling results from its optionee, TomaGold Corp. (LOT-TSXV), on the optioned Berrigan Mine Project located in the western Chibougamau camp of Quebec. CBG does not drill or operate at the site.

The release details the final three holes of a five-hole Phase 2 extension program: TOM-25-012EXT, TOM-25-010EXT, and TOM-25-013EXT.

• TOM-25-012EXT: 69.40 m grading 3.46% ZnEq (0.81 g/t AuEq) from 784.20 m to 853.6 m, including 40.1 m grading 5.38% ZnEq (1.25 g/t AuEq) from 784.0 m to 824.3 m.
• TOM-25-010EXT: 19.1 m grading 2.23% ZnEq (0.52 g/t AuEq) from 472.4 m to 491.5 m.
• TOM-25-013EXT: 7.0 m grading 2.21% ZnEq (0.52 g/t AuEq), including 28.25 g/t Ag, from 631.5 m to 638.5 m.

Two previously released holes are included for context: TOM-25-015, which returned 98.50 m at 5.08% ZnEq (1.19 g/t AuEq) from 451.20 m, including 4.90 m at 23.20% ZnEq; and TOM-25-011EXT, which returned 204.25 m at 2.05% ZnEq (0.48 g/t AuEq) from 553.90 m, including 2.40 m at 31.31% ZnEq.

The company states the program extended the Berrigan Deep Zone over a 250 m strike length and 400 m vertically, with intersections reaching nearly 900 m vertical depth, and describes a "thick extensive polymetallic hydrothermal system." No resource estimate, cut-off grade, tonnage, mine plan, or economic study is provided. The company directs readers to TomaGold's own release for assays and methodology.

Chibougamau Independent Mines Inc. (CBG) released drill results for its Berrigan project, which is optioned to TomaGold. The company reported prior-period financial context for Q1-2026, noting a net income of $347,331 driven by a $200,000 cash payment and 4,000,000 TomaGold shares valued at $119,711 from a West Block option milestone. The company held $525,586 in cash, had total liabilities of $49,425, and carried no debt. With 61,755,191 shares outstanding, the book value was approximately $0.02 per share, implying a price-to-book ratio of roughly 13x at the current share price of $0.28.

Under the amended September 2025 agreement, CBG receives $2.7 million in cash, $1.85 million in TomaGold shares, and a $5.6 million exploration commitment over six years—totaling approximately $9.15 million—in exchange for 100% of the Berrigan South, Berrigan Mine, Antoinette, Elaine Lake, and Gwillim properties. CBG retains no royalty on Berrigan, meaning the value of any discovery accrues to TomaGold’s equity rather than CBG’s. The economic value to CBG is limited to evidence that the optionee is spending and likely to continue paying installments, as well as a free option on the properties in the event of default. This option structure has been in place since 2023/2025.

A July 15, 2026 update postponed the Bankable Feasibility Study to incorporate inflation-driven optimization and an inferred-to-measured drill program. The Environmental and Social Impact Assessment (ESIA) filing is scheduled for Q2 2027, with permitting expected around the end of 2028 and construction potentially beginning in Q1 2029.

The best prior intercepts on the same zone were TOM-25-015, which reported 500 %Zn.m and 98.5 m at 5.08% ZnEq (published 2026-01-29), and TOM-25-011EXT, which reported 419 %Zn.m and 204.25 m at 2.05% ZnEq (published 2026-06-30). The new best intercept reported 240 %Zn.m, representing 48-57% of the anchor metal-metres, but at a grade 69% higher than the 011EXT anchor (3.46% vs 2.05%). This represents better grade over a shorter interval and a deeper step-out to approximately 900 m.

CBG shares traded at $0.28, compared to $0.20 on 2025-09-30 and a 52-week high of $0.34, marking a ~40% twelve-month gain. The stock is currently 18% below its high. The equity is priced on Mont Sorcier optionality and option cash flow rather than a discovery-driven doubling. As a micro-cap non-producer with a market capitalization of $17.3 million, CBG normally amplifies the materiality of discovery holes, but this is neutralized by the option structure. The expected share-price impact of this release is flat to modestly positive, likely within +/-5%.

Chibougamau Independent Mines Inc. (TSXV: CBG; Frankfurt/Stuttgart/Berlin/Lang & Schwarz: CLL1; OTC: CMAUF), headquartered in Rouyn-Noranda, Quebec, operates as a non-operating claim holder and royalty or option company. The firm does not mine and generates no operating revenue, instead monetizing its ground through options and royalties. Its portfolio includes twelve properties in the Chibougamau region.

The company holds a 2% gross metal return royalty on iron and vanadium production over Cerrado Gold's Mont Sorcier high-purity magnetite and direct reduced iron (DRI) project. This asset is located in the municipality of Chibougamau on Eeyou Istchee James Bay Cree territory. A 2022 NI 43-101 Prel Economic Assessment (PEA) for the project indicated a US$1.6 billion net present value (NPV) at an 8% discount rate based on 65% Fe concentrate. Subsequent testwork demonstrated the potential for a DRI-grade product with greater than 67% Fe. Infill drilling of approximately 17,000 to 17,890 meters was completed to upgrade resources to Proven and Probable categories. The Bankable Feasibility Study, originally targeted for the second quarter of 2026, was postponed in July 2026 for optimization and cost review. The environmental and social impact assessment (ESIA) filing is scheduled for the second quarter of 2027, with permitting expected around the end of 2028 and construction potentially commencing in the first quarter of 2029.

Chibougamau Independent Mines also holds an option package comprising the Berrigan South, Berrigan Mine, Antoinette, Elaine Lake, and Gwillim properties. These were optioned to TomaGold for 100% under an agreement first announced on September 13, 2023, and amended on September 30, 2025. The total consideration is $9.15 million, consisting of $2.7 million in cash, $1.85 million in shares, and $5.6 million in committed exploration over six years. To date, the company has received $300,000 in cash and 9,000,000 shares, valued at approximately $450,000. No royalty is retained on these properties.

Regarding the Lac Chibougamau property in Quebec, the company conducted a flow-through placement on December 30, 2025, issuing 689,655 shares at $0.29 for approximately $200,000. The placement includes a four-month hold expiring on May 1, 2026. The MD&A notes that roughly $46,000 of qualifying Canadian Exploration Expenditure (CEE) must be spent by December 31, 2026.

Financial data reported prior to the current release indicates that as of the first quarter of 2026, the company held $525,586 in cash, with total current assets of $1,390,600. Total liabilities stood at $49,425, and total equity was $1,341,175, with no debt. For the fiscal year 2025, total assets were $1,063,630 and net income was $301,400. In the third quarter of 2025, total equity was $503,595, with a nine-month net loss of $28,115. There are 61,755,191 shares outstanding, resulting in a book value per share of approximately $0.02 and a price-to-book ratio of roughly 13x at $0.28.

An investor presentation provided by the company was identified as non-substantive, consisting of an OCR artifact that repeats a citation to André Tremblay's 1980 sketch of Chibougamau region deposits. The document contains no resources, capital structure details, guidance, or catalysts and cannot be used to contextualize the company.