Val-D'Or Mining Diamond Drill Program Update - Perestroika Prospect Val-D'Or, Quebec Eldorado Gold (Quebec) Inc. Option

Val-D'Or Mining Corporation (VZZ) released additional assay results from the winter 2026 Perestroika diamond drill program, which comprised 25 NQ holes totaling 12,477 meters and was completed on April 6, 2026. The new data covers five specific holes: PE-26-033, PE-26-034, PE-26-039, PE-26-039A, and PE-26-040. Approximately 4,458 sample results remain pending.

The reported intervals, listed by downhole length with no cutoff or true width provided, are as follows:

• PE-26-033: 1.70 m @ 6.72 g/t Au (286.40-288.10 m), including 0.60 m @ 17.86 g/t; plus 0.50 m @ 10.28 g/t (231.35-231.85 m), 0.50 m @ 4.88 g/t (303.60-304.10 m), and 0.70 m @ 4.50 g/t (318.80-319.50 m)
• PE-26-034: 2.70 m @ 2.72 g/t Au (342.40-345.10 m), including 0.50 m @ 5.09 g/t and 0.50 m @ 5.97 g/t (with visible gold at 344.75 m); plus 1.60 m @ 2.37 g/t (199.50-201.10 m)
• PE-26-039: 12.00 m @ 1.93 g/t Au (21.60-33.60 m), including 2.40 m @ 7.67 g/t, which includes 0.50 m @ 28.51 g/t
• PE-26-039A: 4.30 m @ 2.86 g/t Au (31.80-36.10 m), including 0.80 m @ 11.07 g/t; plus 14.00 m @ 0.71 g/t (87.00-101.00 m) and 15.50 m @ 0.56 g/t (105.00-120.50 m)
• PE-26-040: 2.10 m @ 2.19 g/t Au (389.50-391.60 m); plus 10.00 m @ 0.70 g/t (259.30-269.30 m) and a scatter of 0.50-0.70 m veins between 1.0 and 7.7 g/t down to 547.30 m

The release also noted that the Eldorado Gold (Quebec) option agreement has expired, with Eldorado opting to retain its 30% interest. CEO commentary framed the holes as extending the mineralized footprint to over 1,100 meters of intermittent strike.

Val-D'Or Mining Corporation (VZZ) is a pre-resource explorer with a market capitalization of roughly C$25 million. The company holds no mineral resource, reserve, preliminary economic assessment, or metallurgical data. The primary catalyst for the stock’s current valuation is the discovery-style result released on August 5, 2026 (PE-26-027), which reported 84 m @ 3.08 g/t. That announcement drove the share price from C$0.20 to C$0.28 in a single session, establishing the foundation for the stock’s recent trading level of C$0.23, following a May 5 "visible gold" event.

The latest assay results present a weaker profile than the anchor discovery. The new best intercept carries 23.2 gram-metres, well under half the 258.7 gram-metres of the August 2026 result, and features lower grade and narrower width. The release does extend the footprint to over 1,100 m of intermittent strike, with hole PE-26-040 extending the system at depth and to the northwest. However, these are modest extensions of a footprint previously claimed at 1,000-1,200 m in May and August releases, rather than a new zone with a strong assay result. The company confirmed the vein system over 1,100 m, but the batch is materially weaker than the result the price is currently carrying.

A secondary negative development is the expiration of the Eldorado option without Eldorado committing to the US$10.5 million earn-in. VZZ retains a 70% interest, but the company held only C$556,763 in cash as of March 31, 2026, and carries an explicit going-concern flag. The loss of a funded path to 70% partner contribution on the flagship asset represents a significant overhang. The release neither grows the system materially nor repeats the anchor discovery.

Val-D'Or Mining Corporation (VZZ) operates as a junior project generator and explorer within the Abitibi Greenstone Belt, spanning northeastern Ontario and northwestern Quebec. The company holds no producing assets, mineral reserves, or mineral resources, and reports no production. Its portfolio consists of 33 wholly owned properties in Quebec covering approximately 12,179 hectares, 10 properties in Ontario totaling roughly 7,640 hectares, and two properties in Northern Quebec/Nunavik encompassing approximately 2,446 hectares focused on Ni-Cu-PGE deposits.

Key joint venture properties include Perestroika, Murdoch Creek, Cook Lake, and Claw Lake, the latter under an Eldorado option. The company also holds Baden, Plumber, and Matachewan, which are under an Eldorado option, as well as Winnie Lake and Amikougami, which are under an option with Kirkland Lake Discoveries. Val-D'Or Mining Corporation maintains net smelter return (NSR) royalties, including a 1.5% interest in Ducros (Quebec Nickel), a 2.0% interest in Powell (Sparton), a 1.5% interest in Luc Bourdon (Juno, Zn-Cu-Ag VMS), and a 2% interest in Recession Larder (Gold Candle, under option). Additional NSR interests range from 0.75% to 2% on Winnie Lake and Amikougami.

Financial data from the prior period shows that for Q1-2026, the company reported revenue of C$167,924 and a net loss of C$66,843. The company held cash of C$556,763, a working capital surplus of C$673,092, total equity of C$7.39 million, and a book value of C$0.07 per share. For the fiscal year 2025, net income was C$1,756,539, a figure driven by non-operating items rather than operations. Management has explicitly flagged material uncertainty regarding the company's going concern status.

Insiders hold approximately 35% of the company, with Jimmy Lee holding roughly 19.7%, Glenn Mullan 11.1%, and Gold Royalty 9.8%. The Sidex entity and the Quebec government each hold less than 10%. The management team has a history of value realization, including the acquisition of Canadian Royalties for approximately C$192.5 million, the acquisition of Golden Valley Mines by Gold Royalty for approximately C$171.9 million, and the acquisition of Abitibi Royalties for approximately C$336.5 million.