Val-d'Or Mining holder Lee acquires six million shares

Val-D'Or Mining Corporation (VZZ) reported additional analytical results from its winter 2026 diamond drilling program at the Perestroika Prospect in Quebec. The program, which concluded in April 2026, completed 25 holes totaling 12,477 metres, exceeding the initial February 2026 target of 8,000 metres and the $1.37 million budget. The drilling focused on testing for strike extensions and stacked quartz-ankerite veins.

High-grade intersections were highlighted across multiple holes, including 12.00 m @ 1.93 g/t Au (incl. 0.50 m @ 28.51 g/t Au) and 2.70 m @ 2.72 g/t Au (incl. 0.50 m @ 5.97 g/t Au). Initial assay results released in May 2026 had previously highlighted exceptional intercepts, such as 3.08 g/t Au over 84.0m in hole PE-26-027.

In corporate developments, the option agreement with Eldorado Gold (Québec) Inc. has expired. Eldorado has opted to retain a 30% interest in the properties rather than exercising the option to earn a higher stake. Additionally, Jimmy Lee, a major shareholder, acquired 6,000,000 common shares for $450,000 ($0.075/share) by exercising the remaining balance of a July 2025 share purchase agreement. This transaction increased his ownership from approximately 19.72% to approximately 24.43%, with no options remaining under that agreement.

The company also secured a mining option agreement with Gold Candle Ltd. for the Recession Larder Prospect in Ontario in March 2026, receiving a $100,000 upfront payment and a $1 million exploration commitment over three years. Financial results for the first quarter of 2026 showed a narrowed net loss of $66,843, with cash reserves standing at $556,763. A going concern flag remains active due to reliance on future financing.

Val-D'Or Mining Corporation (VZZ) reported additional assay results that confirm the high-grade, stacked vein model established in its May update. The 1,200-metre mineralized footprint continues to show consistent intercepts, validating the geological model and extending the strike length. These results serve as a follow-up to the initial May release and operational updates from March and April, with the market having already priced in the high-grade nature of the Perestroika corridor.

A notable structural change involves the expiration of the Eldorado option, which caps their interest at 30%. Previously, Eldorado had the option to earn up to 70-80% interest. This limitation restricts Val-D'Or's near-term upside from the joint venture, as Eldorado will not be funding further major exploration or taking operatorship beyond the current 30% retained stake.

Insider activity provides a tangible valuation floor, with Jimmy Lee purchasing 6 million shares at $0.075. The transaction was fully exercised under a private agreement, signaling long-term conviction. This insider accumulation offsets some of the downside from the shortened option period.

The company remains in the exploration phase with no producing assets. Cash reserves of $556,763 are sufficient for immediate operations but trigger a going concern flag. The $100,000 upfront from Gold Candle and rental income provide minor liquidity bridges, but a capital raise is highly probable within the next 6-12 months.

Val-D'Or Mining Corporation (TSXV: VZZ) is a junior exploration and project generation company focused on the Abitibi Greenstone Belt in Quebec and Ontario, Canada. The company is currently in the grassroots exploration stage and has no mineral resources, reserves, or production history, relying instead on partner-funded exploration and project generation.

The company’s flagship asset is the Perestroika Prospect, a joint venture in Quebec. This property features a 1,200-metre strike length corridor hosting high-grade, flat extensional quartz-ankerite gold veins within felsic dykes. Drilling at the site has consistently returned high-grade intercepts with visible gold.

Val-D'Or Mining also holds interests in the Baden Prospect in Quebec and the Recession Larder Prospect in Ontario, which is an option to Gold Candle. Additionally, the company owns numerous other properties 100% in Quebec and Ontario.