Greenheart Gold Announces Remaining Drill Results from Its 2026 RC Program at Majorodam, Highlighted by Hole MAJR26-089 Intersecting 13.0 m @ 2.84 g/t Au

Greenheart Gold Inc. (GHRT) has released the final batch of assay results from its 2026 shallow reverse-circulation (RC) drilling programme at the Majorodam project in Suriname. The release covers 147 holes totaling 10,421 meters, closing out the programme. Approximately 65% of these results were previously published on 29 July 2026.

The company reported new significant intervals using a 0.30 g/t Au cut-off unless noted otherwise:

• MAJR26-089 (Heuvel West): 3.0 m @ 1.90 g/t Au from 19.0–22.0 m (1.00 g/t cut-off, shown separately) and 13.0 m @ 2.84 g/t Au from 33.0–46.0 m, including 10.0 m @ 3.54 g/t Au from 35.0–45.0 m (1.00 g/t cut-off).
• MAJR26-084 (Heuvel West): 5.0 m @ 1.74 g/t Au from 31.0–36.0 m and 3.0 m @ 2.53 g/t Au from 57.0–60.0 m (1.00 g/t cut-off); the second interval represents the last 3.0 m of the hole.
• MAJR26-086 (Heuvel West): 16.0 m @ 0.49 g/t Au from 35.0–51.0 m.
• MAJR26-090 (Heuvel West): 6.0 m @ 0.77 g/t Au from 1.0–7.0 m.
• MJNR26-068 (Gowtu, maiden test): 18.0 m @ 0.89 g/t Au from 5.0–23.0 m, located approximately 170 m north-northwest of trench MJNT25-001 (12.0 m @ 1.04 g/t Au), on one of a 19-hole fence.

Six intervals in the table are repeats of data from July 2026: MAJR26-025 (8.0 m @ 2.47), MAJR26-029 (16.0 m @ 0.63), MAJR26-051 (11.0 m @ 0.55), MAJR26-053 (12.0 m @ 1.57 incl. 3.0 m @ 1.16), and MAJR26-061 (6.0 m @ 0.83).

Greenheart stated that the Heuvel West zone has been extended 250 m north of MAJR25-003 (13.0 m @ 4.37 g/t Au), bringing the total strike to over 1,000 m. The company noted this marks the first time significant intercepts have been outlined on three consecutive drill fences. The Gowtu zone is located 3 km west of Zijin's Saramacca mine.

The drilling methodology utilized a 0.30 g/t Au cut-off with a minimum 5.0 m length and a maximum 5.0 m internal waste allowance. Intervals at a 1.00 g/t cut-off required a minimum 3.0 m length and a maximum 2.0 m waste allowance. Grades were uncapped, and intervals represent downhole lengths; true widths are unknown.

Greenheart Gold Inc. (GHRT) is a pre-resource explorer with no established resource, preliminary economic assessment, or metallurgical data on any of its four projects. For the company, discovery and step-out drill holes are the primary metric of value, provided they alter the perceived scale, grade, or probability of success.

In the Heuvel West zone, the best previously reported intercepts include MAJR25-003 at 13.0 m @ 4.37 g/t (56.8 g·m, north end), MAJD25-014 at 15.3 m @ 3.72 g/t (56.9 g·m, central, including 8.0 m @ 6.57 g/t), and MAJR25-010 at 30.0 m @ 2.06 g/t (61.8 g·m, south end). The latest best hole, MAJR26-089, returned 36.9 g·m, representing roughly 60–65% of those historical anchors. This result features a grade 35% lower over an identical 13.0 m length. While the length remained unchanged and the grade was materially lower, the intersection was located 250 m further out along strike, creating a positive geographic delta against a negative grade delta.

The stock closed at C$0.59 on 28 October 2026, against a 52-week high of C$1.41 on 11 May 2026 and a fresh 52-week low of C$0.56 on 27 October. The market is pricing the drilling results close to nothing.

At C$0.59, the market capitalization is approximately C$126.5M. With roughly C$80M of cash at the end of June 2026, following a C$59.85M placement in April, the enterprise value stands near C$47M for four projects and zero resources. A 250 m strike extension on a zone that is 5–30 m wide at approximately 1–2 g/t, with no true width and a low hit rate across 147 holes, does not change a C$47M enterprise value by 15%. Significant changes would require a maiden resource, a high-grade shoot at Igab—where the 7.0 m @ 5.82 g/t at Koela is the best number in the entire portfolio—or drill assays from Tosso Creek.

Exploration expenses for Q1-2026 were C$2.99M, and FY2025 operating cash burn was C$13.2M, against 147 holes producing ten reportable intervals. Capital is not converting into a resource at a rate that supports the current enterprise value on its own.

Greenheart Gold Inc. (TSXV: GHRT, OTCQX: GHRTF) is a Guiana Shield gold explorer spun out of the Reunion Gold and G Mining Ventures combination in July 2024. The company is led by the former Reunion exploration team associated with the Oko West discovery in Guyana.

The company’s asset portfolio includes Majorodam in Suriname, which comprises the Heuvel West, Heuvel East, Heuvel North, and Gowtu prospects. This area has seen four completed phases of drilling, including 11,748 meters of reverse circulation (RC) drilling in 2026 and a current 10,421-meter RC program. Other Suriname assets include Igab, featuring the Koela West/East, Cannibal Creek, Lemon Tree, Desiberg, and Mokro prospects; and Tosso Creek, which includes the Walaba and Swalanga prospects. In Guyana, Greenheart holds an option on the Gold Hill property, adjacent to Aris Mining’s Toroparu project. The company dropped the Tamakay and Abuya projects in November 2025 after they failed to show economic mineralization.

Greenheart Gold has a capital structure of 214,451,371 common shares and 12,501,667 options with an average exercise price of C$0.65, resulting in a fully diluted share count of 226,953,038. The company held approximately C$80 million in cash at the end of June 2026, following a C$59.85 million placement at C$1.00 per share in April 2026. This placement increased the share count by 39%, from 154.1 million at the end of the first quarter of 2026. The company has no debt.

Strategic holders include La Mancha, which owns 19.9% of the company and holds a board nomination and a technical advisory seat, and G Mining Ventures, which owns approximately 10.5%. Institutional ownership stands at approximately 46.1%.

In the first quarter of 2026, the company reported a net loss of C$4,301,248, or C$0.03 per share, with exploration expenses of C$2,994,652 and an operating cash outflow of C$4,010,749. For the fiscal year 2025, the company reported a net loss of C$18,180,759 and an operating cash outflow of C$13,168,185. The company has generated no revenue in any period.

Derived from provided figures, the post-placement book value is approximately C$85 million, calculated as the first quarter 2026 equity of C$27.6 million plus C$59.85 million in gross proceeds, before fees. This is against a C$126.5 million market capitalization, representing approximately 1.5 times book value, with most of the book value consisting of cash. The presentation-based book value per share is approximately C$0.40.