GFG Announces Barrick's Proposed Initial Exploration Program

GFG Resources Inc. announced the proposed initial exploration program for the Pen Gold Project, which will be executed by strategic partner Barrick Gold Inc. Under the terms of the agreement, Barrick has committed to an initial US$500,000 investment in 2026, with a firm commitment to spend at least C$4.0 million within the first three years. The arrangement requires a minimum of 5,000 metres of diamond drilling before the third anniversary.

Activities planned for 2026 include completed mapping and rock sampling, with a Q4 2026 fixed-wing airborne gravity survey planned over the full property. The 2027 schedule features an aggressive base-of-till (BOT) drill program of approximately 240 holes in Q1, followed by geological mapping and tentatively scheduled initial diamond drilling in Q4 2027.

This operational update follows the October 23, 2026 closing of a C$8.1 million financing round, which exceeded its C$7.0 million target and included participation from Alamos Gold to maintain its ~10.8% ownership stake. GFG is directing its own capital toward the Aljo and Goldarm properties while leveraging Barrick's funding and technical expertise at Pen.

GFG Resources Inc. (GFG) has confirmed that Barrick is executing its partnership as outlined in the August 2026 earn-in agreement, providing further operational detail on the collaboration. The company closed the financing on October 23, 2026, securing approximately C$11 million in available funds. This capital addresses near-term liquidity for planned 2026 drilling and allows GFG to preserve treasury cash for its Goldarm program.

Under the terms of the agreement, Barrick has a C$4.0 million firm commitment over three years. This arrangement is non-dilutive to GFG and funds exploration at Pen. The announcement serves as an execution update following previously disclosed strategic and financing milestones, validating the partnership's progression without introducing new financial terms, unexpected discoveries, or material changes to the company's risk profile. The market had already priced in the financing and the initial Barrick deal, meaning this release is not a catalyst for repricing.

GFG Resources Inc. is a gold exploration company focused on properties in the Timmins Gold District, Ontario, Canada. The company controls approximately 850 km² of prospective ground, positioning it as the second-largest landholder in the district.

The company’s flagship asset is the 100%-owned Goldarm Property, covering approximately 263 km². This property hosts the Aljo gold project, a brownfield site with high-grade historical production, the newly discovered Nahanni target, and regional greenfield targets including Hawker, Carr, and Montclerg.

Other projects include the Pen Gold Project, located along the Porcupine-Destor Deformation Zone and partnered with Barrick Gold for advanced exploration, and the Dore Gold Project, a greenfield property positioned between the Cote Gold Mine and Borden Gold Mine. All projects remain in the exploration stage with no current production or formal mineral resources.