Harvest Gold issues shares under option agreements

The most recent news (December 29, 2025) confirms that Harvest Gold has fulfilled its obligations under existing option agreements for the Mosseau and Urban Barry gold projects in Quebec. Specifically, the company issued 2,000,000 common shares and paid 100,000 CAD in cash to Vior Inc. for the Mosseau property, and issued 250,000 common shares to EGR Exploration Ltd. for the Urban Barry property. All shares were deemed at 0.06 CAD per share and are subject to a four-month hold period expiring April 30, 2026. This news follows a year-end update (December 23, 2025) stating that the maiden 4,692-meter drill program at Mosseau has been completed, with final assays expected in January 2026.

The impact of the most recent news is neutral. - Routine Obligations: These issuances and payments are non-discretionary contractual requirements to maintain the company’s right to earn into the properties. They do not represent new discoveries or improved project economics. - Dilution: The issuance of 2.25 million shares results in approximately 1.8% dilution to existing shareholders. While modest, it continues a trend of share-based payments to vendors. - Cash Drain: The 100,000 CAD cash payment to Vior Inc. reduces the working capital recently bolstered by 2025 financings. - Pending Catalyst: The market is looking past these routine payments toward the "pending" assay results from the central portion of the Mosseau property, which was the focus of the 4,692m maiden drill program completed in December.

Harvest Gold is focused on gold exploration in the Urban-Barry greenstone belt of Quebec. - Flagship Project: The Mosseau Project (under option to earn 100%). It covers 21km of the Kiask River fault zone. - Status: Maiden diamond drilling completed (Dec 2025). The project is early-stage, characterized by high-resolution magnetic anomalies and historical showings. - Other Assets: Urban Barry (Till program complete) and Labelle (Magnetic survey complete).