Angkor Resources Identifies Gold Prospect on Andong Meas License, Cambodia

On December 10, 2025, Angkor Resources announced the identification of a new gold target, "CZ Gold," on its Andong Meas exploration license in Cambodia. The target was identified within a historical artisanal tunnel showing a 30-metre thick quartz stockwork. The company plans a surface trenching and sampling program in Q1 2026, to be followed by a diamond drill program.

Critically, the release also notes that a restart in the Thailand-Cambodia border conflict has caused a temporary hold on all work at the Andong Bor license for safety reasons.

The announcement is a mix of routine positive exploration news and a concerning negative operational update.

• The Positive (Routine): Identifying a new, early-stage gold target like CZ Gold is a standard part of the exploration process. While positive, it is non-material at this stage. It is a grassroots target based on mapping an old tunnel, with no drilling or sampling results yet. It adds to the project pipeline but does not move the needle on the company's valuation.

• The Negative (Material Concern): The confirmation that work is again halted at the Andong Bor license due to a border conflict is a significant negative. This is the second time in six months that work has been suspended for this reason (previously mentioned in July/August 2025). This recurring issue highlights the severe geopolitical and operational risks of working in Cambodia. Andong Bor is a project where drilling has already commenced, making this delay more impactful than a delay at a grassroots target. This recurring problem introduces significant uncertainty regarding timelines and project viability.

• Context: The market's primary focus has been the Block VIII onshore oil & gas project, which was the catalyst for the stock's move from $0.10 to a high of $0.36 in late 2025. This mineral exploration news is secondary. The negative update on Andong Bor serves as a stark reminder of the jurisdictional risk that hangs over all of the company's Cambodian assets, including the flagship Block VIII.

Overall, the positive news of a very early-stage target is overshadowed by the tangible negative of a work stoppage at a more advanced project due to geopolitical instability. As the news does not impact the primary value driver (Block VIII), the rating is Routine - Neutral, but it reinforces the significant underlying risks.

Angkor Resources is a Canadian-based junior exploration company with a portfolio of mineral (copper, gold) and energy (oil & gas) projects located exclusively in Cambodia. It also holds an interest in a gas conservation and oil production project in Saskatchewan, Canada.

The company's undisputed flagship project is now the Block VIII Onshore Oil & Gas License in Cambodia. This is a 3,729 sq km block where the company's subsidiary, EnerCam, is advancing towards drilling Cambodia's first-ever onshore oil well. Recent seismic surveys have identified four potential drill targets. This project is the sole driver of the stock's recent performance. However, Angkor's interest is a 20% carried interest, with the financing partner holding 80%.