Eskay appoints Smyth as chief geologist

Executive Summary

• Eskay Mining Corp. has appointed Clinton Smyth as Chief Geologist to lead the company's 2026 exploration program, specifically focusing on the Vermillion-Ted Morris (TM) zone discovery.
• The company highlighted strong recent exploration results, including 2025 high-grade assays with a rock chip sample of 297 g/t gold and 790 g/t silver, reinforcing the significance of the 2024 discovery.
• CEO Mac Balkam announced a strategic shift toward alternative financing to minimize dilution, citing $3 million in cash, no debt, and the potential monetization of assets including a 15% stake in Garibaldi Resources Inc.

Key Details

• Management Appointment: Clinton Smyth joins as Chief Geologist, responsible for directing the 2026 exploration program and continuing work on the C10-Vermillion-Ted Morris trend.
• Candidate Background: Smyth has a 25-year career with Anglo American Corp. and Minorco, rising to Vice-President, Exploration. He holds an MSc in geochemistry (University of Cape Town) and an MSc in computer science (Imperial College London). He previously led teams that discovered the Buzwagi gold deposit (Tanzania) and Saddle South gold deposit (British Columbia).
• Exploration Results: The company cited 2025 high-grade assays, including a rock chip sample of 297 g/t Au and 790 g/t Ag from the Vermillion-Ted Morris four-kilometer-long belt.
• Technical Work: Interpretation of Worldview 3 satellite imagery acquired in September is underway to identify drill targets for the TM zone.
• Financial Position: Eskay holds $3 million in cash and has no debt.
• Financing Strategy: The company is seeking alternatives to traditional stock issues to avoid dilution.
• Asset Monetization/Investments:
  • In 2023, Eskay sold claims to Skeena Resources for $4 million.
  • Eskay holds a 15% interest in Garibaldi Resources Inc., which has risen more than threefold in value over the past six months, adding $3.5 million to Eskay's investment value.
  • Garibaldi holds the E&L Nickel Mountain property, described as a world-class-grade nickel deposit.
  • Eskay is weighing the sale of this Garibaldi investment to finance the Vermillion-TM zone drill program and other deposits like TV.
• Qualified Person: Dr. Quinton Hennigh, PGeo, Director and Technical Adviser, has reviewed and approved the technical contents.

Notable Quotes

• "Two thousand twenty-five high-grade assays that included one rock chip sample of 297 g/t of gold and 790 g/t Ag in the Vermillion-Ted Morris four-kilometre-long belt strengthened our commitment to the 2024 discovery. With that in mind, we are excited to have Clinton join Eskay and to lead the team on what we plan will be a significant advancement of the Vermillion-TM zone discovery." — Mac Balkam, CEO and President
• "In keeping with our discipline of financing with the minimum amount of dilution, we are currently aggressively seeking alternatives to traditional stock issues. With the dramatic increase in commodity prices, our goal is to monetize previously unrecognized asset values." — Mac Balkam, CEO and President