Chibougamau Announces New Polymetallic Intersections at Depth on its Berrigan Mine Property

Chibougamau Independent Mines Inc. (CBG) reported assay results on June 30, 2026, for the first extension hole (TOM‑25‑011EXT) of TomaGold’s Phase 2 drill program at the Berrigan Mine project, which is optioned from the company. The hole intersected a 204.25 m mineralized envelope grading 2.05% ZnEq (0.48 g/t AuEq) from 553.90 m, confirming the vertical continuity of the Berrigan Deep Zone.

High-grade sub-intervals included: * 31.31% ZnEq over 2.40 m * 5.93% ZnEq over 4.60 m * 5.90% ZnEq over 7.45 m * 4.62% ZnEq over 14.40 m

An upper zone also returned 3.02% ZnEq over 12.45 m. Assays remain pending for four other extension holes where mineralization was consistently observed in core. Downhole and surface geophysical surveys are currently underway to map structural conductors.

Chibougamau Independent Mines Inc. (CBG) reported drill results that are largely consistent with earlier, widely reported intercepts from the Berrigan property. These prior findings included 98.5 meters of 5.75% ZnEq in TOM‑25‑015 in January 2026 and 48.05 meters of 6.68% ZnEq in December 2025. The latest 204.25-meter intercept carries a relatively low overall grade of 2.05% ZnEq, demonstrating scale rather than representing a new high-grade discovery.

Chibougamau’s economic exposure to the project is indirect. TomaGold is earning a 100% interest on the property, and Chibougamau will receive only future cash and share payments under the option, with no retained NSR or royalty mentioned. Consequently, improved drill results do not directly add value to Chibougamau beyond validating the project’s potential and possibly encouraging TomaGold to continue meeting the option commitments.

The market reaction was muted, with the stock closing at $0.28 on June 29, 2026. This is down from a recent high of $0.34 in early June and well off the $0.34–$0.30 range seen after earlier drill results. The news confirms previous geological models and does not alter the company’s fundamental value or near-term cash flows.

Chibougamau Independent Mines Inc. (CBG) is a small-cap explorer and royalty holder focused on the Chibougamau mining district in Quebec. The company’s two most significant assets are the Berrigan Mine property and the Mont Sorcier iron-vanadium project.

Chibougamau has granted TomaGold an option to acquire a 100% interest in the Berrigan Mine property for a total consideration of $2.7 million in cash, $1.85 million in shares, and $5.6 million in exploration spending over six years. The property hosts a polymetallic (Zn-Au-Ag-Cu) hydrothermal system that continues to deliver wide intercepts. Chibougamau retains no royalty or production interest after the option is exercised.

The company also holds a 2% gross metal royalty on iron and vanadium production from Cerrado Gold’s Mont Sorcier deposit. A 2022 Preliminary Economic Assessment (PEA) indicated a net present value (NPV) of US$1.6 billion at an 8% discount rate, based on a 65% Fe concentrate. Cerrado is currently advancing a feasibility study for a direct reduced iron (DRI)-grade product with greater than 67% Fe at an 8 million tonnes per year throughput, with construction possible in mid-2028.

In addition to these major assets, Chibougamau holds a dozen other early-stage exploration properties in the Chibougamau camp.