RPX Gold Accelerates Drilling at the Wawa Gold Project

RPX Gold Inc. (RPX) has mobilized a second diamond drill at its Wawa Gold Project to accelerate the ongoing 20,000-metre exploration program. As of July 12, 2026, approximately 5,000 metres had been completed. The primary objective of the program is to convert inferred resources to indicated within the open-pit and underground mine plan outlined in the 2026 Preliminary Economic Assessment (PEA). The drilling plan allocates 15,000 to 17,000 metres for resource conversion and 3,000 to 5,000 metres for grassroots exploration.

The company’s release re-presents drill highlights from the initial 9,000-metre phase, which were previously disclosed in a May 27, 2026 announcement. These intercepts include 13.82 g/t Au over 4.94 m core length and 8.77 g/t Au over 13.33 m. No new assay results accompany this operational update. RPX Gold Inc. is targeting a Preliminary Feasibility Study (PFS) for the first half of 2027, with an updated Mineral Resource Estimate (MRE) planned for later in 2026.

RPX Gold Inc. (RPX) issued an operations and logistics update confirming the deployment of a second drill rig to accelerate its defined 20,000-meter drilling program. The release does not present new mineralized intercepts, resource changes, or economic modifications.

The company’s stock price has been in a downtrend from the March 2026 Preliminary Economic Assessment (PEA) highs of approximately $0.27 to $0.14, erasing enthusiasm generated by the PEA. The market had already reacted to the May 27 intercepts, which failed to halt the decline.

At a current market capitalization of approximately C$62 million versus a PEA after-tax NPV5% of C$523 million (based on a base case of $3,500/oz gold), the stock appears cheap on a project-NPV basis. However, the PEA is preliminary, utilizes a high gold price, assumes 81% of production from indicated resources (an improvement over the earlier 2025 resource, but still with 19% inferred), and relies on unsecured toll-milling agreements. The company remains a pre-revenue junior with a going-concern flag, and the market is discounting both execution risk and dilution.

RPX continues to face challenges including converting inferred resources, finalizing toll-milling agreements, obtaining permits, managing litigation, and potential future dilution. Because this update does not move the needle on these risk factors, it is considered routine.

RPX Gold Inc. (formerly Red Pine Exploration) is a Canadian gold exploration and development company focused on the 100%-owned Wawa Gold Project in Ontario’s Michipicoten greenstone belt. The project hosts the Jubilee Shear zone, an orogenic gold system with known resources: 1.244 moz indicated (22.9 Mt @ 1.69 g/t Au) and 0.509 moz inferred (9.95 Mt @ 1.59 g/t Au) as of the 2026 MRE.

A PEA completed in February 2026 outlines a phased open-pit/underground mining scenario with toll milling, showing an after-tax NPV₅% of C$523M and IRR of 99.7% at US$3,500/oz gold. Initial capital is estimated at ~C$51M with a sub-one-year payback.

The company has no revenue; it finances operations through equity. As of April 30, 2026, it had $2.79M in cash, but it subsequently raised $14.1M in May 2026 to fund baseline studies, drilling, and PFS preparation. The post-financing share count is approximately 443M, giving a market cap near C$62M at $0.14/share.

Key personnel include Michael Michaud (CEO) and Jean-François Montreuil (VP Exploration, QP). The company is listed on TSX-V (RPX) and OTCQB (RDEXF).