BULGOLD Announces Filing of Third Quarter Financial Results for the Three and Nine Months Ended September 30, 2025

The most recent news release, dated November 21, 2025, announces the filing of BULGOLD Inc.'s financial results for the three and nine months ended September 30, 2025 (Q3 2025). Key financial highlights include: - A net comprehensive loss of $111,218 USD for the three months ended September 30, 2025. - A net comprehensive loss of $263,647 USD for the nine months ended September 30, 2025. - Loss per share of $0.00 USD for the three months and -$0.01 USD for the nine months. - Cash and cash equivalents stood at $846,652 USD as of September 30, 2025. The release also mentions the company's three exploration-stage gold projects: Lutila (Slovakia), Kostilkovo (Bulgaria), and Kutel (Slovakia).

This is a routine financial filing for an exploration-stage company. The reported net comprehensive loss of $111,218 for the quarter is consistent with the operational expenses of a non-revenue generating exploration company. The loss per share rounding to $0.00 indicates a substantial number of outstanding shares relative to the size of the loss.

The cash position of $846,652 as of September 30, 2025, reflects the successful closing of a $1.07 million private placement on July 10, 2025. Prior to this financing, the company's cash position was $255,401 as of June 30, 2025 (Q2 2025), which was critically low. The private placement was crucial for the company's ability to fund its ongoing exploration activities, specifically the recently commenced drilling program at the Lutila Gold Project (announced October 30, 2025).

The news itself does not introduce new operational developments or unforeseen financial challenges. It confirms the company's financial status post-financing and pre-drilling results, which aligns with previous expectations set by the private placement announcement. The cash injection secures short-term funding for the exploration work. However, as an exploration company, the ultimate value driver will be the results from the drilling program. Without revenue, the company will continue to burn cash through its G&A and exploration expenditures.

BULGOLD Inc. (TSXV: ZLTO) is a junior mineral exploration company primarily focused on the discovery and development of gold projects in Europe. The company's flagship project is the Lutila Gold Project in Central Slovakia, which is being explored for quartz-adularia, low-sulfidation epithermal gold mineralization. The Lutila exploration licence covers 32.2 km² and is strategically located between the Kremnica gold deposit (historically mined for approximately 1,000 years, with significant current resources) and the Banska Štiavnica gold-silver ore field.

Recent exploration at Lutila has focused on the Horna Klapa target area within a large sinter field, where the company has identified epithermal quartz veins with a strike length of 1.2 km. The presence of geyserite textures and a medieval exploration gallery further supports the prospectivity of the area, suggesting proximity to an upflow zone and minimal erosion of a potential high-grade vein system at depth. The company commenced exploration diamond drilling at Lutila on October 30, 2025, with the first hole HKDD001 planned for 600m depth.

In addition to Lutila, BULGOLD also holds the Kostilkovo Gold Project in Bulgaria and the Kutel Gold Project in Slovakia, both of which are also in the exploration stage.

The Slovak Republic is an EU and Eurozone member with an established mining industry and clearly defined legislation. There are no restrictions on foreign ownership, and the corporate tax rate is 21%, with a 5% Net Smelter Royalty (NSR) on gold and silver. However, cyanide use for mineral processing has been prohibited since 2014, which could impact future processing options.