ESGold Confirms Final Processing Methodology at Montauban as Construction Nears Completion

Executive Summary

• Metallurgical testing confirmed that the Merrill Crowe closed‑circuit will be used for all Montauban feedstock, de‑risking equipment procurement and confirming the processing strategy.
• Mill construction is ahead of schedule; the main building, gold room, and on‑site laboratory are nearing completion, positioning the project for equipment installation in early 2026.
• Advanced 3D geological modeling is entering its final stage, setting up an expanded exploration program that will target deeper and newly defined mineralized structures.

Key Details

• Metallurgical Validation: Gravity separation tests showed concentrate grades from rail‑bed material were insufficient for direct pouring; therefore all feedstock—including railway tailings—will be processed through a Merrill Crowe closed circuit in the final mill phase.
• Technical Supervision: Testing supervised by Edmond St‑Jean, P.Eng.; laboratory analyses performed by ALS Global (Val‑d’Or, QC).
• Construction Milestones:
• Main mill building structure completed; concrete curing and interior finishing underway.
• Gold room and on‑site laboratory under construction to support production assays and exploration analysis.
• Installation of existing processing equipment (Humphrey spirals, shaker tables) will commence once the building is finished.
• Equipment Procurement De‑Risked: Confirmation of processing path provides technical certainty ahead of final purchase and installation of Merrill Crowe circuit components.
• Exploration Planning: Advanced 3D geological model integrating geophysical and historic data nearing completion; will guide an expanded drill program targeting deeper mineralized zones and new corridors.
• Upcoming Milestones:
• Completion and commissioning of mill building, gold room, and laboratory.
• Release of final 3D geological model.
• Installation of Merrill Crowe circuit and remaining processing equipment.
• Launch of expanded exploration program and submission of drill permit applications.
• Preparation for production start in 2026.
• CEO Quote: Gordon Robb emphasized that the metallurgical results give confidence to finalize equipment procurement and accelerate construction, positioning ESGold “very close to first production.”

Notable Quotes

“This work gave us exactly what we needed – confirmation of the correct processing path before finalizing our equipment procurement… The site looks excellent, and construction is progressing faster than anticipated.” – Gordon Robb, CEO