Garibaldi completes aeromagnetic survey at Eskay

The most recent news release, dated 2025-11-19, announces that Garibaldi Resources Corp. has completed a 477-line-kilometre high-resolution aeromagnetic survey over its Eskay Creek properties, specifically targeting the E&L nickel-copper and Casper gold properties. The survey successfully revealed new magnetic anomalies, which the company states will support the expansion potential and aid in developing new drill targets. Steve Regoci, CEO, emphasized that the analysis of geochemical and geophysical data provides a clear roadmap for future exploration discoveries. The news also briefly highlighted historical high-grade drill results from E&L-17-14 (8.3% nickel and 4.3% copper over 16.75 metres from 2017).

This news is a positive step in the company's exploration efforts, but it is routine in nature rather than materially impactful. The completion of a planned aeromagnetic survey (as outlined in the 2025-09-03 news release detailing the 2025 exploration program) indicates systematic progress. The identification of new magnetic anomalies is encouraging for future targeting, as such anomalies often correlate with underlying mineralization, particularly for the magmatic nickel-copper deposits at E&L.

However, this news does not represent a new discovery or assay results; it is an intermediate data acquisition step. The prior news of commencing exploration (2025-09-03) and especially the successful closing of the $1.01 million private placement with Eric Sprott as a lead investor (July 2025), which provided the necessary funding for this work, were more material to the company's outlook. This current news confirms that the exploration funds are being deployed as planned and generating initial technical data.

Financially, this news does not directly impact the company's immediate cash position or liabilities, other than being an expenditure of the recently raised capital. Given the company's significant negative working capital and high accounts payable (as of July 31, 2025), ongoing operational progress is crucial, but this specific update does not alleviate the fundamental financial challenges.

Garibaldi Resources Corp. (GGI) is a Canadian exploration company focused on developing base and precious metal properties. Its primary focus is the Eskay Creek claim group, a 180-square-kilometre land package situated in the prolific Golden Triangle of British Columbia. This region is known for its high-grade mineral discoveries.

The company's flagship projects within the Eskay claim group include: - E&L Nickel-Copper Project: A high-grade nickel-copper-cobalt Critical Metals discovery, also enriched with Platinum, Palladium, Gold, Silver, and other Platinum Group Elements (PGEs). It is located at Nickel Mountain within the Eskay mining district. A significant historical drill intercept from hole EL-17-14 showcased 16.75 metres of massive sulphides grading 8.29% nickel, 4.24% copper, 0.19% cobalt, 1.96 g/t platinum, 4.47 g/t palladium, 1.13 g/t gold, and 11.12 g/t silver. The deposit is hosted within gabbroic rocks. Recent exploration has focused on identifying new magnetic anomalies and geophysical targets. - Casper Gold Project: A high-grade gold vein discovery, also situated in the Eskay mining district. Surface samples have yielded grades up to 249 g/t gold. Exploration here aims to better understand the geology and its association with gold mineralization through geophysical surveys.

Garibaldi also holds other properties in British Columbia, including the Atlin goldfields, Quesnel trough, Hazelton gold-silver antimony camp, and Spences Bridge gold belt. Several of these properties are subject to Net Smelter Return (NSR) royalties, typically 2%, with buy-down options for the company. For example, the E&L property has a 2% NSR, and Palm Spring has a 2% NSR reducible to 1% for $1 million. On 2024-12-10, the company amended the buyback of a 2% NSR on Palm Springs claims by issuing 100,000 shares to DeCoors Mining Corp., with future options to reduce it further.