Stakeholder Discusses Ballarat Phase 1 Exploration Program

Executive Summary of April 21, 2026 Release

• Stakeholder Gold Corp. announced an upcoming 2,000 m exploration drilling program at its Ballarat Gold-Copper Project in the Yukon Territory's White Gold District.
• Drilling is scheduled to commence on or around May 1st, 2026.
• The program targets four key zones: Skye (Gold), Loki (Copper), East (Gold), and Northwest (Gold).
• Additional activities include grid soil sampling in the southwest portion and geological mapping along the Northern Access Route.

Key Technical Details

• Skye Gold Zone: Targets north and south limbs of a structurally hosted gold prospect with tellurium, silver, molybdenum, lead, and zinc anomalies. This is a greenfield target not previously drill-tested.
• Loki Copper Zone: Targets the high-grade core of a 2.3 km x 600 m copper-in-soil anomaly associated with a Jurassic-aged intrusive unit. Also a greenfield target.
• East & Northwest Zones: Revisits sites with historical low-grade drilling (2012/2016) and targets untested soil anomalies.
• Contractor: Platinum Diamond Drilling Inc. confirmed in prior April 8th release; logistics managed by Osprey Long Range Inc.

Contextual Analysis of Recent News

• The April 21st update is largely incremental to the April 8th confirmation of the drill program and the March 19th financing closure. It provides specific target details rather than new capital or discovery news.
• Funding Status: The company was fully funded for this exploration via the $2.29 million flow-through financing closed in March 2026 ($1.10-$1.19 per unit). This removes immediate liquidity risk regarding the drill program.
• Expectation Management: The market has been aware of the 2,000m plan since April 8th. The specific zone breakdown (Skye/Loki) was anticipated based on previous Class 1 Exploration Approval received in January 2026.
• Materiality Determination: This is a Routine - Positive update. It confirms execution of the funded plan but does not introduce new valuation drivers like a discovery or major strategic partnership. The stock price reaction to similar announcements (April 8th) showed consolidation rather than explosive growth, suggesting the market views this as expected progress.

Comparison with Historical Projections

• 2025 Exploration: The company completed 1,600m in 2025 targeting Skye and Loki zones. The 2026 program expands to 2,000m, adding East and Northwest targets. This represents a logical progression rather than a pivot.
• Financials: Q1-Q3 2025 revenue grew 168% YoY ($1.3M), providing internal cash flow support alongside the equity financing. The stone business remains the primary cash generator, funding exploration without heavy debt reliance.

Business Model

• Dual Engine Strategy: Combines a profitable exotic stone quarry business (cash flow) with high-risk gold/copper exploration (upside potential).
• Flagship Project: Ballarat Gold-Copper Project, 100% owned, located in the White Gold District, Yukon Territory.
  • Claim Holding: 930 contiguous mineral claims (approx. 18,520 ha) straddling the planned Northern Access Route.
  • Historical Context: Adjacent claims produced ~19,924 oz Au (Ballarat Creek) and ~21,528 oz Au (Barker Creek).
• Stone Business: Operated via Brazilian subsidiary Mineração VMC Ltda. Currently operating 3 quarries with plans to expand to 5 in 2026. Generates cash flow used to fund exploration without debt.

Project Status

• Ballarat: Exploration/Discovery phase. Diamond drilling scheduled for May 2026 (Phase 1). No reserves or resources defined yet; relies on historical production nearby and geochemical anomalies.
• Quarries: Producing status. H1 2025 gross margin was 76.9%. US tariff exemption enhances export potential to the United States.