Viva Gold Increases Land Position at its Tonopah Gold Project in Nevada

The most recent news release (February 11, 2026) announces a three-pronged advancement of the Tonopah Gold Project: - Land Expansion: Staked 36 new mineral claims (~720 acres) to the northwest, expanding the project's footprint. - Geophysics: Initiating a 14,000-meter CSAMT survey to identify new structural targets. - Drilling: Received BLM approval for 23 new drill sites and is commencing a 14,000-meter program later this month. The primary objective is converting "Inferred" resources to "Measured and Indicated" (M&I) to support a future Feasibility Study.

This news is a routine but necessary progression for a junior developer. - Land Expansion: Staking ground northwest of the existing block suggests management sees potential for strike extension, though this is currently speculative. - Drill Program: The scale (14,000m) is significant for a company of this size and is well-funded following the December 2025 financing. However, the impact is "Routine" because it simply fulfills the strategy outlined in the 2025 PEA to move toward Feasibility. - Critical Context: The July 2025 PEA showed an After-Tax IRR of only 17.6% at a $2,400 gold price. In a risk-averse framework, this is a marginal return for a project requiring $219.9 million in pre-production capital. The current drilling is high-stakes; the company must not only convert resources but ideally find higher-grade material to improve the project's NPV/CAPEX ratio, which currently sits at a weak 0.5x ($111M NPV vs $220M CAPEX).

Viva Gold is focused on the Tonopah Gold Project in the Walker Lane Trend, Nevada. - Project Type: Near-surface, well-oxidized gold/silver deposit. - Mine Plan: Open pit with a split processing model (2,000 tpd Mill / 8,000 tpd Heap Leach). - Current Resource (2025): 504k oz Au (M&I) and 83k oz Au (Inferred). - PEA Metrics: 7-year mine life, 404k oz payable gold, AISC of $1,269/oz.