Delta Drills 4.18 g/t Au over 17.7 Metres at Eureka and Initiates First Phase of Comprehensive Metallurgical Test Work Program at the Delta-1 Gold Project, Thunder Bay, Ontario

The most recent news release (February 18, 2026) reports high-grade gold intercepts at the Eureka Gold Deposit within the Delta-1 project in Thunder Bay, Ontario. Highlighting the results is hole D1-25-145, which returned 4.18 g/t Au over 17.7 metres. Simultaneously, the company announced the initiation of a first-phase comprehensive metallurgical test work program. This program, overseen by industry veteran Joe Milbourne and conducted by Base Metallurgical Laboratories, will evaluate Bond work indices, gravity recovery, flotation, and leach characteristics.

The news is Material - Positive for three primary reasons: - Technical De-risking: Moving into formal metallurgical testing is a critical milestone that signals a transition from "discovery" to "project evaluation." Positive recoveries are essential for the economic viability of the Eureka deposit, which has historically shown broad zones of lower-grade mineralization. - Grade Continuity: The 4.18 g/t Au intercept over nearly 18 metres is significantly higher than the average grade of the broader mineralized envelope. This confirms the presence of a "higher-grade potential starter pit area," which is vital for early-year project economics in a potential mining scenario. - Financial Context: This operational progress follows the February 17, 2026, announcement of the closing of the Delta-2 option agreement with Troilus Mining. That deal provides up to $8.25 million in non-dilutive funding, including an immediate $1.5 million in cash and shares. This allows Delta to fund the current metallurgical and drilling programs without going back to the equity markets at current suppressed price levels.

Delta Resources is focused on the Delta-1 Project, located 50 km west of Thunder Bay, Ontario. The project covers 308 sq. km along the Shebandowan Greenstone Belt. The flagship Eureka Gold Deposit has been defined over a 2.5 km strike length and to a depth of 300 metres. The project benefits from exceptional infrastructure, being adjacent to the Trans-Canada Highway and power lines, which significantly lowers potential development costs.