Target Price Raised 14% on Canadian Explorer
Research Report

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Zacks Small-Cap Research, Goliath Resources Ltd., July 7, 2025

The following disclosures relate to relationships between Zacks Small-Cap Research (“Zacks SCR”), a division of Zacks Investment Research (“ZIR”), and the issuers covered by the Zacks SCR Analysts in the Small-Cap Universe. ANALYST DISCLOSURES I, Ronald Wortel, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the recommendations or views expressed in this research report. I believe the information used for the creation of this report has been obtained from sources I consider to be reliable, but I can neither guarantee nor represent the completeness or accuracy of the information herewith. Such information and the opinions expressed are subject to change without notice. INVESTMENT BANKING AND FEES FOR SERVICES Zacks SCR does not provide investment banking services nor has it received compensation for investment banking services from the issuers of the securities covered in this report or article. Zacks SCR received compensation from the issuer directly, from an investment manager, or from an investor relations consulting firm engaged by the issuer for providing non-investment banking services to this issuer and expects to receive additional compensation for such noninvestment banking services provided to this issuer. The non-investment banking services provided to the issuer includes the preparation of this report, investor relations services, investment software, financial database analysis, organization of non-deal road shows, and attendance fees for conferences sponsored or co-sponsored by Zacks SCR. The fees for these services vary on a per-client basis and are subject to the number and types of services contracted. Fees typically range between ten thousand and fifty thousand dollars per annum. Details of fees paid by this issuer are available upon request. POLICY DISCLOSURES This report provides an objective valuation of the issuer today and expected valuations of the issuer at various future dates based on applying standard investment valuation methodologies to the revenue and EPS forecasts made by the SCR Analyst of the issuer’s business. SCR Analysts are restricted from holding or trading securities in the issuers that they cover. ZIR and Zacks SCR do not make a market in any security followed by SCR nor do they act as dealers in these securities. Each Zacks SCR Analyst has full discretion over the valuation of the issuer included in this report based on his or her own due diligence. SCR Analysts are paid based on the number of companies they cover. SCR Analyst compensation is not, was not, nor will be, directly or indirectly, related to the specific valuations or views expressed in any report or article. ADDITIONAL INFORMATION Additional information is available upon request. Zacks SCR reports and articles are based on data obtained from sources that it believes to be reliable, but are not guaranteed to be accurate nor do they purport to be complete. Because of individual financial or investment objectives and/or financial circumstances, this report or article should not be construed as advice designed to meet the particular investment needs of any investor. Investing involves risk. Any opinions expressed by Zacks SCR Analysts are subject to change without notice. Reports or articles or tweets are not to be construed as an offer or solicitation of an offer to buy or sell the securities herein mentioned. CANADIAN COVERAGE This research report is a product of ZIR and prepared by a research analyst who is employed by or is a consultant to ZIR. The research analyst preparing the research report is not registered with any Canadian adviser and/or dealer and, therefore in the creation of this report is not subject to supervision by a Canadian registered adviser and/or dealer..

Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) began a 60,000 meter (60,000m) drill program focused on the Surebet prospect at its Golddigger project in British Columbia's Golden Triangle, and early visual results are encouraging, reported Ronald Wortel, analyst with Zacks Small-Cap Research, in a June 7 coverage update. Zacks increased its target price on the Canadian gold and silver explorer by 14% based on expected drill results and recent financings.

"With a rapidly expanding footprint, exceptional high-grade results and near-term catalysts, the Surebet project is positioning Goliath Resources as a highly compelling and standout investment in the gold exploration market," Wortel wrote.

135% Return Potential

Zacks' new fair value target on Goliath is US$4.04 per share, up from US$3.54, noted the analyst.

"We see further upside supported by systematic exploration, strong technical execution and the high-impact potential of Surebet's emerging mineralized zones," added Wortel.

At the time of the analyst's report, Goliath is trading at about US$1.72 per share. From here, the return to target is 135%.

Robust Drill Program

Wortel discussed Goliath's latest developments. Most recently, the company commenced a fully funded, 60,000m drill campaign at Golddigger, "one of the largest among its peers," the analyst wrote. Nine drill rigs will be turning at the site once the four being mobilized arrive on site; five already are there and active.

The original 2025 drill plan was for 40,000m, but Goliath increased it 50% after encountering widespread and abundant visible gold in multiple reduced intrusion-related gold dykes and, during the company's core relogging campaign, in the calc-silicate-altered breccia.

The main objectives of this summer's drilling are to expand the outline of the known gold-bearing shears, test the deep intrusive for potential resource grade mineralization and infill the higher-grade parts of the Surebet and Bonanza shears, so that a preliminary mineral resource estimate is possible.

"The company hopes to outline a zone of mineralization that could support the economics for future mine development on the project," Wortel wrote. "This aggressive campaign is expected to generate steady news flow, keeping the company visible in the market and helping to support continued share price momentum."

Results so far are encouraging, noted Wortel. For instance, hole GD-25-302, now being drilled, intersected a 96.5m mineralized interval containing six instances of visible gold, likely indicating high grades. This hole will test the potential of the modeled Mother Lode intrusion, potentially a new major discovery horizon.

"A positive result would add a significant upside to the company's current resource potential," noted Wortel.

Expanding Underground Access

The analyst reported that Goliath engaged JDS Energy & Mining Inc. to evaluate developing an underground adit at Golddigger to give direct access to the high-grade Bonanza zone, to enhance understanding of the geology and to allow for year-round underground drilling.

"This move marks a key step toward advancing Golddigger from exploration to potential development," wrote Wortel.

Millions in Funds Raised

Goliath raised CA$27 million (CA$27M) gross through a recently closed bought-deal financing and a concurrent nonbrokered financing, Wortel noted. The latest round attracted a new institutional shareholder Waratah Capital Advisors that manages about US$3.8 billion in assets.

"These numbers are a strong indicator of the market interest in this story," added the analyst.

Since Zacks' last update on it, Goliath raised more than CA$40M at premiums.

Ownership and Share Structure

Also during that time, the issuance of shares and warrants changed Goliath's capital structure, reported Wortel. Ownership now looks like this: members of the board and management have 20.4%;, Crescat Capital has 12.2%, institutional and strategic owners have 9.9%, Global Commodity Group has 5%, McEwen Mining Inc. (MUX:TSX;  MUX:NYSE) has 4.8%, Waratah has 4.3%, Rob McEwen has 3.2%, Eric Sprott has 2% and Larry Childress has 1%.

Goliath has 161.7 million shares outstanding. Its market cap is US$278.1M. Its 52-week range is US$0.67–US$2.016 per share.

Upcoming Catalysts

Wortel indicated that a constant news flow of various results is expected throughout the summer and into next year. Early on, more findings should be released from the ongoing core relogging program, recently increased to 75 holes from 50, covering 3,390m.

From the summer 2025 drill program, additional visual results, potentially returning significant intersections, as well as new zone discoveries at Surebet, are expected. Finally, drill results should be announced as they become available, starting in late summer and continuing throughout the rest of 2025 and into next year.