ES GOLD

This report presents the McGill Mining Circle’s opinion on ESGold and its Montauban project in Quebec, highlighting the company’s strategy of reprocessing historic mine tailings to recover gold, silver, and mica while advancing a cleaner, cash-generating mining model. It reviews the project’s fundamentals, financing position, key catalysts, and main risks, and offers a perspective on ESGold’s near-term production potential and longer-term exploration upside.