Project: Great Northern Project, Newfoundland | Season: Summer 2026 | From: Sean Kingsley, President & CEO
From My Desk to Yours
Dear Shareholders,
You have not heard from me since Edition One, and we have not put out a news release about the drill program since we announced the start of drilling in June 25. I know that is what you are waiting for. So let me start there and then explain the importance of this edition.
Why You Have Not Heard From Us
When drilling began, I said we looked forward to providing updates as the program progressed. This is an update. It is not the one you want, and I will not pretend otherwise.
Assay results at Gold Hunter are released one way: by regulatory news release, after the laboratory has reported, after the data has been verified, and after Rory Kutluoglu (our VP of Exploration) has reviewed it as our Qualified Person. That is the standard we are held to, and it is the standard we hold ourselves to. It means you will not get a running hole count, a description of what the core looks like, or a note that samples are “on their way” from me here, or via any other channels, ahead of a news release. Those things are not results. Treating them as news invites the market to read something into nothing, and I would rather be quiet than do that.
There is also the simple matter of time. In a busy Newfoundland field season, the interval between a hole being completed and a result being fit to publish runs to weeks and months; the laboratories are as busy as the drills. Silence from us during that interval is not a sign that nothing is happening. It is the process working as it should.
So, this is not the results edition. It is the edition that explains how we got to the point where results are the only thing left to wait for, and why we are in a position to wait for them properly. This edition will look back at the work we’ve carried out between Edition One and today, including our mobilization effort. Editions Three and Four will follow in quick succession.
Discipline Matters
Before I get to the roadshow, I want to make one point clearly, because it speaks to how I think about shareholder capital.
Each year, my wife and I attend the Alpha Leadership Conference. This was our third year. Every dollar of that trip — flights, hotels, meals, all of it — came out of my own pocket, not the Company’s.
Frankfurt · Germany: Two full days of pre-scheduled meetings with European investors at the Deutsche Goldmesse.
On the Road in Europe
We were not in Europe to raise money. The financing behind this drill program had closed months earlier, and a significant portion of that support came from European investors. That made the trip valuable for a different reason: it let us sit across the table from many of the people who had already backed Gold Hunter, thank them in person, and introduce the Great Northern story to others now following it closely.
Over two weeks in May, Rory and I met investors in London, Paris, Zurich, and Nürtingen, near Stuttgart, before finishing at the Deutsche Goldmesse (German Gold Show) in Frankfurt. Deutsche Goldmesse, built by Kai Hoffmann and his team into one of Europe’s leading precious-metals conferences, gave us two full days of scheduled meetings. The conversations were direct and serious — exactly the conversations a company wants to have before a drill program begins to deliver results.
The questions were the right ones:
• What is the disconnect?
• How much stock can I buy?
• When will drill results come?
That third question is the one every shareholder is asking now. The answer has not changed since May: once verified by news release, and not before.
Just as important were the introductions made by several of our larger European shareholders, who opened their networks to us personally. That kind of support cannot be bought. It is cultivated when investors believe in the story, believe in the people behind it, and want others to pay attention before the market fully catches up.
We closed the trip with investors in Montreal and Toronto, but the support behind this program is unmistakably international, with Europe playing the leading role: more than 70% of the capital driving this drill campaign came from investors there.
Perhaps the most lasting impression, from a period marked by many positive conversations, is that our story is resonating beyond our home market. That has given us a broader base of attention as Great Northern entered its first serious drill season under Gold Hunter.
Frankfurt · Germany: Two full days of pre-scheduled meetings with European investors at the Deutsche Goldmess
From Consolidation to Drill Readiness
Investor interest only matters if the project deserves it.
Since our value-generating exit to FireFly Metals, we stayed focused in Newfoundland and did exactly what we said we would do. We took the Great Northern Project from a fragmented land package and assembled it into a consolidated 26,237-hectare, district-scale gold project covering more than 35 kilometres of strike along the Doucers Valley Fault Structure — and we advanced it to the inaugural drill program.
None of this was exploration theatre, nor a string of disconnected announcements. It was a deliberate sequence of work:
- Consolidate the district
- Compile the data
- Put boots on the ground
- Survey the project from the air
- Analyze the system
- Generate and refine targets
- Fund the next phase
- Mobilize to drill
- Drill
That is how a project moves from concept to execution.
Funded Before the Market Has to Care
We raised capital around defined objectives rather than vague ambition. Each financing had a purpose, and together they put Gold Hunter in position to launch a multi-pronged inaugural drill program, built on three pillars: regional exploration along the gold-bearing structural splays of the Doucers Valley Fault; on-trend drilling at the Thor Deposit and across the Viking Block; and verification drilling of the Rattling Brook historical estimate.
I mention the three pillars for a reason. The initial set of results, whenever they arrive, will be the first data points from a program designed to test a district, not a single target. Read them that way.
Before the drill results begin to speak for themselves, a few things are worth holding in mind:
- Gold Hunter is fully funded for the planned drill program- from start to finish.
- Great Northern has been assembled into a district-scale land package after a long history of fragmented ownership. It has never been tested at this scale under single, consolidated ownership.
- The project includes mineralization open along strike and at depth, with a current mineral resource at Thor and a historical estimate at Rattling Brook — both defined in a much lower gold price environment and on comparatively modest budgets.
- Through our prior transaction with FireFly Metals, approximately 30 million FireFly shares were distributed directly to Gold Hunter shareholders.
That is a strong position for any junior explorer heading into an inaugural campaign — and it is exactly why we can afford to let results be verified rather than rushed.
On the Ground at Pollards Point
Our teams have been on site since June. At Pollards Point, a Newfoundland community of fewer than 150 private houses near the centre of the Great Northern Project, we put the practical pieces in place before the first hole was collared: a high-quality “core land” camp, local housing for the exploration management team, and a former restaurant converted into a kitchen and mess hall – all within a matter of five minutes of each other.
The diamond drilling and infrastructure support contract went to MCL Drilling, a Newfoundland company based in Deer Lake, roughly 85 kilometres south of the project. MCL is providing the track-mounted rig, crews, road and pad construction, and the support required to execute the program properly. Day-to-day exploration management is handled by Equity Exploration Consultants Ltd., with Rory leading the program. The permits required for drilling are in place, and we have hired several local people to join the team.
Exploration is not only about targets, assays, and maps. Building a successful project also requires a local presence, strong relationships, and a commitment to doing things properly. That is the approach we have taken from day one at Great Northern.
What Happens Next
To the shareholders who backed this company before a single metre was drilled: thank you. To those who opened their networks and helped fill our European calendar with high-quality investors: thank you as well. That support is real, and it is personal.
We entered this campaign with a clear plan, a funded treasury, experienced exploration and drilling teams, local infrastructure, growing investor awareness, and a project we believe deserves a serious program. Two months in, all of that still holds.
Here is what you can expect from us:
- Results come by news release, once received, verified, and reviewed by our Qualified Person. When they do, Rory and I will follow with a Dispatch that puts them in context: what they mean, what they do not mean, and what comes next.
- Editions Three and Four will follow quickly. Edition Three widens the lens from our own ground to the island around it. Newfoundland is in the middle of one of its most active periods in years — new discoveries, a neighbouring mill pouring gold, and district-scale transactions that continue to redraw the map, FireFly among them — and Edition Three will look at where Gold Hunter fits within it.
- Field Notes, a lighter companion series from the field, will keep you closer to the ground between editions. The market does not need another junior saying something might be interesting one day. It needs companies that are focused, prepared, and drilling.
We are drilling. And when there is something to report, you will read it in a news release first — in full, and properly.
Until then, the drills keep turning.
Sean Kingsley
President & CEO
Disclosures
Forward-Looking Statements
This newsletter contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws. These statements relate to future events or the Company’s future performance, including statements regarding the drill program of up to 10,000 metres and its objectives, the receipt, verification, timing, and release of assay results, the sufficiency of the Company’s funding to complete the planned program, exploration plans, target generation, contractor engagement, site logistics, potential discoveries, potential extensions of known mineralization, technical validation, market recognition, the timing and content of future shareholder communications, and the Company’s broader exploration strategy and objectives at the Great Northern Project.
Forward-looking statements are inherently subject to known and unknown risks, uncertainties, and assumptions that may cause actual results to differ materially from those expressed or implied, including volatility in commodity prices, exploration and development risks, availability of financing, regulatory or political developments, the ability to retain qualified personnel and contractors, laboratory turnaround times, timely completion of drilling programs, and changes in project parameters as plans continue to be refined. Although Gold Hunter believes the expectations expressed are reasonable, such statements are not guarantees of future performance. The Company does not undertake any obligation to update or revise any forward-looking statements except as required by applicable law.
Technical Information · Thor Deposit
NI 43-101 Technical Report and Mineral Resource Estimate for Thor Deposit, Viking Project, White Bay Area, Newfoundland (effective October 24, 2023; report date July 12, 2024). Mineral resources were interpolated using Ordinary Kriging from 1.5 m assay composites. Open pit cut-off grade 0.46 g/t Au; underground cut-off grade 2.14 g/t Au. Mineral resources were reported within an optimized pit shell using a gold price of USD 1,800 per ounce and are considered to have reasonable prospects for economic extraction. QP: Matthew Harrington, P.Geo. (Mercator Geological Services Limited).
Technical Information · Rattling Brook
The Rattling Brook Gold Deposit contains a historical estimate published in the NI 43-101 Technical Report and Updated Mineral Resource Estimate on the Rattling Brook Gold Deposit, Great Northern Project, White Bay Area, Newfoundland, Canada (effective January 23, 2019), prepared in accordance with NI 43-101 and categorized as Inferred. A Qualified Person has not completed sufficient work to verify the historical data or to classify the historical estimate as a current mineral resource or reserve. The Company is not treating the historical estimate as current. Additional drilling, data verification, and updated geological modeling will be required to upgrade or verify this estimate.
Technical Information · Browning Mine
The Browning Mine, located within the Great Northern Project area, is a past-producing gold occurrence that reportedly saw limited production in the early 1900s. No reliable records or verifiable data concerning the extent of mining, production tonnages, or grades are available. As such, no mineral resource or reserve of any category can be reported for the Browning Mine, and the Company makes no representations regarding its past production or economic potential.
Third-Party Information
This newsletter refers to FireFly Metals Ltd. and exploration and development activity by other companies in Newfoundland. Information regarding other companies and their properties is derived from their public disclosure and has not been independently verified by Gold Hunter or its Qualified Person. Mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on the Great Northern Project.
Qualified Person
The scientific and technical information contained in this newsletter has been reviewed and approved by Mr. Rory Kutluoglu, B.Sc., P.Geo., Vice President of Exploration for Gold Hunter Resources Inc. and a Qualified Person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Kutluoglu is a Professional Geologist registered with Engineers and Geoscientists British Columbia and a Fellow of both the Society of Economic Geologists and the Geological Society of London.