TDG Announces Positive Results from Ongoing Metallurgical Test Work - Conventional Processing Achieves >90% Gold and Silver Recoveries At Shasta, Toodoggone District

Strong lab results, but no financials—too early for investors to act with confidence.

Risk flags

• ●Operational risk: All results are from laboratory-scale metallurgical tests, which may not translate to full-scale plant performance. Scale-up failures are common in mining, and there is no pilot plant or commercial demonstration yet.
• ●Financial disclosure risk: The company provides no financial data—no capital or operating cost estimates, no resource or reserve tonnages, and no project economics. This omission makes it impossible for investors to assess the project's viability or value.
• ●Forward-looking bias: The majority of claims are forward-looking, referencing potential improvements, future studies, and anticipated economic benefits. Investors should be wary of narratives that rely heavily on projections rather than realized milestones.
• ●Execution risk: The path from lab results to a producing mine is long and fraught with uncertainty, including further technical studies, permitting, financing, and construction. Each stage introduces new risks that are not addressed in the announcement.
• ●Data completeness risk: While technical data is detailed, key metrics necessary for investment analysis—such as period-over-period comparisons, impurity variability, and trade-off analysis results—are missing or only selectively disclosed.
• ●Economic translation risk: Claims about 'potentially improving payabilities' and 'lower operating costs' are not substantiated with any commercial terms, market data, or cost estimates. There is a real risk that these benefits will not materialize at scale.
• ●Timeline risk: The announcement references a forthcoming PEA, but provides no schedule or milestones for its completion. Investors face the risk of extended timelines or delays before any economic case is established.
• ●Geographic and jurisdictional risk: The project is located in British Columbia, Canada, which is generally mining-friendly, but no discussion is provided on permitting, First Nations engagement, or local opposition—potential sources of delay or cost escalation.

Bottom line

For investors, this announcement is a technical progress update, not a financial or commercial milestone. The metallurgical results are strong at the laboratory scale, with high gold and silver recoveries and promising concentrate grades, but there is no evidence yet that these results will translate into a viable mine. The absence of any financial data—costs, resource size, or economic analysis—means that the investment case remains speculative and unquantified. No institutional investors or external validators are mentioned, so there is no third-party endorsement to lend additional credibility. To change this assessment, the company would need to disclose a completed Preliminary Economic Assessment (PEA) with detailed project economics, including capital and operating costs, resource/reserve estimates, and projected returns. Investors should watch for the release of the PEA, any pilot-scale testing, and the securing of permits or financing as key milestones. At this stage, the information is worth monitoring but not acting on—there is technical promise, but no investable signal until economic viability is demonstrated. The single most important takeaway is that strong lab results are necessary but not sufficient; without financials, this remains a story, not an investment.

Announcement summary

(TSXV: TDG) TDG Gold Corp. provided an update on ongoing metallurgical test work for its 100%-owned Shasta Gold-Silver Project, located within the Greater Shasta-Newberry Project area in the Toodoggone District of north-central British Columbia. Average recoveries of 92.4% gold and 90.3% silver were achieved using conventional gravity and open circuit flotation methods, with up to 25% of gold recovered through gravity concentration prior to flotation. Locked-cycle testing demonstrated over 91% recovery of both gold and silver, and the concentrate generated contained 45.4% sulphur at a mass pull of only 1.4%. The average concentrate grade of the open circuit data set was 47 g/t gold, 2,005 g/t silver, and 41.8% sulphur, with significant silver contribution (~38%) in the recovered metal value in the tested Shasta composites. Eight auger samples from the Baker tailings impoundment showed average recoveries of 68% gold and 61% silver to combined gravity plus rougher flotation concentrates, while the METS prospect sample recovered 83.8% gold and 71.8% silver. The company projects that additional testing is planned and that the results will support the previously announced Preliminary Economic Assessment (PEA) for the Shasta Gold-Silver Project.

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