Tiger Gold Drills 79 m @ 0.8 g/t Au, Including 26 m @ 1.4 g/t Au, in 192- Metre Northwest Step-Out at Ceibal

Tiger Gold reports step-out drill results, but resource estimate is nearly three years away.

What the company is saying

Tiger Gold Corp. highlights assay results from three step-out drillholes at the Ceibal target within its Quinchía Gold Project in Colombia. The company frames these results as evidence of technical progress, emphasizing intercepts such as 78.63 m @ 0.8 g/t Au and 34 m @ 0.5 g/t Au, and underlining the ongoing scale of exploration with a 20,000-metre drill program. The narrative is forward-looking, with repeated references to a planned maiden Mineral Resource estimate in the first quarter of 2027. Language is optimistic and promotional, focusing on potential scale ('mineralization traced to approximately 800 metres vertically below surface') and future milestones rather than current value. The announcement references a recently filed NI 43-101 Technical Report and Preliminary Economic Assessment, but does not present any new resource estimates or financial metrics. No mention is made of costs, cash position, or operational challenges, and the tone is consistently positive.

What the data suggests

Assay data is detailed and specific, with CEDDH-014 intersecting 78.63 m @ 0.8 g/t Au from 204 m, including 25.56 m @ 1.4 g/t Au, and a second interval of 86 m @ 0.5 g/t Au from 296 m. CEDDH-016 returned 34 m @ 0.5 g/t Au from 10 m, including a higher-grade 6 m @ 2.1 g/t Au. CEDDH-015's results were weaker, with 14 m @ 0.2 g/t Au from 74 m. The program's scale is significant, with approximately 20,000 metres of drilling planned, but no actual resource estimate or economic analysis is provided for Ceibal. The only resource-related numbers referenced pertain to other deposits (Miraflores and Tesorito) with effective dates in 2025, not the current target. No financial data—such as cash balance, burn rate, or exploration spend—is disclosed. The technical data is robust for exploration-stage reporting, but the absence of financials or resource estimates for Ceibal limits the ability to assess value creation. The evidence supports technical progress but not economic viability.

Analysis

The announcement is generally positive in tone, highlighting new assay results and ongoing exploration at the Ceibal target. The technical results are specific and supported by numerical data, but the main forward-looking claim is the intention to deliver a maiden Mineral Resource estimate in Q1 2027, which is nearly three years away. The ongoing 20,000-metre drill program signals significant capital outlay, yet there is no disclosure of costs, cash position, or any profitability metrics. The benefits of the current exploration spend are long-dated and uncertain, as there is no guarantee a resource will be defined. The language is somewhat promotional, emphasizing the project's potential and future milestones, but the actual progress is limited to reporting drill intercepts. Without financial or profitability data, the signal cannot be stronger than weak_positive.

Risk flags

• ●There is no disclosure of financial position, cash balance, or exploration spend, making it impossible to assess whether Tiger Gold can fund the full 20,000-metre program or bridge the gap to a 2027 resource estimate. This financial opacity is a material risk for investors.
• ●All value is deferred to a maiden Mineral Resource estimate in Q1 2027, with no guarantee that drilling will define an economically viable resource. The long execution timeline increases exposure to market, operational, and jurisdictional risks.
• ●The announcement provides no details on permitting, community relations, or logistical challenges in Colombia, which are material risks for any exploration-stage project in the region.
• ●Technical results, while positive, are not accompanied by any resource estimate or economic analysis for Ceibal, so there is no evidence yet that the drilling will translate into a mineable deposit.

Bottom line

This announcement is a technical progress update, not a value-defining event. Tiger Gold's reported drill intercepts at Ceibal are encouraging for an early-stage explorer, but the absence of resource estimates, economic analysis, or financial disclosures means the investment case remains speculative. All forward-looking value is tied to a maiden Mineral Resource estimate nearly three years away, with no guarantee of success or funding clarity. The company's promotional tone and lack of operational or financial detail heighten the risk profile. Investors should treat this as a routine exploration update with no immediate investment impact. The single most important takeaway is that Tiger Gold remains in a high-risk, pre-resource exploration phase, and no actionable financial or resource milestone has been achieved.

Announcement summary

(TSXV: TIGR) Tiger Gold Corp. reported assay results for three step-out drillholes from its Ceibal target at its Quinchía Gold Project in Colombia's prolific Mid-Cauca gold belt. CEDDH-014, a 192-metre northwest step out from CEDDH-013, intersected 78.63 m @ 0.8 g/t Au from 204 m downhole including 25.56 m @ 1.4 g/t Au from 232 m downhole, and also intersected 86 m @ 0.5 g/t Au from 296 m downhole including 10 m @ 1.5 g/t Au from 326 m downhole and 9.55 m @ 1.3 g/t Au from 308 m downhole. CEDDH-016, a 235-metre northwest step-out from CEDDH-013, intersected 34 m @ 0.5 g/t Au from 10 m downhole, including 6 m @ 2.1 g/t Au from 14 m downhole. CEDDH-015, a 210-metre southeast step-out from CEDDH-003, intersected 14 m @ 0.2 g/t Au from 74 m downhole. Tiger's ongoing approximately 20,000-metre drill program at Ceibal is intended to support a maiden Mineral Resource estimate in the first quarter of 2027. Mineralization has been traced to approximately 800 metres vertically below surface in previous drilling and remains open at depth. A report titled Quinchía Gold Project NI 43-101 Technical Report & Preliminary Economic Assessment, Department of Risaralda, Colombia (effective September 18, 2025) was filed on SEDAR+ on December 10, 2025.

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