Valor Gold Corp.

Description

Valor Gold Corp. is a Canadian gold developer created through Seabridge Gold's June 2026 spin-out of the 100%-owned Courageous Lake Project in the Northwest Territories. The investment case is a concentrated, large-resource PFS-stage asset with 10.9 Moz Au measured and indicated, 3.3 Moz inferred, a 2.8 Moz reserve, strong gold-price leverage and an experienced management team.

The 2024 PFS outlines approximately 2.5 Moz payable gold over 12.6 years at about 201,000 oz annually, US$999/oz AISC and US$747M pre-production capex. At US$1,850/oz gold, the study reports US$523M post-tax NPV5 and a 21% IRR.

The refractory ore requires flotation, concentrate oxidation and CIL. Walsh Lake adds a near-surface, potentially free-milling 0.55 Moz inferred resource grading 4.17 g/t Au. Upgrading and integrating Walsh Lake could support a staged, lower-capital development route, while additional non-refractory targets provide further exploration optionality.

List of Projects:

Project 1: Courageous Lake Gold Project, Northwest Territories, Canada — Gold
100%-owned flagship project covering approximately 500 km². The main Courageous Lake deposit contains 145 Mt at 2.36 g/t Au for 10.9 Moz M&I plus 40 Mt at 2.52 g/t Au for 3.3 Moz inferred. The PFS reserve totals 33.9 Mt at 2.61 g/t Au for 2.8 Moz.

Project 2: Walsh Lake, Northwest Territories, Canada — Gold
Located approximately 10 km south of the main Courageous Lake deposit. Contains 4.1 Mt at 4.17 g/t Au for 0.55 Moz inferred and is interpreted as potentially non-refractory. A planned 12,000 m 2027 drill program targets M&I conversion and potential PFS integration.

Project 3: Olsen, Marsh Pond and Tundra-Salmita Targets, Northwest Territories, Canada — Gold
Priority non-refractory exploration targets within the same broader project and infrastructure corridor, providing additional discovery optionality.

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