Zodiac Gold (TSXV: ZAU / WKN A3EKSC) is increasingly drawing the attention of commodity investors with its project portfolio in Liberia. The company has secured an extremely promising position in a highly prospective part of the West African craton, which ranks among the world’s most significant gold producing regions with more than 450 million ounces of gold discovered to date. Furthermore, the region hosts 70 gold deposits containing more than 1 million ounces, as well as 40 deposits with over 3 million ounces! However, while Ghana, Mali, and Burkina Faso have been intensively explored for years, Liberia remains relatively underexplored – and that is precisely what makes the location particularly attractive for companies like Zodiac Gold.
Added to this is an environment that offers a clear framework of conditions for international investors. Since 2003, Liberia has developed into a stable parliamentary democracy and has undergone four peaceful election cycles, most recently in 2023. English as the official language, the use of the U.S. dollar, and a mining code modeled after the Australian one provide additional stability. The regulatory framework ensures transparency regarding mineral and surface rights and supports expedited permitting processes. The fiscal environment is also clearly structured: the corporate tax rate is 25%, the government holds a 10% carried interest, royalties amount to 3%, and 100% of profits can be repatriated without restrictions. The fact that the mining sector accounts for approximately 25% of Liberia’s GDP and 60% of its export revenues underscores the sector’s great importance to the country.
Zodiac Gold secures a strong position along the Todi Shear Zone
Zodiac Gold holds a 100% interest in a 2,316 km² land package along the Todi shear zone. The flagship project of the same name covers 418 km² and is already in an advanced stage of the permitting process for a Mineral Development Agreement. The focus there is on the Arthington discovery, which is part of a 16-kilometer-long trend with anomalous soil geochemistry.
Not only is the size of the land position remarkable, but so is its strategic location. Two well-known gold deposits, New Liberty and Ndablama, are located in the immediate vicinity. New Liberty is located about 20 kilometers away and has a resource estimate of 1.8 million ounces, while Ndablama is approximately 30 kilometers away and holds 0.9 million ounces. This proximity essentially opens up the possibility of utilizing existing processing facilities under potential toll milling agreements at a later time. This could significantly lower the threshold for initial investment costs, as a dedicated mill would not be strictly necessary for economic development. This advantage is complemented by access to the seaport of Monrovia and the international airport, both located in close proximity to the project area, which further improves logistical conditions.
In addition to Todi, Bomi South and Bong West are also part of Zodiac Gold’s portfolio. In addition to gold exploration, Bomi South and Bong West offer significant potential for iron ore in the form of banded iron formations directly along strike from the Bomi Hills and Bong Bong iron ore mines, further expanding the company’s resource prospects.
High-grade drill results underscore Zodiac Gold’s potential
The results to date provide Zodiac Gold with a robust foundation for further exploration. At the Arthington discovery, 37 of 39 drill holes have intersected significant mineralization. Geologically, the area is characterized by amphibolites and melanocratic gneisses with shear zones associated with the regional-scale Todi Shear Zone.
Among the most significant results is drill hole ADD033, which returned 18 meters at 4.67 g/t gold, including 1 meter at 55.9 g/t gold. ADD007 returned 9.65 meters at 7.5 g/t gold, including 3 meters at 20.36 g/t gold. In ADD004, 6.0 meters at 10.6 g/t gold were drilled, including 3 meters at 20.45 g/t gold. In addition, ADD024 returned 25.9 meters at 2.1 g/t gold, including 9.14 meters at 4.2 g/t gold. Overall these are very strong results at shallow depths suitable foran open-pit mining scenario.
Convincing data is also available beyond Arthington. At Alasala, historical drilling returned 19.6 meters at 6.17 g/t gold, while drilling by Zodiac Gold has included intersections of 6 meters at 7.69 g/t gold and 4.05 meters at 13.92 g/t gold. These wide, high-grade intersections suggest that the prospectivity of the project is not limited to a single target. In fact, local artisanal mining sites are widespread and focused on the same sheared amphibolite and melanocratic gneiss package as intersected at Arthington and Alasala.
Zodiac Gold is targeting key milestones in 2026
Zodiac Gold has presented a clearly structured roadmap for 2026. A 14,000-meter drilling program, which has already begun, is scheduled for the first half of the year. In parallel, a geochemical campaign involving 10,000 soil samples is underway at Bomi South and Bong West. In the second quarter, a high-resolution magnetic and LiDAR survey at 50-meter line spacing is scheduled to assist in the evaluation of the 16-kilometer-long trend including the Arthington discovery, and the Ben Ben, Feh Feh and Youth Camp priority targets. Finally, the company aims to release an updated mineral resource estimate in the fourth quarter. The stated goal is to confirm an initial resource of more than 1 million ounces of gold!
The development gains additional momentum from the iron ore potential, although the focus is currently very clearly on gold exploration. The company’s location within the Multi-User Corridor between mines owned by Vedanta, Bao Chico and China Union offers potential for various strategic options in the future, such as joint ventures or spin-offs to monetize the iron ore deposits.
Zodiac Gold is also well staffed to support this phase of development. CEO David Kol brings more than 15 years of experience in West Africa and focuses on M&A as well as building commodity companies to the table. Director of Exploration Tom Dowrick is a Chartered Geologist with 18 years of industry experience, with a significant portion focused on gold in West Africa. Independent Director Douglas Cater has 35 years of experience as a geologist and has served, among other roles, as VP of Exploration at Kirkland Lake Gold and in leadership positions at Barrick and Kinross. The Board is supported by financial experts such as Larry Lepard and Michael Demeter. Brett Richarts also serves as an advisor; he is an experienced entrepreneur with 40 years of experience in private and publicly traded metals and mining companies, covering the entire spectrum from micro-cap to large-cap companies as well as mining operations with diverse resources. He has an impressive and proven track record , including significant returns on investment and strategic exits for shareholders at Katanga Mining, Avocet plc, and Pasofino Gold.
The 31% insider ownership also underscores the alignment of insiders’ interests with those of shareholders. With a market capitalization of just CAD 39.7 million in March 2026, Zodiac Gold is poised for a year that could mark a decisive step forward in its development, driven by an extensive drilling program, geophysics, geochemistry, metallurgical testwork and a targeted first resource estimate!
Conclusion: Zodiac Gold thus combines several factors that are likely to attract particular attention from commodity investors going forward: a large, 100% controlled land position in an underexplored but highly prospective region of West Africa; robust mineralized zones with strong continuity including high-grade drill results with recognizable extension potential; a clearly defined roadmap toward an initial resource estimate targeting 1 million ounces of gold; and additional opportunities stemming from iron ore potential and good infrastructure. Combined with an extremely experienced management and advisory team holding approximately 31% insider ownership and a market capitalization of just CAD 39.7 million in March 2026, this results in a company profile that is likely to attract significant attention over the course of the year, given the expected news flow and provided Zodiac achieves its self-imposed milestones!
