Investment Highlights
- Large, contiguous land package: Zodiac Gold holds 100% of an expansive, contiguous mineral exploration portfolio totaling 2,316 km² along the highly prospective Todi Shear Zone in Liberia, West Africa.
- Demonstrated potential: Significant intersections in 37 of 39 holes drilled at the Arthington Discovery, including high-grade intersections up to 55.9 g/t Au. Highlights include 18m at 4.67 g/t Au, 9.65m at 7.5 g/t Au, 6m at 10.6 g/t Au, 25.9m at 2.1 g/t Au.
- Five drill-ready targets: The project portfolio already includes five defined, drill-ready targets, with ongoing drilling and trenching at the Ben Ben Target.
- Diversified commodity potential: In addition to gold, the company has identified significant iron ore potential within its exploration licence areas, including a historical resource estimate along strike from the Bong iron ore mine.
- Mining-friendly legal framework: Incentives for mining investment in Liberia include a royalty of only 3%, 25% corporate tax, full repatriation of profits, and no foreign-exchange restrictions.
- Experienced management with an international track record: The leadership team combines expertise in exploration and mining, capital markets, and finance; several directors have decades of experience in West African mining projects.
Company & Strategy
Zodiac Gold Inc. (TSXV: ZAU | FSE: K19) is an upcoming gold exploration company with a clear geographic focus: Liberia, West Africa. The company was founded with the explicit goal of advancing the next generation of significant gold discoveries in one of the least explored parts of the West African Craton. Central to the strategy is the Todi Gold Project, with an expansive land package located along the regional-scale Todi Shear Zone.
The company’s strategy is built on three pillars: first, the systematic advancement of a large land package using scalable exploration methods—including surface geochemical sampling, remote sensing and geophysical surveys. Second, targeted risk reduction through step-by-step, data-driven advancement of defined target areas using trenching and diamond drilling. And third, leveraging the region’s existing infrastructure advantage: the operating office in Monrovia, Liberia’s capital, is only 13 km south of the project area, ensuring short distances to the seaport, airport, and road network.
With 76,179,305 shares outstanding (fully diluted: 113,511,885) and an insider ownership of around 26%, Zodiac Gold is structured as a lean exploration company. Senior management and directors hold significant stakes in the company, underscoring alignment of interests between management and shareholders.
The company explicitly commits to sustainable and responsible exploration in line with international best practices, including engagement with local communities. This ESG approach is not only strategically sound, but also a prerequisite for long-term operational success in the region.
Market Environment
Gold: A structurally attractive environment for exploration companies
The global gold market offers a structurally favorable environment for exploration companies such as Zodiac Gold. Stagnant or declining growth in gold reserves among established producers increases the pressure to discover new resources—providing structural tailwinds for early-stage explorers with strong projects in underexplored regions.
West Africa: Proven, but not yet fully explored
The West African Craton is considered one of the world’s most important gold regions. With a known gold endowment of more than 450 million ounces, it is the largest Paleoproterozoic gold-producing region globally. Despite intensive exploration activity over the past three decades—around 90% of the craton was explored for the first time during this period—Liberia is still regarded as the least studied country on the craton. This gives the Todi Project elevated discovery potential, proven by the company’s discovery at Arthington, achieved through only 6,800m of drilling to date.
Gold in Liberia is concentrated in Archean and Birimian greenstone belts of the Man-Leo Shield, which forms the southwestern part of the craton. The Todi project is located in the underexplored Archean greenstone belts of Liberia, along the regional-scale Todi shear zone. Significant gold projects in Archean greenstone belts are New Liberty in Liberia (1.8Moz resource) and Baomahun in Sierra Leone (5.8Moz resource).
Liberia: A stable investment environment with a mining focus
Liberia is Africa’s oldest modern republic. Its political system is modeled on that of the United States, and since the signing of the Accra Peace Agreement in 2003, the country has been regarded as a stable democracy. Four consecutive elections (2005, 2011, 2017, and 2023) with peaceful transfers of power underscore political continuity.
Economically, Liberia recorded GDP growth of more than 300% between 2003 and 2019. The country is part of the Economic Community of West African States (ECOWAS) and currently has one of the highest levels of foreign direct investment (FDI) in West Africa relative to GDP—with cumulative FDI commitments of more than US$18 billion, primarily in mining, oil, and agriculture. Companies with significant investments in Liberia include Ivanhoe Atlantic, Arcelor Mittal, MNG Gold (Avesoro Resources), Firestone and Exxon.
Liberia’s mining law, based on Australian legislation, is considered investor-friendly. The country has been EITI-compliant since 2011 and explicitly promotes the development of the mining industry as an economic policy objective. The combination of a low 3% royalty rate, a 25% corporate tax rate, free repatriation of profits, and the absence of currency restrictions makes Liberia an attractive jurisdiction for resource-focused investment.
Project Portfolio
Todi Gold Project – The flagship
Fig. 1: Location of the Todi Project and neighboring mining projects in Liberia
The Todi Gold Project comprises three mineral exploration licences covering a total area of 2,316 km² and is 100% owned by Zodiac Gold. The project is strategically located along the regionally significant, northwest-trending Todi Shear Zone, which marks the boundary between Liberian-age rocks and rocks deformed during the Pan-African Orogeny. This shear zone is considered by Zodiac Gold to be one of the most prospective underexplored structural corridors in West Africa.
In the immediate vicinity are several significant projects and mines: the New Liberty Gold Mine (Avesoro), 20 km to the northwest, with a resource of 1.8 Moz of gold; the Ndablama Gold Mine (Avesoro), 30 km to the north, with 0.9 Moz of gold; as well as the Bong iron ore mine (China Union) directly along strike to the east and the Bomi Hills iron ore mine (Vedanta) directly along strike to the north. This proximity to established operations is a positive geological signal and underscores the significant potential of the project area.
Arthington Discovery – Demonstrated potential
Fig. 2: Drill targets at the Todi Project
The Arthington Discovery is the most advanced target in the project portfolio and has delivered compelling results across three phases of drilling, including significant intersections in 37 of 39 holes drilled. A series of northwest trending mineralized zones are associated with a sheared amphibolite / gneiss package.
Highlights from the Phase I program (2022, 3,465 m drilling) include 7.5 g/t Au over 9.65 m in drill hole ADD007 and 10.6 g/t Au over 6.0 m in ADD004. Broader intervals, such as 1.10 g/t Au over 17.0 m in ADD002 and 1.06 g/t Au over 15.38 m in ADD015, indicate strong continuity and laterally extensive mineralization.
The Phase II program (2024, 2,092 m) aimed to further explore the mineralized zones identified beneath the Red Hill Field artisanal workings and to test beneath the Garang Base artisanal workings to the southeast, as well as test for extensions up to 1.2km along strike. Highlighted intersections returned from Garang Base include 2.10 g/t Au over 25.9 m, including 4.20 g/t Au over 9.1 m (ADD024), and returned 1.33 g/t Au over 14.67 m with a high-grade core of 4.38 g/t Au over 3.0 m (ADD027). Hole ADD031, drilled 1.2km along strike from the Arthington Discovery, intersected 8.98 g/t Au over 1.05 m.
Phase III drilling was launched in April 2025 and included 1,280 m in seven holes in the Red Hill Field area and to the southeast on the trend to Garang Base. This drilling intersected mineralized zones consistent with the interpreted northwest trend. Results included 4.67 g/t Au over 18 m, including 55.9 g/t Au over 1 m in ADD033, and 1.08 g/t Au over 26.38 m, including 5.83 g/t Au over 2 m and 2.25 g/t Au over 3 m in ADD037.
Ben Ben to Youth Camp Trend – Drilling commenced in February 2026
The current focus of the company’s exploration strategy is the Ben Ben to Youth Camp trend, which is part of an extensive gold-in-soil anomaly stretching for 16km from the Arthington Discovery in the northwest to the Youth Camp target in the southeast. Initial trenching completed along strike from artisanal mining pits confirmed a gold mineralized trend identified in the gold-in-soil trend, with trenching results including 30 m at 1.24 g/t Au. In February 2026, Zodiac Gold drilled the first hole at this target. The location only 1.3km along strike from the Arthington Discovery within the extensive 16km gold-in-soil anomaly, with artisanal extraction from the same sheared amphibolite / gneiss package as at Arthington, underlines the high potential of the target.
Todi NW Licence – Regional exploration potential
The Bomi South and Bong West licences cover 1,898 km² including major northwest trending Todi Shear Zone structures. Regional stream-sediment geochemistry focused on interpreted greenstone belt lithologies, identified a 40 km long gold corridor associated with the Todi Shear Zone. This area is currently being assessed through the collection of 10,000 soil samples, which will provide significant insights for targeting follow-up trenching and drilling, as warranted.
Iron ore potential – Value-adding upside
Zodiac Gold has identified significant iron ore potential within its exploration licences, including the occurrence of iron-bearing formations in target areas spread across the 80km width of the license package. The area along strike to the west of the Bong Iron Ore Mine was explored historically by West Peak Iron and seven target areas were defined. West Peak Iron reported a historical resource estimate of 11.1 Mt at 36.36% Fe in Areas 4 and 6, as well as trench samples of up to 85 m at 36.71% Fe and rock samples of up to 67% Fe (DSO magnetite). Potential for DSO material is further shown by the location near the Bomi Hills iron ore mine owned by Vedanta, which produced a significant quantity of DSO historically. In August 2025, Zodiac Gold signed a memorandum of understanding with Vitol to establish a strategic iron ore partnership.
Fig. 3: West Peak Iron target areas on the aeromagnetic image
Outlook
In January 2026, Zodiac Gold closed an oversubscribed LIFE financing with gross proceeds of CAD 6.1 million. Following this, Zodiac Gold announced an ambitious exploration program, which in addition to the ongoing diamond drilling program at the Ben Ben Target, includes 3,600 m of trenching and a large-scale soil geochemistry program with 10,000 samples in the Bomi South and Bong West licences.
In parallel, the company is preparing an NI 43-101-compliant technical report, including a resource estimate for the Arthington Discovery. This resource estimate will be a significant milestone for capital markets perception and is expected to be released in Q4 2026.
Management
Zodiac Gold’s management team combines complementary experience in geology, finance, and capital markets.
David Kol serves as President and CEO and brings more than 20 years of experience in international business development, M&A, and corporate leadership with a focus on the resource sector. Tom Dowrick, Director of Exploration, is an experienced Chartered Geologist with 18 years of industry experience. He has extensive experience in West African gold, including projects in Liberia, Mali, Guinea, Sierra Leone, and Mauritania. Peter Granata, as Interim CFO, brings more than 18 years of experience in financial and operational management, including as an Audit Manager at PricewaterhouseCoopers.
The board includes prominent individuals: Larry Lepard, Managing Partner of Equity Management Associates with more than four decades of investment experience and a focus on precious metals; Douglas Cater, a Professional Geologist with more than 35 years of experience and former roles at Barrick Gold, Placer Dome, Kinross Gold, and Kirkland Lake Gold; Graham Warren, a finance expert with more than 30 years of experience in the mining and oil & gas industries, including 15 years in Africa; and Mike Demeter, Partner at Fort Capital and former Managing Director at Haywood Securities, with senior roles at Macquarie, Dundee Securities, Royal Bank of Canada, and Scotiabank.
This combination of geological expertise, West African field experience, and deep capital markets know-how is a key quality marker for a company at this stage of development.
Conclusion
Zodiac Gold presents a focused investment case: a large, contiguous, 100% owned exploration land package in a geologically proven, politically stable, and mining friendly jurisdiction that has so far been subject to far less systematic exploration than other regions in West Africa. The drilling results to date at the Arthington Discovery—demonstrating strong continuity and includinghigh-grade intervals up to 55.9 g/t Au—have laid the groundwork for the company to report a mineral resource estimate, expected in Q4 2026. Ongoing drilling and trenching at the Ben Ben Target, as well as the 10,000-sample soil geochemistry program, are designed to significantly expand the target inventory and underpin the value of the 2,316 km² land package.
In the current gold market environment, in which producers and large investors are actively seeking early-stage discoveries, Zodiac Gold is positioning itself as a company that—supported by a well-filled exploration calendar, secured financing, and an experienced management team—could deliver the next significant gold deposit in Liberia.
