Zodiac Gold Inc. (ZAU:TSX.V; ZAU:XFRA; ZAUIF:OTCQB) is exploring its flagship Todi gold project in Liberia, an underexplored, stable, mining-friendly jurisdiction hosting large gold and iron deposits. Strategically positioned on the Todi shear zone, the company is developing a district-scale opportunity within its 2,316-square-kilometer land package.

After announcing a US Market (OTCQB) listing in late March, in early May, Zodiac announced a high-resolution drone magnetic and lidar survey over the 16-kilometer Arthington-Ben Ben-Youth camp trend, and now it reports initial assay results from the first-ever diamond drilling program at the Ben Ben target.

Early results appear to highlight significant potential for the project.

Key drilling intercepts

• BDD005: 14.85m at 1.55 g/t Au from 51.4m, including 0.8m at 13.15 g/t Au, 0.93m at 5.82 g/t Au and 1.05m at 2.22 g/t Au
• BDD009: 17.65m at 0.81 g/t Au from 33m, including 1m at 5.67 g/t Au, 0.65m at 2.74 g/t Au, 1m at 1.33 g/t Au and 1m at 1.15 g/t Au
• BDD004: 11.45m at 0.96 g/t Au from 10m, including 0.55m at 3.2 g/t Au
• BDD006: 7.37m at 1.95 g/t Au from 23.4m, including 2.37m at 3.24 g/t Au and 2m at 2.81 g/t Au
• BDD002: 2.04m at 5.69 g/t Au from 43.96m, including 0.79m at 13.95 g/t Au

The company said targeting based on trenching and geochemical sampling has generated strong drill intersections and, along with the ongoing geophysical survey, will support additional drill targeting during the remainder of the 2026 program. A third drill rig is planned for Phase 2.

President and CEO David Kol stated that the results validate the company’s geological model, noting that drilling intersected consistent gold mineralization over a one-kilometer strike length in a previously untested target area. He added that Ben Ben shares the same host rocks, structural controls, and mineralization style as the nearby Arthington discovery, supporting the interpretation of a district-scale gold system along the 16-kilometer gold-in-soil anomaly.

16km Arthington to Youth Camp Trend Map

View an enhanced version of this graphic here.

Ben Ben Drill Hole and Trench Results Map

View an enhanced version of this graphic here.

The results confirmed near-surface, shallow-dipping gold mineralization with high-grade intervals across a one-kilometer strike length.

Southeast Cross Section For Drill Holes BDD004, BDD009, and BDD015

View an enhanced version of this graphic here.

Ben Ben Target

Part of a District-Scale Gold System?

Zodiac Gold believes the Todi Shear Zone may host a district-scale gold system. The nearby Arthington discovery previously intersected gold in 37 of 39 drill holes.

Table 1: Ben Ben Target Drill Collar Data

The company has drilled 2,551 meters in the first 14 holes at Ben Ben, intersecting gold mineralization in all nine holes for which assays have been received. Mineralization begins as shallow as 10 meters downhole, which the company said supports potential open-pit development.

Assays for holes BDD010 to BDD014 remain pending, while BDD015 and BDD016 are currently being drilled. Following completion of approximately 3,000 to 3,500 meters, the company plans to determine the next drill targets within the broader 14,000-meter 2026 drilling campaign.

Table 2 (part 1): Ben Ben Target Drilling – Significant Intersections

Table 2 (part 2): Ben Ben Target Drilling – Significant Intersections

Looking Ahead: A High-Resolution Drone Survey

This survey will identify the geophysical signature of the Arthington discovery to locate similar zones across the broader trend, accelerating resource growth.

By integrating high-resolution magnetics with lidar, Zodiac Gold will map structural controls — including shears, faults, and lithological contacts — while generating a digital terrain model to support targeting and, importantly, mineral resource estimation.

Axis Drone Surveys’ 47.8-km² survey (northeast-southwest lines at 50m spacing) with interpretation by Southern Geoscience Consultants will boost the precision of the 14,000m program, supporting the planned Q4 mineral resource estimate.

Commencement of Trading on OTCQB

On March 30, the company announced it had commenced trading on the U.S. OTCQB Venture Market under the ticker symbol ZAUIF, enhancing visibility and liquidity for U.S. investors while continuing to trade on the TSX Venture Exchange under ZAU.

Project Risks

• Exploration & Grade Uncertainty
• Technical & Modeling Delays

Market & Jurisdictional Risks

• Liquidity & Dilution
• Operational Logistics

Shares Outstanding

162.03 million

Significant Shareholders

 Significant Insider Transactions

Technical Observations & Analysis

Figure 1: Zodiac Gold & Gold Bullion Comparison Chart

Analysis:

• Gold stock investors buy gold stocks to outperform gold.
• Zodiac is significantly outperforming gold on its rallies.

Figure 2: Zodiac Gold Money Flow Indicators Chart

Analysis:

• ADL (accumulation/distribution line) is in a powerful uptrend, suggesting higher prices ahead.
• OBV (on balance volume) is confirming the ADL action.

Figure 3: Zodiac Gold Price & Volume Chart

Analysis:

• A large inverse H&S (head and shoulders) pattern is in play, and a rally from the right shoulder low towards the neckline appears to be underway.
• Volume has surged with a rally in the price.
• H&S target price is CA$0.75

Figure 4: Zodiac Gold Momentum Oscillators Chart

Analysis:

• RSI is pushing above the 50 zone, where momentum-oriented rallies tend to occur in stocks.
• Stochastics (14,7,7 series) is flashing a buy signal in the oversold zone.
• MACD histograms are surging and poised to cross over the zero mark, confirming the potential for a powerful rally in the stock.

Stock Price at Time of Writing (May 19, 2026): Approx. CA$0.36

Short-Term Technical Price Target: CA$0.45

Medium-Term Technical Price Target: CA$0.75

Long-Term Technical Price Target: CA$1.00

Technical Rating: Speculative Buy