Robert Vallis of Tiger Gold Corp. talks to Robert Sinn | Metals Investor Forum Sept. 2026

Asset acquisition & positioning (why Tiger Gold chose the ground)

• Found through a broader asset package
  • Tiger Gold located the asset while evaluating a package of other assets across the Mid-Caucasus / other jurisdictions.
• Why it was available
  • The asset was in storage because a small Australian exploration company ran out of funds.
• Key attraction themes for development/operations
  • Construction/operation success factors, including:
    • Road access
    • Paved surface
    • Local population
    • General country/jurisdiction attractiveness
  • Geological potential, including:
    • Nearby deposits
    • Permitting progress

Deal structure / commercial control

• Acquisition price: A$7.5 million
• Payment terms: phased payments over one year
• Completion timing: completed in June of this year
• Outcome: Tiger Gold would have full control over the asset

Geological thesis & growth plan (resources → scale → production)

Deposits and catalysts mentioned

• Miraflor field
  • Already discovered
  • Already designed
  • Recently received a permit for construction and operation
• Nearby drilling outcome
  • Earlier developer drilled near Miraflor to support a plant and found:
    • Tesorito deposit: ~1.5 million ounces
• Current drilling focus and acquired package fields
  • Seibal field / “Seabell”
    • Active drilling
    • Surface/open-pit friendly characteristics
  • Other fields in the acquired package
    • Chuscal (referenced as “Chuska/Chuscal”)
      • Drilling now
    • Dos Quebradas
      • ~0.5 million ounces historically (further north), implying strong “northern quadrant” potential

Core operating concept: near-surface ore + depth potential

• Most reserves are on/near the surface
  • Described as “coming right out onto it,” enabling quick detection
• However, Tiger Gold believes the near-surface ounces are likely fed by deeper geological systems
  • Framed as a potential “porphyry source / big engine”

Resource doubling strategy (explicit target)

• Bottom-line claim
  • A major catalyst to double resources (described as “double our resources”)
• Stated target
  • If they identify primary resources of ~1.5 million ounces (paired with/adjacent to Tesorito), it would catalyze:
    • Increasing facility production potential
    • Increasing total resources

Drilling program mechanics (how they’re expanding scale)

Seabell expansion method

• Expanded from the core by drilling around it using 100-meter increments
• Repeated approximately four times
• Outcome:
  • They couldn’t find the mineralization limit (a “nice problem”)
• Interpretation:
  • Edges are appearing, but overall scale is still undefined

Grades / continuity (performance described)

• Reported drilling results (Seabell):
  • Depths: 400–600 m
  • Gold grades: ~0.6–0.7 g gold/ton
  • Continuity: described as rare for large-scale gold deposits
    • Suggests strong deposit geometry suited to quarry/open-pit style development

Depth extension workflow

• Described pattern:
  • Metal content increases with depth
  • Copper trace indicators begin to appear at depth
  • Breccia mineralization suggests deeper processes may be “more interesting”
• Plan:
  • Continue to benefit from shallow/open-pit layers for immediate uplift on Seabell
  • Then return to deeper drilling, likely from end of this year
  • Continue exploring additional property targets

Copper vector / deeper system hypothesis (exploration approach)

Question being answered

• How to determine the “vector” of copper movement toward a potential deeper porphyry source

Evidence used (so far)

• Deep wells under Tesorito (~800–900 m)
  • Gold indicators increased from ~0.6–0.65 to ~2–3 g
  • Copper began to appear
• Carrier mineral / breccia
  • Highlighted as a geological control
  • Associated with deep mineralizing systems

Current limitation

• The direction of copper movement is not yet defined accurately
  • “More than smoke,” but not precise enough

Implied exploration playbook

• “Peeling back onion layers”
  • Drill deeper under key zones
  • Interpret breccia/carrier minerals
  • Triangulate to locate the deeper driver system

Mine-life / grade replacement concept (operational strategy)

• Tiger Gold describes an approach where:
  • Everything discovered becomes part of the replacement process
• If new zones show higher grade, they replace lower-grade material
• Result:
  • Extends mine life by upgrading the resource model over time

Economics & market positioning (high-level; emphasis on execution)

PEA strategy and why the market may be underpricing

• They published a Preliminary Economic Assessment (PEA) immediately upon going public to demonstrate:
  • Economic viability
  • Stability
• Management cited “fundamental indicators,” including:
  • A targeted 100% increase in resources in less than a year (positioned as unmatched in their peer group)

Main market misunderstanding: jurisdiction perception

• Colombia is framed as having historically been viewed as higher risk (“15 years ago”)
• Management argues conditions have improved:
  • Reduced security risk
  • Increased government attention/support
  • Permitting and taxation now have a “solid base”
  • Foreign investment and infrastructure are improving

Comparator example used

• Aris Mining (~25 km north)
  • Producing ~250,000 oz/year
  • Targeting ~500,000 oz by end of the year
• Management uses this to argue the region is becoming recognized as:
  • Investable
  • Operationally workable

Execution principle

• Emphasis on disciplined, consistent communication with the market/shareholders to reflect value creation

Metrics / targets / timeline (explicit)

Capital / acquisition

• A$7.5M purchase
• Paid phased over 1 year
• Completed in June (of the current year)

Resource & project targets

• Resource growth target: +100% in < 1 year
• Strategic outcome: double resources
• Primary resource aim referenced: ~1.5M ounces (adjacent to Tesorito) as a catalyst
• Resource categorization strategy
  • Move from lower-confidence buckets to Measured & Indicated
  • “Jump” over categories to accelerate engineering design inputs

Operational schedule

• By end of this year
  • Results from three rigs
  • Drilling primarily applies to Cbell/Seabell
• Early November
  • Drilling targeted for primary resources at Cbell
• End of this year → onward
  • Shift to Chuska/Chuscal test drilling, then other targets
• First quarter next year
  • Continued drilling; two MRE updates
    • Measured & Indicated resource updates:
      • Tassels update + new resources from internal drilling
      • new primary Cbell resources progressing toward measured/indicated
• Second half of next year
  • Use updated MRE inputs for feasibility study engineering design
• First quarter (current stated question)
  • Updated PEA expected alongside first-quarter resource work
  • Target timing: end of Q1

Presenters / sources

• Robert Valdez, Tiger Gold
• Robert Wallace, Tiger Gold
• Interviewer: Robert Sinn (Metals Investor Forum context; referenced as “talks to Robert Sinn”)