ESGold Corp. Issues Restricted Share Units to New Director and Provides Construction Update on Montauban Project

Rhea-AI Summary

ESGold Corp. (ESAUF) has announced two key developments: First, the company issued 500,000 restricted share units (RSUs) to new board member Peter Espig, a seasoned mining executive with expertise in project finance and restructuring. The RSUs are part of the company's strategy to align management interests with shareholders and will vest according to the Omnibus Equity Incentive Plan.

Second, construction at the Montauban processing site in Quebec is progressing as planned, with Humphrey Spirals for the gravity recovery circuit expected to arrive next week. The company remains on track for production startup by year-end 2025, focusing on maintaining cost discipline while working toward near-term cash flow generation.

Positive

• Construction at Montauban processing site is advancing on schedule
• Production expected to begin by year-end 2025
• Addition of experienced mining executive Peter Espig to the Board of Directors

Negative

• Potential shareholder dilution from 500,000 RSU issuance
• Pre-production status with no current revenue generation

Vancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - ESGold Corp. (CSE: ESAU) (OTCQB: ESAUF) (FSE: Z7D) ("ESGold" or the "Company"), a pre-production gold and silver company advancing its flagship Montauban Project in Quebec, announces it has approved the issuance of restricted share units ("RSUs") and provides an update on ongoing construction activities.

In connection with his recent appointment to the Company's Board of Directors, ESGold has issued 500,000 RSUs to Mr. Peter Espig, a seasoned capital markets and mining executive with an extensive track record in project finance, restructuring, and transitioning juniors into cash-flow positive producers. The RSU grants are part of the Company's strategy to attract, retain, and reward high-performing individuals while aligning their interests with those of shareholders.

The RSUs were issued pursuant to the Company's Omnibus Equity Incentive Plan and will vest in accordance with the terms of the plan. These securities are subject to a statutory hold period expiring in accordance with applicable securities legislation.

Construction Advancing at Montauban
The Company is also pleased to report that construction at the Montauban processing site is advancing on schedule. Delivery of the Humphrey Spirals—a key component of the gravity recovery circuit—is expected next week. These units represent a critical milestone in the buildout of the gold-silver recovery system.

Further equipment deliveries and commissioning updates will be provided as ESGold progresses toward production, expected by year-end 2025. The Company remains committed to executing its phased construction plan while maintaining cost disciplined and targeting near-term cash flow generation.

About ESGold Corp.
ESGold Corp. (CSE: ESAU) (OTCQB: ESAUF) (FSE: Z7D) is a fully permitted, pre-production resource company at the forefront of clean mining and exploration innovation. With proven expertise in Quebec, the Company is advancing its projects toward production and feasibility while delivering long-term value through sustainable resource recovery and exploration. ESGold's flagship Montauban property, located 80 kilometers west of Quebec City, serves as a model for responsible mining practices, combining near-term production with district-scale discovery potential.

For more information, please contact ESGold Corp. at +1-888-370-1059 or visit esgold.com for additional resources, including a French version of this press release, past news releases, a 3D model of the Montauban processing plant, media interviews, and opinion-editorial pieces.

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On behalf of the Board of Directors

ESGold Corp.
"Paul Mastantuono"
CEO & Director
info@esgold.com
+1-888-370-1059

Forward-Looking Statements:
This news release includes forward-looking statements within the meaning of applicable securities laws. These statements are based on assumptions and expectations that involve a number of known and unknown risks and uncertainties. Actual results could differ materially. Forward-looking information includes statements regarding the expected use of proceeds, the development and construction timelines of the Montauban Project, future production, and anticipated project milestones. Investors are cautioned not to place undue reliance on these forward-looking statements. All forward-looking information contained in this release is qualified by these cautionary statements.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251057

FAQ

What is the current status of ESGold's (ESAUF) Montauban project construction?

Construction at the Montauban processing site is progressing on schedule, with Humphrey Spirals delivery expected next week. The company is targeting production startup by year-end 2025.

How many RSUs did ESGold (ESAUF) issue to its new director Peter Espig?

ESGold issued 500,000 restricted share units (RSUs) to Peter Espig as part of his appointment to the Board of Directors.

When is ESGold (ESAUF) expected to begin production at Montauban?

ESGold expects to begin production at the Montauban project by year-end 2025.

Who is Peter Espig and what is his role at ESGold (ESAUF)?

Peter Espig is a seasoned capital markets and mining executive with expertise in project finance and restructuring who was recently appointed to ESGold's Board of Directors.