Goldshore Announces Filing of Q2 Financial Statements and Provides Second Quarter Corporate Highlights

Rhea-AI Summary

Goldshore Resources (OTCQB: GSHRF) has filed its Q2 2025 financial statements and provided significant operational updates. The company completed a 21,329-meter drilling program with 67 holes, focusing on mineralized shears in the Moss Gold Project. Notable achievements include signing an Impact Benefit Agreement term sheet with Lac des Mille Lacs First Nation and completing a bought deal private placement raising $36.1 million.

The drilling program yielded impressive results, including the highest-grade intersection ever reported on the project, with significant gold mineralization discovered across multiple zones. The company also announced the repurchase of a 1.5% net profit interest (NPI) in the Moss Gold Project, strengthening its economic position ahead of an upcoming Preliminary Economic Assessment.

Positive

• Completed substantial 21,329-meter drilling program with 67 holes
• Secured $36.1 million through bought deal private placement
• Discovered highest-grade intersection ever reported on the project
• Strategic repurchase of 1.5% NPI to improve project economics
• Signed Impact Benefit Agreement term sheet with First Nation

Negative

• Monthly cash payments of $20,000 for four years required for NPI repurchase
• Additional share issuance worth $300,000 required after four years for NPI repurchase
• Early termination of some drilling operations due to unseasonable weather

Vancouver, British Columbia--(Newsfile Corp. - August 29, 2025) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company") is pleased to announce that it has filed its second quarter interim financial statements and the accompanying Management's Discussion and Analysis ("MD&A") which are available on SEDAR+ at www.sedarplus.ca.

Second Quarter Corporate Highlights

• On May 8, 2025, the Company signed an Impact Benefit Agreement ("IBA") term sheet with the Lac des Mille Lacs First Nation. The IBA term sheet sets out the key terms that will guide the negotiation of a future IBA between the Company and Lac des Mille Lacs First Nation.
• On May 9, 2025, the Company completed a 21,329-meter drilling program, with 67 holes drilled, which focused on testing mineralized shears in the upper and marginal parts of the deposit that are otherwise difficult to drill without winter conditions. During the second quarter the results of 29 holes (7,910.70 meters) were received, yielding the following highlights:
  • Six holes were drilled from ice platforms on the shallow Snodgrass Lake in a program that was terminated early because of unseasonably warm weather. Results from the final two holes were not received until the third quarter. Four holes targeted the gap between the Main and Southwest Zones and intersected new high-grade mineralized shears representing a combined true width mineralized corridor of 75m connecting the two zones, including:
    • 12.9m of 2.64 g/t Au from 243.4m including 4.4m of 6.59 g/t Au in MMD-25-165 (April 15, 2025).
  • Eleven short holes successfully intersected the near surface extensions of deeper marginal shears along the northern edge of the QES Zone at QES Up. These results will allow the modelling of narrow, low- to medium-grade shears in a near surface zone that is currently modelled as waste. The best intercepts included:
    • 13.55m of 0.59 g/t Au from 88.5m including 2.1m of 1.17 g/t Au in MQD-25-156 (April 22, 2025); and
    • 25.0m of 1.10 g/t Au from 107.2m including 2.05m of 1.69 g/t Au and 7.65m of 2.62 g/t Au in MQD-25-160 (May 1, 2025).
  • Five drill holes were extended to infill significant drilling gaps in the QES Zone and intersected wide intervals of gold-mineralized core shears, including the highest-grade x thickness intersection ever reported on the project. These results confirmed the presence of shallow-plunging, higher-grade gold mineralization within the core shears and demonstrate the potential to discover additional plunging shoots. In addition, the results from MQD-25-171 exceeded the grade expectations based on the current MRE. The better intercepts included:
    • 124.35m of 1.65 g/t Au from 295.0m including 7.55m of 1.97 g/t Au and 47.0m of 3.08 g/t Au in MQD-25-171 (April 22, 2025); and
    • 17.7m of 1.52 g/t Au from 333.0m and 6.85m of 3.01 g/t Au from 436.0m in MQD-25-179 and 18.4m of 1.36 g/t Au from 285.6m in MQD-25-180 (June 11, 2025).
  • Sixteen holes were drilled to follow-up potential strike extensions of the high-shears discovered at Superion in hole MMD-24-148. These holes returned several results that add to the strike length of the main shear, and discovered additional parallel shears, including:
    • 9.45m of 6.02 g/t Au from 186.0m including 2.45m of 22.2 g/t Au in MQD-25-175 and 13.0m of 2.30 g/t Au from 117.0m including 3.0m of 9.00 g/t Au in MQD-25-176 (May 15, 2025); and
    • 17.7m of 1.52 g/t Au from 333.0m, including 2.3m of 8.24 g/t Au, and 6.85m of 3.01 g/t Au from 436.0m in MQD-25-179 and 18.4m of 1.36 g/t Au from 285.6m 0m in MQD-25-180 (June 11, 2025).
  • For further details regarding these drill results, please see the Company's news releases dated April 15, 2025, April 22, 2025, May 1, 2025, and June 11, 2025 available on the Company's website and profile on SEDAR+ at www.sedarplus.ca.
• Throughout the quarter, the Company's geologists have worked with G Mining to improve the 3D modelling of shear zones, host lithology and post-mineralization structures, which will be incorporated in an update to the Mineral Resource Estimate and part of the upcoming Preliminary Economic Assessment.
• On June 20, 2025, the Company completed a bought deal private placement for aggregate gross proceeds of $36,085,000.

NPI Repurchase

Further to the Company's news releases dated May 30, 2025, and August 8, 2025, pursuant to the purchase agreement dated May 1, 2025, as amended, the Company has agreed to repurchase 1.5% of a 2.5% net profit interest ("NPI") in the Moss Gold Project. In consideration of the repurchase, the Company has agreed to issue the NPI holder 1,000,000 common shares at a deemed issue price of $0.33 per common share; pay the NPI holder a cash fee of $20,000 a month for a four-year term starting on May 1, 2025; and after four years, issue the NPI holder such number of common shares as is equal to $300,000 based on the 20-day VWAP of the common shares prior to issuance, subject to a maximum amount of 1,176,470 common shares. By purchasing the NPI interest the Company is positioning the asset for improved economic performance in the upcoming PEA.

Qualified Person

Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.

Mr. Flindell has verified the data disclosed. To verify the information related to the winter drill program at the Moss Gold Project, Mr. Flindell has visited the property several times; discussed and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations. He has also overseen the Company's health and safety policies in the field to ensure full compliance and consulted with the Project's host indigenous communities on the planning and implementation of the drill program, particularly with respect to its impact on the environment and the Company's remediation protocols.

About Goldshore

Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world's largest gold company and backed by one of Canada's pre-eminent private equity firms. The Company's current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $75 million of new capital and completed approximately 100,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 255,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate ("MRE") has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for development in this cycle. Please see NI 43-101 technical report titled: "Technical Report and Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada," dated March 20, 2024 with an effective date of January 31, 2024 available under the Company's SEDAR+ profile at www.sedarplus.ca. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company's website (www.goldshoreresources.com).

For More Information – Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.

E: mhenrichsen@goldshoreresources.com
W: www.goldshoreresources.com
T: 1-604-404-4335

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this news release include, among others, statements relating to negotiations of a future IBA, expectations regarding the exploration and development of the Moss Gold Project; the potential mineralization at the Moss Gold Project based on the winter drill program, including the potential for additional mineral resources; the enhancement of the Moss Gold Project; statements regarding the Company's future drill plans, including the expected benefits and results thereof; future payments in respect of the NPI repurchase; and other statements that are not historical facts.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: uncertainty and variation in the estimation of mineral resources; risks related to exploration, development, and operation activities; exploration and development of the Moss Gold Project will not be undertaken as anticipated; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; the economic performance of the deposit may not be consistent with management's expectations; the Company's exploration work may not deliver the results expected; the fluctuating price of gold; unknown liabilities in connection with acquisitions; compliance with extensive government regulation; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; the Company's limited operating history; intervention by non-governmental organizations; outside contractor risks; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance; the Superion target may not add to the current mineral resource; and other risks associated with executing the Company's objectives and strategies as well as those risk factors discussed in the Company's continuous disclosure documents filed under the Company's SEDAR+ profile at www.sedarplus.ca.

The forward-looking information in this news release is based on management's reasonable expectations and assumptions as of the date of this news release. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development and mining activities; prices for energy inputs, labour, materials, supplies and services; the timing and results of drilling programs; mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; the timely receipt of required approvals and permits; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; that the Company will be able to negotiate a future IBA on acceptable terms, or at all; that the Company will be able to make all payments towards the NPI repurchase; that the Company's exploration work will deliver the results expected; and that there will be no material adverse change or disruptions affecting the Company or its properties.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/264575

FAQ

What were the key drilling results from Goldshore Resources (GSHRF) Q2 2025 program?

The program yielded several significant results, including 124.35m of 1.65 g/t Au from 295.0m in MQD-25-171, representing the highest-grade intersection ever reported on the project. Notable intersections also included 9.45m of 6.02 g/t Au from 186.0m in MQD-25-175.

How much did Goldshore Resources raise in their Q2 2025 private placement?

Goldshore Resources completed a bought deal private placement for gross proceeds of $36,085,000 on June 20, 2025.

What are the terms of Goldshore's NPI repurchase agreement?

Goldshore agreed to issue 1 million common shares at $0.33 per share, pay $20,000 monthly for four years, and after four years, issue additional shares worth $300,000 based on 20-day VWAP, capped at 1,176,470 shares.

What is the significance of the Impact Benefit Agreement with Lac des Mille Lacs First Nation?

The Impact Benefit Agreement (IBA) term sheet signed on May 8, 2025, establishes key terms for future negotiations between Goldshore and the First Nation, representing an important step in stakeholder relations and project development.

What were the main objectives of Goldshore's Q2 2025 drilling program?

The program focused on testing mineralized shears in the upper and marginal parts of the deposit that are difficult to drill without winter conditions, including areas in the Main Zone, Southwest Zone, and QES Zone.