ICG Silver & Gold Reports Q2 2026 Financial Results
Rhea-AI Summary
ICG Silver & Gold (CSE: ICG, OTC: ICGSF) reported Q2 2026 unaudited results and operational progress at its Tuscarora District silver-gold project in Nevada. The company ended June 30, 2026 with cash of approximately $3.23 million, working capital of about $3.85 million, exploration and evaluation assets of $4.04 million and total assets of $8.29 million.
ICG recorded net and comprehensive losses of approximately $1.48 million for the quarter and $2.73 million year-to-date, mainly due to exploration and public-company costs. During Q2 it mobilized a fully funded 3,000-meter Phase 1 drill program, expanded its Tuscarora land position to roughly 10,000 acres, and increased its historical drilling database from about 25,000 meters to over 40,000 meters. Subsequent to quarter end, drilling began July 6, 2026 and had reached approximately 2,525 meters across 10 reverse circulation holes by August 25, with assays pending. The company also secured FINRA Form 211 clearance and DTC eligibility for ICGSF in the U.S.
Positive
- Cash $3.23 million and working capital $3.85 million as of June 30, 2026
- 3,000-meter Phase 1 drill program fully funded and mobilized, drilling underway since July 6, 2026
- Land position expanded to approximately 10,000 acres in Tuscarora District by quarter end
- Historical drilling database enlarged from ~25,000 meters to over 40,000 meters
- Phase 1 drilling 84% complete by August 25, 2026, with 2,525 meters across 10 RC holes
- DTC eligibility and Form 211 completed for U.S. trading of ICGSF
Negative
- Net loss $1.48 million for the three months ended June 30, 2026
- Net loss $2.73 million for the six months ended June 30, 2026
- Ongoing cash outflows from exploration, land payments, and public-company costs with no operating revenue disclosed
AI-generated analysis. How Rhea-AI works. Not financial advice.
Figures below are expressed in Canadian dollars unless otherwise stated
- Mobilized drill rig for fully-funded 3,000-meter Phase 1 Drill Program in June 2026, with drilling commencing subsequent to quarter end
- Expanded Tuscarora District land position to approximately 10,000 acres and historical drilling database to over 40,000 meters
- Reported cash of approximately
$3.23 million and working capital of approximately$3.85 million as at June 30, 2026
Toronto, Ontario--(Newsfile Corp. - August 28, 2026) - ICG Silver & Gold Ltd. (CSE: ICG) (FSE: JI0) (OTC Pink: ICGSF) ("ICG" or the "Company") a precious minerals exploration company focused on the Tuscarora District in Elko County, Nevada (the "Project" or "District"), is pleased to announce the filing of its unaudited condensed consolidated interim financial statements and management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2026. The Company's financial statements, MD&A and related filings are available under the Company's profile on SEDAR+ at www.sedarplus.ca.
Q2 2026 Highlights
- Mobilized first drill rig and crew to the Tuscarora District in June 2026 in preparation for the Company's fully-funded 3,000-meter Phase 1 Drill Program, with drilling commencing subsequent to quarter end.
- Advanced permitting, drill targeting and site preparation activities for the Phase 1 Drill Program, which was designed to test multiple priority silver and gold targets across the District.
- Expanded the Tuscarora District land position by approximately 2,000 acres through staking and consolidation activities, increasing the Company's land position to approximately 10,000 acres as at quarter end.
- Completed the Company’s initial district-scale geological modeling and database compilation initiative, increasing the historical drilling database from approximately 25,000 meters to over 40,000 meters across the District.
- Reported cash of approximately
$3.23 million and working capital of approximately$3.85 million as at June 30, 2026, positioning the Company to advance exploration activities at the Tuscarora District.
Subsequent Events
- July 6, 2026: Commenced the Company's fully-funded 3,000-meter Phase 1 Drill Program at the Tuscarora District.
- July 29, 2026: Staked six additional unpatented mineral claims totaling approximately 120 acres at the newly identified TJ prospect, further expanding the Company's land position within the Tuscarora District.
- August 10, 2026: Completed the FINRA Form 211 process and secured DTC eligibility for the Company's common shares trading in the United States under the symbol "ICGSF".
- August 25, 2026: Reported that Phase 1 drilling had advanced to approximately 2,525 meters across 10 reverse circulation holes at the Silica, Battle Mountain, Kings Vein and East Pediment targets, representing approximately
84% of the planned 3,000-meter program, with initial assay results pending.
"The second quarter represented an important transition for ICG as we moved from building the technical foundation for the Tuscarora District into executing our first drill program," said Steven Sirbovan, President, CEO and Director. "We ended the quarter with a strong working capital position, an expanded district-scale land package and the drill rig mobilized to site. Since quarter end, we have advanced Phase 1 drilling to approximately 2,525 meters across four target areas, while continuing to expand and refine our geological model. We believe we are well positioned to continue systematically advancing the Tuscarora District through the remainder of 2026."
Q2 2026 Commentary
During the second quarter of 2026, ICG continued its transition from district-scale geological compilation and target generation into active exploration at the Tuscarora District. The Company completed key permitting, contractor engagement, site preparation and mobilization activities required to commence its fully-funded Phase 1 Drill Program, with the drill rig arriving on site prior to quarter end and drilling commencing on July 6, 2026.
The Company also continued to expand and strengthen its district-scale land position and geological database during the quarter. Through staking and consolidation activities, ICG expanded its land position to approximately 10,000 acres as at June 30, 2026. The Company also completed its initial district-scale geological modeling and database compilation initiative, increasing the historical drilling database from approximately 25,000 meters to over 40,000 meters.
For the three and six months ended June 30, 2026, the Company reported net and comprehensive losses of approximately
- Exploration and evaluation expenditures associated with the advancement and commencement of the Company's Phase 1 Drill Program, together with land management costs, including lease, advance royalty and other property-related payments; and
- Corporate and public-company expenditures associated with ICG's first full quarter as a publicly listed issuer, including investor relations, management and administrative costs, professional fees and share-based compensation.
As at June 30, 2026, the Company had approximately
Selected Financial Information
| As at, or for the period ended | June 30, 2026 |
| Cash | |
| Working Capital | |
| Exploration & Evaluation Assets | |
| Total Assets | |
| Net Loss for the three and six months ended June 30, 2026, respectively |
The Company's unaudited condensed consolidated interim financial statements and related MD&A for the three and six months ended June 30, 2026, are available on SEDAR+ at www.sedarplus.ca and on the Company's website.
QP Statement
The scientific and technical information contained in this news release has been reviewed and approved by Steven L. McMillin, P.G., of Rangefront Mining Services, a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and an independent consultant to the Company.
About ICG Silver & Gold Ltd.
ICG Silver & Gold Ltd. is a new mineral exploration and development company advancing the Tuscarora District in northern Nevada. The Company's strategy is centered on:
- Advancing the Tuscarora District through systematic exploration and technical studies;
- Building a district-scale geological model; and
- Progressing the project toward resource definition and future development.
The Tuscarora District is a silver-gold epithermal system located on the Carlin Trend, approximately one hour northwest of Elko, Nevada. ICG controls
On Behalf of ICG Silver & Gold Ltd. Board of Directors:
Steven Sirbovan, President, CEO & Director
Corporate Office: 82 Richmond Street East, Toronto, ON, M5C 1P1
Investor relations contact:
Kristina Pillon, High Tide Consulting Corp.
604.908.1695 / ir@icgsilverandgold.com
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
Forward-looking Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are 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, without limitation, statements related to ICG's exploration plans, including the anticipated Phase 1 Drill Program, its scope, timing, targets and methodology; the potential for shared or overlapped mineralizing episodes; the identification of feeder structures and structural controls on mineralization; the Company's strategy to consolidate and control a district-scale land position; and the potential to expand mineralization laterally and at depth. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including assumptions regarding the availability of financing to fund exploration activities, the receipt of necessary permits and regulatory approvals, the accuracy of the Company's geological interpretations and models, and the reliability of historical data, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, exploration risks and uncertainties, the ability to obtain necessary permits and regulatory approvals, changes in environmental and other applicable legislation, the uncertainty of mineral exploration and development, title risks, reliance on key personnel, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, 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/311974