Unigold Receives Overwhelming Community Support - Accelerates Development of the Candelones Deposits in the Dominican Republic

Rhea-AI Summary

Unigold (OTC: UGDIF) reports strong community backing and plans to accelerate development at the Candelones deposits in the Dominican Republic. A 2022 bankable feasibility showed a 44% after-tax IRR and 1.5 year payback (US$1,650/oz).

The company received >70% local support for environmental studies, completed >5 years of baseline data, expects a government site visit on March 3, 2026, aims to table an initial ESIA by end-Q2 2026, and plans detailed engineering for a 100,000 oz oxide project with an 8–14 month construction estimate.

Positive

• Bankable feasibility: 44% after-tax IRR and 1.5-year payback (US$1,650/oz)
• Community survey: >70% support to accelerate environmental studies and consultations
• Over 5 years of environmental baseline data available to support ESIA
• Planned detailed engineering for a 100,000 oz oxide project to shorten development lead time
• Regulatory progress: government site visit scheduled for March 3, 2026 ahead of ToR delivery

Negative

• Oxide reserves represent less than 10% of M&I resources, limiting near-term reserve size
• ESIA timeline ~12 months plus 8–14 month construction could delay production start
• Community concerns over water quality, surface impacts and benefit sharing agreements may require mitigation

Toronto, Ontario--(Newsfile Corp. - February 27, 2026) - Unigold Inc. (TSXV: UGD) (OTC Pink: UGDIF) (FSE: UGB1) ("Unigold" or the "Company") is pleased to provide an update on the status of the Candelones deposits in the Dominican Republic. Unigold completed a bankable feasibility study in late 2022 on the oxide deposits at the Candelones site in northwestern Dominican Republic. The study, done using a US$1650 gold price assumption, showed a 44% after-tax IRR and a 1.5 year payback (for complete results, please see PR2022-12 and NI43-101 Technical report dated October 7 2022 available on our website). The Oxide Reserves comprise less than 10% of the available M&I Resources on the property.

Stakeholder Engagement and Community Feedback shows overwhelming support for Environmental Studies

Unigold has maintained a fully-staffed Community Information Office in the local communities for many years. The Company completed a stakeholder survey in 2020 prior to commencing the Oxide Project Feasibility Study. A new outreach program was completed in February 2026 to provide information prior to commencing a full Environmental and Social Impact Assessment ("ESIA"). The survey asked a series of questions of stakeholders in order to gauge the degree of public support for the Candelones project. Preliminary results show overwhelming support (greater than 70%) for the acceleration of environmental studies and full community consultations. A similar portion of respondents indicated that they felt the project should proceed if the results of the environmental and social impact assessments are positive. Most people in the remote local communities are interested in the employment and economic spin-off opportunities as well as potential infrastructure improvements in terms of transportation, utilities, health and education. The communities expressed concerns regarding water quality, surface impacts and benefit sharing agreements. This study gives the Company the framework for future Community Engagement programs and helps us design benefit sharing agreements that will provide the highest impact to local communities.

Unigold intends to immediately move forward with an ESIA

Unigold completed baseline environmental work in 2022 as part of the feasibility study and now has over 5 years of baseline data available to use in its consultation and design work. The full environmental baseline report is substantially complete. The Company has been awaiting the granting of the Terms-of-Reference ("ToR") by the Dominican Government authorities prior to completing the ESIA report and scheduling further stakeholder consultations. Unigold has been notified by the Ministry of the Environment and Natural Resources, the Approval Authority for all environmental reviews, that its has finished its project review and that a site visit with their teams will be held on March 3, 2026. The site visit is the final step before the delivery of the ToR. The Company is confident that it will be able to table an initial ESIA study towards the end of Q2 2026 and will immediately start to schedule stakeholder meetings for consultation during this process.

Unigold estimates that the ESIA consultation and approval process will take approximately 12 months to complete. In parallel with the stakeholder engagement process, the Company will commence detailed engineering for the 100,000 oz Oxide Project in order to be in a position to commence construction immediately following approval of the ESIA. This work will ensure that long-lead time items are available and that supply-chain logistics are well understood prior to starting construction and development. The construction period is estimated to be 8 to 14 months.

Joseph Hamilton P.Geo., CEO of Unigold has reviewed and approved the contents of this press release.

For further information please visit http://www.unigoldinc.com or contact:
Mr. Joseph Hamilton
Chairman & CEO
T. (416) 866-8157

About Unigold Inc. - Discovering Gold in the Caribbean

Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD and on the Frankfurt Stock Exchange under the symbol UGB1. The multi-million ounce Candelones gold deposits are within the 100% owned "Neita Sur" concession located in Dajabón province, in the northwest part of the Dominican Republic. This 9,990 Ha concession has moved smoothly through various permitting stages and now awaits the granting of an Exploitation Concession. The application rests with the President's office for final approval. The Company delivered a feasibility study for the oxide portion of the Candelones deposit in Q4 of 2022. The 10,902 Ha "Neita Norte" Exploration Concession was awarded to the Company in Q2 2023. In early 2024 Unigold completed an earn-in agreement with Barrick Gold which allows Barrick to earn up to a 60% interest in the Neita Norte concession by spending a minimum of $12 million over an eight year period and delivering a Pre-feasibility Study on an identified deposit. Barrick can earn a further 20% in the Neita Norte concession by electing to sole-fund a feasibility study within the following 4 years. The two concessions together form the largest single exposure of the volcanic rocks of the Cretaceous Tireo Formation. This island arc terrain is host to Volcanogenic Massive Sulphide deposits, Intermediate and High Sulphidation Epithermal Systems and Copper-gold porphyry systems. Unigold has identified over 20 areas within the concession areas that host surface expressions of gold systems. Unigold has been concentrating on the multimillion ounce Candelones mineralization and is moving to bring these deposits into production. Unigold has been active in the Dominican Republic since 2002 and continues to receive strong support from the local communities for its exploration and development activities.

Forward-looking Statements

Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position, rates of return, and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "estimate", "strategy", "expects", "plans", "believes", "will", "estimated", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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/285626

FAQ

What did Unigold (UGDIF) report about community support for Candelones on February 27, 2026?

Preliminary outreach showed greater than 70% local support to accelerate environmental studies. According to the company, respondents favored proceeding if ESIA results are positive and cited jobs, infrastructure and economic benefits as key interests.

What are the key economic metrics from Unigold's 2022 Candelones feasibility for UGDIF investors?

The 2022 bankable feasibility used US$1,650/oz gold and showed a 44% after-tax IRR with a 1.5-year payback. According to the company, those metrics applied to the oxide project economics disclosed in the study.

What is Unigold's timeline for the ESIA and regulatory steps for Candelones (UGDIF)?

Unigold expects a government site visit on March 3, 2026 and aims to table an initial ESIA by end-Q2 2026. According to the company, the ESIA consultation and approval process is estimated to take about 12 months.

How will Unigold (UGDIF) progress development while ESIA consultations proceed?

The company will commence detailed engineering for a 100,000 oz oxide project in parallel to ESIA consultations. According to the company, this work targets long-lead items and supply-chain readiness to enable construction immediately after approvals.

What construction and production timing did Unigold (UGDIF) disclose for the Candelones oxide project?

Unigold estimated an 8–14 month construction period following approvals. According to the company, combining ESIA approval (~12 months) and construction timelines outlines the path to potential near-term project start-up.

What environmental data and local concerns did Unigold (UGDIF) report for the Candelones project?

The company has over 5 years of baseline environmental data and a substantially complete baseline report. According to the company, communities raised concerns about water quality, surface impacts and benefit sharing agreements needing mitigation.