What you need to know: • FRG reported three drill results from Phase 1 at Alotta, confirming porphyry-style gold at both the Severance and Payoff Zones. • Hole ALT-25-008 returned 0.911 g/t Au over 20.49m within 0.416 g/t Au over 188m, with visible gold and strong alteration throughout. • Results from an additional two Phase 1 drill holes are pending. • We recently initiated coverage on FRG, read the report here. This morning, Forge Resources Corp. (FRG:CSE, FRGGF:OTC) announced assay results from the first three of five diamond drill holes completed during Phase 1 of its diamond drilling program at the Alotta Project. The results confirm continuous porphyry mineralization and validate the Company’s exploration model as it continues its 2025 exploration campaign. Today’s results significantly increase the area of porphyry-related gold mineralization, doubling the known extent of the Payoff Zone to ~350m. Results from the remaining two holes are still pending and will be released over the coming weeks. We are maintaining our BUY rating and a target price of $1.00/share on FRG. Drill highlights from the three holes reported today include (Figure 1): ALT-25-007: • 0.224 g/t Au, 0.48 g/t Ag, 0.026% Cu over 300.72m • Including 0.452 g/t Au over 53.48m and 5.45 g/t over 1.85m ALT-25-008: • 0.252 g/t Au, 0.674 g/t Ag, 0.015% Cu over 273m • Including 0.416 g/t Au over 118m and 0.911 g/t Au over 20.49m ALT-25-009: • 0.204 g/t Au, 0.51 g/t Ag, 0.014% Cu over 240.42m • Including 0.449 g/t Au over 53.22m and 0.522 g/t Au over 32.56m We remind readers that the Alotta property is proximal (~50km NW) of Western Copper and Gold’s Casino deposit, which is one of the largest undeveloped copper-gold porphyry projects in the world. FRG’s 4,723ha Alotta property sits in a similar geological setting and management believes shows potential of a sizeable copper-gold porphyry deposit. Results like today’s show early signs of this.