What you need to know: • This morning, A2Gold announced preliminary results and the identification of several high-priority drill targets from its property-wide geophysical program at the 100% owned Eastside Project, Nevada. • A2 closed a $10.5M financing, led by Kinross and including Eric Sprott, leaving AUAU cashed up with ~$13M to aggressively advance exploration. • We are increasing our target price from $1.20/share to $1.70/share. This morning, A2Gold Corp. (AUAU:TSXV, AUXXF:OTC) reported preliminary results from its property-wide gravity, magnetic, and radiometric survey at its 100%-owned Eastside Project in Nevada. The program provided full coverage across the 92km2 claim block and outlined several high-priority targets (Figure 1). We are now eagerly awaiting the start of the Company’s 18,000m RC drill program (starting in January 2026), which comes in addition to the 1,680m of drilling completed in late October (assays pending). We are maintaining our BUY rating and increasing our target price to $1.70/share (prev. $1.20/share) on A2Gold. From a geological standpoint, the new data enhances the Company’s understanding of the McIntosh zone and its surrounding environment. McIntosh sits on the NE edge of the Monte Cristo Range, adjacent to a 62km2 pediment that extends ~16km south toward the historic Boss mine in the Castle Zone. This pediment has already delivered three deposits, and new geophysics show the same gold-hosting rocks continue under the thin cover, revealing previously hidden targets. A2Gold plans to drill these newly defined pediment targets as part of its upcoming RC drill program in January. Radiometric data also highlighted a 5km alteration trend south of McIntosh, where roadwork and 25 to 30 initial drill sites are already permitted and scheduled to start in December. In addition, several north, northwest, and northeast-trending faults will be tested through follow-up drilling in 2026. Next steps for the Company include: • Completing the final interpretation of the geophysical data. • Selecting drill hole locations across the highest priority targets. • Commencing infill and step-out drilling at McIntosh and Castle to support an updated resource in Q1/26. • Advance drilling on the newly defined pediment and structural targets (including CSAMT and IP surveys to refine resistive and sulphide-bearing zones).