Bulgold Inc · TSXV:ZLTO
Bulgold — Investor Presentation (October 2026)
27 slides from Bulgold's investor presentation, October 2026
Slide 1: A New Gold System Emerging in Central Europe
NEW DISCOVERIES IN OLD LANDS A NEW GOLD SYSTEM EMERGING IN CENTRAL EUROPE TSXV: ZLTO 100%-owned Slovak Gold Project. An Expanding Epithermal System. The Discovery Drill Hole Lies Ahead. Sean Hasson | President & CEO sean.hasson@BULGOLD.com | +359 887 560 545 www.BULGOLD.com INVESTOR PRESENTATION ● O
Slide 2: Cautionary Note About Forward-Looking Information
Cautionary Note About Forward-Looking Information This presentation contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking information”). Generally, forward-looking information can be id
Slide 3: A Gold Exploration Story Approaching Its Next Major Test
INVESTMENT OVERVIEW A Gold Exploration Story Approaching Its Next Major Test 1.7 × 0.8 km 21.2 g/t Au 2.2 km BL Vein 100% Current Kopernica footprint Surface float sample Newly defined vein corridor Lutila Gold Project ownership LARGE SYSTEM FOOTPRINT • HIGH-GRADE GOLD SAMPLE • MULTIPLE TARGETS • 10
Slide 4: A Focused Business Model Built Around Epithermal Gold
STRATEGY A Focused Business Model Built Around Epithermal Gold 01 Play to Expertise 02 Follow the Model 03 Seek Development 04 Look Beyond One Characteristics Vein Focus on a deposit style Use Advanced Predictive Discrete Veins Can Test Parallel Structures: management knows Modeling to Map the 3D Of
Slide 5: Central Slovakia: A Proven Epithermal District
LOCATION & SETTING Central Slovakia: A Proven Epithermal District Kremnica • Historic gold mine approximately 5 km north of the Kopernica vein system. • Historic production (via gravity): est. 1.6Mozs Au (Finka, 1995). • Current JORC (2012) mineral resource estimate: 2.7Moz Au* • Production period:
Slide 6: Lutila: A 32.2km2 Exploration Licence With Multiple Target Areas
PROJECT OVERVIEW Lutila: A 32.2km2 Exploration Licence With Multiple Target Areas Kopernica Vein System 5km • Extensive hydrothermal footprint established with several Kremnica mapped vein trends. Mining Licence North East BL Vein System Block • Parallel structural corridor on the eastern flank of t
Slide 7: Kopernica: A Broad Hydrothermal System and Expanding Footprint
2026 EXPLORATION RESULTS Kopernica: A Broad Hydrothermal System and Expanding Footprint System Footprint Now 1.7km x 0.8km • Systematic geological mapping and prospecting has extended the Kopernica hydrothermal footprint to a 1,700m by 800m wide footprint. Key Mineralisation Trends Defined • Drill d
Slide 8: Drilling Has Outlined the Upflow Architecture: Veins Remain the Target
KOPERNICA GEOLOGY Drilling Has Outlined the Upflow Architecture: Veins Remain the Target W E DISCOVERY DRILL HOLE WHAT THE DRILLING SHOWS: 600mRL 21.2g/t Au UPFLOW ARCHITECTURE 500mRL The principal hydrothermal plumbing system is becoming defined. 400mRL FEEDER STRUCTURES Steep structures provide th
Slide 9: Surface Rocks Show Repeated Brecciation and Quartz Vein Textures
FIELD EVIDENCE - KOPERNICA Surface Rocks Show Repeated Brecciation and Quartz Vein Textures 528mRL 613mRL 95961 95979 21.2 g/t Au & 9.6 g/t Ag 158 ppm As & 156 ppm Sb KPDD005 Vein Structure Northern Target Area 9
Slide 10: Gold Distribution is Elevation Dependent – Not Uniform
KEY EVIDENCE FROM THE NORTH EAST BLOCK Gold Distribution is Elevation Dependent – Not Uniform >600mRL 3 km <600mRL Kopernica Vein System n = 2,986 samples; 11% ≥ 0.1 g/t Au BL Vein System Antimony (Sb) in Rock (n=278) North East Block 10
Slide 11: BL Vein: A Second Structural Corridor on the North East Block
2026 EXPLORATION RESULTS - NEW EXPLORATION THEME BL Vein: A Second Structural Corridor on the North East Block 2.2 km Subvertical Structural Trend Mapped • A near-continuous 2.2km north-south trending structural corridor on the eastern flank of the North East Block. Historic Drill Intercepts • Histo
Slide 12: Multiple Targets: A Clear Path to the Discovery Drill Hole
EXPLORATION PRIORITIES Multiple Targets: A Clear Path to the Discovery Drill Hole Target selection is being driven by converging geological evidence. Kopernica - (KPDD005) West/Central/ BL Vein Corridor Northern Target Primary Drill Target Northwest Veins 2.2 km Structural Corridor Unresolved Vein T
Slide 13: Slovakia: Established European Gold Mining District
EUROPEAN LOCATION Slovakia: Established European Gold Mining District EUROPEAN JURISDICTION EXPLORATION & DEVELOPMENT PROVEN GOLD-MINING PEDIGREE • EU & NATO member since 2004 • Drill pads can be permitted within ~3 months • Central Slovakia has a long history of gold mining • Eurozone (€) since 200
Slide 14: Metallurgy: A Relevant Regional Analogue
POTENTIAL PROCESSING CONTEXT Metallurgy: A Relevant Regional Analogue 79% Historic, unoptimised gravity-flotation test work at Kremnica on material below 3 g/t Au Average Overall Gold Recovery reported an average overall recovery of 79%. What This Means: • A regional benchmark to inform future test-
Slide 15: BULGOLD: An Experienced Team Built Around Discovery
COMPANY SNAPSHOT BULGOLD: An Experienced Team Built Around Discovery Proven discovery, mining and capital-markets experience in Eastern & Central Europe. 50+ Years mining & 50+ Years exploration & 7.2 Moz Regional $2.6B+ Previous exploration discovery discoveries transaction value JAMES CROMBIE SEAN
Slide 16: BULGOLD Board: Experience & Governance
THE BOARD BULGOLD Board: Experience & Governance Independent directors bring deep legal, financial, technical, governance and regional mining experience DR MIHAELA BARNES VANESSA COOK Independent Director • Chair ESG & Nominating Committee Independent Director • Chair Audit & Risk Committee & Chair
Slide 17: A Strategic Shareholder on the Register
STRATEGIC SHAREHOLDER A Strategic Shareholder on the Register An established industry participant is already a shareholder in BULGOLD. BROADER SHAREHOLDER PARTICIPATION 9.9% DPM METALS Management / Directors / Founders ~20% An established gold producer SHAREHOLDING and BULGOLD shareholder. High Net
Slide 18: A Lean Corporate Structure: Focused on Funding the Discovery
FUNDING & RUNWAY A Lean Corporate Structure: Focused on Funding the Discovery ~C$300k ~C$40k ~5 months EXPECTED CASH AT 31 DECEMBER 2026 MONTHLY CASH BURN APPROXIMATE RUNWAY Management estimate Excludes annual one-time costs After allowing for annual one-time costs THE OBJECTIVE: FUND THE DISCOVERY
Slide 19: A Small Market Capitalisation: Ahead of the Discovery Drill Hole
VALUATION CONTEXT A Small Market Capitalisation: Ahead of the Discovery Drill Hole Market Capitalisation Comparison (C$M) C$3.63M $57.0M CURRENT MARKET CAPITALISATION At C$0.05/share ~$50M* 72.63M BASIC SHARES 72,626,013 $25.8M 4.89M STOCK OPTIONS 100% out-of-the-money • 15–30c $15.9M ~$25M *JG (23
Slide 20: Appendix
THE VIEW TO BANSKA ŠTIAVNICA FROM THE LUTILA GOLD PROJECT Appendix 20
Slide 21: Kopernica & BL Vein System: Geological Assessment Matrix
Kopernica & BL Vein System: Geological Assessment Matrix Symbol Code Description CVQ Saccharoidal quartz vein (recrystallised chalcedony?) with drusy quartz lined >600mRL cavities, weak banding may be evident, commonly massive; No crustiform- QAP colloform or lattice bladed textures. Sb > 100ppm. 60
Slide 22: Metallurgy: A Relevant Regional Analogue (Based on Kremnica)
Metallurgy: A Relevant Regional Analogue (Based on Kremnica) • “A program of metallurgical test work was carried out by Process Research Associates (PRA) in Vancouver, BC, Canada between 2005 and 2006 on a range of ore samples. This work established that Kremnica ore presented no particular treatmen
Slide 23: Lutila Gold Project Historic Soil Geochemistry (As)
Lutila Gold Project Historic Soil Geochemistry (As) 23
Slide 24: Lutila Gold Project Historic Soil Geochemistry (Sb)
Lutila Gold Project Historic Soil Geochemistry (Sb) 24
Slide 25: Lutila Gold Project Geology
Lutila Gold Project Geology 25
Slide 26: References
References September 27, 2023 “BULGOLD Acquires the Lutila Gold Project in Slovakia for 100 EUR” May 1, 2024 “BULGOLD Highlights the Potential Scale of the Lutila Gold Project Through a Review of Historic Exploration Data” July 3, 2024 “BULGOLD Commences Drilling on the Lutila Gold Project” Septembe
Slide 27: References
References Bakoš F., Chovan M., Žitňan P. et al, 2017. Gold in Slovakia, Vydavatel’stvo LÚČ, Bratislava, 2017 (in Slovak and English). Finka, O., 1995. Zlatá Kremnica: Tisícročná história baníctva, Neografia vydavateľstvo, Monografie 71 pages (in Slovak). Kodera P., Lexa J., Rankin AH., Fallick AE.,