BULGOLD Inc · TSXV:ZLTO
BULGOLD — Investor Presentation (March 2025)
39 slides from BULGOLD's investor presentation, March 2025
Slide 1: BULGOLD Inc.
TSXV: ZLTO BULGOLD Inc. Exploring the European Portion of the Prolifically Endowed Western Tethyan Belt New Discoveries in Old Lands Contact: Sean Hasson President and Chief Executive Officer sean.hasson@BULGOLD.com James Crombie Executive Chairman james.crombie@BULGOLD.com www.BULGOLD.com March 202
Slide 2: Cautionary Note About Forward-Looking Statements
Cautionary Note About Forward-Looking Statements This presentation contains ‘forward-looking information' within the meaning of applicable Canadian securities legislation. Generally, forward- looking information can be identified by the use of forward-looking terminology such as “potential”, “antici
Slide 3: Executive Summary
Executive Summary • Gold exploration for quartz-adularia epithermal deposits (aka “low-sulfidation epithermal”). • BULGOLD Inc. was formed on March 17, 2023, from the reverse takeover of St Charles Resources Inc. (CPC) by Eastern Resources Ltd. (a private Bulgarian gold exploration company incorpora
Slide 4: Corporate Structure
Corporate Structure Current Share Structure Feb 21, 2025 (27,597,928) 12 Month High: $0.22 12 Month Low: $0.02 Founders, Management Avg. Daily Vol.: 33.27k & Directors Dundee Corporation 42% 39% Feb 21, 2025 CPC Seed Shareholders Closing: $0.04 Shares o/s: 27,597,928 Float Diluted shares o/s: 34,676
Slide 5: The BULGOLD Team - Management
The BULGOLD Team - Management James Crombie, Executive Chairman Sold Palmajero Gold for $1.13B to Coeur d’Alene and put together Miramar’s Arctic deposits setting up the $1.5B sale to Newmont. Successfully closed a $2M CPC IPO in April 2022. +40 Years Mining, Exploration & Capital Markets Experience
Slide 6: The BULGOLD Team - Board of Directors
The BULGOLD Team - Board of Directors Dr Mihaela Barnes, Independent Director, Chair ESG & Nominating Committee Ph.D. in International Law (Geneva) together with legal qualifications and experience in both common and civil law. +15 Years Environmental, Social & Governance Experience. Vanessa Cook, I
Slide 7: Why Explore for Quartz-Adularia Epithermal Deposits?
Why Explore for Quartz-Adularia Epithermal Deposits? • Management expertise and experience with deposit style. • Excellent metallurgy: amenable to grinding-flotation (± gravity) to produce high-grade gold concentrates at ≥85% recovery. • Resource to reserve conversion usually expected to be high; di
Slide 8: Slovakia
Slovakia • EU (€) and NATO member since 2004. NON-EU • No restrictions on foreign ownership. EU SK • 21% corporate tax rate. BG • 5% NSR for gold and silver. • Low-cost profiles, skilled local workforce. • The use of CN for extractive purposes has been prohibited since 2014. • Rozalia Gold Undergrou
Slide 9: Lutila Gold Project
Lutila Gold Project • Large (35km²), under-explored, volcanic rock-hosted, low-sulfidation, quartz-adularia epithermal system. • The system is preserved from erosion and surrounded by a large sinter field (27km²). • Located 5km south from the historic quartz-adularia Kremnica gold mine; current JORC
Slide 10: Lutila Gold Project Favourable Location Between Two Large Au-Ag Epithermal Systems
Lutila Gold Project Favourable Location Between Two Large Au-Ag Epithermal Systems • Kremnica Quartz-Adularia Vein Gold Mine: • Historic production (via gravity): est. 1.6Mozs Au (Finka, 1995). • Current JORC (2012) mineral resource estimate: 2.7Mozs Au* • Production period: 1328 – 1970. • Banska Št
Slide 11: Lutila Gold Project in Relation to the Kremnica Gold Mine
Lutila Gold Project in Relation to the Kremnica Gold Mine* • Kremnica Quartz-Adularia Vein Deposit 5km • 6km long quartz vein system. • Hosted within andesite volcanic rocks. • Alteration proximal to the vein is commonly ~250-300m in width. • Widest portion of the vein is ~80m and flares upwards tow
Slide 12: Kremnica Vein – The Target.
Kremnica Vein – The Target. 12
Slide 13: Lutila Gold Project Epithermal Quartz Veins in the Sinter Field
Lutila Gold Project Epithermal Quartz Veins in the Sinter Field • The epithermal quartz vein fragments represent the high-level expression of an upflow zone located beneath this +1,000m portion of Rhyolite Ridge. • The overall strike of the ridge abruptly changes from a north-south to a north-east o
Slide 14: Lutila Gold Project Quartz Vein Locations
Lutila Gold Project Quartz Vein Locations • Epithermal quartz veins (purple circles); close up view of red circle on previous slide. • Chalcedonic veinlets in rhyolite flow dome complexes (green squares); • Active bentonite open pits (green outlines); • Nearest outcropping sinters (solid black circl
Slide 15: Lutila Gold Project Čertov vrch Target Area
Lutila Gold Project Čertov vrch Target Area 5km • Erosion has removed the sinters in this target area to expose strongly silicified, brecciated and banded chalcedonic quartz (colloform-crustiform) in rhyolite rocks. • Minor marcasite ± pyrite recognised in non-oxidized portions of the rock. • The go
Slide 16: Lutila Gold Project The Significance of Sinters
Lutila Gold Project The Significance of Sinters (Modern Day Examples from New Zealand) Rhyolite Flow Domes Located Adjacent ‘Hot Spring’ Proximal Sinter Forms Very Slowly Proximal Sinter Forms in the Topographic Lows Proximal Sinter Forms Distinctive Textures Distal Sinter Commonly Includes Flora &
Slide 17: Lutila Gold Project Adjacent Bentonite Mining
Lutila Gold Project Adjacent Bentonite Mining Rhyolite Flow Domes Define the Ridgeline Rhyolite Flow Domes Define the Ridgeline Bentonite Benches Proximal Sinter Lutila 1 – Bentonite Open Pit Jelsovy Potok – Bentonite Open Pit • Bentonite is formed by the alteration of eruptive igneous rocks, usuall
Slide 18: Lutila Gold Project Conceptual Exploration Model
Lutila Gold Project Conceptual Exploration Model W E • The Company believes that the Lutila Gold Project reflects a continuation of the same volcanic depression (that hosts the Kremnica gold mine), which has been downfaulted, creating a preserved graben of rhyolite flow domes complexes and their pyr
Slide 19: Lutila Gold Project Potential Metallurgy
Lutila Gold Project Potential Metallurgy • Beacon Hill Consultants (1988) Ltd. completed a prefeasibility study on the Kremnica Gold Project for Tournigan Gold Corporation with an effective date of July 5, 2007 (the “Study”). The information in the Study is historical information that has not been v
Slide 20: Bulgaria
Bulgaria • EU member since 2007 and NATO member since 2004. NON-EU • No restrictions on foreign ownership. EU SK • 10% corporate tax rate. BG • Royalty: from 0.8% to 4% of gross metal value. • Low-cost profiles, skilled local workforce. • Ada Tepe Gold Mine1 in production (P&P: 4.26Mt @ 4.8g/t Au; T
Slide 21: Bulgaria Current Exploration Activity
Bulgaria Current Exploration Activity • Dundee Precious Metals (TSX: DPM): Chelopech Copper-Gold Mine & Ada Tepe Gold Mine. • Velocity Minerals (TSXV: VLC): “Hub & Spoke” Development Model with Local Partner (CIL plant). • Mundoro Capital (TSXV: MUN): Exploration, Prospect Generator. • Local M&A Act
Slide 22: Western Tethyan Belt Global Metal Inventory
Western Tethyan Belt Global Metal Inventory Porphyry Copper High-Sulfidation Epithermal Moldova Noua: 1.8Mt Cu, 4Moz Au2 Veliki Krivelj: 0.5Mt Cu, 0.4Moz Au2 Low-Sulfidation Epithermal Majdanpek: 2Mt Cu, 4.3Moz Au2 Bor HS: 2.3Mt Cu, 1.4Moz Au2 Other Bigar Hill: 2.1Moz Au1 Cukaru Peki: 1.3Mt Cu, 2.8M
Slide 23: Eastern Rhodope Quartz-Adularia Epithermal Systems & Tenure
Eastern Rhodope Quartz-Adularia Epithermal Systems & Tenure Volcano-Sedimentary Rock Boundary (Approximate) Eastern Resources Kutel Exploration Licence Ag-Pb-Zn Mine Third Party Exploration Licence Quartz-Adularia-Illite Vein Deposit or Occurrence Paleo-Geothermal System (Outline) Ada Tepe Gold Mine
Slide 24: Kostilkovo Gold Project
Kostilkovo Gold Project • Large (10km2) low-sulfidation quartz-adularia epithermal system. • The system is mostly preserved from erosion. • Multiple upflow zones containing quartz-adularia vein material identified with bonanza gold grades from surface quartz vein-float material (88g/t Au & 72g/t Au)
Slide 25: Kostilkovo Major Upflow Zones & Supporting Data (19 DDH for 2,331m)
Kostilkovo Major Upflow Zones & Supporting Data (19 DDH for 2,331m) Simplified geological map Historical gold-in-soil sampling (200x200m) Aero-radiometrics (K x U/Th²; linear stretch) 25
Slide 26: Kostilkovo Gold Project
Kostilkovo Gold Project Quartz-adularia vein float material with included fragments of sandstone and conglomerate. Clearly indicating that vein formation took place within the sedimentary rocks of the Krumovgrad Group. 26
Slide 27: We Find Gold.
We Find Gold. • A seasoned group of explorers with a solid track record of discovery. • Expertise and experience with the quartz-adularia deposit style. • “We know what we are looking for.” • Lutila Gold Project • The Company is evaluating a number of options to progress the discovery process on the
Slide 28: Kostilkovo Alluvial Gold Panned from Creeks Draining the Upflow Zones
Kostilkovo Alluvial Gold Panned from Creeks Draining the Upflow Zones 28 The average size of all alluvial gold grains panned from creeks draining the upflow zones is 390µm (Yovchev, D., 2017)
Slide 29: Appendix
Appendix 29
Slide 30: Lutila Gold Project Historic Soil Geochemistry (As)
Lutila Gold Project Historic Soil Geochemistry (As) 30
Slide 31: Lutila Gold Project Historic Soil Geochemistry (Sb)
Lutila Gold Project Historic Soil Geochemistry (Sb) 31
Slide 32: Lutila Gold Project - Quartz Veins
Lutila Gold Project - Quartz Veins • Slabbed examples of epithermal quartz veins from the north east trending, +1,000m long portion of Rhyolite Ridge. • (A) Coarse chalcedonic banding with minor quartz lattice bladed bands; • (B) quartz lattice bladed textures after carbonate indicating that boiling
Slide 33: References
References Finka, O., 1995. Zlatá Kremnica: Tisícročná história baníctva, Neografia vydavateľstvo, Monografie 71 pages (in Slovak). Hamilton AR., Campbell KA., Guido DM., 2019. Atlas of Siliceous Hot Spring Deposits (Sinter) and Other Silicified Surface Manifestations in Epithermal Environments. Low
Slide 34: Kutel Gold Project
Kutel Gold Project • Large (15km²) low-sulfidation quartz-adularia epithermal system. • The system is fully preserved from erosion. • Multiple hydrothermal explosion breccias (HEBs) have been identified containing mineralised quartz-adularia vein fragments. • Two underground base metal mines, one st
Slide 35: Kutel Gold Project
0.03g/t Au, 21g/t Ag 0.20g/t Au, 26g/t Ag Kutel Gold Project HEB with quartz-adularia vein clasts in a silica-hematite rock flour matrix. Fluid pressure increase beneath the impermeable seal (SRT) created hydrothermal explosion breccias that fractured through the impermeable seal into the overlying
Slide 36: Kutel Gold Project
Kutel Gold Project Au Ag As Sb 1km 7km Kumina HEB Historic Soil Geochemistry (200m x 50m) Yavor HEB Kutel HEB A’ A Kutel Gold Project – Conceptual Exploration Model Simplified Geological Map 36
Slide 37: Lutila The Texture Zoning Model
Lutila The Texture Zoning Model (Modified after Morrison et al., 1990) Sinter Field Chalcedonic Superzone (CH) Čertov vrch Target Area Crustiform-Colloform Superzone (CC) Crystalline Superzone (X) 37
Slide 38: Kostilkovo Gold Project: Metallurgy (SGS)
Kostilkovo Gold Project: Metallurgy (SGS) 45001 45002 45006 45004 45003 45005 45007 Au Ag Au Ag Au Ag Au Ag Au Ag Au Ag Au Ag Extracted Grade (g/t) 0.26 23.10 0.31 10.00 1.14 142.55 1.81 1.12 2.08 41.50 39.11 19.62 77.90 31.20 Residue Grade (g/t) 0.02 1.30 0.01 1.45 0.06 6.99 0.11 0.90 0.06 2.07 0.1
Slide 39: Eastern Rhodope Gold Metal Inventory (NI 43-101)
Eastern Rhodope Gold Metal Inventory (NI 43-101) Ada Tepe Gold Mine (TSX: DPM) Dundee Precious Metals Inc. (Effective Date: July 31, 2020) Proven & Probable Reserves Average Resource to 1 Contained Recovered Strip Concentrate Concentrate Actual Cash Gold Au Recovery2 LOM Reserve LOM LOM Mt Metal Met