DFR Gold Inc. Announces Funding and Updates on Cascades Feasibility Study

DFR Gold Inc. has announced the completion of a US$1.2 million loan facility from two major shareholders, Spirit Resources SARL and Brian Kiernan, who collectively hold 77.5% of the company's outstanding shares. The unsecured loans, bearing 8% annual interest and repayable by June 30, 2026, will fund the ongoing feasibility study at the Cascades gold project in Burkina Faso and provide working capital for operations.

The Cascades project represents a significant opportunity for DFR Gold, with the company targeting initial production of 20,000-30,000 ounces of gold annually over a five-year period. The project currently hosts indicated resources of 264,000 ounces at 1.52g/t Au and inferred resources of 371,000 ounces at 1.67g/t Au. DFR holds an 80% interest in Cascades through a 2021 agreement with Panthera Resources, contingent on investing US$18 million by September 2026.

The feasibility study, launched in the second half of 2025, encompasses critical workstreams including environmental and social impact assessments, metallurgical testwork on samples from artisanal mining operations, and preparation for reserve definition drilling at the Daramandougou Western Zone. The company plans to commence this drilling program during the second quarter of 2026, a key milestone toward establishing proven reserves to support the production target.

This financing strategy reflects DFR's measured approach to capital management while positioning for production in a favorable gold market environment. CEO Brian Kiernan emphasized the company's focus on minimizing overhead costs while accelerating the path to production, balancing near-term operational goals with the longer-term objective of developing a multi-million ounce resource base. The related-party nature of the financing, while requiring regulatory disclosure, demonstrates strong insider confidence in the project's prospects and the company's strategic direction.