Original-Research: Desert Gold Ventures Inc. (von GBC AG): Buy

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Original-Research: Desert Gold Ventures Inc. - from GBC AG

24.06.2025 / 08:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of GBC AG to Desert Gold Ventures Inc.

Company Name: Desert Gold Ventures Inc.

ISIN: CA25039N4084

Reason for the research: Management Interview

Recommendation: Buy

Target price: 0.311 USD

Last rating change:

Analyst: Matthias Greiffenberger, Cosmin Filker

Desert Gold Expands Into Côte d'Ivoire With Tiegba Project, Strengthening

West African Strategy

As Desert Gold Ventures Inc. enters a new phase of growth, the company's

expansion into Côte d'Ivoire through the acquisition of the Tiegba Project

reflects a deliberate and strategic extension of its presence in West

Africa. Known for its flagship SMSZ Project in Mali, located along the

highly prospective Senegal Mali Shear Zone, Desert Gold continues to advance

its exploration efforts with a focus on resource growth and near-term

production. In this interview, CEO Jared Scharf outlines how the Tiegba

acquisition supports the company's long-term vision, details the

cost-effective path to drill readiness, and discusses how the company is

positioning itself amid sustained strength in gold prices. With active

operations in both Mali and Côte d'Ivoire and the upcoming release of a

Preliminary Economic Assessment for its small mine initiative, Desert Gold

is poised for a potential transformation from explorer to producer.

GBC AG: The Tiegba project marks Desert Gold's expansion into the Republic

of Côte d'Ivoire. How does this acquisition align with the company's

long-term strategic goals, especially considering your current flagship SMSZ

project in Mali?

Jared Scharf: The Tiegba Project acquisition aligns perfectly with our

strategy in West Africa and it does several particularly important things

for our Company. It diversifies our country risk out of Mali and into the

neighboring country of the Republic of Côte d'Ivoire which is one of the

best jurisdictions in the world for gold exploration and development.

Secondly, we can leverage our existing team, infrastructure, and experience

in Mali to quickly advance Tiegba and we can begin work at there

immediately. The geology at Tiegba is very similar to what we have at the

SMSZ Project. Our technical team is highly experienced in developing these

types of gold targets. We are looking for big gold deposits next to big

shear zones just like we're doing in Mali. There is virtually no learning

curve.

GBC AG: With less than 20% of the Tiegba permit explored and a new

exploration program planned, what is your expected timeline and budget to

reach drill-ready targets, and how do you plan to allocate capital between

Tiegba, SMSZ, and the small mine initiative?

Jared Scharf: As stated in our press release, the Tiegba project already has

a large and well defined gold anomaly that has never been drill tested. It's

over 4km long and 2 km wide! Our site visit verified that these anomalies

are in place and real. It will cost very little money to get this target

drill ready. We will do some detailed geological mapping, trenching, and

pitting and a geophysical survey over the anomalous area to confirm the

direction of the mineralization. This will cost roughly USD $100,000. That

will create a much higher degree of confidence in terms of where to locate

our drill holes and which direction to drill from. This work will take

roughly two months to complete. A first pass drill program will consist of

roughly 3,000 meters of drilling with a mix of air core and reverse

circulation drilling. The budget for this will be USD $200,000. So you can

see it won't take much to advance to the point of making a discovery. To

fund the operations we are working with our warrant holders to exercise the

remaining warrants outstanding at 8 cents. This will fully fund our efforts

in both Mali and Côte d'Ivoire. It will also eliminate the stock overhang at

8 cents. As far as the remaining 80% of the Tiegba license is concerned, we

will start with basic prospecting, mapping, and sampling. Based on my

experience in this part of the world, you will often find multi parallel

mineralized trends proximal to these shear zones. I like our odds of finding

more.

GBC AG: With operations now in both Mali and the Republic of Côte d'Ivoire,

how do you intend to manage logistics, local partnerships, and technical

execution across these jurisdictions?

Jared Scharf: Our team can travel from the SMSZ Project to Tiegba within a

day, making logistics straightforward and manageable. The geology is very

similar and the cultural environment is essentially the same. Several

members of our existing team have worked in the Republic of Côte d'Ivoire in

the past. This is as simple of a transition as a company can make into a

"new" jurisdiction. Our existing team can handle running work programs at

both project sites.

GBC AG: Gold prices have been hovering around historically high levels. How

do you see current and near-term gold market trends affecting Desert Gold's

development priorities and M&A potential?

Jared Scharf: For our small mine PEA in Mali it is obviously a big positive.

A higher gold price improves project economics which improves project IRR,

increases the NPV and reduces the capital payback period of lenders and

investors. We are very near completion of the small mine PEA and look

forward to putting out results and new guidance soon. For exploration, a

higher gold price ultimately means your ounces in the ground are more

valuable and any new discovery should carry more weight and importance.

GBC AG: In our opinion Desert Gold could be a potential acquisition target.

Are you actively positioning the company for strategic partnerships or

takeovers, especially with the addition of a second West African asset?

Jared Scharf: I agree with you that we could potentially be an acquisition

target. If you look at Tiegba's close proximity to Allied Gold's

Bonikro/Agboua group of mines, they are a logical partner in the event that

we find something compelling on that license. In Mali we could have many

suiters as there are several major miners in close proximity to our SMSZ

project.

GBC AG: Looking ahead to 2026, what are your key milestones for Desert Gold

across both SMSZ and Tiegba? Where do you envision the company in terms of

production readiness, resource expansion, or development partnerships?

Jared Scharf: Our near term goals with the small mine PEA is the publish a

strong report showing robust returns albeit for a small operation. Our

objective in H2 2025 is to secure the funding to build the small mine a

quickly move forward into production. Keep in mind this is something that

will take only 3 or 4 months to build once funding is in place. Regarding

exploration over the rest of the SMSZ project, really we are spoiled for

choice with many zones that require more drilling to expand. We have just

started the rainy season in Mali which will last until the end of October.

So drilling a the SMSZ Project will need to wait until this time. This,

however, will allow us to focus on getting the small mine into production

and advancing the new Tiegba project into a drill ready target.

GBC AG: Thank you for the interview.

While the acquisition of the Tiegba Project represents a strategically

valuable entry into Côte d'Ivoire, it is currently structured as an option

agreement. As such, we are maintaining our initial valuation for now. A full

company update will follow the release of the Preliminary Economic

Assessment (PEA), which is expected imminently and will provide important

data on near-term production potential and project economics. We reaffirm

our target price of USD 0.311 (CAD 0.425; EUR 0.29), emphasizing its strong

upside potential, and maintain our Buy rating.

You can download the research here: http://www.more-ir.de/d/32896.pdf

Contact for questions:

GBC AG

Halderstrasse 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR

Beim oben analysierten Unternehmen ist folgender möglicher

Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher

Interessenkonflikte finden Sie unter:

https://www.gbc-ag.de/de/Offenlegung

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Date of Completion: 23.06.2025 (10:10 pm)

Date of First Distribution: 24.06.2025 (8:00 am)

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2159276 24.06.2025 CET/CEST

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