Loyalist Exploration Limited has started a Preliminary Economic Assessment for its 100%-owned Tully Gold Project in northeastern Ontario, shifting its focus from resource definition toward economic evaluation and a potential production decision.

Errol Farr, President and CEO of Loyalist, noted the step's significance: “The commencement of the Tully PEA is a major milestone for the vision of Loyalist to become a gold producing mining company in the Timmins mining camp. Loyalist recently completed the MRE on Tully, is advancing permitting and looks to have construction financing and all the requirements for a production decision in place in 2027.”

The economic study follows an independent mineral resource estimate completed earlier this year by P&E Mining Consultants Inc., which established an indicated resource of 164,000 ounces grading 3.16 grams per tonne gold, alongside an inferred resource of 62,000 ounces at 2.03 grams per tonne. The updated resource figure marks a 76% increase in indicated ounces compared to a 2008 historical estimate of 93,140 ounces, lifting the proportion of gold in the indicated category to approximately 73%.

Eugene Puritch of P&E Mining Consultants Inc. is leading the preparation of the technical report as a qualified person under National Instrument 43-101.

Loyalist acquired its 100% interest in the project in October 2025 for a cash payment of $500,000 and the issuance of 78,700,000 common shares, with the vendor retaining a 2.0% net smelter royalty. The asset advancement aligns with the company’s corporate strategy to consolidate and develop mineral properties within the mining district, with construction financing and production decision requirements targeted for 2027.

Read the full announcement: Loyalist Commences Preliminary Economic Assessment on the Tully Gold Project, Timmins, Ontario