Volcanism and hydrothermal processes created numerous epithermal gold and silver deposits across Japan.
Explorer profile · Japan Gold · Updated 30 September 2026
EXPLORATION · NO VALUATION MODEL
Gold exploration.
Rethought.
Japan Gold is a Canadian exploration company that has built a nationwide portfolio targeting high-grade epithermal gold deposits in Japan since 2013.
Japan Gold began building its land position and technical database in 2013. From 2020, Barrick funded extensive geophysics, technical work and initial drilling in parallel. The next decisive phase is now beginning: Solidcore Resources is funding a focused exploration program across five selected target areas.
What could a gold discovery be worth?New · Interactive Japan Gold scenario calculator Calculate now27Projects in Japan
5Solidcore-Target Areas
C$35mExploration · 3 years
2013Active in Japan since then
01 · Company & investment case
Canada · TSXV: JG · Gold · Explorer
Years of groundwork.
No mine yet.
Company profile
- Company
- Japan Gold Corp.
- Japan focus
- since 2013 · Corp. since 2016
- Exchange
- TSX Venture · JG
- US trading
- OTCQB · JGLDF
- Head office
- Vancouver · Canada
- Operating base
- Tokyo · Hokkaido · Kyushu
- Shares
- 418.89m
- Market capitalization*
- ~ C$39.8m
- Focus
- Epithermal gold deposits
- Mineral rights
- > 3,000 km²
- * Calculation assumption: C$0.095 per share · analysis date 30 Sep 2026
Japan Gold is not a conventional mine developer. Solidcore describes it as the largest exploration company in Japan; its portfolio covers more than 3,000 km² of prospective mineral rights. For more than a decade, Japan Gold has built an exploration platform for the country — combining a project portfolio, local organization, permitting expertise, an in-house drilling group and an extensive technical database. [9]
The roots of today’s company go back to 2013. Its activities in Japan were initially developed through Southern Arc Minerals Japan KK. In 2016, Canada-based Sky Ridge Resources Ltd. acquired the company, renamed itself Japan Gold Corp. and focused on exploration in Japan. Since September 2016, the shares have traded as JG on the TSX Venture Exchange with an additional US quotation on the OTCQB under JGLDF; in Germany the shares trade under WKN A2AR49 including in Frankfurt.
For a company of this size, the explorer has an unusually experienced team. CEO John Proust has more than 35 years of experience in resources and capital markets. COO Takashi Kuriyama spent roughly four decades at Sumitomo Metal Mining, including as Exploration and Geology Manager at the Hishikari gold mine and later as General Manager of its global exploration and development division; VP Exploration Jason Letto brings international exploration experience from his long tenure at Vale. The team is complemented by experienced geologists, mining managers and former executives of major resource companies.
This combination of local mining experience and international exploration is particularly relevant in Japan. Many of today’s project areas lie in historic mining districts. Some later saw government-supported surveys and drilling — including results that were not systematically followed up. One concrete example is Mizobe: in 2000, a Metal Mining Agency of Japan (MMAJ) drill hole intersected 43.35 m at 0.89 g/t gold, including 20.3 m at 1.16 g/t gold. No further drilling was completed around that mineralized intersection. [16]
Japan Gold is therefore less a developer of a single project than a platform for reopening an entire exploration landscape. That is both what makes the company unusual — and where its speculative potential lies.
The Japan Gold story in 30 seconds
Why Japan of all places?
The investment thesis follows a simple chain: favourable geology, historic gold mines, a decades-long break in exploration — and since 2012, the opportunity to revisit these old districts with modern methods.
Gold was mined for centuries — in some cases from exceptionally high-grade veins.
During the war, the government ordered most gold mines to close as labour and materials were redirected to strategic commodities.
Post-war reconstruction and industrialisation took priority. Many historic gold districts were never revisited through a modern, systematic regional exploration approach.
Japan modernised its Mining Act. Japan Gold recognised the opportunity early and began systematically securing prospective historic gold districts in 2013.
Since 2013, Japan Gold has built a nationwide portfolio. From 2020, Barrick funded roughly C$23m of technical work, geophysics and initial drilling in parallel.
Since September 2026, Solidcore has committed roughly C$35m to exploration across five selected, particularly prospective target areas.
The investment thesis
Japan Gold is using modern exploration methods to find out what lies beneath historic Japanese gold districts that have seen little systematic modern exploration for decades — funded and technically supported by an experienced gold producer.
02 · Japan as a location
Geology · history · a reopened search space
An old mining nation.
Explored anew.
Japan lies on the Pacific Ring of Fire. Volcanism and hydrothermal processes created numerous epithermal gold and silver deposits — the geological foundation of a long gold-mining history.
Several tectonic plates converge beneath Japan. As oceanic plates subduct, magma and hot mineral-rich fluids form and rise toward the surface along faults and fracture zones.
As pressure and temperature fall, chemical conditions change: gold, silver and other metals can precipitate from hydrothermal fluids and concentrate in veins and breccias. This process created numerous epithermal deposits — and the geological basis for Japan’s long mining history.
Hishikari on Kyushu — Japan’s only major primary gold mine currently in production — shows what such systems can contain. Its high-grade veins were discovered in 1981 by an MMAJ government scout drill testing a geophysically defined deep target beneath old mine workings. [2]
Hishikari entered production in 1985. The epithermal deposit contains around 13 Moz of gold and, with gold grades of around 20 g/t, ranks among the exceptionally high-grade gold deposits worldwide. Since production began, around 9 Moz of gold have been produced. For the Japan Gold thesis, the important point is that the decisive high-grade mineralization lay beneath the historic workings. [2]
Historical gold production · 1930 to today
A decades-long rise.
A decades-long rise.
Then the political rupture.
The historical record makes the break especially clear: from 1939 through 1941, domestic Japanese gold production exceeded 25 tonnes in each year. In 1943, as wartime-critical commodities were prioritised, 251 gold mines were shut down; only six remained as preservation mines. [1]
Gold production in JapanFour time windows · tonnes of gold per year
Four documented time windows · identical 0–30 t/year scale
PRE-WAR & BREAK1939–1947
3020100
1943 · political break251 gold mines shut down
1939
25.931940
>251941
>251944
5.01945
3.91946
1.21947
2.15
25.931940
>251941
>251944
5.01945
3.91946
1.21947
2.15
POST-WAR PERIOD1965–1968
3020100
1965
8.241966
7.981967
7.871968
7.42
8.241966
7.981967
7.871968
7.42
HISHIKARI ERA1988–1995
3020100
1985 · Hishikari starts production
1988
6.621990
7.401992
9.431995
9.20
6.621990
7.401992
9.431995
9.20
MODERN PRODUCTION2017–2022
3020100
2017
6.372019
6.312020
7.592022
4.89
6.372019
6.312020
7.592022
4.89
The break of 1943
Mining did not disappear.
Mining did not disappear.
But its direction changed.
The chart makes the break visible: the war abruptly interrupted what had previously been significant domestic gold production. After 1945, individual operations did resume production, but there was no broad revival of gold exploration.
This marks the beginning of the phase that is crucial to the Japan Gold story: for decades, many historical districts faded from focus while Japan’s economy, cost structure and raw-material supply changed fundamentally.
03 · A new exploration window
2012 · Mining Act
In 2012 Japan changed
the rules of the game.
The 2012 Mining Act reform marked a new chapter for exploration in Japan. The reform was passed in 2011 and came into force on 21 January 2012. Against a backdrop of intensifying international competition for raw materials, Japan modernised the rules governing the allocation and oversight of mining rights and sought to tie domestic resource development more closely to qualified operators. [5]
Key changes included new requirements for applicants’ technical and financial capability and stronger state powers to select and supervise holders of exploration and mining rights. This created a newly organised regulatory framework for companies seeking to systematically explore and develop Japan’s mineral resources.
Japan Gold recognised this phase early as a strategic opportunity. According to the company, its team has worked in the country since early 2013, reviewing historic exploration and production data and systematically securing prospective land positions in known gold districts. [6]
The early start became a central part of the company’s strategy: while modern exploration in many historic gold districts was still at an early stage, Japan Gold spent years building a nationwide project portfolio. Those land positions and the resulting database later formed the basis for the partnerships with Barrick and now Solidcore Resources.
For Japan Gold, 2012 was therefore the starting signal. The reform created the regulatory framework that the company began using from 2013 onward — with the aim of securing early access to prospective historic gold districts and building a modern exploration platform.
04 · Strategic partners
From portfolio to drilling
First Barrick.
Then Solidcore Resources.
Japan Gold built the land position and geological database. For the capital-intensive next stage, the company then brought experienced gold producers into the country — first Barrick to jointly explore and develop the portfolio, and now Solidcore Resources for focused exploration of selected target areas.
The portfolio is systematically screened.
Over several years Barrick funded technical work, geophysics and drilling programs. Barrick screening initially covered 28 and later 29 projects; six reached the Second Evaluation Phase. This historic screening count should not be confused with today’s 27-project portfolio, which has evolved over time. In 2024, Mizobe, Ebino, Togi and Hakuryu were prioritised for drill testing. After Mizobe was later released, Hakuryu, Togi and Ebino remained as the three final Barrick Alliance Projects; eight scout holes totalling 3,062 m were ultimately completed across them. [7][8]
The alliance ended on 31 October 2025 without a Barrick earn-in. Japan Gold retained all mineral rights and describes the technical database built during the alliance as an important asset for further exploration. [8]
~C$23mfunded technical work
29up to 29 projects screened
→
Screening becomes focused exploration.
Solidcore Resources is an established gold producer with two producing assets in Kazakhstan. For 2026, the company expects roughly 540,000 ounces of gold-equivalent production; as of 31 August 2026 Solidcore reported about US$1.4bn of cash and US$747m of net cash. [10] For Japan Gold, Solidcore is therefore not just a source of capital but an industrial partner with in-house exploration, mine operations and project development. Read the Solidcore deep dive →
Solidcore selected five target areas from the portfolio and committed to fund roughly C$35m (US$25m) of exploration over 36 months. The budget includes an annual US$500,000 management fee to Japan Gold. A joint technical committee with two representatives from each company provides input on programs and budgets; it is chaired by a Solidcore nominee with a casting vote in the event of a deadlock. Following full completion of Phase 1, Solidcore will have earned a 49% interest in one or more of the five target areas, at its discretion and depending on exploration results. A project-level joint venture is formed for each selected area: Japan Gold initially holds 51% and Solidcore 49%. No additional earn-in payment is required for that 49% interest. [9]
At the same time, Solidcore invested C$9.453m through 78.775m units at C$0.12 and became an 18.81% strategic shareholder. Each unit comprises one share and 0.0724 of a warrant; Solidcore received 5.703m warrants exercisable at C$0.135 for three years. Full exercise would lift Solidcore to 19.9% on a partially diluted basis. While Solidcore owns at least 18%, it may nominate two directors; between 10% and 18%, one. Victor Flores and Tania Tchedaeva have already joined the board. Solidcore also has pro-rata participation rights in future security issuances. On successful projects, its project interest can rise stepwise to 80% through funding of a PFS and BFS. In parallel, OR Royalties is increasing its existing NSR royalty from 1.5% to 2.0% in exchange for US$3m. [9]
C$35mExploration · three years
5prioritised target areas
What does the shareholder retain if exploration succeeds?Solidcore funds Phase 1.
Solidcore funds Phase 1.
Japan Gold initially retains the majority.
The C$35m is not a gift: if projects succeed, Solidcore earns project interests step by step. In return, Japan Gold does not have to fund the capital-intensive exploration and later studies on its own.
Starting position across the five selected target areas.
Solidcore holds 49%. That interest is earned through funding Phase 1.
Solidcore can increase its interest to 70%.
Solidcore can increase its project-level interest to 80%.
Solidcore target areas
Without funding the early exploration, PFS or BFS itself, Japan Gold can retain 20% of a successful project through completion of the earn-in stages. It can then fund its 20% share through production, sell 10% to Solidcore and convert the remaining 10% into a 1% NSR, or sell the full 20% interest to Solidcore.
additional projects
These sit outside the five selected target areas and remain part of Japan Gold’s own pipeline. During the Alliance, however, Solidcore has a right of first refusal if a third-party offer is received for a Pipeline Area. The company’s value therefore does not depend solely on the Solidcore JVs, although Solidcore retains a strategic foothold across the wider portfolio. [9]
market value at the analysis date
Solidcore subscribed for 78.775m units at C$0.12 per unit — a 50% premium to the then market price — investing C$9.453m. Equinox invested a further C$1.069m at the same C$0.12 price. After the transactions, 418.89m shares were outstanding and Japan Gold described itself as debt-free following conversion of the convertible debentures. Solidcore also holds 5.703m warrants at C$0.135 with a three-year term; full exercise would take its ownership to 19.9% on a partially diluted basis. Japan Gold also granted 17.9m RSUs and 3.545m stock options exercisable at C$0.12; the 418.89m shares therefore are not a fully diluted share count. No reliable post-transaction cash balance was published with the transaction, so we deliberately do not present an enterprise value here. [9]
Important: The properties are also subject to an NSR royalty held by OR Royalties, which is being increased from 1.5% to 2.0% for US$3m as part of the Solidcore transaction. The financing reduces dilution and funding pressure, but Japan Gold will not retain the full economics of any future project success. [9]
05 · Targeted exploration
Solidcore Resources · five target areas
Five areas.
Five geological questions.
From Japan Gold’s nationwide portfolio, Solidcore Resources selected five areas for the joint exploration program: Bajo, Hakuryu, Mizobe, Ryuo and Aibetsu. They lie in historic gold regions on Hokkaido and Kyushu but are at different stages of exploration.
The objective is therefore not the same everywhere. In some areas the question is whether a historic high-grade system extends farther; elsewhere it is whether known structures continue beneath younger cover; and in others the task is to identify the critical high-grade zones within already demonstrated mineralisation.
Japan Gold also has its own fleet of four compact diamond core drill rigs for this work: two PMC400 and two PMC700 units with drilling capacities of roughly 400 and 700 metres respectively. The company built this in-house drilling capacity because suitable mineral-exploration rigs are in limited supply in Japan, giving it greater independence and flexibility in executing drill programs. [17]
5Target Areas
C$35mExploration
3 yearsProgram
100 %funded by Solidcore
Note: stated drill intervals are core lengths; true widths are unknown unless explicitly stated otherwise.
01
Bajo — How large is the system?
Bajo lies in a historic gold-silver district on Kyushu. According to historical figures, the Bajo mine produced roughly 421,000 oz of gold. About 317,000 oz are attributed to the Sakuru-Hi vein, for which Japan Gold reports historical grades of 125.9 g/t gold and 557 g/t silver. [11]
Modern exploration looks far beyond the old mine workings. Geological work suggests that the particularly high-grade mineralisation occurs near the contact between younger volcanic rocks and the underlying basement. A 3D IP survey covering roughly 8 × 5 km identified several geophysical anomalies and possible kilometre-scale extensions or parallel structures.
Next step: Japan Gold and Solidcore intend to begin drilling at Bajo in November 2026. According to CEO John Proust, the initial program is planned to comprise 35 drill holes totalling roughly 18,000 metres, systematically testing the prioritised structures and geophysical anomalies. [18]
Key question
Was Bajo merely an exceptionally high-grade historic mine — or the visible part of a much larger hydrothermal system?
02
Hakuryu — Does Konomai extend farther south?
Hakuryu lies at the southern end of the historic Konomai epithermal district on Hokkaido. The Konomai mine produced roughly 2.35 million oz of gold between 1915 and 1973 at an average grade of about 6.4 g/t. [12]
Hakuryu was one of the projects Barrick advanced to drilling. In 2025, three holes totalling roughly 566 m were drilled. HAK-001 initially returned 16.2 g/t gold over 0.6 m of core; a re-assay of the same interval returned 24.1 g/t. The results demonstrate mineralisation but do not yet answer the question of its extent. [12]
Next step: Before the Solidcore alliance was concluded, Japan Gold had already planned additional drilling along the roughly five-kilometre prospective trend. The new alliance program is intended to test Hakuryu further.
Still to be determined
Does the Konomai system extend farther south than historic mining revealed?
03
Mizobe — Where does grade concentrate?
Mizobe lies in the Hokusatsu gold region of Kyushu, about 23 km south of the Hishikari mine. Earlier government exploration encountered broad low-grade mineralisation there — an indication of an extensive hydrothermal system.
Modern Barrick-funded drilling also confirmed gold mineralisation. After previously unsampled core was sampled, MZDD23-003 returned 144.0 m of core at 0.7 g/t gold, including 68.25 m at 0.9 g/t, 16.0 m at 2.8 g/t, 10.0 m at 4.3 g/t and 4.0 m at 6.2 g/t gold. [13]
Next step: The alliance program is intended to further resolve the already visible system with focused drilling and target structurally controlled higher-grade zones.
The key question
Where within the broader hydrothermal system are the structures in which economically interesting gold grades concentrate?
04
Ryuo — High grade, but enough width?
Ryuo lies within the Ikutahara project on Hokkaido and includes several historic mining areas. The Jinja vein is particularly notable: historic underground sampling averaged 40.8 g/t gold and 193 g/t silver over roughly 72 m of strike length — but at an average vein width of only about 0.5 m.
Japan Gold has now tested Ryuo with 20 drill holes totalling roughly 7,160 m. [15] Among the strongest broader intervals are 20.0 m at 6.3 g/t gold, including 5.1 m at 15.2 g/t. One extreme individual interval returned 0.45 m at 1,395 g/t gold and 768 g/t silver. Such grades demonstrate exceptional grade potential — while continuity of the high-grade zones remains the critical challenge.
Next step: Further drilling is intended to identify areas where high grades coincide with greater width and structural continuity.
Still open
Can the exceptional gold grades translate into mineralised zones with sufficient width and continuity?
05
Aibetsu — Isolated occurrences or a larger district?
Aibetsu lies in a historic mining district on Hokkaido and includes several former gold-silver occurrences. According to Japan Gold, the Tokusei mine produced roughly 38,600 oz of gold and about 473,000 oz of silver between 1930 and 1942; numerous historic veins are documented across the area. [14]
Between 1998 and 2002, the government agency MMAJ investigated the area, including five deep diamond drill holes. Roughly 500 m northeast of the historic Tokusei workings, a high-grade interval of around 69 g/t gold and 263 g/t silver was reported. Japan Gold later reviewed the historic work and supplemented it with its own surface exploration. [14]
Next step: Further drilling under the alliance is intended to clarify how the known veins and anomalies are structurally related and whether they form part of a larger coherent system.
Exploration must show
Are the known historic occurrences isolated small systems — or parts of a larger coherent mineralised district?
06 · Opportunities & risks
Explorer without a resource
High optionality.
High uncertainty.
Japan Gold is entering the phase in which geological hypotheses must become robust discoveries. The setup is unusual: historic high-grade mines, modern geophysics, several independent target areas and a fully funded exploration program — but still no defined mineral resource.
OpportunitiesWhat could make the story larger.
Historic districts, modern exploration
Several target areas lie near former high-grade mines or known gold systems. Modern geophysics, 3D models and systematic drill planning can now test areas that historic mining could not reach or recognise.
Bajo as a potential district-scale case
The historic Bajo mine was exceptionally high grade. If the large-scale geophysical anomalies actually belong to a coherent mineralised system, the potential scale of the project could change fundamentally.
Five separate exploration bets
Bajo, Hakuryu, Mizobe, Ryuo and Aibetsu represent different geological questions. The exploration program therefore does not depend on a single drill target or a single geological thesis.
Solidcore Resources funds the decisive phase
Solidcore is funding roughly C$35m of exploration over three years. This allows Japan Gold to continue testing the five target areas without funding the Phase 1 program itself. Following full completion of Phase 1, Solidcore will have earned 49% of each area it selects; Japan Gold initially holds 51% in the resulting joint ventures. [9]
22 additional projects remain in the pipeline
The five target areas are only part of the portfolio. The C$10.5m equity financings from Solidcore and Equinox are intended to help Japan Gold advance the other 22 projects, expand drilling capacity and fund working capital. During the Alliance, however, Solidcore has a right of first refusal on these Pipeline Areas in the event of a third-party offer. [9]
A second major partner after Barrick
After Barrick, another established gold producer — Solidcore Resources — is making a substantial commitment in Japan. That does not prove a discovery, but it does show that professional mining companies see enough potential to justify significant exploration spending.
RisksWhat could break the thesis.
No defined resource yet
Historic production, individual high-grade intercepts and geophysical anomalies are no substitute for a mineral resource. None of the five target areas currently has an economically robust deposit defined.
No Barrick earn-in
Barrick invested roughly C$23m in technical work and exploration over several years, reduced the portfolio through multiple selection stages to three final projects, and ultimately still chose not to earn in. At the conclusion of the alliance, Japan Gold itself stated that the work completed to that point had not been sufficient to fully evaluate the potential of those three projects. The absence of an earn-in nevertheless remains a relevant negative data point. [8]
Grade alone is not enough
Ryuo illustrates the issue: exceptional gold grades can remain economically meaningless if mineralised zones are too narrow or insufficiently continuous. Future drilling must bring grade, width and continuity together.
Geophysics is not gold
At Bajo in particular, the large-scale IP anomalies are initially only exploration targets. Only drilling can show whether they actually represent mineralised structures and whether relevant gold grades occur.
Metallurgy and permitting come later
Even a significant discovery would only be the beginning. Metallurgy, water, environmental requirements, local acceptance, permitting and economics would then have to be demonstrated separately.
Dependence on the strategic partner
After Phase 1, Solidcore decides at its sole discretion which target areas it takes its earned 49% interest in and which projects it later funds through PFS and BFS. It also owns 18.81% of Japan Gold, may nominate two directors at that ownership level, holds pro-rata participation rights and provides the entire exploration budget for the five core areas. A change in strategy or partner withdrawal could materially affect timing and funding. [9]
Success is shared
On successful projects, Solidcore can increase its interest stepwise to 80% through PFS and BFS funding. The existing OR Royalties NSR is also being increased to 2.0%. This materially reduces financing pressure on Japan Gold, but it also means that a large share of any project success goes to the partner and royalty holder. [9]
What has to happen for the thesis to work?
In the end, the drill decides.
Extend the historic systems
Drilling must show that the known high-grade occurrences extend beyond the old mine workings.
Combine grade with width
Spectacular individual grades must translate into mineralised zones with sufficient width and continuity.
Define a deposit
At least one of the five target areas must make the step from an interesting gold system to a robustly definable mineral resource.
Perspective
Japan Gold remains a highly speculative exploration investment with no defined mineral resource. What is unusual, however, is the starting position: a nationwide portfolio built over more than a decade combines historic high-grade districts, extensive groundwork funded by Barrick and a Solidcore-funded exploration program across five selected areas. Whether this creates corporate value will not be decided by the history of the old mines, but by the coming drilling campaign. Only when grade, width and continuity come together does geological optionality become a deposit that can be valued.
07 · Sources & methodology
Primary sources first
Verifiable rather than
merely plausible.
All material figures and statements were checked against primary sources. Where company materials reproduce historical data, this is made explicit in the text. Drill results are not mineral resources and are not interpreted as such.
Historic gold mining & Hishikari
- [1] Japanese Parliament, 31 Mar 1948. Government figures: domestic production exceeded 25 t in each year from 1939–1941; 251 mines shut down in 1943; production figures for 1944–1947. Primary source ↗
- [2] Sumitomo Metal Mining / Mining Geology / Solidcore Resources. Hishikari: high-grade veins discovered in 1981 by an MMAJ scout drill testing a geophysically defined deep target beneath old workings; production began in 1985; characteristic grade around 20 g/t. Solidcore describes Hishikari as an approximately 13 Moz deposit with around 9 Moz produced between 1985 and 2025. Sumitomo ↗ · Discovery paper ↗ · Solidcore ↗
- [3] METI – resource statistics, historical production series. Annual gold-production figures (gold content in concentrate), including the 1965–1968 and 1988–1995 series used in the chart. METI archive ↗
- [4] Statistics Bureau of Japan / METI. Modern annual figures: 2017–2020 and 2020–2022; 4,886.419 g of gold is reported for 2022. 2017–2020 ↗ · 2020–2022 ↗
Mining Act & company history
- [5] Mining Act reform 2011/2012. Reform passed in 2011; effective in 2012; new qualification and oversight rules. METI ↗
- [6] Japan Gold, 16 Sep 2016. Company statement on activity in Japan since early 2013 and the formation of Japan Gold Corp. Company source ↗
Barrick & Solidcore Resources
- [7] Japan Gold / Barrick, 2022–2024. Six projects in Phase 2; four projects prioritised for drill testing in 2024, including Mizobe. Phase 2 ↗ · Prioritisation ↗
- [8] Japan Gold, 29 Sep 2025. Conclusion of the Barrick Alliance; three final projects, eight scout holes / 3,062 m; no earn-in. Company source ↗
- [9] Solidcore Resources / Japan Gold, September 2026. US$25m, or roughly C$35m, of exploration over 36 months; five target areas; earn-in structure and post-BFS options; US$500,000 annual management fee; Solidcore placement of 78.775m units at C$0.12 including 5.703m warrants at C$0.135; Equinox placement; conversion of convertible debentures and debt-free status; joint technical committee; board nomination and pro-rata participation rights; right of first refusal over the 22 Pipeline Areas; 17.9m RSUs and 3.545m options; OR Royalties increase from 1.5% to 2.0%. Solidcore ↗ · Japan Gold ↗
- [10] Solidcore Resources, H1 2026 / as of 31 Aug 2026. 2026 production guidance of roughly 540 koz gold equivalent; cash of US$1.4bn and net cash of US$747m as of 31 Aug 2026. Primary source ↗
Target areas & drill results
- [11] Japan Gold – Bajo. Historic production of 421 koz; Sakuru-Hi 317 koz and historical grade figures. Project source ↗
- [12] Japan Gold – Hakuryu. Barrick-funded drilling in 2025 and re-assay of the high-grade interval. Project source ↗
- [13] Japan Gold – Mizobe, 16.11.2023. MZDD23-003: 144.0 m @ 0.7 g/t Au including higher-grade sub-intervals. Drill results ↗
- [14] Japan Gold – Aibetsu, 2017/2018. Historic MMAJ work from 1998–2002 and five deep drill holes; attribution of high-grade intervals. Published Japan Gold materials differ in places on the drill-hole designation and interval length of the historic MMAJ intercept; the main text therefore deliberately avoids an exact interval figure.Project source ↗
- [15] Japan Gold – corporate presentation 2025. Overview of completed drilling programs; Ryuo roughly 7,162.7 m. Presentation ↗
- [16] Japan Gold – Mizobe, 2023. Government-supported MMAJ hole 12MAHT-2 drilled in 2000: 43.35 m @ 0.89 g/t Au, including 20.3 m @ 1.16 g/t Au; no further drilling was completed around this mineralized intersection. Primary source ↗
- [17] Japan Gold – in-house drilling capacity, 2017/2019. Japan Gold initially acquired three compact diamond core drill rigs and expanded the fleet to four in 2019: two PMC400 and two PMC700 units with drilling capacities of roughly 400 m and 700 m respectively. The company cited the limited availability of suitable mineral-exploration rigs in Japan as well as greater independence and flexibility in executing its programs. Japan Gold 2017 ↗ · Japan Gold 2019 ↗
- [18] John Proust – interview, 2026. For Bajo, the CEO described a planned drilling start in November 2026 and an initial program of 35 drill holes totalling roughly 18,000 m. Interview ↗
Sources current as of 30 Sep 2026. Where historical figures differ, either the primary source was preferred or the uncertainty is made explicit in the text. Company statements are not independent confirmation.