VANCOUVER, B.C., Canada, August 31, 2026 /CNW/ - Goldsky Resources Corp (TSX-V: GSKR, FNSE: GSKR SDB, OTCQX: GSKRF, FRA: HEG0) ("Goldsky Resources" or the "Company") announces the release of its unaudited condensed consolidated interim financial statements and management discussion and analysis (the "Financial Statements") for the six months ended June 30, 2026 ("Q2 2026").
During the quarter, the Company continued to advance exploration and development activities across its expanded Nordic portfolio in Sweden and Finland while maintaining a strong treasury position.
Q2 2026 Highlights:
- Cash balance decreased to approximately C$56.4 million as at June 30, 2026 (March 31, 2026: C$86.1 million) following the cash payment of C$28.5 million for the acquisition of the Barsele Gold project ("Barsele"), providing the Company with a strong financial position to advance exploration and development activities across its Nordic portfolio.
- Total assets increased to approximately C$430.4 million as at June 30, 2026 (March 31, 2026: C$180.0 million) following the acquisition of Barsele.
- Exploration and evaluation assets also increased to C$371.6 million following the addition of Barsele, Rajapalot gold-cobalt project and other Finnish assets acquired through the Mawson transaction.
- During the quarter, the Company incurred approximately C$2.3 million in exploration expenditure across its Nordic project portfolio.
- The Company reported a net loss of C$5.5 million for Q2 2026, primarily attributable to exploration expenditure and management fees incurred during the quarter.
Operational Highlights:
- At the Rajapalot gold-cobalt project in northern Finland, the winter exploration program (10,429 meters) was fully completed, with core logging achieving 100% completion on schedule. The majority of assay results have now been received, with all gold assays returned and multi-element results pending for the final two holes. The updated resource model has been delivered to SLR, an independent consulting firm engaged to complete a resource update that will support an updated Preliminary Economic Assessment (PEA) for the project.
- Biodiversity and nature surveys, hydrogeological tests, and four community engagement meetings were successfully completed to ensure responsible local project development. The extension permit application and Nature assessment update for the core area (Kairamaat 2-3) was filed with the Mining Authority.
- Following the completion of the Barsele Gold Project acquisition in June 2026, the Company advanced integration and project planning across the Barsele Project, including preparatory work for the metallurgical test program on the Central and Avan zones that commenced in August 2026.
Corporate Highlights:
- On April 9, 2026, shareholders approved Agnico Eagle Sweden AB as a "control person" of the Company in connection with Goldsky becoming the 100% owner of the Barsele Gold Project.
- On June 25, 2026, the Company completed the acquisition of the remaining 55% interest in Gunnarn Mining AB from Agnico Eagle Sweden AB ("Agnico"), for total consideration of US$20,000,000 in cash (CAD$28,465,700) and 75,509,577 common shares of the Company, resulting in Goldsky's 100% ownership of the Barsele Gold Project. Agnico retains a perpetual 2% net smelter return royalty on the Barsele Project.
- During Q2 2026, the Company received proceeds of approximately C$4.1 million from the exercise of stock options, compensatory options, and warrants.
- The Company continued integration activities relating to the Mawson and the newly acquired Barsele acquisition.
Subsequent Events:
- Goldsky and Ocean Partners entered into a Memorandum of Understanding ("MOU") to establish a framework cooperation agreement to investigate the technical and economic viability of recovering cobalt from Goldsky's Rajapalot gold-cobalt Project in Finland and to evaluate potential commercial arrangements relating to cobalt concentrate production, marketing and offtake.
- On July 23, 2026, the Company held its Annual General Meeting of Shareholders. Shareholders elected all six director nominees - Peter Breese, Marc Legault, Jeffrey Couch, Russell Bradford, Noora Ahola and Karilyn Farmer - with approximately 98% support each, reappointed Davidson & Company LLP, Chartered Professional Accountants, as auditor, and approved a new Omnibus Equity Incentive Plan with approximately 97% support.
- On August 5, 2026, the Company announced the commencement of a metallurgical test program on 345kg composite samples from the Central and Avan zones of the Barsele Project. The program, being conducted by Alfred Knight in Truro, United Kingdom over approximately 16 weeks, includes crusher comminution, Bond rod and ball mill, gravity gold recovery, gold leach kinetics and detoxification testing, and is intended to support the Company's planned Preliminary Economic Assessment and resource update for Barsele.
- Appointment of Gabriella Hammarskjöldas as Environmental Manager of Goldsky Sweden AB, effective September 1, 2026.
- Appointment of Carl Danielsson as Manager of Communications and Public Affairs for Goldsky Sweden AB, effective October 1, 2026.
- After June 30, 2026, 2,601,562 warrants were exercised for proceeds of $4,928,823, 45,080 compensatory options were exercised for proceeds of $66,658, and 88,811 stock options were exercised for proceeds of $66,749.
Financial Reporting and Additional Notes:
The Company's unaudited condensed consolidated interim financial statements and MD&A for the six months ended June 30, 2026, are available on SEDAR+ and on the Company's website. The Unaudited Financial Statements are available on the Company's website here.
These statements are based on reasonable estimates and information available as of the reporting date and may be subject to revision. Actual results may vary from the financial information presented therein.
ON BEHALF OF THE BOARD OF DIRECTORS
Russell Bradford
CEO & Director
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information:
This news release contains forward-looking statements that reflect the Company's intentions, beliefs, or current expectations about and targets for the Company's and the group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the group operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this news release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that they will materialize or that the assumptions on which it is based are correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this news release are free from errors and readers of this news release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of the date of this news release and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this news release, unless it is required by law or Nasdaq First North Growth Market Rulebook for Issuers of Shares.
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