Announcement • May 09
Vior Gold Corporation Reports Additional Drilling Results At Ligneris Project Vior Gold Corporation Inc. reported additional results from its 20,000-metre ongoing drill program on its 100%-owned Ligneris Project located 55 kilometers northwest of the town of Amos, Abitibi region, Quebec. Drillhole LI-26-010-EXT, drilled 50 meters southeast of drillhole LI-26-005-EXT (5.64 g/t Au over 4.0 meters; see news release dated March 17, 2026) intersected 5.45 g/t Au over 3.0 meters including 14.8 g/t Au over 1.0 meters. This interval confirms high-grade gold mineralization continuity below 650 meters vertically. It is hosted in a strongly altered rhyolite characterized primarily by sericite and local patchy to pervasive silica with traces to 2% pyrite. Moreover, drillhole LI-26-010-EXT intersected a broad interval of low-grade gold mineralization that returned 0.79 g/t Au over 40.3 meters including 1.19 g/t Au over 15.0 meters at 580 meters vertical depth. Drillhole LI-26-012 collared 430 meters northeast of hole LI-26-002 (35.2 g/t Au over 3.0 meters; see news release dated March 17, 2026) returned values of 12.8 g/t Au over 2.0 meters including 22.3 g/t Au over 0.5 meters. Mineralization occurs as finely disseminated pyrite, ranging from trace to 5% in strongly silicified bands of centimetric to decametric scale hosted in a strongly sericitized rhyolite. Drillholes LI-26-014 and LI-26-007 intersected 38.3 g/t Au over 1.0 meters and 21.7 g/t Au over 1.0 meters respectively. These two holes are located on the southwestern extension of the South Zone mineralized structure. Hole LI-26-007 seems to correlate with the intercept in hole LI-26-006 that was previously released on March 17, 2026, that returned 1.10 g/t Au over 24.2 meters. Processing of the whole-rock geochemistry has demonstrated the continuity of the alteration trend towards west, and these new results confirm the fertility of the area. Since the beginning of drilling program, the Corporation has completed approximately 17,000 meters of drilling on Ligneris. A total of 5,725 assays were received and 9,920 are currently pending at the laboratory. Vior is currently drilling with two (2) drill rigs at Ligneris and should complete the first phase of drilling later this spring. Simultaneously, the Corporation is preparing its first drilling campaign on the recently acquired Kinebik Project, expected to start early this summer. True widths are estimated at 65-80% of the reported core length intervals. Assays are uncut except where indicated. All NQ core assays reported were obtained by either 1-kg screen fire assay or standard 50 gram fire-assaying-AA finish or gravimetric finish at ALS Laboratories in Val d’Or, Québec or Sudbury, Ontario. The 1-kg screen assay method is used when samples contain coarse gold intervals. Selected samples are also analyzed for multi-elements using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”), and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are alternately inserted every 10 samples to adhere to strict QA/QC guidelines and protocols by the Corporation and the lab. Historical results on the Ligneris Project described in this news release are from public sources and the Qualified Person responsible for the review and approval of the technical information disclosed in this news release has not verified the information relating to these historical results. Consequently, such information is not necessarily indicative of mineralization on the Ligneris Project. The technical content disclosed in this news release was reviewed and approved by Pascal Simard, Vice-President Exploration at Vior Gold Corporation, Qualified Person as per NI 43-101. New Risk • Mar 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 134% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (134% accrual ratio). Revenue is less than US$1m (CA$29k revenue, or US$21k). Minor Risk Market cap is less than US$100m (CA$49.9m market cap, or US$36.2m). 
