BULGOLD Taps Market for $1.2 Million to Advance Slovakian Gold Project

TORONTO, ON – March 19, 2026 – Junior gold explorer BULGOLD Inc. (TSXV: ZLTO) announced today its intention to raise up to $1.2 million through a non-brokered private placement, a strategic move designed to inject vital capital into its promising Lutila Gold Project in central Slovakia. The announcement was met with positive investor sentiment, as the company’s stock saw an 8.33% increase in trading on the TSX Venture Exchange.

The financing will see the company issue between 20 million and 24 million common shares at a price of $0.05 each. The proceeds are earmarked primarily for the continued exploration and development of the Lutila project, a key asset in the company’s portfolio of Central and Eastern European gold properties. The remaining funds will be allocated to general corporate purposes and working capital, shoring up the company's financial position as it pursues its exploration goals.

This capital raise is a critical step for BULGOLD, providing the necessary runway to build upon recent exploration successes and further de-risk its flagship Slovakian asset. For junior explorers, securing funding is a constant challenge and a crucial indicator of both management's strategy and the market's perception of a project's potential.

Financing a European Gold Strategy

Diving deeper into the offering's structure reveals a design intended to attract investment and provide flexibility. The placement targets a minimum of $1,000,000 and a maximum of $1,200,000, providing a clear funding window for the company's immediate operational plans.

A significant feature of the offering is its use of the Listed Issuer Financing Exemption (LIFE) in Canada. This modern exemption allows shares sold under the placement to be immediately freely tradeable, bypassing the typical four-month hold period associated with many private placements. This increased liquidity is a considerable advantage for investors, potentially broadening the appeal of the offering and reflecting a forward-thinking approach to capital raising in the junior resource sector. Shares offered to investors outside of Canada will be similarly structured under Ontario Securities Commission Rule 72-503.

The company has also outlined terms for finder's fees, consisting of a 7.0% cash commission and an equivalent number of finder's warrants for capital sourced by arm's-length parties. Each warrant will be exercisable at $0.07 per share for a period of 18 months following the closing date, providing an additional incentive for finders and aligning their success with the company's future stock performance.

This financing follows a similar capital raise that closed in July 2025, where BULGOLD secured approximately $1.07 million, also at $0.05 per share. That round saw notable participation from management, a sign of insider confidence. While the extent of insider participation in the current offering will only be known upon closing, the press release notes that any shares sold to insiders may be subject to specific resale restrictions, implying that their involvement is anticipated. The offering is scheduled to close on or about April 20, 2026, pending final approval from the TSX Venture Exchange.

Spotlight on the Lutila Gold Project

The primary beneficiary of this new funding will be the Lutila Gold Project. Located in the mineral-rich landscape of central Slovakia, Lutila is one of three 100%-controlled gold projects BULGOLD holds in the Western Tethyan Belt, a geological region known for hosting significant mineral deposits. The company’s management believes its assets, including Lutila, show strong potential for high-grade, low-sulfidation epithermal gold mineralization—a deposit type known for its favorable metallurgy and potential for high-value extraction.

The timing of the financing is opportune, coming on the heels of a productive 2025 exploration program. In February 2026, BULGOLD announced it had received and incorporated all outstanding assay data from last year's work. This effort culminated in a significant geological breakthrough: the discovery of the Kopernica Vein System within the project's Northern East Block. The new capital will allow the company to aggressively follow up on this discovery and other targets, moving the project from initial findings to a more comprehensive understanding of its resource potential.

Exploration is an iterative process of discovery, analysis, and further investigation. The funds from this placement are the fuel for that engine, enabling BULGOLD to design and execute the next phase of drilling and fieldwork needed to define the size and grade of the mineralization at Lutila. Success in this next phase could be a major catalyst for the company, potentially leading to the development of a formal resource estimate compliant with industry standards like National Instrument 43-101.

Navigating the Junior Mining Landscape

BULGOLD operates in the high-risk, high-reward world of junior mineral exploration, where access to capital is the lifeblood of operations. An analysis of the company’s share structure illustrates this reality. As of February 28, 2026, the company had 49,132,335 shares issued and outstanding. This is a substantial increase from the 27,597,928 shares outstanding as of March 31, 2025, reflecting the dilution necessary to fund its activities over the past year, including the July 2025 financing.

During the same period, the percentage of shares held by founders, directors, and management decreased from approximately 40.3% to 28.3%. While this reflects the impact of bringing in new capital from outside investors, the remaining stake is still a significant holding, indicating that the leadership team's interests remain closely aligned with those of its shareholders.

With a current market capitalization of just over C$3 million, BULGOLD is a micro-cap explorer where targeted investment can have a substantial impact. The $1.2 million sought is not for a sprawling, multi-project global campaign; it is a focused deployment of capital aimed at creating tangible value at a specific, promising asset. This disciplined approach is typical of successful junior explorers who must carefully manage every dollar to advance their projects along the value chain, from grassroots discovery to a potentially mineable deposit.