ESGold Validates Montauban Processing Plan as Mill Construction Races Ahead

An update from Secova Metals ( (TSE:ESAU) ) is now available.

ESGold Corp. has confirmed that all feedstock at its Montauban Gold-Silver Project will be processed through a Merrill Crowe closed circuit, after metallurgical tests showed gravity separation from railway tailings could not produce pour-ready gold or silver. This validation de-risks equipment procurement and supports a unified processing strategy expected to improve operational efficiency across tailings and railbed material.

Construction at Montauban is progressing ahead of schedule, with the main mill building largely complete and work advancing on a dedicated gold room and on-site laboratory to support assays and exploration. In parallel, ESGold is finalizing advanced 3D geological modeling to guide an expanded exploration program, positioning the company for a planned 2026 production start and reinforcing its status as a fully funded, near-term gold and silver producer.

The company’s next milestones include commissioning the mill building, gold room and lab, procuring and installing the remaining Merrill Crowe components, and launching a larger, deeper exploration campaign. These steps are intended to expand Montauban’s resource potential, enhance long-term project value, and strengthen ESGold’s competitive position in the junior precious metals sector.

The most recent analyst rating on (TSE:ESAU) stock is a Hold with a C$0.78 price target. To see the full list of analyst forecasts on Secova Metals stock, see the TSE:ESAU Stock Forecast page.

Spark’s Take on TSE:ESAU Stock

According to Spark, TipRanks’ AI Analyst, TSE:ESAU is a Neutral.

The score is primarily held back by weak financial performance: no revenue, widening losses, and ongoing cash burn despite a low-debt balance sheet. Technicals are supportive with a strong uptrend, but overbought signals reduce confidence near-term. Valuation is constrained by negative earnings and no dividend support.

To see Spark’s full report on TSE:ESAU stock, click here.

More about Secova Metals

ESGold Corp. is a Canadian precious metals company focused on advancing the fully permitted Montauban Gold-Silver Project in Quebec. The company aims to become a near-term gold and silver producer by reprocessing tailings and other feedstock using a centralized processing facility, with an emphasis on scalable operations and on-site infrastructure to support both production and exploration activities.

Average Trading Volume: 185,498

Technical Sentiment Signal: Hold

Current Market Cap: C$72.13M

Find detailed analytics on ESAU stock on TipRanks’ Stock Analysis page.