# BULGOLD Inc. (TSXV:ZLTO) > BULGOLD Inc. ## About BULGOLD Inc. is a Canadian-based company focused on the exploration of epithermal gold projects in Eastern and Central Europe. The company's strategy is to discover and develop gold projects with potential for high-grade, good-metallurgy, low-sulfidation epithermal gold mineralization. Its principal projects include the Lutila Gold Project in Central Slovakia and the Kostilkovo and Kutel Gold Projects in southeastern Bulgaria. ## Key facts - **Cash position:** Exact figure N/A - **Shares outstanding:** 72626013 - **Fully diluted shares:** 80491386 - **Warrants:** 2977373 - **Options:** 4888000 - **Mineral resource:** To Be Established. - **Projects:** ["## Kutel Gold Project\n\n### Snapshot\n\n#### Ownership\n100% of the Kutel Exploration Licence (24.4 km2).\n\n#### Location\n150km to the southeast of Sofia, the capital of Bulgaria, within the Rhodope Mountains.\n\n#### Deposit type\nQuartz-adularia-illite vein system/low-sulfidation epithermal gold/hot spring system.\n\n#### Status\nAdvanced exploration project – drill ready.\n\n## Geology & Mineralization\n\nThe Kutel Gold Project is located within the western portion of the Tethyan Belt, which extends from Europe to South-East Asia, and spans 33 countries making up 7.3% of the earth’s land mass. Major gold and copper deposits within the Western Tethyan magmatic belt formed during two main periods of Cretaceous and Tertiary magmatism. The Cretaceous deposits are dominantly copper-gold porphyry and high-sulfidation epithermal systems, whereas the Tertiary deposits display greater deposit diversity and can include low to intermediate sulfidation epithermal systems, together with copper‑gold porphyry systems and carbonate replacement systems.\n\nThe Kutel Gold Project is located within the Tertiary age segment of the Western Tethyan magmatic belt and specifically within the Eastern Rhodope metallogenic province. This province contains numerous sedimentary rock-hosted low-sulfidation epithermal systems (quartz-adularia-illite vein systems) of which the best known is the Ada Tepe gold deposit, located 3 km south-east of the town of Krumovgrad.\n\nRocks associated with the Kutel Gold Project formed within the Eastern Rhodope metallogenic province, which underwent extension and metamorphic core complex formation within a back-arc environment. This was followed by normal faulting, basin subsidence and voluminous volcanic eruptions during the Maastrichtian-Oligocene. During this period of volcanic eruption, the nature of the magma progressively evolved, from calc-alkaline to shoshonitic andesitic to rhyolitic.\n\nCrustal extension within the Kutel Property area was dominated by the detachment bounded Central Rhodopian metamorphic core complex. This structure exposes a crustal section that includes the following tectonostratigraphic units from the structural base to the top:\n\n- A lower high-grade metamorphic unit (gneisses, mica-schists and amphibolite).\n- An upper high-grade metamorphic basement unit (marbles and minor amphibolite).\n- A sedimentary and volcanogenic unit of Maastrichtian / Paleocene-Miocene syn- and post‑tectonic cover sequences.\n\nAt the base of the third unit, Maastrichtian-Paleocene to Middle Eocene clastics, marble sedimentary breccias, and conglomerates form part of a syn-tectonic hanging wall suite of supra-detachment half grabens, which occur in faulted contact with the detachments that bound the metamorphic core complexes. They are also limited by graben-bounding faults and are found lying unconformably over the high-grade metamorphic basement units.\n\nStratigraphically, Middle Eocene clastics are conformably overlain by Upper Eocene‑Oligocene clastic rocks, conglomerates, and carbonate-rich sedimentary rocks, which mark a renewed cycle of continental, fresh water to marine sedimentation. They were accompanied by regionally widespread, late Eocene-Oligocene volcanic edifices and sedimentary-volcanogenic successions (Bonev et al., 2013).\n\nEXPLORATION MODEL\n\nBULGOLD has developed a geological model of the Property through a grassroots exploration program.\n\nA 15 km2 quartz-adularia-illite paleogeothermal system has been identified, which has been largely preserved from erosion and is supported by a strong and extensive gold-silver-arsenic-antimony surface geochemical soil anomaly.\n\nMultiple hydrothermal explosion breccias (HEBs) have been identified through geological mapping and prospecting, which contain clasts of gold-mineralized quartz-adularia-illite vein material. Clean marble is relatively impermeable, does not dissolve easily and will not react quickly with a hydrothermal fluid, that is near-neutral in pH. The fluid will only become acidic and dissolve carbonate where any sulfide complex is reduced by wall rock reaction (i.e., sulfidation by reaction with iron-silicates in the gneisses) or by boiling.\n\nFluid flow is confined to the permeability fabric, which will be the faults and hanging wall fracture systems (assuming the fault has a dip).\n\nThe marble conglomerate / breccia at the unconformity has inherent porosity, fluid will thus spread laterally assuming the finer grained sedimentary rocks overlying them are replaced. Once fractures and faults are sealed in an impermeable rock with flat foliation planes, in this case marble, unless the fluid can escape through porous rock, such as the marble conglomerate / breccia on the unconformity, fluid pressure will build to suprahydrostatic pressures. The marble host-rock also suggests that the upflow zone will be represented as discrete quartz‑adularia-illite veins.\n\nThe likely lithological control to mineralization is the inherent brittleness of the marble unit. Structural controls to mineralization likely relate to the progressive extension of a massive and competent, carbonate, rigid body that fractures to create an extensional vein setting. BULGOLD considers that, from a quartz vein-forming perspective, that the controls to mineralization favour structural over lithological.\n\nHaving stratigraphic replacement (SRT) at surface does not preclude the formation of quartz-adularia-illite veins subsurface, providing the permeability fabric remained open, then vein formation is equally permissible. The presence of HEB however, provides a more immediate and effective drill targeting mechanism by identifying flow paths along which boiling has occurred. The significance of the HEBs, and their relationship to gold mineralization, had not been previously recognized and consequently they were not drill tested by previous explorers.\n\nHEBs form as a result of violent boiling (‘flashing’ or violent phase separation), which creates the highest fluid flux state and maximum gold deposition. The amount of SRT outcropping on the Kutel Gold Project is extensive, which indicates that a well-developed permeability fabric was extant within the Property during the period of gold mineralization.\n\nThe below figure shows the conceptual exploration model developed by BULGOLD, based on all geological observations made to date on the Property. The example used is the Kutel HEB; however, the conceptual exploration model is also applicable to the Kumina and Yavor HEBs.\n\n**Conceptual Exploration Model for the Kutel Gold Project**\n\n## Mineral Reserves and Resources\n\n### To Be Established.\n\n## Maps & Sections Gallery\n\n## Kostilkovo Gold Project\n\n### Snapshot\n\n#### Ownership\n100% of the Chukata Exploration Licence (66.18 km2).\n\n#### Location\n270km to the southeast of Sofia, the capital of Bulgaria, within the Rhodope Mountains.\n\n#### Deposit type\nQuartz-adularia-illite vein system/low-sulfidation epithermal gold/hot spring system.\n\n#### Status\nAdvanced exploration project – drill ready.\n\n## Geology & Mineralization\n\nThe Kostilkovo Gold Project is located within the western portion of the Tethyan Belt, which extends from Europe to South-East Asia, spans 33 countries, and makes up 7.3% of the earth’s land mass. Major gold and copper deposits within the Western Tethyan magmatic belt formed during two main periods of Cretaceous and Tertiary magmatism. The Cretaceous deposits are dominantly copper-gold porphyry and high-sulphidation epithermal systems, whereas the Tertiary deposits display greater deposit diversity and can include low to intermediate sulphidation epithermal systems together with copper‑gold porphyry systems and carbonate replacement systems.\n\nThe Kostilkovo Gold Project is located within the Tertiary-age segment of the Western Tethyan magmatic belt and more specifically within the Eastern Rhodope metallogenic province. This province contains numerous sedimentary rock-hosted low-sulphidation epithermal systems (quartz-adularia-illite vein systems) of which the best known is the Ada Tepe gold deposit, located 3 km south-east of the town of Krumovgrad.\n\nRocks associated with the Kostilkovo Gold Project formed within the Eastern Rhodope metallogenic province, which underwent extension and metamorphic core complex formation within a back-arc environment. This was followed by normal faulting, basin subsidence and voluminous volcanic eruptions during Maastrichtian-Oligocene. During this period of volcanic eruption, the nature of the magma progressively evolved, from calc-alkaline to shoshonitic andesitic to rhyolitic.\n\nCrustal extension within the Property area was dominated by the detachment bounded Biala Reka metamorphic core complex. This structure exposes a crustal section that includes the following tectonostratigraphic units from the structural base to the top:\n\n1. A lower high-grade metamorphic unit (gneiss, mica-schist and amphibolite).\n2. An upper high-grade metamorphic basement unit (amphibolite, calc-schist and marble).\n3. A low-grade metamorphic unit consisting of Mesozoic rocks of continental margin and intra‑oceanic affinity.\n4. A sedimentary and volcanogenic unit of Maastrichtian / Paleocene-Miocene syn- and post‑tectonic cover sequences.\n\nAt the base of unit 4, Maastrichtian-Paleocene to Middle Eocene clastics, sedimentary breccias, and conglomerates form part of a syn-tectonic hanging wall suite of supra-detachment half grabens, which occur in faulted contact with the detachments that bound the metamorphic core complexes. They are also limited by graben-bounding faults and are found lying unconformably over the high‑grade metamorphic basement units.\n\nStratigraphically upwards, Middle Eocene clastics are conformably overlain by Upper Eocene‑Oligocene clastic rocks, conglomerates, and carbonate-rich sedimentary rocks, which mark a renewed cycle of continental, fresh water to marine sedimentation. They were accompanied by regionally widespread, late Eocene-Oligocene volcanic edifices and sedimentary-volcanogenic successions (Bonev et al., 2013).\n\nEXPLORATION MODEL\n\nBULGOLD has identified a large (10 km²) quartz-adularia-illite paleogeothermal system, that is supported by a strong and extensive gold surface geochemical soil response.\n\nQuartz-adularia-illite vein float material is exclusively found within the sedimentary rocks of the Krumovgrad Group, specifically the Classic Breccio-Conglomerate Unit. This style of gold mineralization is the dominant style found across the Project. The below figure shows examples of quartz‑adularia-illite vein float material from across the Project (from the Izvorite prospect area in the north to the Qmuirlika prospect area in the south) with included fragments of sandstone and / or conglomerate (outlined in yellow), clearly indicating that quartz vein formation occurred within the sedimentary rocks of the Krumovgrad Group.\n\nDetailed mapping, prospecting, sampling, and textural analysis of quartz-adularia-illite vein float material has established the existence of multiple upflow zones, within which the targeted quartz vein-hosted gold mineralization will be associated with.\n\nImportantly, BULGOLD has established that the precious metal accumulation zone is located below or close to the current level of exposure on the Project. Pieces of these quartz veins have returned 87.68 g/t Au (Chiflika prospect area) and 71.76 g/t Au (Izvorite prospect area), indicating that the upflow zones may be capable of hosting bonanza gold grades within quartz veins at depth.\n\nMore than 80% of the outcropping (or subcropping) sedimentary rocks within the half-grabens are represented by the Classic Breccio-Conglomerate Unit. The Shavar and Lower Breccio-Conglomerate Units are restricted to lower levels within the excised topography; commonly outcropping within creeks / drainages. No hydrothermal alteration or gold mineralization has yet been recognized within the Shavar and Lower Breccio-Conglomerate Units, either in outcrop, diamond drilling, or trenching.\n\nMetamorphic basement rocks contain gold mineralization proximal to and beneath the sedimentary rocks within the northern half-graben (Izvorite and Obor prospect areas only to date). There appears to be a lithological control i.e., selective replacement follows the orientation of the calc-schist / marble layers. Foliation within metamorphic basement rocks and bedding within the sedimentary rocks are in general subhorizontal across the Property, which suggests that post-mineral tilting is minimal.\n\nBULGOLD currently assumes that the primary permeability structure to mineralization would have a subvertical to vertical component and would be controlled by rock type and fractures.\n\nBULGOLD believes, from a quartz vein-forming point of view, that the controls to mineralization favour structural over lithological; there may be the potential for a lithological control (e.g., aquitards) to gold mineralization on the local scale. Examples of quartz-adularia-illite vein float material, with included fragments of sandstone and / or conglomerate from across the Project are presented below.\n\nExamples of quartz-adularia-illite vein float material\n\n## Mineral Reserves and Resources\n\n### To Be Established.\n\n## Maps & Sections Gallery\n\n## Lutila Gold Project\n\n### Snapshot\n\n#### Ownership\n100% of the Lutila Exploration Licence (32.21 km2).\n\n#### Location\n140km to the east-northeast of Bratislava, the capital of the Slovak Republic, within the Central Slovak Volcanic Field.\n\n#### Deposit type\nQuartz-adularia-illite vein system/low-sulfidation epithermal gold/hot spring system.\n\n#### Status\nAdvanced exploration project – drill ready.\n\n## Geology & Mineralization\n\nThe Lutila Gold Project is located 140 kilometres northeast of the capital city of the Slovak Republic, Bratislava. The nearby town of Žiar nad Hronom within the [Banská Bystrica Region](https://en.wikipedia.org/wiki/Bansk%C3%A1_Bystrica_Region) is located immediately south of the exploration licence area. The villages of Lutila and Slaská bound the property to the west, while the villages of Kopernica and Lúčky lie to the north and the villages of Horná Ves, Dolná Ves, Bartošova Lehôtka and Stará Kremnička bound the property to the east.\n\nThe property is located near the northern margin of the Central Slovak Volcanic Field within an area dominated by north to north-northeast trending faults and post-andesite resurgent rhyolite flow domes and dykes. The faults are normal, extensional, and form a series of horsts and grabens that are extensions of the Banská Štiavnica caldera complex that lies several kilometres to the south.\n\nThe Company was attracted to the property for the following reasons:\n\n- The extensive sinter field which reflects the position of the paleosurface and is a surface indication of boiling at depth within an epithermal system which, if present, is preserved from erosion.\n- The historic exploration diamond drilling within the North East Block indicated that the silicified rhyolite flow domes ± chalcedonic quartz veins did in fact contain gold mineralisation, which is important when assessing the upper, lower temperature parts of low-sulfidation epithermal vein systems.\n- The proximity to the historic Kremnica gold deposit, which is located along strike, 5km to the north and within the same volcanic depression and effectively informs the Company’s exploration model was a key factor in acquiring the property.\n- Review of public domain data relating to the Kremnica gold deposit indicated that rhyolite dykes were intimately associated with and often well mineralised where they are cross-cut, or run parallel to quartz-adularia veins, thus indicating that extrusive rhyolite volcanism was likely a pre-mineral event.\n\nTaken together, the above points indicate to the Company that the Kremnica gold deposit most likely has been subjected to approximately 200-300m of erosion, including the removal of sinters and the silicified rhyolite flow dome complex so as to expose the quartz-adularia vein system within andesite volcanic rocks at surface and coincident with the precious metal zone, which most likely accounts for the exploitation of the deposit over such a long period of time.\n\nTaken further, the Company believes that the Lutila Gold Project reflects a continuation of the same volcanic depression which has been downfaulted, creating a preserved graben of rhyolite flow domes, lavas and their pyroclastic products together with a very large sinter field.\n\n**The Company’s current exploration model for the newly discovered Kopernica Vein System is outlined below:**\n\n## Mineral Reserves and Resources\n\n### To Be Established.\n\n## Maps & Sections Gallery"] - **Leadership:** Management: Mr. James Crombie Executive Chairman and Non-Independent Director James Crombie graduated from the Royal School of Mines, London, in 1980 with a Bachelor of Science (Honours) in mining engineering, having been awarded the Anglo American scholarship. Mr. Crombie held various positions with DeBeers Consolidated Mines and the Anglo American Corporation in South Africa and Angola between 1980 and 1986. He spent the following 13 years as a mining analyst and investment banker with Shepards, Merrill Lynch, James Capel & Co. and finally with Yorkton Securities. Mr. Crombie has over 20 years serving as management and/or board member to several public mining companies listed on the Toronto Stock Exchange or the TSXV in Canada, in Australia and in the United Kingdom. Mr. Crombie was Vice President, Corporate Development of Hope Bay from 1999 to 2002, President and Chief Executive Officer of Ariane Gold Corp. from 2002 to 2003, President, CEO and Director of Palmarejo until the merger with Coeur d’Alene Mines Corporation in 2007, President, CEO and Director of Avala Resources Ltd., Dunav Resources Ltd. and Reunion Gold Corporation, and Director of Torex Gold Resources Inc. and Ariane Silver Corporation. Mr. Crombie is currently the Chief Executive Officer of Odyssey Resources Limited, a Canadian company trading on the NEX trading board of the TSXV and a non-executive director of Nickel Mines Limited, an Australian listed company. Mr. Sean Hasson President, Chief Executive Officer and Non-Independent Director Mr. Sean Hasson commenced working on the West Australian gold mines when he was nineteen years of age and since then has had extensive experience in exploration and project development management, quality control program management and corporate development activities. Sean has previously worked in both exploration and mining capacities on Archean greenstone gold and base metal projects in Western Australia, northern Canada and Finland and has had extensive exposure to epithermal and porphyry environments in South America, the Philippines and more recently in the Western Tethyan belt of Eastern Europe where he has been involved in the discovery and definition of 7.2Mozs Au and 1.4Mt Cu (NI 43-101) for various projects over the last twenty years. Sean graduated from the University of Western Australia with a Bachelor of Science (Geology Major). Sean resides in Sofia, Bulgaria and is a Member of the Australian Institute of Geoscientists (AIG), and a qualified person for the purposes of National Instrument 43-101. Mr. Jeff Pennock Chief Financial Officer Mr. Jeff Pennock has over 35 years of business experiences in multiple industries with experience in Canada, Europe and Africa. He has earned both Canadian and US Accounting designations. Mr. Pennock has approximately 20 years of leadership success with various companies in the mining and exploration sector. Since 2005 until 2020, Mr. Pennock has worked in the role of a corporate controller, finance director and VP Administration for Dundee Previous Metals. Mr. Danko Zhelev Chief Geologist Mr Danko Zhelev has extensive exploration and project development experience within Bulgaria and the Balkan region. Danko was part of the team that initially discovered the Ada Tepe gold deposit (Krumovgrad) during 2000 and subsequently was involved with all aspects of resource development, feasibility and permitting of the project in his former position as Exploration Manager, Bulgaria for Dundee Precious Metals. Mr. Demetrios Constantinides Managing Director – Slovakia Demetris is a Cypriot, who graduated from Charles University of Prague with a first-class MSc (Hons) degree in Geology in 1971, whilst he completed a PhD at the same University in 1973. Demetris worked for 25 years as an exploration geologist and for 5 years as Director of Public and International Relations at the Greek Institute of Geology and Mineral Exploration (IGME). He was the person in charge of the teams that discovered the Molaoi VMS deposit, Aisimi mixed sulphides prospect, the strata-bound mineralisation at Marlou of Thassos island and other resources of base and precious metals in Greece. He represented IGME in various bodies of the European Union and EuroGeoSurveys. From 1998 to 2016, Demetris held various managerial positions at Thrace Minerals Plc, EMED Mining Plc, EMED Slovakia Ltd and Atalaya Mining Plc. Demetris was in charge of the companies that discovered the Sappes Gold Deposit in Greece and the Biely Vrch Gold Deposit in Slovakia. Furthermore, he was the co-ordinator of the technical teams that prepared the final reports, which led to the reopening of the Rio Tinto mine in Andalusia. Rio Tinto mine’s production in 2021 exceeded 56,000 tons of copper. Presently, he is an advisor to Eastern Resources Plc on exploration projects in the Slovak Republic and Director at the Cypriot Company Venus Minerals Plc. Demetris was Thrace Minerals’ and EMED Mining’s representative in EuroMines. From 2011 to 2014 he was first the Vice-chairman and then the Chairman of Euromines’ Communication Committee. Demetris has published more than 200 articles in scientific journals, newspapers and special publications. Mr. Andrew Newbury Corporate Secretary Andrew has 15 years of corporate secretarial, administrative, financial, and operational experience at a variety of small businesses. He has served as Corporate Affairs Manager for junior mineral exploration companies, Logistics Manager for a mineral exploration consulting firm, and as a Sales Administrator and Controller at a yacht dealership. Andrew joined DSA Corporate Services in 2017, and as a Senior Account Executive he provides Corporate Secretarial consulting services for 25 small to mid cap issuers on the TSX, TSX-V, and CSE. Andrew has a Bachelor of Commerce degree from Dalhousie University and is a student-member of the Institute of Chartered Secretaries and Administrators (ICSA). Directors: Dr. Mihaela Maria Barnes, Independent Director Chair of the Environmental, Social, Governance & Nominating Committee, Member Audit & Risk Committee Dr. Mihaela Maria Barnes earned her Ph.D. in International Law from the Graduate Instituteof International and Development Studies, Geneva. She also holds an LL.M. in International and European Law (specialization: International Trade and Investment Law) from theUniversity of Amsterdam as well as undergraduate degrees, legal qualifications and experience in both common law and civil law. Dr Barnes was a Visiting Fellow at the Lauterpacht Centre for International Law, University of Cambridge and a member of the Coordinating Committee of the European Society of International Law Interest Group on Business and Human Rights. She has published extensively in peer-reviewed journals on various topics of international law, business and human rights and sustainability. A revised version of her Ph.D. dissertation (State-Owned Entities and Human Rights: The Role of International Law) was published by Cambridge University Press in November 2021. Dr Barneshas acted as a consultant on matters of corporate governance, business and human rights, sustainability and international law. Ms. Vanessa Cook Independent Director, Chair of the Audit and Risk Committee, Chair of the Compensation Committee Ms. Vanessa Cook is a CPA, CA with over 22 years of business experience in accounting and finance. Ms. Cook graduated from Dalhousie University with a Bachelor of Commerce degree. Since then, she has worked with a variety of public and private companies in the mining, insurance, risk consulting, and technology industries, which have included the roles of Controller, Director of Finance, and Vice President of Finance. Ms. Cook spent nine years combined in financial reporting at Dundee Precious Metals and Corsa Coal. She is currently the Vice President Finance at Navacord Corp., a privately owned insurance brokerage. Mr. Colin Jones, Independent Director Member Compensation Committee Mr. Colin Jones has over 40 years’ experience as a mining, exploration and consulting geologist. He is experienced in a number of different geological environments and has worked on all continents on producing mines, as part of feasibility teams and as an explorationist. Colin has managed large exploration and due diligence projects, and has undertaken numerous bankable technical audits, technical valuations, independent expert reports and due diligence studies worldwide, most of which were on behalf of major international resource financing institutions and banks. Colin resides in New Zealand and acts as Technical Adviser to a number of other resource investment groups, primarily Orimco Pty. Ltd. in Perth. Colin was formerly Principal and Manager Audits with RSG Global based in Perth. More recently Colin was Executive Vice President with Dundee Resources Ltd. based in Toronto. Mr. Laurence (Laurie) Marsland, Lead Independent Director Member Audit & Risk Committee, Member Environmental, Social, Governance & Nominating Committee Mr. Laurie Marsland is a graduate of the Western Australia Institute of Technology where he completed a Bachelor of Applied Science in Mechanical Engineering and attended the Stanford Sloan Fellows Program at the Stanford University Graduate School of Business where he completed a Master of Science in Management degree. Mr. Marsland is a Fellow of the Institution of Engineers Australia, a Chartered Professional Engineer and has forty years of diverse international experience in mining project evaluation, development, and operations. He has undertaken various roles including Chief Executive Officer, Chief Operating Officer, Vice President Project Development and Director. He relocated to Sofia, Bulgaria where in 2004 he assumed the role of Chief Operating Officer for Dundee Precious Metals. Mr. James Crombie, Executive Chairman and Non-Independent Director Member Compensation Committee James Crombie graduated from the Royal School of Mines, London, in 1980 with a Bachelor of Science (Honours) in mining engineering, having been awarded the Anglo American scholarship. Mr. Crombie held various positions with DeBeers Consolidated Mines and the Anglo American Corporation in South Africa and Angola between 1980 and 1986. He spent the following 13 years as a mining analyst and investment banker with Shepards, Merrill Lynch, James Capel & Co. and finally with Yorkton Securities. Mr. Crombie has over 20 years serving as management and/or board member to several public mining companies listed on the Toronto Stock Exchange or the TSXV in Canada, in Australia and in the United Kingdom. Mr. Crombie was Vice President, Corporate Development of Hope Bay from 1999 to 2002, President and Chief Executive Officer of Ariane Gold Corp. from 2002 to 2003, President, CEO and Director of Palmarejo until the merger with Coeur d’Alene Mines Corporation in 2007, President, CEO and Director of Avala Resources Ltd., Dunav Resources Ltd. and Reunion Gold Corporation, and Director of Torex Gold Resources Inc. and Ariane Silver Corporation. Mr. Crombie is currently a non-executive director of Nickel Industries Limited, an Australian listed company. Mr. Sean Hasson, President, Chief Executive Officer and Non-Independent Director Member Environmental, Social, Governance & Nominating Committee Mr. Sean Hasson commenced working on the West Australian gold mines when he was nineteen years of age and since then has had extensive experience in exploration and project development management, quality control program management and corporate development activities. Sean has previously worked in both exploration and mining capacities on Archean greenstone gold and base metal projects in Western Australia, northern Canada and Finland and has had extensive exposure to epithermal and porphyry environments in South America, the Philippines and more recently in the Western Tethyan belt of Eastern Europe where he has been involved in the discovery and definition of 7.2Mozs Au and 1.4Mt Cu (NI 43-101) for various projects over the last twenty years. Sean graduated from the University of Western Australia with a Bachelor of Science (Geology Major). Sean resides in Sofia, Bulgaria and is a Member of the Australian Institute of Geoscientists (AIG), and a qualified person for the purposes of National Instrument 43-101. Technical Advisory Board: Mr. Brett Davis Brett is widely regarded in the exploration and mining industry for his application of applied structural geology to numerous commodity types and mineral deposit styles. The approach Brett has brought to understanding mineralising environments globally is a product of the integration of modern structural geology and techniques married with several decades of applied research. Brett received a structural geology PhD (1992) from James Cook University. This was followed by six years of applied structural geological postgraduate research before returning to the minerals industry in 1998. Here he held various technical and senior managerial roles at consultancy groups and in mining and exploration companies prior to running his own international geology consultancy. Brett currently holds an Adjunct Senior Research Fellow position at James Cook University. Mr. Mathias Knaak Mr. Knaak received a MSc in geology from the RWTH Aachen University (1993) and a MSc in Economic Geology from the Key Centre for Strategic Mineral Deposits at the University of Western Australia (1998). During the period from 1994 to 1999, Mr. Knaak worked as an exploration geologist for Aurifex Mining NL, Poseidon Gold Ltd and Great Central Mines NL in Western Australia and for Equinox Resources NL and Geosurveys Australia Pty Ltd in South Australia and Zambia. In 2008, Mr. Knaak joined Dundee Precious Metals as the Principal Consulting Geologist, working in Serbia, Bulgaria and Armenia on porphyry copper, gold and molybdenum projects as well as sediment-hosted gold exploration projects. Subsequently, he worked for state geological surveys in Germany and as a consultant to the mining industry in Serbia and Bulgaria with emphasis on structural aspects of sediment-hosted gold and high- and low-sulfidation epithermal precious metal exploration projects. Mr. Knaak is an internationally experienced consulting geologist specialising in mineral exploration, prospect and mine evaluation, geological mapping and structural interpretation. He has initiated, implemented, and managed numerous cross-disciplinary mapping campaigns on early-stage to resource definition stage precious and base metal exploration projects. He has over twenty-eight years of hands-on field-based and research experience in exploration and mining geology relating to exploration/development project management, project generation, exploration geochemistry, project scheduling and budgeting, together with quality control program management. Mr. Richard Tosdal Richard Tosdal received a Bachelor’s degree from the University of California, a M.Sc. from Queen’s University and a Ph.D. from the University of California at Santa Barbara. He worked for the U.S. Geological Survey (1978 to 1999) and was the Director of the Mineral Deposit Research Unit at the University of British Columbia (1999 through 2008). He currently consults to the minerals industry on aspects regarding the metallogenic evolution of plate margins, the structural controls on ore deposition, and evolution of a range of hydrothermal deposits. He serves on technical advisory boards to junior mining companies, is active in facilitating industry designed R&D projects and retains an adjunct appointment at the University of British Columbia. Mr. Joe Crummy Joe Crummy is holder of a BSc in Applied Geology from the University of Strathclyde, Scotland and a PhD in gold metallogeny from Glasgow University, Scotland. He has over 25 years’ experience in mineral exploration worldwide and extensive experience within Central and Eastern Europe. Joe currently combines regional, early-stage exploration work together with Acid Rock Drainage assessment and modelling on feasibility studies and mine development projects, again worldwide but mainly in the Balkans. Joe resides in Sofia, Bulgaria. _Verified data last updated: 2026-10-12_ ## Recent filings - 2026-10-15 — press_release — [zlto_2026-10-15_10-05-38.pdf](https://chat.orbiton.app/zlto/preview/126365?documentId=126365) - 2026-10-07 — press_release — [zlto_2026-10-07_10-35-30.pdf](https://chat.orbiton.app/zlto/preview/126005?documentId=126005) - 2026-10-02 — press_release — [zlto_2026-10-02_13-46-48.pdf](https://chat.orbiton.app/zlto/preview/126006?documentId=126006) - 2026-09-29 — press_release — [zlto_2026-09-29_10-35-30.pdf](https://chat.orbiton.app/zlto/preview/126007?documentId=126007) - 2026-08-21 — press_release — [zlto_2026-08-21_10-47-43.pdf](https://chat.orbiton.app/zlto/preview/126008?documentId=126008) - 2026-08-21 — other — [zlto_2026-08-21_10-30-38.pdf](https://chat.orbiton.app/zlto/preview/126009?documentId=126009) - 2026-08-21 — mda — [zlto_2026-08-21_10-29-37.pdf](https://chat.orbiton.app/zlto/preview/126010?documentId=126010) - 2026-08-21 — financials — [zlto_2026-08-21_10-28-07.pdf](https://chat.orbiton.app/zlto/preview/126011?documentId=126011) ## Investor FAQ ### [Latest News](https://chat.orbiton.app/zlto/faq/latest-news) The latest news from BULGOLD Inc. includes a press release dated October 15, 2026, which likely contains updates on their exploration activities or project developments. However, specific details from this release are not disclosed in the available filings. ### [Projects Overview](https://chat.orbiton.app/zlto/faq/projects-overview) BULGOLD Inc. has three principal projects: the Kutel Gold Project, Kostilkovo Gold Project, and Lutila Gold Project, all of which are focused on low-sulfidation epithermal gold systems. Each project is in an advanced exploration stage and is drill ready, with ownership of 100% of the respective exploration licenses. ## Live AI chat - https://chat.orbiton.app/zlto/chat - Investor website: https://www.bulgold.com/