Author: Gold News Club

Blue Gold secures $140M to restart Ghana gold mine  Mining.com

Gold’s rally looks huge, but only ranks third in last 50 years  Reuters

Gold, guns and cartels: The battle for a billion-dollar mine  EL PAÍS English

Who’s Selling the $10 Million Gold Toilet? Signs Point to the Mets’ Owner.  The New York Times

Gold rises as US shutdown, tariff uncertainty lift safe-haven demand  CNBC

Gold bar ‘worth thousands missing in post’ from Devon  BBC

Source: Streetwise Reports 11/05/2025

Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A402CQ:WKN; 3TZ:FSE) announces the start of its autumn surface drilling campaign at its flagship Quesnelle Gold Quartz Mine Property. Read what an analyst had to say about the stock.

Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A402CQ:WKN; 3TZ:FSE) announced the commencement of its autumn surface drilling campaign at its flagship Quesnelle Gold Quartz Mine Property in a release on November 4.

This phase of exploration at the British Columbia project builds on the achievements of previous programs and aims to extend the strike length of the gold-bearing Halo and Main zones from nearly 600 meters to 2 kilometers along the black argillite-greenstone contact.

Golden Cariboo said it also has welcomed two seasoned professional geoscientists to its technical team: Cheryl Reid and Catherine Banfield, both of whom bring extensive field and analytical expertise to support the project.

Cheryl Reid is an exploration geologist with two decades of experience in mineral exploration across Canada. Her expertise in VMS and Archean greenstone belt-hosted orogenic gold projects includes drill supervision, core logging, QA/QC, database management, and field mapping, the company said.

Catherine Banfield has 20 years of experience in polymetallic mineral exploration and mining projects both in Canada and internationally. She brings valuable insights into structural interpretation and geological modeling, GCC’s release noted.

“We are thrilled to kick off our autumn drilling campaign and to welcome Cheryl and Catherine to our team,” said President and Chief Executive Officer J. Frank Callaghan. “Their combined experience and technical acumen will be invaluable as we continue to expand the gold-bearing zones and define new targets.”

Extending the Combined Halo/Main Strike Length

In September, the company unveiled its plans for its 2025 fall-winter drilling campaign, which aims to extend the combined strike length of the Halo/Main zones at its Quesnelle Gold Quartz Mine property from nearly 600 meters to 2 kilometers.

The company’s current permit allows for drill testing of the newly discovered Km Uno zone, the parallel North Hixon zone to the Cayenne trend, and the Sunset trend targets, according to a company release.

“These targets are supported by significant drill results and a resistivity high anomaly from the North Hixon zone, a resistivity high anomaly at the Sunset, and promising initial rock geochemistry from the Km Uno zone,” an earlier release noted. “The four trends collectively span approximately 8 kilometers of prospective exploration potential, comparable to the Halo zone.”

Based in Vancouver, Golden Cariboo is reigniting the Cariboo Gold Rush through targeted drilling and trenching efforts at the Quesnelle project. The Quesnelle property covers 94,899 hectares and is strategically located along a favorable corridor near the Spanish and Eureka thrust faults, adjacent to major players like Osisko Development Corp. (ODV:TSX.V).

Historically, over 101 placer gold creeks on the 90-kilometer trend from the Cariboo Hudson mine north to the Quesnelle property have recorded production, and successful placer mining continues in the area today. Callaghan has noted, “We’re in elephant country and we may have another elephant.”

Km Uno Zone

The Km Uno zone is a significant parallel mineralized trend situated about 2 kilometers southeast of the 2024 Halo zone discovery, with the Sunset trend located 1.4 kilometers to the west, effectively placing the Halo zone in the center. This arrangement of parallel structures — Km Uno, Halo, and Sunset — aligns with historical soil anomalies, resistivity highs, and geochemical indicators, suggesting a cohesive, district-scale gold system, according to Golden Cariboo.

Notably, these trends show a strong correlation with the argillite-greenstone lithological contact evident in the property’s geological mapping. This contact is a key feature that controls mineralization and is reminiscent of the geological controls observed in major gold-producing districts across the Abitibi Greenstone Belt from Val d’Or to Timmins, where such contacts have been crucial in defining extensive, high-grade deposits.

“The assay results from the Km Uno zone, a structure parallel to our 2024 Halo zone discovery, mark a major milestone for the Quesnelle Gold Quartz Mine property,” Callaghan said at the time. “These findings confirm our geological model and highlight the potential for multiple mineralized zones across the property.”

The Km Uno zone, identified through focused bedrock mapping and sampling, has produced initial results of up to 1.1 grams per tonne gold (g/t Au) and 8 g/t silver (Ag) from mineralized volcanic subcrops, the company said. These findings correlate with strong gold-silver-arsenic soil anomalies and geophysical features visible on the property’s 2024 gold MMI soil map.

‘Massive Mineralization Here’

Brien Lundin of The Gold Newsletter, writing on June 16, said that junior miners like Golden Cariboo Resources are starting to gain traction in the current gold bull market.

“We’ve waited a long time in this new gold bull market for the excitement to trickle down to the junior mining sector,” Lundin wrote. “Well, wait no longer. . . because it’s happening now.”

Steve Hyland interviewed Callaghan on “The Deep Dive” on YouTube last month, saying he had recently talked to mining financier and entrepreneur Sean Rosen, who was “really happy to just see action in the area and to see the drills going.”

Pointing to past results including 3 g/t gold, he said, “There’s clearly just massive mineralization here” at the project.

“There are a lot of big hits that you had in that drill program,” Hyland said. “But it’s interesting to me, 10 years ago, these grades maybe weren’t that exciting, but in a US$4,000 gold environment, for you guys to be trading at a sub US$10 million market cap with these recent drill hits. I find it kind of fascinating that there hasn’t been a little bit more of an uptick in the share price.”

Callaghan replied, “There’s a progression as to the way the market sort of works in this type of an environment. So, our turn’s coming. We’re not first out of the gate, but it’s about finishing the race.”

The Catalyst: Gold Bounces Back

Gold prices bounced back November 5 as a broader risk-off sentiment in global financial markets increased bullion’s appeal as a safe haven, while traders awaited U.S. private payroll data for insights on potential future interest rate cuts, according to a report by Peter Nurse for Investing.com on the same day. At 8:20 a.m. ET, spot gold rose 0.4% to US$3,976.75 per ounce, and U.S. gold futures climbed 1% to US$3,969.33 an ounce, Nurse said.

Investor anxiety was heightened after the CEOs of major U.S. banks, Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS), warned of a potential sharp downturn in equity markets, citing overvalued stocks and “bubble-like” conditions in the tech-driven rally.

Their comments led to significant overnight losses on Wall Street, followed by declines in both Asian and European markets on Wednesday. These market jitters renewed demand for gold, which is traditionally seen as a secure store of value during financial uncertainty, the article noted.

Despite Wednesday’s rise, gold remains under pressure, having fallen nearly 2% in the previous session to a one-week low. This decline came as traders reduced expectations for a December rate cut after Chair Jerome Powell indicated last week that policymakers might pause further easing. A strong U.S. dollar, hovering near a three-month high, has also pressured gold by making it more costly for international buyers. Additionally, easing tensions between the U.S. and China have reduced safe-haven inflows, limiting gold’s upward momentum in recent sessions.[OWNERSHIP_CHART-11131]

Gold’s rally has entered a cooling phase after two consecutive weeks of losses. Although short-term momentum has slowed, the fundamental reasons for holding gold remain strong, according to Ole Hansen, head of commodity strategy at Saxo Bank, reported Ernest Hoffman for Kitco News on November 4.

Hansen noted that over the past two weeks, the market sentiment “has shifted from exuberance to reflection, with traders reassessing how much of the 2025 narrative — rate cuts, fiscal stress, geopolitical hedging, and central bank demand — has already been priced in,” according to the article.

He also mentioned that India’s festival season typically boosts jewelry demand. “The market has now entered its customary post-festival soft patch, likely to stabilize as year-end buying returns, potentially aided by the recent correction,” he said.

Ownership and Share Structure¹

Three insiders own 9.7% of Golden Cariboo. They are president and CEO Frank Callaghan, the largest shareholder overall, with 8.9%, Elaine Callaghan, Andrew Rees, and Laurence Smoliak.

The rest is in retail. There are no institutional investors at this time.

The Canadian explorer has 87.89 million outstanding shares, and 87.89 million free float traded shares. Its market cap is CA$4.85 million. Its 52-week range is CA$0.04–CA$0.24 per share.

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Important Disclosures:

1. Golden Cariboo Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. In addition, Golden Cariboo Resources Ltd. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Golden Cariboo Resources Ltd.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: GCC:CSE; GCCFF:OTC; A402CQ:WKN; 3TZ:FSE,
)

Source: Rene Cartier 01/30/2025

Western Copper and Gold Corp. (WRN:TSX; WRN:NYSE.MKT) is pursuing the requisite permits for its Casino project in Yukon and is well-funded for the near term, noted a BMO Capital Markets report.

Western Copper and Gold Corp. (WRN:TSX; WRN:NYSE.MKT) caught the attention of BMO Capital Markets given it initiated research coverage on the junior miner with an Outperform (Speculative) rating and a CA$3 per share (CA$3/share) target price, reported Analyst Rene Cartier in a Jan. 23 research note.

“Supported by strategic shareholders, Western Copper and Gold’s well-funded balance sheet, location in a top-quality mining jurisdiction and proximity to other mining development projects all underpin the progression of a Canadian copper-gold opportunity in an emerging mining district,” Cartier wrote.

105% Return Implied

At the time of Cartier’s report, Western Copper and Gold’s share price was about CA$1.46. The company was trading at 0.2x BMO’s diluted price:net asset value discounted at 10% versus developer and explorer peers within the BMO coverage universe at 0.5x.

“As further financing, permitting and development risks abate and as visibility on the potential of the project is enhanced, Western Copper and Gold has the potential to see its multiple further improve,” the analyst wrote.

The return to BMO’s $3/share target from WRN’s CA$1.46/share price is 105%.

As of Sept. 30, 2024, the Canadian explorer-developer had 198.2 million (198.2M) shares and 1.5M warrants outstanding. Its market cap was CA$289 million (CA$289M).

Premier Mine in Yukon

Based in British Columbia, Western Copper and Gold is dedicated to advancing permitting and development of its 100%-owned Casino, “Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world,” Cartier described.

Casino is about 300 kilometers (300 km) northwest of Whitehorse, Yukon’s capital, and near a number of other development projects. The property is on Crown land and primarily within the Selkirk First Nation traditional territory. The Tr’ondek Hwechin traditional territory is to the north, and the proposed access road to Casino crosses into the Little Salmon Carmacks First Nation traditional territory to the south. The mining project also potentially affects the White River First Nation and the Kluane First Nation.

What to Know

Cartier presented the aspects of Western Copper and Gold that make it compelling.

Existing Reserves, Resources: Casino has established open-pit reserves and resources. The defined mill reserve is 1,217,000,000 (1.217 Mt) of 0.4% copper equivalent (Cu eq) whereas the heap-leach reserve is for 210 Mt of 0.28 grams per ton (0.28 g/t) gold equivalent.

“We see upside potential beyond the currently defined reserves, particularly with the large resource base and exploration targets in close proximity,” Cartier wrote.

The 2022 feasibility study outlines Casino as a conventional, relatively large open-pit mine delivering production at low costs. Production is 120,000 tons per day over a 27-year life of mine, for average payable production of 163,000,000 pounds (163 Mlb) of copper, or 329 Mlb of Cu eq. Initial capex is US$3.6 billion (US$3.6B). Estimated cash costs are US$1.54 per pound (US$1.54/lb) for coproducts and negative US$0.80/lb for byproducts.

The projected strip ratio is only 0.43:1, “competitive by current standards,” Cartier wrote. The low strip ratio and consequently the strip-adjusted grade bode well for project economics as does the higher-grade starter pit in the mine’s first years.

Assuming a US$3.60/lb copper price and a US$1,700 per ounce gold price, the project returns an estimated after-tax net present value discounted at 8% of $2.334B, an internal rate of return of 18.1% and payback in 3.3 years. Initial capital is $3.617B and sustaining capital, $751M.

Developing Mining District: Mining is important in Yukon, according to Premier Ranj Pillai, and several miners, including Rio Tinto Plc (RIO:NYSE; RIO:ASX; RIO:LSE; RTNTF:OTCMKTS), Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX), Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) and Kinross Gold Corp. (K:TSX; KGC:NYSE), have invested there. Prospective mining development projects undergo rigorous and disciplined review. The existing community and impacted First Nations generally are supportive of Casino. Now, governmental support is progressing when it comes to developing needed road, power and port infrastructure.

For example, the federal and territorial governments committed to CA$130M in funding to build an access road to Casino, the first 5 km of which were completed in late 2023. As for the rest of the road, Western Copper and Gold has reached agreements with First Nations on “key aspects.”

Regarding energy, there is no utility power available to serve Casino, so a power plant will need to be constructed. Casino will generate its own power using liquefied natural gas to fuel the generator drivers. Discussions are ongoing about possibly connecting the Yukon power grid to that of British Columbia, which would require 763 km of new transmission line. Casino would be an anchor utility user. In September 2024, Natural Resources Canada conditionally approved CA$40M in federal funding for prefeasibility study work.

The Port of Skagway, 560 km from Casino, is developing plans to expand its facilities to better serve the growing mining sector in Yukon and Alaska. Fresh water for Casino primarily will come from the Yukon River.

“We see advancement on these items as key support levers to unlocking the district,” Cartier wrote.

BMO believes that Western Copper and Gold will not be able to develop Casino alone and therefore, it is a potential takeout or joint venture candidate. There are some prospective acquirers or partners nearby.

“The Casino project proximity advantages itself for the introduction of a strategic partner, project synergies or potential mergers and acquisitions (M&A) for those looking at taking advantage of an emerging district,” wrote Cartier.

Insider, Strategic Ownership: Insiders and management own about 5% of Western Copper and Gold. Strategic shareholders, including Rio Tinto and Mitsubishi Materials Corp. (5711:TKO), have about 14%.

“These groups may act as anchors for future financings,” Cartier wrote.

Long Permitting Process

Cartier discussed permitting of Casino, noting the process will span several years. The next step is for Western Copper and Gold to prepare and submit an environmental and socioeconomic effects (ESE) statement to the Yukon Environmental and Socioeconomic Assessment Board (YESAB). The ESE will form the basis for the company’s assessment application for the YESAB panel review. The analyst pointed out that Casino is the first project in Yukon to go through this highest level of review. The mining company plans to submit the ESE in or around July 2025.

The YESAB process is expected to take about three years. Add to that several years to construct the mine, and BMO forecasts first production from Casino happening in about 2033.

Well-Funded for Near Term

The analyst pointed out that Western Copper and Gold has sufficient funds for its near-term plans, including permitting. This is thanks to the CA$74.9M in cash and cash equivalents on its balance sheet as of the end of Q3/24.

Strong Leadership in Place

Cartier pointed out that the members of Western Copper and Gold’s management team and board have experience with mining exploration and development projects. For instance, Sandeep Singh, the company’s president and chief executive officer since February 2024, has more than 15 years of experience as an investment banker specializing in metals and mining. Most recently, he was Osisko Gold Royalties Ltd.’s president and CEO.

Potential Catalysts

Events that possibly could effect on Western Copper and Gold’s share price positively, noted Cartier, include progress updates on road, power and port infrastructure plans, funding and projects; the awarding of governmental incentives, grants or tax credits; and progress with permitting of Casino. Other potential catalysts include announcements about financing, announcements from the company’s strategic partners and the emergence of M&A or other value-creating opportunities.

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Important Disclosures:

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Agnico Eagle Mines Ltd. and Osisko Gold Royalties Ltd.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Disclosures for BMO Capital Markets, Western Copper and Gold Corp., January 23, 2025

Analyst’s Certification I, Rene Cartier, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients. Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Company Specific Disclosures Disclosure 1: BMO Capital Markets has undertaken an underwriting liability with respect to Western Copper and Gold within the past 12 months. Disclosure 2: BMO Capital Markets has provided investment banking services for remuneration with respect to Western Copper and Gold within the past 12 months. Disclosure 3: BMO Capital Markets has managed or co-managed a public offering of securities with respect to Western Copper and Gold within the past 12 months. Disclosure 4: BMO Capital Markets or an affiliate has received compensation for investment banking services from Western Copper and Gold within the past 12 months. Disclosure 5: BMO Capital Markets or an affiliate received compensation for products or services other than investment banking services within the past 12 months from Western Copper and Gold. Disclosure 6A: Western Copper and Gold is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: A) Investment Banking Services Disclosure 6C: Western Copper and Gold is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: C) Non-Securities Related Services. Disclosure 16: A research analyst has extensively viewed the material operations of Western Copper and Gold. Disclosure 17: Western Copper and Gold has provided at its expense some or all of the itinerant travel for the research analyst related to facilitating a material site visit. Disclosure 18: A redacted draft of this report was previously shown to Western Copper and Gold (for fact checking purposes) and changes were made to the report before publication. Methodology and Risks to Target Price/Valuation for Western Copper and Gold (WRN-TSX) Methodology: Our target price is based on a 100% weighting assigned to a P/NAV multiple. Risks: Investment in mining companies carries risks, including commodity/currency, permitting, technical/operating, litigation/political, and environmental/social factors that have potential to impact share price performance.

Distribution of Ratings (January 22, 2025) Rating category BMO rating BMOCM US Universe* BMOCM US IB Clients** BMOCM US IB Clients*** BMOCM Universe**** BMOCM IB Clients***** StarMine Universe~ Buy Outperform 53.4 % 24.2 % 61.2 % 57.7 % 66.7 % 57.7% Hold Market Perform 43.9 % 17.8 % 36.9 % 40.7 % 32.5 % 37.5% Sell Underperform 2.7 % 15.4 % 1.9 % 1.6 % 0.8 % 4.8% * Reflects rating distribution of all companies covered by BMO Capital Markets Corp. equity research analysts. ** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage within ratings category. *** Reflects rating distribution of all companies from which BMO Capital Markets Corp. has received compensation for Investment Banking services as percentage of Investment Banking clients. **** Reflects rating distribution of all companies covered by BMO Capital Markets equity research analysts. ***** Reflects rating distribution of all companies from which BMO Capital Markets has received compensation for Investment Banking services as percentage of Investment Banking clients. ~ As of April 1, 2019. Ratings Key (as of October 2016) We use the following ratings system definitions: OP = Outperform – Forecast to outperform the analyst’s coverage universe on a total return basis; Mkt = Market Perform – Forecast to perform roughly in line with the analyst’s coverage universe on a total return basis; Und = Underperform – Forecast to underperform the analyst’s coverage universe on a total return basis; (S) = Speculative investment; Spd = Suspended – Coverage and rating suspended until coverage is reinstated; NR = No Rated – No rating at this time; and R = Restricted – Dissemination of research is currently restricted. The total return potential, target price and the associated time horizon is 12 months unless otherwise stated in each report. BMO Capital Markets’ seven Top 15 lists guide investors to our best ideas according to different objectives (CDN Large Cap, CDN Small Cap, US Large Cap, US Small Cap, Income, CDN Quant, and US Quant have replaced the Top Pick rating). Prior BMO Capital Markets Rating System (April 2013 – October 2016) http://researchglobal.bmocapitalmarkets.com/documents/2013/rating_key_2013_to_2016.pdf (January 2010 – April 2013) http://researchglobal.bmocapitalmarkets.com/documents/2013/prior_rating_system.pdf Other Important Disclosures For Important Disclosures on the stocks discussed in this report, please go to https://research.bmo.com/public/disclosure_statements or write to Editorial Department, BMO Capital Markets, 151 West 42nd St, 33rd Floor, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1 First Canadian Place, Toronto, Ontario, M5X 1H3. Dissemination of Research Dissemination of fundamental BMO Capital Markets Equity Research is available via our website https://research.bmo.com. Institutional clients may also simultaneously receive our fundamental research via email and/or via services such as Refinitiv, Bloomberg, FactSet, Visible Alpha, and S&P Capital IQ. BMO Capital Markets issues a variety of research products in addition to fundamental research. Institutional clients may request notification when additional research content is made available on our website. BMO Capital Markets may use proprietary models in the preparation of reports. Material information about such models may be obtained by contacting the research analyst directly. There is no planned frequency of model updates. The analyst(s) named in this report may discuss trading strategies that reference a catalyst or event that may have a near or long term impact on the market price of the equity securities discussed. In some cases, the impact may directionally counter the analyst’s published 12 month target price and rating. Any such trading or alternative strategies can be based on differing time horizons, methodologies, or otherwise and are distinct from and do not affect the analysts’ fundamental equity rating in the report.

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Click here for data vendor disclosures when referenced within a BMO Capital Markets research document. For assistance with accessible formats of online content, please contact research@bmo.com. The recommendation contained in this report was produced at January 22, 2025, 21:36 ET. and disseminated at January 22, 2025, 21:36 ET.

( Companies Mentioned: WRN:TSX; WRN:NYSE.MKT,
)

Source: Streetwise Reports 11/05/2025

Harvest Gold Corp. (HVG:TSX.V; HVGDF:OCTMKTS) has resumed drilling at the central zone of its flagship Mosseau property in Quebec. The program targets previously undrilled gold zones east of the Kiask River Corridor.

Harvest Gold Corp. (HVG:TSX.V; HVGDF:OCTMKTS) has resumed diamond drilling at the central area of its flagship Mosseau property, located in Quebec’s Abitibi Greenstone Belt. The company announced on November 4, 2025, that drilling will restart following the receipt of Authorization for Impact-Causing Exploration (ATI) permits, which had experienced an unexpected delay of nearly ten days. The permits allow Harvest Gold to proceed with drilling in a less-explored, heavily wooded section of the property where new access roads have now been cut and drill pads prepared.

Approximately 2,800 meters of a planned 5,000-meter drill program has been allocated to the central zone. According to President and CEO Rick Mark in the news release, “These targets are important to the unfolding story of Mosseau as they are in a large area on the eastern side of the Kiask River Mineralized Corridor that has not been drilled.” The central zone lies east of the Kiask River Fault, a key structural feature believed to host multiple shear zones prospective for gold.

Assay results from the recently completed northern area drill program are still pending. Harvest Gold attributed the delay to increased demand at assay labs during the peak of Quebec’s fall field season.

In addition to drilling, the company’s fall 2025 exploration activities have included prospecting and mapping conducted by IOS Geosciences in the southern portion of Mosseau and on the adjacent LaBelle property. Four field crews are currently conducting soil sampling, which is expected to conclude shortly.

Gold’s Enduring Role as a Financial Anchor

A recent report by Jeff Carlyle for Goldfix, published October 28, reaffirmed gold’s long-standing reputation as the “currency of last resort,” a title it has held for millennia. The analysis noted that although gold prices have diverged from traditional benchmarks such as real interest rates and the U.S. dollar, institutional investors continue to favor the metal. Gold’s appeal as a hedge against currency debasement, de-dollarization, and portfolio concentration has remained strong, with central banks leading the demand surge amid geopolitical instability and shifting global trade patterns.

One key driver highlighted in the report was the Western freeze of approximately US$300 billion in Russian central bank assets in 2022. In response, many emerging market central banks began reducing their holdings of US Treasuries and reallocating reserves into gold. By September, gold accounted for 27% of central bank reserves — overtaking Treasuries, which stood at 23%. While this trend began in 2018, the move accelerated as gold became increasingly prized for its durability and independence from counterparty risk.

On November 2, Matthew Piepenburg of Von Greyerz addressed the recent fluctuations in gold prices, calling them characteristic of a broader bull market. He emphasized that investors with a long-term perspective typically view gold not as a trading vehicle but as a strategic reserve. “We’re saving in gold and spending in fiat,” he said, highlighting the firm’s view that gold remains a more reliable store of value than any national currency. Piepenburg pointed to global debt loads, expanding deficits, and ongoing monetary dilution as factors strengthening gold’s appeal, noting that “central banks now hold more gold than U.S. Treasuries.”

Adding to the sector momentum, Bloomberg’s Marcus Ashworth reported on November 3 that major U.S. banks, including Citigroup, are considering re-entering the gold storage business — a segment many had exited after the global financial crisis. Ashworth attributed this renewed interest to sustained client demand for gold as a hedge and the solid profitability of physical storage services.

“This is a decades-long commitment,” he wrote, suggesting that top financial institutions expect high gold prices to persist. He also noted that physical gold remains distinct from other assets, with most transactions occurring over-the-counter and driven by robust demand from both central banks and high-net-worth investors.

Analyst Commentary Highlights Company Position and Capital Strength

¹On July 23, John Newell of John Newell & Associates described Harvest Gold Corp. as a “low-cost, high-potential explorer” operating in one of the world’s most prolific gold-producing regions. He emphasized that the company controls a significant land package in Quebec’s Abitibi Greenstone Belt, including the Mosseau, Urban Barry, and LaBelle projects, which remain “some of the only remaining significant land positions in the belt not held by Gold Fields.” Newell noted that Mosseau, the company’s flagship asset, covers a 21-kilometer gold-bearing structure and is “large, underexplored, and strategically located, a setup primed for discovery.” He also highlighted the fully funded 5,000-meter drill program planned for the third quarter of 2025 and added, “The funding is in place. The targets are defined. The team is ready.” Newell rated the company a “Speculative Buy.”

On July 30, Bob Moriarty of 321 Gold referenced Harvest Gold Corp. and noted the company’s valuation and exploration progress. He explained that when he first discussed the company, the stock had been traded at CA$0.03, placing the business at under CA$3 million in valuation, and stated that the company controlled a “premium project” in Quebec’s Abitibi Greenstone Belt.

According to Moriarty, investor attention had since lifted the share price to CA$0.14 before it experienced what he described as a natural correction. He added that Harvest Gold had strengthened its balance sheet through a private placement and was “prepared to drill a 5,000 meter Phase One program” at the Mosseau gold project, with assay results expected later in the fall. Moriarty stated that the financing provided Harvest Gold with “sufficient capital” to advance its flagship asset.

In a conversation published on September 18, Rick Mills of Ahead of the Herd interviewed Harvest Gold President and CEO Rick Mark and highlighted the company’s evolution and asset acquisition strategy. Mills described the technical team as “a very smart, savvy, experienced bunch of guys,” citing continued involvement from veteran geologists such as Neil Richardson and Louis Martin. He pointed to the recent consolidation of the Mosseau property as a “brilliant move” and expressed confidence in the company’s potential, stating, “What excites me about Harvest Gold is that you guys have projects that really could deliver substantial deposits.”

According to Mark during the interview, the company’s land package now covers approximately 50 kilometers of structurally significant corridors in the Urban Barry Belt. He explained that this includes through-going structures he described as “a mirror image of the structure that holds the Windfall deposit.” Mark stated that Harvest Gold owns 100% of Mosseau, and that the company is backed by “supportive, long-term shareholders” including Crescat Capital at 19.9% and a European investor expected to hold 9.9%. He noted that government-backed exploration funds in Quebec, SIDEX and NQ Investissement, have also provided financial support.

Mark concluded the interview by underscoring the company’s preparedness, saying, “We’re at work. We’ve got money in the bank. And now we can go about building this company and making discoveries.” Mills agreed, remarking that Harvest Gold offers “the best projects, the lowest-risk profile, the lowest-cost exposure, and most of the money is going into the ground so that the exploration team can actually make discoveries.”

Unlocking Untested Zones Along a 21-Kilometer Structure

The central area drilling campaign marks the next phase of systematic exploration at Mosseau, which encompasses 195 claims across 9,743.5 hectares. Much of the property, including the current drill targets, has not been subjected to modern exploration methods due to fragmented historical ownership and limited access. The area sits along a 21-kilometer-long gold-bearing structure that includes the Kiask River Mineralized Corridor, which the company has traced for 10 kilometers using high-resolution magnetic surveys and geochemical sampling.

Previous work at Mosseau confirmed the presence of multiple stacked shear zones and quartz-sericite schists, with gold-bearing mineralization identified in both historical and recent surface samples and drill core. The company has outlined eight gold dispersion trains on the property, three of which are associated with the Kiask River Corridor, reinforcing its significance as a primary exploration focus. [OWNERSHIP_CHART-299]

Harvest Gold holds a 100% interest in the Mosseau, Urban-Barry, and LaBelle projects, subject to net smelter return (NSR) royalties on select claims. The company’s Quebec projects are located 45 to 70 kilometers west of the Windfall deposit, currently being developed by Gold Fields Limited in partnership with Osisko Mining. According to the company’s June 2025 investor presentation, its properties are among the few in the Urban Barry Belt not controlled by major operators.

With road access, nearby infrastructure, and a seasoned technical team, Harvest Gold continues to advance its position in one of Canada’s most active exploration belts. The company’s low market capitalization, as of its June presentation, was noted to be just over US$7 million, with insiders and strategic holders comprising a substantial portion of the share registry.

Ownership and Share Structure ²

Institution Crescat Capital holds 18.52% of Harvest Gold. Management, insiders, and advisors hold 3.04%. The remaining shares are held by retail investors.

The company currently has a market capitalization of approximately CA$8 million and a 52-week stock price range of CA$0.02 to CA$0.14.

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Important Disclosures:

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Harvest Gold Corp.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

1. Disclosure for the quote from the John Newell article published on July 23, 2025

1. For the quoted article (published on July 23, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it’s advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: HVG:TSX.V;HVGDF:OCTMKTS,
)

Source: Stuart McDougall 11/05/2025

Research Capital Corp. Analyst Stuart McDougall increases the firm’s target price for Blackrock Silver Corp. (BRC:TSX.V; BKRRF:OTCQX) to CA$1.30/share, up from CA$0.80/share, to reflect the company’s continued exploration success at its fully owned Tonopah West project in Nevada.

Research Capital Corp. Analyst Stuart McDougall wrote in an updated research note on October 30 that he was increasing the firm’s target price for Blackrock Silver Corp. (BRC:TSX.V; BKRRF:OTCQX) to CA$1.30/share, up from CA$0.80/share, to reflect the company’s continued exploration success at its fully owned Tonopah West project in Nevada.

On October 27, the company reported results from five of 22 core holes at the Eastern Expansion target. Two of these holes intersected high grades just east of the key DPB South Resource area, near an exploration decline planned for 2027. Another hole yielded even higher grades from the historic Ohio mine area, near the project’s eastern boundary, the analyst noted.

These findings support earlier scout holes that indicated a 1.2-kilometer mineralized extension from the DPB South resource area, similar to one extending to the NW Stepout zone, located 1km to the northwest, he said.

“Our valuation still assumes a 25% increase to the September 2025 resource but now values those ounces at US$5/oz Ag (silver) and US$125/oz Au (gold) instead of US$3/oz Ag and US$75/oz Au, converted at 1.4-to-1 and adjusted for options, warrants, and our future equity financing assumptions, McDougall wrote. “We consider the more aggressive in sit metrics reasonable given their general agreement with our DCF10% analysis of the 2024 PEA and subsequent 2025 updated resource estimate at metal prices of US$35/oz Ag and US$3,000/oz Au.”

Key assumptions include 100% project debt financing at a 10% annual interest rate, capitalized before production and repaid over five years; 30% higher capital and life-of-mine (LOM) unit costs; 70% of the resource at the average reported grades, excluding the NW Stepout zone; and static metal recoveries of 89% silver and 95% gold, the analyst said.

Construction is expected to start in 2029, followed by targeted full run rates of 1,500 tonnes per day (tpd) in Q1/31, for annual production of nearly 12 million ounces silver equivalent (Moz AgEq) at an average total cash cost of US$9.25/SEO, he said.

DPB South Extension Confirmed; Technical Surveys Underway

In September 2024, Blackrock announced a positive Preliminary Economic Assessment (PEA) projecting the project to produce an average of ~4Moz Ag and ~54,000oz Au per year from 4.1 million tonnes (Mt) grading 271 g/t Ag and 3.34 g/t Au, McDougall said. Total cash costs were projected at US$9.30/SEO over the mine’s life, or US$12/SEO on an all-in-sustaining basis.

An average of 1,500 tpd would be mined using sub-level stoping and cut-and-fill mining methods with cemented and hydraulic backfill, the analyst noted. The initial capex of US$178 million was recovered in just over two years at base-case metal prices of US$1,900/oz Au and US$23/oz Ag. An updated resource (MRE) has since been completed to include an additional 83 infill and delineation holes, and management has begun necessary studies for the underground program.

Eastern Expansion

Initially, Blackrock focused on an area between the DPB South and NW Stepout resource blocks, bridging the first half of that 1km-long gap on 50- to 75-meter centers, McDougall wrote. The rig then moved to the Eastern Expansion area, with the first seven RC holes suggesting a 1.2-kilometer extension from the resource area’s eastern limits.

Another 22 core holes have since been drilled, with two just east of the resource shell returning 0.82 meters grading 568 g/t Ag and 5.95 g/t Au within an 8.75-meter section that ran 90 g/t Ag and 0.94 g/t Au, and 1.1 meters grading 9.2 g/t Ag and 8.67 g/t Au within a 5.67-meter section that ran 3.6 g/t Ag and 2.38 g/t Au, the report said. Both are relatively shallow, at 234 meters and 180 meters downhole, and each is enriched in gold relative to the DPB South grade.

Ohio Mine Area

One of the two holes from the Ohio mine area returned 5.03 meters grading 307 g/t Ag and 4.06 g/t Au, starting at 165 meters and including 1.83 meters at 724 g/t Ag and 8.58 g/t Au, McDougall said.

These results complement the discovery hole, TW25-128, which intersected two 1.52-meter sections grading 1,198 g/t Ag and 9.61 g/t Au at 293 meters, and 219 g/t Ag and 1.71 g/t Au at 297 meters. An even older hole, TW20-001, cut similarly rich but broader mineralization some 1.1 kilometers further along the fault, with nearly 29 meters grading 436 g/t Ag and 5.29 g/t Au.

True widths are estimated at 75-85% of the drill widths, and results are still pending for 13

holes, including 11 from Eastern Expansion area and two from DPB South resource area, McDougall wrote.

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Important Disclosures:

1. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
2. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Disclosures for Research Capital Corp., Blackrock Silver Corp., October 30, 2025:

Analyst Certification

I, Stuart McDougall, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report. Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Stuart McDougall has visited Blackrock Silver Corp. in the past 18 months.

Relevant Disclosures Applicable to Companies Under Coverage

Information about Research Capital Corporation’s Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating catergories is available on our website at www.researchcapital.ca

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Research Capital Corporation publishes research and investment recommendations for the use of its clients. The opinions, estimates and projections contained in all Research Reports published by Research Capital Corporation (“RCC”) are those of RCC as of the date of publication and are subject to change without notice. RCC makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; RCC makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on its Research Reports or its contents. Information may be available to RCC that is not contained therein. Contents of this report cannot be reproduced in whole or in part without the express permission of Research Capital Corporation. Research Reports disseminated by RCC are not a solicitation to buy or sell. All securities not available in all jurisdictions.

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All Research Capital Corporation (“RCC”) Analysts are compensated based in part on the overall revenues of RCC, a portion of which are generated by investment banking activities. RCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. RCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned in our Research Reports as principal or agent. RCC makes every effort possible to avoid conflicts of interest, however readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.

RC USA INC.

US Institutional Clients – Research Capital USA Inc., a wholly owned subsidiary of Research Capital Corporation, accepts responsibility for the contents of this report. This report has been created by analysts who are employed by Research Capital Corporation, a Canadian Investment Dealer. US firms or institutions receiving this report should effect transactions in securities discussed in the report through Research Capital USA Inc., a Broker – Dealer registered with the Financial Industry Regulatory Authority (FINRA).

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( Companies Mentioned: BRC:TSX.V; BKRRF:OTCQX,
)