The Hole Truth: Mining Investment Podcast

Chalice is Riding The Return to Hybrids and Petrol Engines - Alex Dorsch (ASX: CHN)

Chalice's fortunes are strongly linked to the palladium price, and the palladium price is running as the world realises that hybrids and petrol engines are a big part of the future of the car industry.
Guest Bio
Alex Dorsch is the Managing Director and Chief Executive Officer of Chalice Mining. He is a geologist with more than 15 years’ experience across exploration, project development and capital markets, having worked in senior technical and corporate roles within the Australian resources sector. Since joining Chalice, Alex has led the discovery, advancement and strategic repositioning of the Julimar–Gonneville PGM–Nickel–Copper project in Western Australia.
 
Produced by Resource Media
 
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
 
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Links
The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/
Company Website: https://chalice.com.au/
Key Insights
Hybrid Vehicles Are Reshaping Palladium Demand
The global pivot away from an all-EV future has re-established hybrids as a long-term transition technology. Hybrids require higher palladium loadings in catalytic converters, keeping demand resilient despite slower EV uptake.
Supply Constraints Create Strong Price Leverage
Palladium supply remains highly constrained, with minimal new investment in Russia and South Africa. In a relatively small market, even modest demand shifts can drive sharp price increases.
Gonneville Is Highly Leveraged to Palladium Upside
Chalice’s Gonneville project offers rare scale exposure to palladium in a Tier-1 jurisdiction. Each US$100/oz increase in the palladium price adds substantial value to project NPV, highlighting strong upside leverage.
Simplified Processing Has Transformed Project Economics
A major metallurgical breakthrough allowed Chalice to remove a capital-intensive downstream processing stage. This materially reduced capex, simplified the flowsheet and improved robustness across commodity cycles.
Conservative Assumptions De-Risk the Investment Case
The project’s pre-feasibility study uses palladium price assumptions well below spot levels. This conservative approach demonstrates economic viability at the bottom of the cycle, while preserving significant upside in a rising price environment
 

Black Bear Running Flat Out at New Texas Silver Project - Dennis Lindgren (ASX: BKB)

Black Bear Minerals (ASX: BKB) has just acquired a silver project in Texas. It's the highest-grade silver resource on the ASX. The company has an aggressive drilling
program already underway, with assays set to come in the new year. The
exploration program will take place in conjunction with the ongoing work at the
company's gold project in Nevada.
 
 
Produced by Resource Media
 
 
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. 
RESOURCES
LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
Instagram: https://www.instagram.com/theholetruthpodcast/ 
Company Website: https://blackbearminerals.com.au/
 
 

E-79 Joins The Cue Gold Rush – Ned Summerhayes (ASX: E79)

E-79 has just acquired the Cue Gold Project. This is becoming a very hot region in WA — a project known to host mineralisation and sharing geological features with other big deposits nearby.
Guest Bio
Ned Summerhayes – Chief Executive Officer, E79 Gold MinesNed Summerhayes is the CEO of E79 Gold Mines, an Australian exploration company focused on high-potential gold and critical-metal projects. Ned is a geologist with extensive experience across Western Australia and the Northern Territory, specialising in structurally hosted gold systems and early-stage project development. He is leading E79’s exploration strategy across its Cue Gold Project in WA and its bismuth-copper-gold project in the Northern Territory.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Links
The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast/The Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/Company Website: https://www.e79gold.com.au
Key Insights
1. Cue Acquisition Positions E79 in One of WA’s Hottest Gold Districts
The newly acquired Cue Gold Project sits between major operators Westgold and Ramelius, providing E79 with a prime address in a region experiencing renewed exploration success. The area is already known to host gold, reducing geological risk and offering potential access to existing processing infrastructure.
2. Significant Upside from Under-Explored Depth Potential
Historic drilling averaged only 42m in depth, with just 2% of holes drilled deeper than 100m — despite nearby deposits demonstrating high-grade mineralisation at depth. Intercepts such as 13m at 2.2g/t ending in mineralisation highlight the possibility of deeper, higher-grade systems yet to be tested.
3. Geological Setting Aligns with Proven High-Grade Deposits
E79 controls the southern extension of the Great Fingall Dolerite and titanium-rich basalts analogous to Break of Day — both highly fertile gold hosts. Gravity surveys will help identify cross-cutting structures now understood to control mineralisation in the district, sharpening the drill-targeting strategy.
4. Strong Cash Position Enables a Full Exploration Program
With approximately $4.5 million in cash and an enterprise value of roughly $1 million, E79 is well funded to execute its exploration plans. Upcoming work includes detailed gravity surveying, broad aircore drilling, and targeted RC drilling across multiple prospects.
5. NT Bismuth Project Provides Seasonal Optionality and Critical-Metal Exposure
E79’s Northern Territory project adds diversification, with rock chips returning up to 9% bismuth alongside copper and gold. Seasonal constraints mean drilling will resume after the wet season, allowing the company to focus on Cue in the interim while maintaining exposure to emerging critical-metal markets.

AusQuest in Search of Mining’s Holy Grail – Graeme Drew (ASX: AQD)

AusQuest (ASX: AQD) believes it has a major porphyry discovery on its hands in Peru. It’s already returned some fascinating drilling results with mineralisation intersected over huge widths. Managing Director Graeme Drew believes it’s yet to find the “eye” of the porphyry system and that’s what the current drilling programme is about. If he’s correct, the company’s market cap of A$56 million could do just about anything.
Guest BioGraeme Drew is the Managing Director of AusQuest Limited. Mr Drew has over 40 years’ experience in the exploration industry in Australia and overseas. Prior to co-founding Ausquest Limited, he was an Exploration Manager for CRAE and Rio Tinto Exploration Pty Ltd in Western Australia and Eastern Australia. He has extensive experience in the search for, and evaluation of, base and precious metals including nickel, copper, gold, uranium, zinc and diamonds.
CreditsProduced by Resource MediaThe Hole Truth: Mining Investment Podcast is a product of Read Corporate.Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
LinksThe Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcastThe Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/Company Website: https://www.ausquest.com.au/
Key Insights
Scale Emerging at Cangallo – AusQuest’s early drilling has defined a large footprint of near-surface copper-gold mineralisation, with broad intercepts extending hundreds of metres from surface. This supports the interpretation of a significant porphyry system still in its early stages of delineation.
Location Provides Material Cost Advantages – Unlike many Andean porphyry deposits situated in remote high-altitude terrain, Cangallo sits near the Peruvian coast at relatively low elevation. This improves logistics, reduces potential infrastructure hurdles and enhances long-term development optionality.
Eye of the System Still to Be Found – Geological indicators suggest current drilling is positioned on the edge or upper levels of the porphyry system. The ongoing RC and diamond programs are designed to vector toward the higher-grade core, which could materially change the project’s scale and economics.
Early-Stage Drilling Indicates Consistent Mineralisation – Intercepts to date show consistent copper grades across large widths, with oxide mineralisation from surface and sulphides appearing at depth. The presence of tonalite dykes carrying higher grades provides encouragement that the main intrusive centre is nearby.
Significant Re-Rating Potential – With a current market capitalisation of A$56 million, AusQuest remains lightly valued relative to the potential scale of a major porphyry discovery. As drilling advances and assays confirm grade trends toward the interpreted core, the company could enter a transformational phase.

Nimy Resources (ASX: NIM) Unveils One of the Highest-Grade Gallium Resources in the World – Luke Hampson

Nimy Resources’ (ASX: NIM) maiden gallium resource is one of the highest-grade in the world at more than 100 g/t, and the western world is desperate for non-Chinese gallium supply. Nimy says it can help meet that need. The resource is already significant but Managing Director Luke Hampson tells us there is huge scope for growth. The company is also advancing its copper exploration programmes in WA.
Guest bio:Luke Hampson is Managing Director of Nimy Resources. He brings over 30 years of experience in the mining industry, having led management teams across the Asia-Pacific region. His background includes 19 years at WesTrac Pty Ltd, 3 years at Rio Tinto Iron Ore and 11 years as Managing Director of Cloonmore Mining & Energy.
Produced by Resource Media
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.
Links:The Hole Truth LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcastThe Hole Truth YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7The Hole Truth Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/The Hole Truth Instagram: https://www.instagram.com/theholetruthpodcast/Company Website: https://nimy.com.au/
Key Insights:
Exceptional grade for a niche metal Nimy has announced a maiden inferred JORC resource at its Block 3 deposit of 7.23 Mt grading 102 g/t gallium, totalling approximately 740 t contained. This positions it among the highest-grade gallium resources known globally.
Strong supply-chain positioning Gallium is classified as a critical metal, with global production dominated by China. A high-grade Western-jurisdiction supply source such as Nimy provides strategic diversification for international markets seeking secure supply.
Significant upside and exploration optionality The maiden resource covers only a small portion of the mineralised footprint. Broader exploration targets suggest potential for substantial growth through further drilling across a 30 km² anomalous zone.
Synergies with other commodities and projects Beyond gallium, Nimy continues to advance promising copper and base-metal targets within the Mons Project. This reinforces multi-commodity optionality as exploration accelerates.
Emerging funding and offtake momentum Interest from US and European groups, alongside engagement with critical-minerals partners, positions Nimy to potentially access government-backed funding and secure future offtake pathways.

Centaurus Metals: a Classic Countercyclical Investment Opportunity – Darren Gordon (ASX: CTM)

Everyone knows the nickel price is down, but Centaurus Metals (ASX: CTM) MD Darren Gordon says that's why there's a great investment opportunity. The company is in talks with potential partners regarding its Jaguar Nickel Project in Brazil, it also has active copper and gold exploration activity in the country.
Mr Gordon is a Chartered Accountant with over 25 years’ experience in the mining industry as a senior finance and resources executive. Mr Gordon has had extensive involvement in financing resource projects from both a debt and equity perspective and is a non-executive Director at Ordell Mineral Limited. Mr Gordon has over 15 years’ experience operating in Brazil and as a result has a deep understanding of the regulatory framework and general operating environment required to develop a mining project in country. 
 
 
Produced by Resource Media
 
 
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. 
RESOURCES
LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
Instagram: https://www.instagram.com/theholetruthpodcast/ 
Company Website: https://www.centaurus.com.au
 
1. Counter-cyclical Opportunity in Nickel
Centaurus Metals is positioning its Jaguar Nickel Project in Brazil as a classic counter-cyclical investment, taking advantage of the current downturn in nickel prices (around US$15,000/t) to prepare for the next upswing. Gordon believes the market has hit its floor and that investors entering now could see significant upside as prices recover
 
 
2. Strategic Partnering to Unlock Value
Centaurus is advancing strategic partnering talks with downstream players seeking sustainable nickel supply for the EV battery sector. The goal is to secure a minority partner with offtake and equity funding, enabling development of the US$400 million Jaguar Project while maintaining operational control. A partnership announcement could trigger a major share price re-rating within the next few months
 
3. Low-Cost, Sustainable Nickel Sulphide Production
Jaguar’s economics remain robust even at current prices, with all-in sustaining costs (AISC) of ~US$4.40/lb, placing it in the lowest cost quartile globally. The project’s low-carbon footprint and nickel sulphide resource differentiate it from Indonesia’s environmentally damaging laterite operations, making it highly attractive to Western EV supply chains
 
4. Copper-Gold Growth Pipeline in the Carajás
Alongside Jaguar, Centaurus is expanding into copper-gold exploration in Brazil’s Carajás region, including the Boi Novo and Rio Novo projects. These assets offer exposure to high-grade copper intersections (up to 35 m @ ~1.8% Cu)and the potential for short-term share price catalysts through upcoming drilling results
 
5. Funded for Dual Momentum
After a successful capital raise in August, Centaurus plans to deploy funds for both Jaguar’s development and new drilling programs at Boi Novo. With near-term exploration newsflow and an imminent funding deal, the company is offering investors two growth pathways—nickel development and copper-gold discovery—positioning it strongly for a 2026 value uplift.

Mont Royal’s Re-listing: A Piece of Perfect Timing - Nick Holthouse (ASX: MRZ)

The rare earths space is hot, creating the perfect environment for the imminent re-listing of shares in Mont Royal (ASX: MRZ). The re-listing follows the company's success in securing the world-scale Ashram rare earths project in Canada, giving it the critical minerals which the rest of the world wants. With the capital raising completed, Mont Royal will hit the ground running with its strategy to unlock the immense value of this asset.    
 
Produced by Resource Media
 
 
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. 
RESOURCES
LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
Instagram: https://www.instagram.com/theholetruthpodcast/ 

Bellevue Gold up and Away With Strong Operational Results - Darren Stralow (ASX:BGL)

Bellevue Gold (ASX: BGL) has bounced back with a vengeance. The company's latest operational results are strong showing it's on track to meet guidance. MD Darren Stralow tells us about the changes that were made at an operational level, why they've been so effective and what the next twelve months holds.
Darren Stralow is the CEO and Managing Director of Bellevue Gold, leading the company through its transition from development to production at the high-grade Bellevue Gold Project in Western Australia. A mining engineer and WA School of Mines graduate, Darren brings more than 20 years of underground mining experience, including senior leadership roles at Northern Star Resources. Known for his strong operational and commercial focus, he’s driving Bellevue’s vision to produce some of the world’s most sustainable gold.
 
 
Produced by Resource Media
 
 
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. 
RESOURCES
LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
Instagram: https://www.instagram.com/theholetruthpodcast/ 
Company Website: https://bellevuegold.com.au
 
Key Insights:
1. Bellevue Gold delivers a strong September quarter, beating production guidance
Bellevue Gold produced around 29,000 ounces of gold in the September 2025 quarter, ahead of budget and on track to meet its FY25 guidance of ~140,000 ounces. Darren Stralow notes that the company is achieving or exceeding internal targets, with increasing grades expected to drive stronger production and cash flow in the second half of the year.
2. Operational turnaround driven by improved development rates and mine planning
Following a strategic operational review, Bellevue Gold has dramatically improved its underground development rates, achieving over 320 metres per jumbo compared to a budget of 270 metres. This has allowed the team to get ahead of production fronts, install all primary infrastructure, and move the operation into a steady-state phase with improved resilience and reduced risk.
3. Cash flow strengthens as grades rise and capital costs taper off
With plant upgrades and ventilation installations now complete, Bellevue Gold expects to generate higher grades from the Deacon mining area while maintaining a stable cost base. Stralow says the mine will see rising free cash flow as higher-grade ore and stable operating costs combine to lift margins and provide optionality for balance-sheet management.
4. Pathway to becoming a debt-free, unhedged gold producer by end-2026
Bellevue Gold has begun closing out hedge positions ahead of schedule and proactively managing its hedge book to take advantage of strong spot prices. The company holds A$150–160 million in cash — equivalent to roughly four months of operating costs — and aims to be completely debt-free and hedge-free by the end of 2026, positioning it among Australia’s lowest-risk mid-tier gold producers.
5. Growth focus shifts back to exploration and long-term discovery
After several years focused on construction and ramp-up, Bellevue Gold is now ready to reignite exploration across its 1,900 km² landholding. With underground drill platforms established and cash flow funding new programs, Stralow says the company is excited to “hit exploration hard again” to grow the resource base and extend mine life — marking the next chapter in Bellevue’s growth story.

CZR Cashed Up, Drilling Flat Out With Mark Creasy As It's Biggest Shareholder – Stefan Murphy (ASX: CZR)

CZR is coming to life in a big way with around $74 million cash in the bank, some fantastic WA exploration assets and numerous drilling programmes being lined up between now and Christmas.
Managing Director Stefen Murphy led the development and commissioning of the Roper Bar iron ore mine in the Northern Territory. His experience in developing integrated mine-to-port logistics solutions and iron ore marketing has been invaluable to CZR in developing the Robe Mesa iron ore project in the Pilbara.
Mr Murphy commenced his career in the Pilbara as a mine geologist with BHP iron ore and has spent the past 20 years working on mining and exploration projects throughout Australia. In addition to his technical roles, he holds an MBA and has worked in corporate finance roles in Australia and the UK, focused primarily on capital markets and M&A transactions in the resources sector.
 
 
 
Produced by Resource Media
 
 
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. 
RESOURCES
LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
Instagram: https://www.instagram.com/theholetruthpodcast/ 
Company Website: https://www.czrresources.com
 
Key Insights:
1. Robe Mesa Iron Ore Sale Delivers $75 Million and Positions CZR as Cash-Backed
CZR Resources has completed the sale of its Robe Mesa Iron Ore Project to the Robe River Joint Venture (Rio Tinto, Mitsui and Nippon Steel), delivering around $75 million in cash. The transaction leaves CZR debt-free and holding a cash balance roughly equivalent to its market capitalisation, effectively making it a cash-backed exploration company. With a strong balance sheet and no debt, CZR is now well positioned to fund aggressive exploration across its portfolio.
2. Croydon Gold Project: Drilling Targets Hemi-Style Intrusions
Freshly funded, CZR has launched an aggressive drilling campaign at its Croydon Gold Project, located about 50 kilometres south-east of De Grey Mining’s Hemi discovery in the Pilbara. Early aircore results have confirmed the presence of diorite intrusions, epithermal quartz veining and gossanous zones — all key indicators of intrusive-related gold systems similar to Hemi. With RC drilling planned through late 2025, the company is aiming to define both shallow epithermal gold mineralisation and deeper intrusion-hosted systems across the Top Camp and Bottom Camp prospects.
3. Edamurta Copper-Zinc Project Shows Golden Grove-Style VMS Potential
CZR’s Edamurta Project, located in the Midwest near Yalgoo, is showing strong signs of volcanogenic massive sulphide (VMS) potential similar to the Golden Grove and Deflector deposits. Recent geophysical surveys have identified strong electromagnetic conductors, consistent with copper-zinc-gold-silver mineralisation. A 3,000-metre RC drilling program is planned to test these high-priority conductor plates, offering multi-commodity upside and the potential to establish CZR as a serious copper-zinc explorer in Western Australia.
4. Strategic Backing from the Creasy Group
CZR continues to benefit from the long-term support and geological expertise of the Creasy Group, led by renowned prospector Mark Creasy, who holds a 51% stake in CZR and a 30% joint venture interest at Croydon. The Croydon tenements were originally pegged by Creasy for their intrusive geological potential, and his ongoing involvement provides both strategic stability and proven exploration pedigree across CZR’s project portfolio.
5. Fully Funded Growth and Retained Iron Ore Upside
Following the Robe Mesa sale, CZR is fully funded to accelerate exploration across its gold and base-metal projects while maintaining exposure to iron ore through the Peters Creek and Darnell’s prospects and its 50% interest in the Ashburton Link infrastructure joint venture. With a strong cash position, multiple high-potential assets, and upcoming drilling at both Croydon and Edamurta, CZR offers a rare combination of financial strength, discovery upside, and portfolio diversity — all while trading around its cash backing.
 
 

Cygnus Metals’ Substantial Resource Upgrade — with David Southam (ASX: CY5)

This week on The Hole Truth, David Southam, Executive Chairman of Cygnus Metals (ASX:CY5), joins us to unpack a 78% increase in measured & indicated resources at the company’s Chibougamau Copper–Gold Project in Québec, Canada. With a new total of 2.2 million ounces gold-equivalent at 4.5 g/t, more than 3Moz of silver and nearly $20M in cash, Cygnus believes the market hasn’t yet caught up to the scale and quality of what they’ve built.
 
 
Produced by Resource Media
 
 
The Hole Truth: Mining Investment Podcast is a product of Read Corporate.
Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions. 
RESOURCES
LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast
YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7
Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/
Instagram: https://www.instagram.com/theholetruthpodcast/ 
Company Website: https://www.cygnusmetals.com
 
Key insights from the episode:
From “sausage” to “sizzle”:How Cygnus deliberately focused on delivering a big, high-grade copper-gold resource before turning to promotion — and why now is the time to tell the story globally.
Major resource growth:The updated estimate delivers 2Moz gold-equivalent at 4.5 g/t, plus silver upside and infrastructure advantages in a proven Québec mining district.
Market disconnect & valuation gap:Despite the scale, Cygnus sits at a ~$100M market cap (with $20M cash)— well below analyst price targets, including Canaccord’s 30c call vs. an ~11c share price.
Upcoming catalysts:Active drilling at Cedar Bay, a new economic study using current gold (US$3,700/oz), copper (US$4.50/lb) and silver prices, and potential M&A interest across the Chibougamau district.
Smart development metrics:Low capital intensity compared to peers, strong institutional support, and a clean copper concentrate with no deleterious elements — all factors that improve project appeal.