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Janine Goh of South Pacific Metals Corp. presents at Metals Investor Forum in Vancouver | Sep 2026

Metals Investor Forum Sep 28, 2026 11:13

Summary

Two Papua New Guinea copper-gold projects anchor the pitch: Osina, beside K92's K-9-2 mine, and Kiliteke's 4.2 Moz gold-equivalent inferred resource.

Management's Megaby drilling: 300+ m of strike open in all directions, a 38.7 g/t peak assay, and high-grade zones still open down plunge.

Kiliteke's first assay batch found a massive sulfide body extending over 200 m, with outcrop samples to 12% copper; 600 kg await assays.

An unfiltered stage pitch: no analyst pushback, a mid-presentation 'Standard disclosure' line, and every figure is management's own claim.

Funding is staged: roughly 70 million shares, 45% with insiders, and a BMO-led marketed financing of up to 15 million.

Key points on Barrick Mining

  • Mentioned once and only as a third-party credential: the presenter says her board member Alex Davidson 'ran exploration for Barrick', offered as evidence that he knows the neighbouring K92 geology. Nothing is said about Barrick's own business, assets or performance.

Key points on Harmony Gold Mining

  • Mentioned once, as the counterparty on an asset sale: the presenter says Kiliteke was 'That we acquired from Harmony Gold'. The 4.2 million ounce gold equivalent figure attached to Kiliteke is the acquiring company's claim about an asset it now owns, not a Harmony holding, and no Harmony operations or results are discussed.

Key points on Torex Gold Resources

  • Mentioned once, as an executive credential: the presenter says 'Our executive chairman, Michael Murphy, founded Torrex Gold' and cites that as a track record of financing and building mining companies. No Torex operations, results or assets are discussed.

Key points on K92 Mining Inc

  • K92 appears only as the presenter's neighbour and never as a subject of its own data: she credits it with 'building and expanding the K-9-2 mine' and argues that sitting next door is 'a huge advantage' because those deposits give 'a very useful geological reference' for what South Pacific Metals is looking for across the boundary.
  • She also describes her Anga project as 'adjacent to K92', hosting a target about 3 kilometers along strike of a K92 vein system, and says board member Alex Davidson 'knows the K92' geology firsthand. No K92 figures, results or outlook of its own are presented in this video.

Janine Goh's takeaways

  • Top takeaway Her thesis is adjacency: she argues that sitting next to the K-9-2 mine is 'a huge advantage' because the neighbour's deposits give 'a very useful geological reference' for what her own company is looking for on its side of the boundary.
  • She frames the story as four projects on one regional trend in Papua New Guinea, of which two matter now — Osina, where she says they are 'actively Drilling an emerging high-grade epithermal gold system', and Kiliteke, which 'Hosts our mineral resource' and where she is advancing 'New targets toward drilling'.
  • On Osina she argues the work has moved faster than the claim: 'in roughly 10 weeks' the company went from proving a structure to hitting high grade in multiple zones to mapping more than 300 meters of it, and she reads what has been found as 'the upper part of a much larger Gold system' with the high-grade zones still open below.
  • On Kiliteke she argues the value sits outside the existing resource — historical work 'Excluded from that resource calculation' points to high-grade material at the porphyry margins — and that the 'first small batch' of assays already identified a 'massive sulfide body' 'Extending more than 200 meters from the west' with 'up to 12% copper' at outcrop, work she says will define the company's first SPMC drill program there.
  • Her closing argument is execution and funding rather than geology: she says 'social license really is the license to operate' in Papua New Guinea, points to a tight register (roughly 70 million shares outstanding, 45% held by management and core insiders, 14 institutions), and cites a 'BMO-led marketed financing' 'For up to 15 million' that she expected to close the following week.