Lab Report | Sep 28 Deep Dives on NevGold, Equinox, Sirios, Ashley, and Emperor Metals

CEO.CA Sep 29, 2026 59:31

Summary

High-grade hits below and beside known resources, NevGold feeders, Sirios margins, and Emperor deep shoots, drive the next re-ratings.

The Lassonde Curve, a mine developer's typical share-price lifecycle, warns that publishing a resource puts juniors in a development discount window.

Equinox Gold's Orla acquisition and 45-rig, 308,000-metre drilling program show majors must replace mined ounces through exploration to keep growing.

Chasing high-grade feeders under low-grade open pits can excite the market, cut financing costs, and limit dilution for juniors.

Judge juniors on market cap, not share count: rollbacks and warrant pressure matter less than discovery and valuation potential.

The host argues that 22 meters at 10 g/t gold, drilled 2 km beyond current operations at Muskrat and on strike in the same rock, shows a mine in production for decades could run for more decades.
He says the recent acquisition of Orla Mining should push Equinox past 1 million ounces of annual production toward 2 million and beyond, potentially making it the second- or third-largest Canadian gold miner, with an $18.69 billion valuation as of the video.
He calls its exploration spend very aggressive for a company this size: 45 drill rigs across nine projects and 308,000 meters drilled year-to-date across Canada, the US, Mexico, and Nicaragua.
At Valentine he highlights near-surface hits of about 99 meters at roughly a gram and 27 meters at 2.11 g/t at the new Minotaur discovery, an open-pit grade he says is roughly double current norms, while Greenstone's first major exploration program since 2020 started in August.
On his Lassonde Curve 2.0 the host places Equinox on the grow-and-replace trajectory, arguing it offers gold exposure to a miner with production growth and mine-life extension ahead of it.

The host describes Muskrat as a tier-two project for Newmont that got little attention inside the company, which mined what it already knew was there without doing extra drilling.
He contrasts that with the 2 km step-out drilling Orla and now Equinox are doing at Muskrat, work he says Newmont never bothered with.

Mentioned as the US-based antimony story investors use when comparing NevGold; the host says he evaluates projects individually and does not trade on such comparisons.

Cited as context only: the host notes NevGold entered Idaho before Hercules' discovery in the state drew wide attention.

New geophysics at Nutmeg Mountain in Idaho defined nine new drill targets, including three potential high-grade feeder structures beyond the mineral resource boundary, which the host calls a chance at rebirth beyond the known resource.
He sizes the resource at 1.19 million indicated ounces at 0.5 g/t plus 548,000 inferred ounces at 0.34 g/t, grades in the range open-pit mines run today, and argues that much near-surface gold points to something special below it.
At an about $190 million valuation as of the video he thinks the price is a bit low, with upside if drilling under the pit cuts the feeders and climbs the left side of the Lassonde Curve.
Primary capital stays anchored on the Limousine Butte gold-antimony project in Nevada, cited with a maiden resource of 1.4 million ounces gold and 107,000 tons of antimony, and an about $45 million treasury lets drilling proceed without immediate financing needs.
He frames the share slide from above $3 to near or below $1 as the Lassonde development discount rather than a verdict on the projects, saying he focuses on projects over short-term price waves.

Top takeaway Argues Canadian operations are increasingly the foundation of Equinox Gold's production and organic growth strategy, supplying over 60% of 2026 gold production.
Points to three long-life Canadian mines, significant processing capacity, and highly prospective, underexplored land packages as the basis for that growth.

Top takeaway Argues the strategy of targeting structural intersections keeps expanding the Duquesne West deposit while enhancing both its thickness and grade.
Says infill drilling in previously wider-spaced areas is reconciling positively, supporting potential increases in both grade and tonnage.
Reports rising visible gold occurrences in the 2026 campaign and AI-assisted geological modeling, with delivery on investor commitments and an updated PEA as the next step.

Top takeaway Runs the episode through his Lassonde Curve framework: a published resource drops a company into the development discount window, so he hunts for stories that can climb the left side with discovery.
Argues Nutmeg Mountain's roughly 1.2-million-ounce open-pit resource is evidence of feeder structures below, and wants angled holes under the pit chasing high grade rather than relying on geophysics alone.
Contends Equinox, post-Orla, is on the grow-and-replace trajectory of aggressive drilling, reserve replacement, and mine-life extension that separates lasting majors from depleting ones.
Insists market cap is all that matters, so Sirios' share rollback and Ashley's penny-stock price do not change the math he cares about.
Repeatedly argues juniors should pair low-grade open-pit plans with deep high-grade feeder discoveries to excite investors and lower their cost of capital.