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Upside Gold ($UG | $UGODF): 3.31 Moz Historical Gold Resource and 5,180 Metres Drilled in BC

Investor TV Oct 5, 2026 24:42

Summary

Upside Gold's Kena project in southern British Columbia holds a historical 3.31 million ounce gold resource, with an updated 43-101 estimate expected in Q1 2027.

The 2026 drill program reached 5,180 metres, beating its 4,000 metre plan and finishing ahead of schedule, with assay results still pending.

Management is targeting 4 to 5 million ounces by adding recent drilling, the Kena copper gold zone, and previously excluded copper and silver values.

The host sees the company valued near $850 an ounce in the ground against a $34 million market cap, framing shares as cheap optionality.

Flow-through dollars (tax-incentive financing for Canadian exploration) make up $3.7 million of the June raise, already covering the 2027 drill program.

Key points on Newmont

  • Sophy Cesar points to Newmont's Red Cliff operation, which uses block caving, as a possible mining-method model for the Kena project's mountain setting that could carry a smaller environmental footprint, while stressing no economic study has been done yet.

Key points on Aya Gold & Silver

  • Sophy Cesar says she worked at Aya Gold & Silver back when it was still Maya Gold and Silver, describing it as a very large silver-producing company with a mine in Morocco.

Key points on Banyan Gold Corp

  • Don Durrett uses Banyan Gold as the template for Upside Gold, recalling buying Banyan at $8 per ounce in ground and watching it reach $85, heading toward his $150-200 estimate.
  • He attributes Banyan's re-rating to its 8-10 million ounce size and the momentum effect once a stock starts trending and draws more attention.

Don Durrett's takeaways

  • Top takeaway Don Durrett frames Upside Gold as a bottom-bouncing value play: with gold around $4,100 and the stock near 46 cents US as of the interview, he says roughly $8 per ounce in ground against Banyan-style re-rating makes $150 per ounce 'absolutely in play', and he expects to buy the stock and make it his 17th exploration holding.
  • He argues gold is trending toward $10,000 and that Canadian exploration projects, which traded north of $100 per ounce in ground in the last bull market, are headed far above current valuations.
  • He contends undeveloped 3-million-plus-ounce deposits in Australia, the US, or Canada will be in heavy demand as M&A kicks in, because deposits of that size are becoming very rare and hard to find.
  • He sees no red flags in the tight share structure (about 70% of shares in friendly hands) and the cash position, naming only possible resistance to open pits in British Columbia as a concern.

Sophy Cesar's takeaways

  • Top takeaway Sophy Cesar argues the 3.31-million-ounce historical resource at 0.54 g/t gold, verified by an independent qualified person in 2021, is far more compelling with gold near $4,000 an ounce, and says the company is internally targeting 4 to 5 million ounces or more for the Q1 2027 update.
  • She says the company will not entertain any sale before proving out what it believes is a path to 5 million ounces, noting about 70% of shares are in friendly hands and that suitors were already circling before the company even listed.
  • She reports the 2026 drill program beat plan at 5,180 metres versus 4,000 planned, finished early and under budget, and that the team used the spare time to sample two past-producing mines along the 11-kilometre trend, including the newly acquired Venus-Juno (historical grades around 19 g/t gold and 17 g/t silver).
  • On permitting risk, she argues sentiment toward mining in Canada is shifting positive, citing a nearby underground mine advancing approvals, indigenous communities that have so far approved drill plans, and generational mining families on her workforce.