Viva Gold is a junior gold exploration and development company advancing the Tonopah Project in Nevada, USA, focused on open-pit, heap leach potential at the PEA stage. The company’s current resource is stated at about 600,000 oz of gold, and this interview largely centered on why the stock has lagged the gold move, the CEO’s strategy to prioritize feasibility and permitting over endless drilling, and the critical role of water and permitting in Nevada.

1. TLDR
   — — —
   – Viva aims to unlock a valuation re-rate through feasibility and permitting in Nevada rather than chasing headline ounces indefinitely, with the CEO citing a historical premium for permitted assets versus unpermitted ones.
   
   – He framed the project as relatively de-risked for its stage due to a stated resource of about 600,000 oz with 86% in measured and indicated categories.
   
   – Water management was presented as a foundational strength, backed by more than seven years of baseline work and a sizable monitoring network, with the CEO arguing this preparation puts Viva ahead of the typical permitting curve, but some water questions remain unanswered.
   
   – The near-term practical reality is that none of this moves without funding, and management says about US$5 million is required to reach feasibility and properly launch the formal permitting process.
   
2. What have they done for shareholders lately?
   — — —
   Management said the resource has grown to roughly 600,000 oz from about 30,000 oz when the asset was acquired, and the company has completed its second PEA since 2020. The CEO emphasized that Viva has made substantial progress on environmental baseline studies, arguing this positions the project to enter permitting without the typical multi-year delay seen when companies leave baseline work too late. He also described extensive hydrogeological work spanning more than seven years, including pump-down tests and a network of over 36 monitoring points, with some exploration holes converted into long-term monitoring wells.
   
3. What has changed since the last major update?
   — — —
   The key changes described were the scale-up of the resource to about 600,000 oz and the high proportion of Measured and Indicated material, which the CEO put at 86% of the total. He framed this as a meaningful de-risking versus peers with large inferred-heavy resource bases. He also suggested the company is shifting its value-building focus toward feasibility and permitting rather than only growing ounces, and stated that the deposit appears intensely oxidized with drilling down to roughly 250 m still in oxidized material. He also implied a maturing technical dataset, including expanded oriented core and geotechnical work that will feed an updated pit-slope model in feasibility.
4. How much money do they have and what are they spending it on?
   — — —
   The CEO said the last report showed around US$1 million in cash and that recent quarterly spending has been low, implying the current balance is not far below that. He estimated Viva needs to raise about US$5 million, excluding build capex, to complete the work required for feasibility and the permitting steps that follow. G&A was described as roughly US$60,000 per month on average, with an expectation that additional support will be needed as the project advances, likely using consultants to keep fixed overhead low. Marketing spend was presented as need-based and tied to financing requirements, with current outreach focused on Europe. On alignment, total insider ownership was stated at about 4%, the CEO disclosed ownership of roughly 2.5 million shares, and he did not provide a clear personal cash cost basis. On royalties, he said management holds no royalty on the project. Of 508 mineral claims, 128 carry a 2% NSR, with an option for Viva to buy back 1% for US$1 million.
5. Catalysts
   — — —
   Near-term momentum appears to depend on raising the roughly US$5 million the CEO says is needed to fund feasibility and permitting-related work. He outlined a plan to complete feasibility over the next year and to assemble and submit a Plan of Operations to the U.S. Bureau of Land Management alongside baseline study work to formally initiate the EIS pathway. He also described a planned final infill drill program intended to convert inferred material into measured and indicated, noting that inferred cannot be used in feasibility and that the next major technical step could allow the company to talk about reserves rather than only resources. He suggested more meaningful news could arrive early in the new year, tied to financing progress and refining the work plan with consultants.
6. Risks
   — — —
   According to the CEO, permitting is the biggest risk on the project, and this is central to Viva’s near-term strategy. Water is an embedded risk within permitting, especially given the shallow water table around 30 m, the valley-floor setting that will require dewatering, and the proximity of town infrastructure and wells to the claim area. Financing risk is also material, with the project’s advancement plan dependent on securing the estimated US$5 million in a difficult junior market environment. A softer but relevant risk is market perception of asset scale, since management acknowledged some investors simply want multi-million-ounce stories and may not value a smaller build concept. The CEO also acknowledged that some structural certainty only comes once mining begins, even though he argued the current drilling density and geotechnical work meaningfully reduce that uncertainty.

Viva Gold CEO Interview With James Hesketh

VERY IMPORTANT WARNING

Please note that Viva Gold has not paid Resource Talks for the creation of this content. However, this website is a business that charges for the creation and publication of content. This means there will always be a potential conflict of interest which means you can never rely on anything said herein.

By consuming this content, you acknowledge that Resource Talks and/or its affiliates and/or their personnel may own, have owned, or will own interests in and/or may have a business relationship with some or all companies/entities mentioned/featured in this publication. You further acknowledge that entities which may be referenced or featured in this publication or their related parties may hold an interest in Resource Talks or its affiliates, which may create further conflict of interest.

The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.