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This is an interview with Anthony Moreau, CEO of American Eagle, talking about the NAK Project in British Columbia and what they did in 2025 versus what they’re trying to do in 2026, mainly around drilling, results flow, how they plan to build toward a first resource estimate, and how partners South32 and Teck Resources fit into the plan.

TL;DR

Anthony said they planned 30,000 metres of drilling in 2025 and actually drilled 31,500 metres, focused on expanding the South Zone and doing bigger step-outs to show the system is large, not just a tight high-grade story. He said they have about $25 million cash left, spent $13.5 million on in-ground work in 2025, expect four more assay releases spaced every 2 to 3 weeks into PDAC, and plan to restart drilling in May with a 2026 program aimed at supporting a first-stage resource.

1. What have they done for shareholders lately?
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   Anthony told me the big 2025 “did what we said” items were getting the metres drilled, expanding the footprint of the South Zone which he described as close to surface and higher grade, and testing larger step-outs across the property to show scale, saying they hit copper and gold in all but one step-out hole. He also pointed to new drilling in a porphyry stock area and highlighted Hole 78 as a key attention-getter, describing it as a long intercept over 800 metres of copper-equivalent, but the exact percent grade is unclear in the transcript.
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2. How much money do they have and what are they spending it on?
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   CEO Moreau said they have about $25 million in cash left and that 2025 spending was $13.5 million in the ground, while G&A was more than covered by interest income, leaving about a $200,000 net positive on G&A. For 2026, he said all-in drilling costs are about C$400 per metre, and the work is aimed at two things. The main one is definition drilling in the South Zone to support a resource, as well as additional drilling around the porphyry stock plus step-outs to show a bigger system, alongside operational changes meant to reduce reliance on helicopter drilling.
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3. Upcoming catalysts
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   Anthony said there are four remaining assay releases coming, spaced every 2 to 3 weeks, and that 2026 drilling is meant to generate a first-stage resource. Operationally, he said drilling restarts in May, with one rig planned for South Zone definition and one to two rigs planned for other targets, plus a shift to skid-access drilling supported by more logging and road access. Corporately, he said they plan a run of institutional meetings over the next few weeks and that management may buy in the market once all assays are out.
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4. Risks
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   The CEO told me the main near-term risk is macro volatility hitting the sector, making sure that even good drilling gets drowned out by commodity moves and trader-driven selling. He added that if markets weaken enough it could force them to shrink or stretch the 2026 program even with cash in hand. He also flagged expectation management as a real risk, basically saying they talked up parts of the story and then investors overreacted when the next hole is merely good instead of magical.

American Eagle Gold CEO Interview With Anthony Moreau

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