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Harvest Gold Corp’s flagship project is the Mosseau Gold Project in Quebec. In this interview, CEO Rick Mark talked to me about why the stock is down, what they think they’ve learned from drilling, and how they plan to finance the next phase. We also discuss the Urban Barry and LaBelle properties in the same broader belt area.

TL;DR

Post-financing excitement faded while the market waited for assays, and the stock price started slipping. In addition to that, selling pressure from low-priced paper caused the stock to fall even more. Rick said the company has approx $800K CAD in cash, and an expected G&A of approx $300K a year. Harvest wants to get the remaining drill results out (central-area holes in two batches, first batch very soon), then roll that into a tighter drill plan and a financing conversation before spring. They also said the near-term corporate goal is to push to 80% and then 100% ownership of the main project under their option/JV structure, as they see the land position as the core strategic asset.

1. What have they done for shareholders lately?
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   They said they raised a little over $3M in the last round (including charity flow-through) and have spent roughly $2.6M on the ground since the last update. On exploration, they talked about a 5,000 m drill program and said early holes confirmed they’re in a polymetallic system, and later releases shifted the emphasis toward broader mineralized envelopes rather than only narrow high-grade hits. They also described narrowing a big target inventory down from about 60 showings to about 15, and now to just 3 priority zones in the north, with the rest of the drill program focused on the central area.
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2. How much money do they have and what are they spending it on?
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   They said the company has about $800,000 in the bank, with G&A historically under $300,000/year. They also said they still have a $1.5M spending requirement under the option terms by the end of next year and want to spend that over roughly the next 6 to 8 months to reach 80% and position for 100% ownership later. They expect to raise more money but didn’t give size/price, and instead pointed to a large warrant overhang (approx 75M warrants at different prices with Crescat Capital holding a meaningful portion) which is a potentially less expensive way to fund work.
3. Upcoming catalysts
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   Technically, they said the remaining drill results are coming, with central-area assays planned in at least two batches, and they also mentioned pending geochemistry results from a large southern-area program that they expect will generate new targets. Operationally, they said the next drill program is being designed around fewer, more focused zones (including two named target areas plus a smaller northern target they now want to test) and that all required drilling permits are in place under Quebec’s current system. Corporately, they said financing discussions are starting but they want the next releases out and the plan finalized first, with a rough target of being ready in about a month to six weeks.
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4. Risks
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   Near term, the risk is continued share-price pressure from legacy low-priced placements/warrant overhang. Ongoing assay timing risk. Financing/dilution risk. Exploration risk. The obvious ones. Execution risks are also a thing here because of target prioritization, since they’re trying to balance drilling known mineralized zones versus chasing flashy grades with a limited junior budget.
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Harvest Gold CEO Interview With Rick Mark

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