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This was an interview with Quimbaya Gold’s CEO Alexandre P. Boivin and technical advisor Dr. Stewart Redwood about early drilling at the company’s Tahami Project in Colombia’s Segovia district, next to Aris Mining’s Segovia operation. They talked about what the first-pass 5,000 m drill program at Tahami South proved, why the market sold off after results and a financing, and what they’re doing next, including a separate porphyry copper-gold-molybdenum target they say is now part of the story.

TL;DR

Boivin told me the first drill program did what it was meant to do. They hit veins across the Tahami South title and mapped two main vein systems (S and V) with ~1 m average hit widths, but the market wanted ore-shoot style high grades and didn’t get them yet. The best numbers he cited were 1 m @ 9.8 g/t gold equivalent and 1 m @ 9 g/t gold equivalent, and he framed the sell-off as a mix of expectations plus selling pressure tied to their C$14.4M bought-deal financing. On money, they said they have about C$12M left, expect that to fund drilling into Q1 next year (February/March, in their words), and they’re aiming to restart drilling in April with a rough plan of ~5,000 m more at Tahami South plus ~10,000 m on the porphyry/other targets, with first new assays hoped for around June/July and more releases August–September.

What have they done for shareholders lately?

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They ran a first-pass program of 12 holes from 7 platforms for about 5,000 m, and said they proved vein continuity onto their ground where veins were not previously well defined, identifying two main vein trends: Vein S (~1.6 km) and Vein V (~2.2 km), with intersections they described as close to true width. They said mineralization matches what they expect regionally (gold-silver with lead-zinc, plus high silver in places), but emphasized grades are not uniform and the next job is drilling/infill to find the ore shoots that carry the higher grades. They also said they’re currently doing IP and other geophysics plus geochem work (they referenced ground IP, mapping, and related interpretation) to refine targets before the next drill phase.
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How much money do they have and what are they spending it on?

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Boivin said they have about C$12M in cash after a C$14.4M bought-deal financing at C$0.70 with a half warrant, and he tied some stock selling pressure to financing allocations and warrant-clipping. He said that cash should cover drilling/exploration into Q1 next year (February/March), and he flagged ~11M warrants at C$0.40 expiring across December, February, and March that could add about C$4.4M if exercised, with about half held by him and the drilling partner. On spending, he described a rough target ratio of ~25% on G&A/marketing/overheads versus ~75% on exploration, mentioned a US$200k/month type burn for salaries/logistics/infrastructure (30+ employees), and said non-drilling fieldwork/prospecting could be up to US$1.0M over a year. He also mentioned a US$10k/month marketing contract and a one-off ~US$200k loss from an email-payment mixup.
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Upcoming catalysts

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Technically, they said they’re finishing geophysics/geochem interpretation work through February/March and expect some results, then plan to start drilling again in April, with a rough second-phase meterage concept of ~5,000 m more at Tahami South plus ~10,000 m on the porphyry and other targets, and they hope to start seeing first assays around June/July with more drill-result news flow July/September. Operationally, alongside drilling, they said they’ll keep prospecting/mapping/geochem across more of the broader land package to generate new drill targets. Corporately, they pointed to potential non-dilutive cash from C$0.40 warrants (if exercised) and said a formalization path with artisanal miners is underway (tho that could take 6/8 months per formalization as a rough process length), but also stressed they’re not promoting it as secure until it actually works.
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Risks

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The near-term technical risk is that they’ve hit the veins, but grades in this style of system are variable and concentrated in ore shoots, and they don’t yet claim they’ve found those higher-grade shoots, so more drilling could still produce lots of structure but not headline grades. Execution risks they acknowledged include drilling logistics in steep terrain (deep intercepts driven by pad locations), potential delays (they blamed the last lag on rig issues plus lab turnaround for multi-element work), and the practical reality that porphyry assays and multi-element packages can take longer. Market/financing risks they described include selling pressure related to prior financing structures and free-trading stock dynamics, plus the uncertainty around whether warrants get exercised. They also flagged Colombia’s politics/elections as a capital-markets uncertainty factor even while saying permitting/licensing has continued moving in-country, and they noted water permits can take time (trucking water if needed).

Quimbaya Gold CEO Interview

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