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Latin Metals’ portfolio covers gold, silver and copper across South America, with active projects including Cerro Bayo and La Flora in Santa Cruz province, Argentina (optioned to Daura Gold), the Zaha copper-gold porphyry project in San Juan province (optioned to Moxico Resources), the Organullo gold project in Salta province (back to 100% Latin Metals after AngloGold Ashanti walked away), and the Ventana North sediment-hosted copper belt in northwest Argentina. The conversation centred on partner-funded drilling, the AngloGold exit and replacement partner search, the Latin Explore spin-out, and the broader shift to multiple drill programs in 2026.

TL;DR

Latin Metals is moving from a planning-heavy phase to an active drilling phase, with roughly 18,000 metres of partner-funded drilling expected this year and total partner spending of about US$10 million in 2026. Daura Gold has completed an initial 1,850 metres in 18 holes at Cerro Bayo with assays out, and a second phase is slated for September. Moxico Resources is committed to a minimum 5,000 metres at Zaha (targeting 15,000 metres by October) once drill permits land, which Henderson expects shortly. AngloGold walked away from Organullo in late January after handing over the data, and Henderson says 15 companies are now looking at it, with a new partner targeted for September/October. Henderson says the company will end the year with about C$2 million in the bank and has no plan to return to the market in 2026 or 2027.

What have they done for shareholders lately?

Since October, Latin Metals regained 100% of Organullo after AngloGold Ashanti exited, kept all of AngloGold’s technical data and target work (Henderson cites about US$3.3 million spent), and is cycling through site visits with roughly 15 interested parties. They signed Daura Gold to Cerro Bayo and La Flora in October, with drilling starting in early February and assays from the first 1,800 metres now released, including intersections up to 8 g/t gold equivalent in places and silver-dominant hits elsewhere. They spun out two Peruvian projects (Pararin and a second project added to meet TSX asset-value thresholds) into Latin Explore, with Latin Metals retaining 6% and existing shareholders getting 25% for free; Latin Explore raised C$3 million at 10 cents as seed capital. Moxico is progressing permitting at Zaha, including hydrogeological studies, hydrology work, and a door-to-door social survey of 400 households. Latin Metals also kicked off stream sediment sampling at Ventana North in March with a budget of about C$250,000.

How much money do they have and what are they spending it on?

The company plans to finish the year with about C$2 million in the bank and does not need to raise money in 2026 or 2027 based on scheduled partner payments. He said running Latin Metals costs roughly C$3 million per year, split across the Vancouver head office, the Lima and Salta offices, and project-level work. Project spending this year includes the C$250,000 Ventana North stream sediment program. He cited estimated partner spending of roughly US$10 million in 2026 (calculated at about US$600 per metre across the committed drill metres), with cumulative committed partner investment under existing option agreements of about US$80 million, potentially rising to US$180 million if all currently-targeted deals close by year-end. Latin Metals also holds marketable securities in Daura Gold and a 6% stake in Latin Explore that Henderson said he prefers not to sell unless necessary.

Upcoming catalysts

Technical and operational catalysts include a news release outlining Daura Gold’s interim work at Cerro Bayo between now and September, the start of phase-two drilling at Cerro Bayo in September, results from that phase before year-end, a drill permit for La Flora, the Zaha drill permit followed by start of drilling at Moxico’s 15,000-metre program (Henderson targeting first assays around October), and the drill permit at Latin Explore expected by end of June with drilling starting around September or October and results before Christmas. Corporate catalysts include selecting a new partner for Organullo (targeted September–October), signing community impact benefit agreements at Organullo, optioning out the remaining Peruvian project (drill-permitted), separate option deals for the Anamaria and Trigal projects in Salta, a potential earn-in deal on the 500,000-hectare Ventana North copper belt (Henderson referenced comparable deals at around US$35 million for 75%), and acquiring up to five new projects this year. Marketing catalysts include the Quebec show next week, Rick Rule’s Miami conference in July, New Orleans in October, and possibly London and Dubai in November.

Risks

The most immediate risk is partner-dependence. Latin Metals depends in large part to option counterparties who sign, drill, and stay. As shown by AngloGold exiting Organullo two weeks after approving a drill-start news release, there is a risk. Permitting timelines are out of management’s control, particularly in Peru where notification-to-drill has stretched from a couple of weeks to up to three months. Community engagement at Organullo still requires fresh impact benefit agreements before a new partner can move forward. Market reaction risk is also visible. Henderson said he was surprised by the selling in Daura Gold after the first Cerro Bayo assays, and Latin Explore shareholders selling free shares in the first weeks of trading is a concern he flagged directly.

Latin Metals Interview

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