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Riverside Resources is a gold, silver, and copper focused prospect generator. Their main operational focus right now is the La Union project in northwest Sonora, Mexico, where phase two drilling is underway under an option agreement with Quest Corp Mining. The conversation also covers a newly announced spinout of Riverside’s other Sonora, Mexico assets into a private company, Riverside’s British Columbia and Ontario projects, its royalty portfolio, and its partner-funded spending programs.

TL;DR

Riverside just announced that it’s spinning out its non-partnered Sonora assets into a new private vehicle, tentatively financed with a first round of roughly C$1 million at 20 cents, targeting a TSXV listing in the second half of 2027. Riverside will keep a 2% net smelter royalty on each spun-out project plus an equity stake in the new company, exact percentage undecided. Phase two drill assay results from the La Union project, funded by Quest Corp, are expected around September to October 2026. Riverside has over C$5 million cash, expects at least C$1 million of income this year, and plans to spend roughly C$2 million on its own portfolio in 2026, contingent on drill permits in British Columbia.

What have they done for shareholders lately?

Since the last update, Riverside completed phase one drilling at La Union and moved into phase two, drilling multiple targets including Union, Union North, Havali, Louis Hill, and El Cobra. It listed Blue Jay Gold (an earlier spinout, currently active in the Yukon at the Stellar and Skookum Creek projects), which raised C$15 million at 80 cents after earlier financings at 40 and 60 cents. Riverside also completed an expanded drone magnetics and geophysics program at La Union, and, on the day of this interview, announced the new Sonora asset spinout along with a completed geophysical survey on those assets.

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

Staude said Riverside has over C$5 million in the bank, which he described as a conservative figure since financial statements show closer to C$6 to 7 million. He expects at least C$1 million in income this year from share holdings and payments for operating partner-funded drill programs. Planned spend on Riverside’s own portfolio in 2026 is about C$2 million, mostly tied to getting drill permits in British Columbia; if permits are delayed, spending would be lower. About one-seventh of the roughly C$2 million total budget, so around C$300,000 to C$350,000, is allocated to marketing, though Staude said that could rise heading into 2027 around the new spinout’s launch. Quest Corp has spent roughly C$2 million to date on the La Union option, expected to reach around C$2.5 to 2.8 million by the end of phase two drilling, out of an overall five and a half million dollar commitment mentioned by the interviewer.

Upcoming catalysts

Technical/Operational: phase two assay results from La Union, expected around September to October 2026; ongoing red jacket project soil sampling and drill permitting in British Columbia, targeted to be ready by mid-December; a geophysical survey and field work this summer on the Revel rare earth element project in BC; continued drilling by Blue Jay Gold in the Yukon. Corporate: filing of an updated NI 43-101 for the new spinout company; completion of audited financials; a shareholder vote on the spinout, expected to be linked to Riverside’s annual shareholder meeting in late Q1 next year; finalization of the exchange ratio and distribution mechanics, expected early next year; further updates on royalty and equity portfolio activity ahead of the Beaver Creek conference.

Risks

CEO Staude flagged general market risk, noting that large-scale financings and IPOs elsewhere could pull capital away from small-cap names like Riverside if there’s a broader pullback. He also pointed to instability risk in Mexico, citing unspecified problems earlier this year, and geopolitical/conflict risk more broadly. Drilling at La Union has already been affected by the onset of rainy season in Mexico, which can pause operations. Participation in the new spinout financing carries liquidity risk, since shares in the private company could be locked up for an extended period if market conditions turn. Permitting timelines in British Columbia were also described as slower than hoped, which could reduce planned spending if permits aren’t granted on schedule.

Riverside Resources CEO Interview

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