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Riverside Resources generates projects and royalties across gold, silver, copper and rare earths in Mexico and British Columbia. Instead of drilling a flagship itself, it brings in partners to fund the work and keeps value through shares, royalties and spinouts. In this interview, I asked CEO John-Mark Staude why the stock is off its highs and where cash and burn stand. I also asked what happened at Union, Revel and Red Jacket since July, what’s going on with the royalties, why Cecilia was optioned out before Ravena is even listed, how the spinout works for shareholders, and which catalyst is most at risk.

TL;DR

Riverside has over $5M and no debt. John-Mark expects income above $1M this year, and G&A is dropping below $1M now that Ravena carries the Mexico team. The nearest swing factor is Fresnillo’s November 30 deadline to buy back half the Tajitos royalty for US$1.5M. If they buy, cash rises to roughly $7M. If they don’t, the buyback right expires. Union drilling with Questcorp is restarting now, BC results should come over the winter, and the Ravena spinout goes to a shareholder vote in Q1 2027 with the share ratio not yet set.

What have they done for shareholders lately?

Since July they set up Ravena Resources to hold the Sonora portfolio. Its focus is Los Cuarentas, a past-producing gold-silver project about 17 km northwest of Las Chispas. Michael Graham is CEO, Julian Manco is VP Exploration, and John-Mark is chairman. Ravena raised about $1M from founders at 20 cents and is closing about $1.5M more at 40 cents. Riverside keeps a 2% NSR on all five Ravena projects that can’t be bought back. On August 29, Ravena optioned Cecilia to Calu, which is going public through a deal with Pender Street Capital. Calu can earn 100% and pays in cash rather than shares, and Ravena added a 0.5% NSR that Calu can buy out. He called it a bridge that keeps the team paid while Ravena can’t do material work during listing, and said Ravena itself will drill.

At Union, Questcorp is about 50 to 55% through its $5.5M earn-in. If it finishes, Riverside gets about 20% of Questcorp plus a 2.5% NSR. Drilling so far found thick but low-grade zones: about 0.45 g/t gold equivalent over 15 m, and 43 m of 0.3 at the Louise Hill target. Most of it was oxidized rock, and he hopes grades improve once they reach the sulfides below. In BC, the fieldwork at Revel and the sampling at Red Jacket are done. Revel is optioned to a private BC company that must spend $2M, or $2.2M if gold is above $6,000 on January 1, 2029.

He blamed the drop from the mid-40s mainly on one European holder selling 1.6M shares in a single day after an inheritance. He has been buying himself. He also pointed out that Capitan Silver shares handed to Riverside holders at 20 cents now trade around $1.80.

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

Riverside spends about $2M a year and brings in about $1M, which he says gives roughly five years at that rate. G&A, covering IR, back office and management, is falling below $1M a year, and marketing is about a seventh of the budget. Spending on its own projects in 2026 will come in under the $2M budget, and he plans about $800,000 for new project generation in 2027, possibly including US acquisitions. Riverside also holds about 15% of Questcorp and a stake in Blue Jay Gold, and has no plans to sell either. No financing is planned, but he’d consider a flow-through raise if BC spending tops $1M. I read about 9.2M warrants outstanding at 30 cents, expiring in roughly a year. He wasn’t sure of that number but said they’re held by large existing shareholders, himself included. Ravena has about $0.5M left. With the seed round and about $0.5M of listing costs, it should end the year with about $1M before a planned $4M raise around the spinout.

Upcoming catalysts

Over the next month, Union should produce three news releases: mobilization, the start of drilling on the remaining 500 to 600 m, and then results over the following three to four months. Fresnillo has to decide on the Tajitos buyback by November 30. Revel and Red Jacket results are expected over the winter, ideally by Roundup in January. The Ravena seed round should close, followed by the technical report filing, the Q1 2027 shareholder vote, the financing and the listing. Riverside is looking for a partner for Red Jacket ahead of a 2027 drill season. Partners are also expected to drill at Cecilia, Suaqui Verde (Southern Empire), Tajitos and Sugarloaf Peak over the next 12 months.

Risks

Union grades are modest so far, and the work has been slowed by broken ground and heavy rain, including a hurricane that hit right at mobilization. The royalties are slow to pay. He doesn’t know how much of Fresnillo’s 1.1M oz Tajitos resource his royalty covers, and he flagged two problems there: Mexico is slow to permit new open pits, and a highway would have to be moved. The 1.2 to 1.5M oz at Sugarloaf Peak is a historic, non-compliant estimate. Revel news partly depends on what the private partner agrees to release. Red Jacket has no permit timeline and needs consultation with five or six First Nations groups. Ravena’s listing depends on exchange reviews he described as slow.

Riverside CEO Interview

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