Winshear Metals has optioned two projects: the Portsoy nickel-copper-cobalt project roughly 60 km northwest of Aberdeen in northeast Scotland, and the Thunder Bay Gold project in the Shebandowan Greenstone Belt in Ontario. The interview covered the company’s background, Phase 1 drilling results at Portsoy, upcoming assays, metallurgical work, capital position, and the potential for a Phase 2 program later in 2026.
TL;DR
Winshear just wrapped a 1,200-metre Phase 1 diamond drill program at Portsoy with downhole EM surveying. The CEO said visual results from both the south and north zones look encouraging, with the north zone showing what he described as the thickest sulfide intersection on the project to date at 69 metres of disseminated mineralization. Assays from the north zone are expected by end of June, south zone in July, and metallurgical results by end of June or early July. The company has roughly C$2 million in the treasury, says it has enough to run through year-end, and is signalling a return to the market in fall 2026 to fund a Phase 2 program targeting at least 5,000 metres, which they estimate would cost a minimum of C$2 million. A resource is not expected in 2027 but is part of the longer-term plan, with the CEO estimating C$10 to 15 million total to reach that stage.
What have they done for shareholders lately?
The company completed a 1,200-metre Phase 1 drill program at Portsoy with downhole EM surveying at both the south and north zones. On the south zone, one deeper hole intersected 10 metres of disseminated sulfides where mineralization was expected, and the downhole EM returned what the CEO described as a strong conductor, with modeling underway to define its location in space. A shallower south zone hole visually showed what appears to be more copper than previously seen, pending assay confirmation. On the north zone, drilling to the west extended the known zone roughly 70 to 80 metres in that direction through approximately 69 metres of disseminated mineralization, described as the widest sulfide interval drilled on the project so far. Massive sulfide samples have been sent for metallurgical test work. The company also began field work at Thunder Bay, including soil sampling across roughly 30 km of the Shebandowan belt.
How much money do they have and what are they spending it on?
They have approximately C$2 million in cash, though CEO Williams noted drilling bills are still coming in. He said the current budget is sufficient to get through the rest of 2026, covering ongoing programs in both Scotland and Ontario. The last financing closed March 2, 2025, raising C$2.5 million at C$0.10 per share with a half-warrant exercisable at C$0.20 for two years. The CEO said he expects to go back to market in fall 2026 to fund Phase 2 drilling at Portsoy, which he put at a minimum of C$2 million for roughly 5,000 metres at approximately GBP 180 per metre all-in. To reach a resource on the project, he estimated needing C$10 to 15 million in total.
Upcoming catalysts
Technical: Portsoy north zone drill assays, expected by end of June 2026. Portsoy south zone drill assays, expected in July 2026. Metallurgical test results from Portsoy massive sulfide samples, expected end of June or early July 2026. Downhole EM modeling report from Phase 1, timing not specified but described as near-term. Airborne magnetic and gravity survey covering the full 250 sq km Portsoy project area, planned for August to September 2026. Thunder Bay soil and till sampling results from several target areas including Inflection, McGregor (8 km target), Eldorado (at least 4 km), and Kingfisher, with drone magnetics also underway over Inflection and Eldorado.
Corporate: Decision on Phase 2 drilling at Portsoy expected after summer results, with a target start of September to October 2026 if capital is secured. Potential return to market for financing in fall 2026. Attendance at the Mines and Money Show in London later in 2026, plus an upcoming UK mining conference in Cornwall.
Risks
The most immediate risk is that assay results from Phase 1 do not support a Phase 2 decision, which would leave the company with limited near-term catalysts at Portsoy. Capital access is what the CEO identified as the main thing keeping him up at night, and with only around C$2 million on hand and drilling bills still incoming, the company will likely need to raise money in a market where nickel sentiment has been under pressure. Dilution risk is real given the share price is trading around C$0.115, below the 50 and 200-day moving averages. The project is optioned rather than owned outright, requiring Winshear to spend GBP 3 million over five years to earn 100% in Scotland, and C$2 million over four years in Ontario. The north zone result where two of the four Phase 1 holes came back with little mineralization is a reminder that these systems can be irregular and hard to vector into without more EM data. Scottish permitting, while the CEO framed it as manageable based on his experience at South Crofty, adds a longer-term layer of uncertainty if the project advances to resource or mine planning stage.
Winshear Interview
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