Oreterra Metals’ flagship project is Trek South, a copper-gold porphyry target in BC’s Golden Triangle about 10 km southeast of Teck and Newmont’s Galore Creek. Nobody drilled it before because it sat under a glacier until recently. Kevin was founding CEO of GT Gold, which found Saddle North before Newmont bought the company, and earlier ran PC Gold. The second asset is Kinkaid in Nevada. In this interview, I asked about the history of the asset, their plans for its future, the timeline behind the catalysts, and the risks to their strategy.
TL;DR
They finished their first drill program in September. 13 holes, about 4,500 m, with 11 at the A Zone and 2 at the Toe Zone. Assays are still pending. The CEO told me every central hole hit hundreds of metres of porphyry-style alteration, and holes 6, 9 and 10 showed visible bornite and chalcocite. He admitted they haven’t hit the intrusion they think is driving the system. They have about $2M and will raise in Q1 2027. His bar for success is 500+ metres above 0.5% copper equivalent, ideally 1%.
What have they done for shareholders lately?
Kevin restructured Romios in 2025. He cleared about $1.4M of debt plus money owed to CRA, replaced directors, did a 10:1 rollback and changed the name. In March they raised just under $10M at 45 cents hard and 50 cents flow-through, each with a full 60-cent, 3-year warrant. They got the program permitted and drilled. They left 8 pads and the camp in place and finished the marmot study, so next season could start June 15 instead of mid-July. The stock is still down from about 60 cents. He blames mostly warrant-related selling by one fund holding over 8M warrants, plus an estate sale and weak market appetite. He says he has put in about $400,000 personally and holds options. Management holds no royalties. Change of control pays one year of salary ($240K) plus option vesting. He has no other board roles.
How much money do they have and what are they spending it on?
About $2M, burning roughly $115K a month, so overhead is covered but next year’s drilling isn’t. Phase 1 cost over $5M, more than $1,000 per metre because it’s helicopter supported. He says that was on the revised budget, though above the original technical report estimate. Phase 2 hasn’t been budgeted yet beyond “millions.” The raise is planned for Q1, and he says fund shareholders are supportive. He puts institutional ownership at about 30%, with Mackenzie Investments near 10% and former CEO Tom Drivas around 9%.
Upcoming catalysts
Assays from Trek South and the Toe Zone are expected before year end, possibly next month. After that comes the 2027 Phase 2 plan and the Q1 financing. He sketched the plan as grid drilling at about 100 by 100 m from 20+ pre-cleared sites, using rigs that can drill deeper. The main goal is drilling the intrusion they now model as a magnetic body dipping to the southeast. They also plan first holes at the new C Zone and at Tundra. At Kinkaid, IP surveys come first, with possible first drilling in 2027 if financed. When I asked about buyers, he said other suitors exist besides Teck and Newmont.
Risks
Everything so far is visual. Kevin agreed much of the copper may be subeconomic, and visual estimates often disappoint once assays came back. The core target hasn’t been hit, and the model changed mid-season when the core came back non-magnetic. Where they drilled, the IP anomaly could be largely pyrite. A Q1 raise is expected. Drilling costs are high, the season is short, and the property is remote and depends on helicopters. Rock age dating hasn’t been done, and the team is small. All of these risks were discussed in the interview more in-depth.
Oreterra Metals CEO Interview
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