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Tribeca Resources has two projects: La Higuera, an IOCG copper-gold project about 40 km north of La Serena in the Coquimbo region, and Jiguata, a large porphyry copper-molybdenum-gold system with an overlying gold-silver epithermal target in the Tarapacá region near the Bolivian border. It also holds Chiricuto, a smaller IOCG project in the Mantoverde district next to Capstone Copper’s Mantoverde and Santo Domingo operations, currently secondary. This was a catch-up interview covering field and drilling progress since May, pending assay results, financing, and an option payment restructuring.

TL;DR

Since May, Tribeca hasn’t put out drill assays yet, but it has done a lot of groundwork. They drilled four holes at the Chirsposo Sur target at La Higuera over the winter, with assays delayed by lab backlogs and now expected within about a month. At Jiguata, they have narrowed 23 initial targets down to four kilometer-scale alteration centers and then to two priority drill targets, La Soberana and Cetro Dorado. Cash sits at C$2.8 million as of August 31, enough to cover what’s already been spent plus a budgeted 2,000 metres at Jiguata, with no near-term raise needed before the Chirsposo Sur assays land, though a bigger raise could follow to fund a larger Jiguata program. A second of three staged payments on the Gaby property option is being made this week out of existing cash, and the exploration levy owed to that vendor rose from 5% to 10%, extended through 2027, as part of spreading out the payments.

What have they done for shareholders lately?

The company drilled four holes at the Chirsposo Sur target at La Higuera during the Chilean winter (originally planned as three, expanded after early results looked encouraging), though assays are still pending. At Jiguata, they ran an extensive field mapping, geochemistry, IP and MT geophysics campaign that took them from 23 initial targets down to four discrete alteration centers, then prioritized two, La Soberana and Cetro Dorado, and published a news release laying out that targeting work. They also restructured and accelerated the Gaby property option at La Higuera, converting one lump-sum payment into three smaller staged payments.

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

Cash was C$2.8 million as of August 31, 2026, down from C$3.2 million at June 30. That covers the Chirsposo Sur drilling already completed (aside from unpaid assay invoices) and a budgeted 2,000 metres of drilling at Jiguata, plus G&A for the rest of the period. On the Gaby option, roughly $1.5 million owed to the vendors was split into three near-equal staged payments instead of one lump sum; the second payment is going out this week, funded from general corporate cash rather than financing proceeds. As part of that renegotiation, the exploration levy paid to the Gaby vendors on money spent exploring the property rose from 5% to 10% of exploration spend, and the period it applies over was extended from 2026 through 2027. Management said there’s no need to raise money before the Chirsposo Sur assays come back, but a raise could follow to fund a bigger Jiguata program (they floated 5,000 to 10,000 metres versus the 2,000 metres currently budgeted), at roughly US$700 per metre for deeper holes, up from an earlier US$550-per-metre estimate for shallower holes, putting 5,000 metres at around US$3.5 million.

Upcoming catalysts

Technical: assay results from the four Chirsposo Sur holes at La Higuera, expected within about a month (turnaround has stretched from roughly 2.5 months earlier this year to about 3.5 months now due to lab capacity constraints across Chile); and confirmation of a Jiguata drill program’s scope and timing once access is finalized.

Operational: community and access negotiations with the local landowners near Jiguata, set to begin within one to two weeks of the interview, with management hoping to wrap that up within about a month; and a possible extension of IP geophysics over the El Trono target, which currently lacks that data.

Corporate: a financing decision tied to how large the Jiguata program ends up being; ongoing, undisclosed discussions with third parties (including some with data-room access) about funding or partnering on Jiguata; and potential news on land consolidation talks at Chiricuto, needed to follow identified mineralization onto neighboring ground.

Risks

The clearest near-term risk is the assay lab turnaround in Chile has lengthened industry-wide, and management pointed to this as the reason trading liquidity has dried up while investors wait for news. Jiguata is still undrilled, so everything there, the four alteration centers and their pathfinder geochemistry and geophysics, is surface-level inference. Whether there’s a mineralized system at depth is unknown until holes go in. Community and access negotiations at Jiguata have just started and have no fixed timeline, so any delay there pushes back the whole program. Both projects are capital intensive, and management explicitly named financing-market conditions as an ongoing worry, particularly since a larger Jiguata program would need new capital. And the standard junior-mining risk applies throughout, including further shareholder dilution if the company does end up raising money, which is likely.

Tribeca Resources CEO Interview

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