Alex Metals is a newly listed explorer focused on high-grade volcanogenic massive sulphide (VMS) systems in coastal Southeast Alaska. It holds three projects. KSO, Wodski, and Frenchie, in what they believe is an underexplored portion of the Alexander Triassic Belt that hosts the world-class Greens Creek and Windy Craggy deposits. In this interview with CEO Gwen Preston, I asked about management’s track record and incentives, the first drill results at KSO, the geological model, why previous operators left Wodski, First Nations relations, cash and financing for Phase 2, permitting risks, and the biggest criticisms of the company.
TL;DR
This is a pure early-stage discovery bet. Gwen said the first KSO holes came in “right in line with expectations.” The best hit was 24.2 m at 1.05% copper and 0.61 g/t gold. The catch is that the zone dips more gently than they expected, so they don’t know the true widths or the shape yet. Most of the results are still to come. They’ll have about C$5M left and told me plainly they’ll raise again before the 2027 season. Gwen is a first-time CEO and used to work for West Red Lake Mining before, and write a newsletter before that.
What have they done for shareholders lately?
They direct-listed in late September and skipped the shell route to avoid cheap shell stock hitting the market. Before that they raised about C$12.5M, mostly at C$0.70 with no warrants. This summer they drilled just over 6,000 m. That was 16 holes at KSO and 13 holes, about 3,100 m, at Mad Dog on Wodski, the first follow-up there in roughly 20 years. At KSO, 6 of the first 8 holes hit mineralization. Their geologists also found Triple G, a new surface VMS zone 2 km west of Khayyam that nobody had mapped before. Insiders look aligned. Board and management hold about 27.5%, Gwen owns 1.3M shares bought in every round, only four executives got founders’ shares, and there are no royalties on any project. The stock barely moved on the news.
How much money do they have and what are they spending it on?
Once the last geophysics bills are paid, they’ll have about C$5M. This year’s program cost roughly C$8M and came in close to budget. All-in drilling cost was over US$900 per metre because everything is flown in by helicopter, and Gwen expects to bring that down next year. From now until crews go back out in mid-April, she estimates spending of C$500k to C$600k, about C$100k a month. That covers five full-time staff, a shared office and a few conferences, with no big paid marketing campaigns. For the next raise she prefers straight equity and doesn’t want to sell a JV or royalty this early, but she’s open to strategic investors.
Upcoming catalysts
Over the next three months they expect assays from three holes at Stumble-On and four at Triple G, along with mapping, sampling and geophysics data from KSO. From Wodski there should be two or three batches of Mad Dog drill results plus other geology work. The Frenchie gravity survey just finished, and its results will decide whether Frenchie gets drilled in 2027. After that come the 2027 plans and the financing, which Gwen said she’ll only raise after this year’s results are out. They’re already applying for 2027 permits. Two other things to watch: about 4.5M shares from the listing financing become free trading around January 25, and the board is setting the CEO’s KPIs at year end.
Risks
The main risk is that the drilling finds nothing worth mining, and Gwen named that herself as what keeps her up at night. VMS deposits are structurally complex. At KSO the orientation surprised them, true thickness is unknown (she guessed around 70% but wouldn’t commit), and she couldn’t say when they’ll know more beyond “another round of drilling.” The old data is thin. Bravo’s Mad Dog results exist only as a spreadsheet, with no core and no gold assays, and the 1970s KSO drill results have been lost. Drilling is helicopter supported, depends on the season and the weather, and is paid in US dollars. Dilution is coming, and trading is thin at about 43k shares a day. She doesn’t see permitting as a problem, pointing to Greens Creek’s track record and an 11-week turnaround on their Forest Service drill permits.
Alex Metals CEO Interview
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