⚠️ PAID-FOR CONTENT
Tribeca Resources is a junior copper explorer focused on a portfolio of three projects in northern Chile, with management based partly on the ground in Iquique. The flagship is La Higuera in the coastal IOCG belt, alongside Chiricuto in the Mantoverde/Mantos Santo Domingo district and a newly added porphyry target called Jiguata in the high Andes. The interview with CEO Paul Gow and President Thomas Schmidt covered drilling now underway at the Chirsposo Sur target, exploration progress at Jiguata, the option payment due on Gabby, financing position, and marketing strategy.
TL;DR
Tribeca has just started a roughly 1,000 metre, three-hole diamond program at the Chirsposo Sur target on La Higuera, testing a blind, gravel-covered IOCG target the company says looks geophysically similar to its Gabby discovery (best historical hit 268 metres at 0.66% copper and 0.14 g/t gold). They closed an oversubscribed C$6.5 million LIFE offering in October 2025 and held about C$5.5 million in cash at the end of February. Jiguata, optioned in October 2025 for US$15 million backend-loaded over 5 years plus a 2% NSR, is shaping up as a larger and deeper porphyry play than first scoped, with drilling targeted for September. Management flagged that holes there will likely need to go deeper than the original 600 to 700 metres, which could pressure the budget. Stock is trading around the 23 cent placement price despite the copper bull market, which management attributed to short-term holders from the broadened October financing book exiting.
What have they done for shareholders lately?
In the past year, they finished drilling Chiricuto, where five holes did not deliver economic copper but reinterpreted the system as a gold-rich porphyry rather than IOCG, and the project is now on the back burner pending consolidation talks with the neighbouring iron ore producer whose ground hosts the apparent vector to better grades. They sourced and closed the Jiguata option in October 2025, completed the C$6.5 million financing, and ran an extensive pre-drill program through to April 2026 across the 10,000-hectare property, including geological mapping, around 720 soil samples, 170 to 180 rock chips, ground magnetics, reprocessed historical IP with new 3D inversions, and a magnetotelluric (MT) survey that finished late April. Drilling restarted at La Higuera last week on Chirsposo Sur.
How much money do they have, and what are they spending it on?
At the end of February, they had about C$5.5 million in cash with no debt, following the October 2025 life offering that was upsized from C$5 million to C$6.5 million at 20 cents with a warrant attached. Paul said the Chirsposo Sur program will cost roughly US$400,000 (around C$550,000), G&A is running just under C$1 million per year, inclusive of Paul and Thomas’s salaries of C$150,000 each, and the Jiguata drill program of 2,000 to 3,000 metres at over 4,000 metres altitude will be more expensive on a per-metre basis than coastal drilling. Management and the part-time CFO own 23% of equity, with a further 33% held by five high-net-worth or family office holders out of Europe (overlapping with names like Meridian Mining, Hercules, and MCC). Thomas acknowledged that if they decide to upsize the Jiguata program meaningfully or exercise the US$1.5 million Gabby option (due September) on top of the planned work, they may need to revisit the market, though the cash to make the Gabby payment technically exists, subject to life-offering use-of-proceeds restrictions.
Upcoming catalysts
Technical: assay results from the three Chirsposo Sur holes (drilling expected to wrap by mid-June, lab turnaround currently around 8 weeks, so first results plausibly July to August); release of remaining Jiguata soil and rock chip assays, hyperspectral (TerraSpec) data, and final MT inversions, which together drive target selection (one to two news releases expected May to June); announcement of Jiguata drill targets and program design (early to mid Q3); spud of Jiguata drilling targeted for September 2026. Corporate: updates on Chiricuto consolidation talks with the neighbouring iron ore producer; decision on the Gabby US$1.5 million option payment ahead of September expiry, with renegotiation conversations underway with the vendor; potential opening of a Jiguata data room to producers as the data set is finalised, with majors such as Codelco, Glencore, BHP, Freeport, Anglo, and Teck holding surrounding ground.
Risks in the next months
The three-hole Chirsposo Sur program is short and shallow (around 350 metres per hole) under 30 to 35 metres of gravel cover, and Paul flagged that even at Gabby holes can pass through the system with little copper, so a clean miss does not necessarily kill the target, but a hit is needed to move the share price. Jiguata is a much larger and likely deeper system than originally scoped, with the company now leaning toward holes deeper than 600 to 700 metres, which raises the risk of a budget shortfall and a potential financing before drilling generates news. The Gabby option requires a US$1.5 million payment by September, and use-of-proceeds restrictions on the life offering complicate funding it from current cash. Lab turnaround times in Chile have stretched to roughly 8 weeks, delaying news flow. The share price has lagged the broader copper move and remains near the placement price, and management itself flagged investor criticism around the company being too small (under roughly C$50 million market cap) for many institutional brokers and around insufficient marketing.
Tribeca Resources CEO Interview
VERY IMPORTANT WARNING
Please note that this company has paid Resource Talks for the creation of this content. This website is a business that charges for the creation and publication of content. This means there will always be a potential conflict of interest which means you can never rely on anything said herein.
By consuming this content, you acknowledge that Resource Talks and/or its affiliates and/or their personnel may own, have owned, or will own interests in and/or may have a business relationship with some or all companies/entities mentioned/featured in this publication. You further acknowledge that entities which may be referenced or featured in this publication or their related parties may hold an interest in Resource Talks or its affiliates, which may create further conflict of interest.
The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.
