Blossom Gold owns 100% of the Rosebud gold-silver project in Pershing County, Nevada. Rosebud is a former underground mine run by a Newmont-Hecla joint venture in the late 1990s, and it sits right next to Hycroft. Blossom also owns the Kamma claims to the west. In this interview, I asked about the history of the asset and why previous operators left, the plan to turn Rosebud into a large open-pit heap leach mine, as well as metallurgy, permitting and water, money, and the early drilling at Kamma.
TL;DR
This story is built on 192,000m of historic drilling (that doesn’t meet NI 43-101 standards), so Blossom is re-drilling (with diamond drill rigs) to prove it. The current resource is about 1.3 million ounces (gold equivalent), all inferred. CEO Rick told me is targeting a resource update in Q1 2027, possibly slipping into Q2. He expects it to roughly double the resource and move about 80% of it into higher-confidence categories, and it will be the basis for a feasibility study. Rick was clear that he wants to build the mine, not sell the company. His timeline is construction in the second half of 2028, production by end of 2030, and full production in 2031. The biggest open question is heap leach recovery. Early bottle rolls gave about 70% gold recovery on oxide material, but only 20s to 30s% on the fresh (sulfide) material, from just five samples. Column tests start reporting in Q4. He estimates the build at $600 to 700 million.
What have they done for shareholders lately?
They closed the reverse takeover and listed on February 18, filed their notice of intent with the BLM in March, and started drilling April 2. Rick said they’re about 50,000 m into a roughly 80,000 m program, with over 60% of holes hitting target. His numbers on this shifted during the interview, though. Most of the new material is in the “wedge” between the east and south zones and in a low-grade oxide blanket in the southeast, which old operators never drilled because they only chased high grade. A contractor is rehabbing about 900 m of the old decline so an 8 km underground infill program can start in November or December. That program doesn’t count against their 5-acre surface disturbance limit, which Rick says saves about two years of permitting. Geotechnical drilling is nearly done, humidity cell testing starts next week, and cultural surveys start next month. The 12,000 ft RC program at Kamma is underway, with first samples sent to the lab this week.
How much money do they have and what are they spending it on?
They have $35 million in the bank. The last raise was $115 million at $1.00 in November, alongside the go-public transaction. Rick said insiders bought at that price too, and the pre-listing seed round was only about $700,000. There are 131.5 million shares out, 10.5 million options, no warrants, and about 142 million fully diluted. Insiders hold roughly 18%, and the top five holders about 70%. Rick personally holds about 4.5%, half of it options. Spending is heavy: about $10 million budgeted for Q4 and $10.9 million for next year’s drilling quarter. So they’ll need more money, and Rick said they’ll start working out how much over the next six months. When I asked what it takes to reach construction, he said $30 million more would cover everything and $50 million would carry them into capital spending after feasibility. He said 92% of spending goes into the ground. The only royalty is 3.5% held by Triple Flag, with a buydown that would leave 2.5%. Separately, the vendor Carl Pescio got US$35 million cash, a 1% NSR, and 25% of the upfront money from any future silver stream.
Upcoming catalysts
On the technical side, expect ongoing drill results from the Rosebud infill and expansion program. First Kamma assays should come in roughly 12 days, with more in Q4 2026. Initial column leach results should start arriving in Q4, and metallurgical updates will keep coming after that. A PQ hole into higher-grade underground material is being drilled this week for leach testing. The updated resource is targeted for Q1 2027, possibly Q2. On the operational side, underground infill drilling starts in November or December, humidity cell testing starts next week, and cultural surveys and BLM baseline studies start soon. Feasibility work begins around end of Q1 or start of Q2 2027, and the water rights application process starts soon. On the corporate side, they’re working toward an OTCQX listing, and marketing picks up after Beaver Creek.
Risks
Metallurgy is the main one. Rick himself called it the biggest unknown. The few fresh-rock samples recovered poorly, and those include some of the higher-grade material. Weak column results would raise cut-off grades and shrink the heap leach tonnage. Funding is another risk. On timing, construction has already slipped from early to late 2028, and it depends on humidity cell tests that take 9 to 12 months. Water is another risk. The basin is over-appropriated, Hycroft holds most of the water rights, and Rosebud needs about 5,000 acre-feet a year through a roughly two-year process. The resource work also carries risk, because it rests on historic data with no retained core or chips, so all of it has to be re-proven. Tribal consultations with about 15 tribes have now started. Kamma is early-stage greenfield exploration, and Rick said himself he doesn’t know what it will turn up.
Blossom Gold CEO Interview
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