Bullion Gold Discoveries’ flagship is the 100%-owned Terragold gold project, about 12 km south of Senneterre in Quebec’s Abitibi Greenstone Belt. Mineralization there is hosted in a quartz-feldspar porphyry dyke, and historical drilling traced it over roughly 2.2 km of strike and about 250 m of depth. The company also holds Bousquet, where Olympio Metals has earned 51% and can earn up to 80%. It owns Langlade, a copper-zinc-gold-silver VMS project, and Bodo, an early-stage project north of Chibougamau. In this interview, I asked about the validation drilling at Terragold, why earlier operators walked away, insider ownership, cash, and what happens when the remaining assays come in.

TL;DR

Bullion drilled 32 shallow holes (about 3,900 m) at Terragold this summer to check 1960s and 1980s drilling. Only 4 holes are out so far. The best was 8.4 m at 2.5 g/t gold, including 1 m at 13.4 g/t. Another hole returned 44.5 m at 0.4 g/t. Simon expects the other 28 holes out by mid-November, possibly end of October, in batches of at least four. He bought into the stock on the open market and now holds about 1.9 million shares. Insiders hold roughly 10% fully diluted. The company has about C$1.2 million net in cash and burns about C$350,000 a year in overhead. About 20 million warrants expire between October and December and could bring in about C$1.2 million. He is aiming to drill again in winter 2027, and permits are already in hand. The CEO also told me this program won’t be enough for a resource estimate. He thinks that will take 50,000 to 100,000 m.

What have they done for shareholders lately?

Simon joined on April 13, 2026, rebuilt the board, and changed option vesting to two years. He then ran a summer validation program at Terragold: 32 diamond holes, stripping of five new outcrops, channel sampling, and relocating historical drill collars. Channel sampling returned 9.6 m at 2.8 g/t gold, including 1 m at 22 g/t, from a new outcrop east of the historical showing. I asked him about Kerr Addison’s 1984 report, which said the 1960s results could not be reproduced and might have been falsified. He said Bullion found Kerr Addison’s collars were positioned differently than reported, and none of their six holes tested the historical high-grade zone. He said the new high-grade hit in TG-05 makes him much less worried about falsification. He also told me the team located all but one of the historical collars. Separately, the company received an amended permit that extends the drill area to an eastern target. That target is about 400 m east, where three historical holes returned around 5 g/t.

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

Simon said they had about C$1.7 million as of last week. That includes about C$300,000 in flow-through money that has to be spent on Langlade and Bodo, because it can’t go to a precious metals project. After the remaining assay invoices are paid, he put net cash at about C$1.2 million. The company also expects a 30% Quebec rebate on the hard-dollar money spent at Terragold. The last raise was in June: C$2 million at C$0.09, with a half warrant at C$0.15 for 18 months. There are 126 million shares out, 10 million options and 37 million warrants, for about 173 million fully diluted. At about C$0.085 that is roughly a C$10.7 million market cap. He estimates overhead at about C$350,000 a year, or C$400,000 with conferences, and he is the only salaried person. He said 99% of exploration spending goes to Terragold. To limit dilution, the board is discussing spinning out Bodo and Langlade. He said he is not a fan of cheap flow-through money.

Upcoming catalysts

Technical: Assays from the remaining 28 Terragold holes, released in batches of at least four, all expected by mid-November and possibly end of October. Results from the remaining 20 channel samples and a 3D web model of Terragold to be posted on the website. Results from surface work at Langlade and Bodo, including old 1963 core recovered at Bodo.

Operational: A decision in November on the size of the next Terragold program, once assays and warrant exercises are known. Follow-up drilling is targeted for winter 2027 and June 2027 at the latest, with the eastern target as the top priority. More local consultations will happen before drilling restarts.

Corporate: About 20 million warrants expire between October and the end of December, worth about C$1.2 million if exercised. The board still has to finalize CEO bonus KPIs. Simon plans to hire a VP Exploration next. He is looking at a US OTC listing and has started marketing in the US and Vancouver. He is also in early talks about a possible partnership on another early-stage gold asset.

Risks

So far only 4 of 32 holes are out, and they look quite different from each other. It is still unproven that the high-grade zones are continuous or that a 40 m lower-grade envelope exists. Simon also said the geometry, including how cross-cutting structures control grade, is still unknown. Assay turnaround is about two months because labs are swamped, so timing could slip. He expects selling pressure as the warrants approach expiry. He admitted the stock is further off the market’s radar than he expected, and the market may not reprice it even if results are good. He is running the company largely alone, and he said putting out news releases on time is already a strain. With only about C$1.2 million in cash, a bigger program will likely need either warrant money or new equity. He called any financing under C$0.10 dilutive.

Bullion Gold CEO Interview

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