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Miata Metals is focused on the Sela Creek Gold Project in Suriname, with a smaller Nassau Gold Project nearby. This was a follow-up conversation covering drill results since April, the recently announced La Mancha Resource Fund strategic (19.9%) investment and bought deal financing.

TL;DR

Miata has drilled roughly 15,000 metres of its planned 25,000 metre 2026 program at Sela Creek, with about 10,000 metres still to come and assays expected late August into early September. La Mancha Resource Fund is taking a 19.9% stake through a private placement, alongside a bought deal, together raising approximately C$23.2 million at C$0.41 per share, with no warrants attached. CEO Jaap Verbaas said the money is earmarked for surface exploration and a 2027 drill program, not for finishing the current 25,000 metre program, which he said is already funded. He does not expect to need to raise capital again until late 2027. Key open questions the CEO flagged himself were metallurgical results from four composite samples are still pending, and management has not yet set a target grade or tonnage cutoff for a maiden resource, though 3 million ounces was mentioned as an internal reference point.

What have they done for shareholders lately?

Since the last interview in April, Verbaas said the company advanced its 25,000 metre drill program at Jons Trend, Big Berg, and the newer Puma East target, and worked on formalizing a mutual benefits agreement with the Okanisi community through what he called the Okanisi Development Fund. Notable results include a hole at Jons Trend returning 63 metres at 1.44 g/t gold and extending mineralization to about 250 metres vertical depth with a new deeper zone below it, and a separate hole at Jons Trend returning what he described as 23 metres true width at roughly 4 g/t gold, about 30 metres down-plunge from an earlier high-grade hole. At Puma East, described as an early-stage target, the company reported 17 metres at 3 g/t gold this year. Verbaas said two holes at Jons Trend (holes 17 and 18) came back weaker than hoped, and he attributed this to possible structural complexity in that specific area rather than a problem with the broader corridor thesis.

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

Miata is raising approximately C$23.2 million combined through a non-brokered private placement to La Mancha Resource Fund and a concurrent bought deal public offering, priced at C$0.41 per share with no warrants attached. Verbaas said this money is directed toward ramping up surface exploration work (mapping, soil sampling, trenching) and funding a 2027 drilling program, guided at a minimum of 40,000 metres, rather than the current 25,000 metre 2026 program, which he said is already funded. He also said the proceeds give the company a cash cushion to begin work on the Nassau Gold Project. Drilling cost was cited at roughly C$240 per metre, covering drilling, assays, and fuel. Verbaas said the company will not need to raise capital again until late in 2027 at the earliest.

Upcoming catalysts

Technical: pending assay results from the current drill program are expected late August into early September; metallurgical results from four composite samples sent to a Canadian lab are expected within about two months; continued step-out and infill drilling at Jons Trend, Big Berg, and Puma East; environmental baseline studies are beginning on the ground this dry season. Operational: about 10,000 metres remain to be drilled this year, split roughly evenly between further definition drilling at Jons Trend/Big Berg and other exploration targets; the company is working to bring in a third drill rig, possibly starting later this year or early 2027. Corporate: closing of the La Mancha strategic investment and bought deal financing; a possible start of exploration activity at the Nassau Gold Project; increased investor conferences and roadshows including Beaver Creek, a US roadshow, and conferences in Hong Kong, London, and Cape Town.

Risks

CEO Verbaas acknowledged that not all drill holes will hit mineralization, and some targets (he cited the “Stranger” target as an example) have already been deprioritized after multiple rounds of drilling. He also flagged that the relationship between two disappointing holes (17 and 18) and the broader Jons Trend-Big Berg connection thesis is not yet resolved, and that metallurgical processing costs and recovery are still unknown, which affects any future resource target. He noted the project’s relative remoteness as a concern investors raise, along with the company’s short operating track record (they started the company roughly five years ago). More broadly, he said a serious, prolonged market downturn lasting 18 months or more would affect the company, as is the case for any pre-revenue exploration company reliant on equity markets.

Miata Metals CEO Interview

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