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Radisson Mining is focused on the O’Brien Gold Project, a high-grade quartz-sulphide vein system hosted along the Cadillac-Larder Lake Break in Quebec’s Abitibi Greenstone Belt, roughly halfway between Rouyn-Noranda and Val-d’Or. This interview covered the status of the company’s 140,000-metre step-out drill program, fresh assay results released the same morning, the most recent resource update, treasury position after a recent financing, and the longer-term question of how the project gets developed.
TL;DR
Radisson now has 2.4 million ounces (all categories combined) after an 82% increase in inferred resources in March 2026, up from 900,000 oz in 2023 and 1.5 million oz in 2025. They’re running seven rigs with an eighth joining, targeting a 3-4 million ounce deposit to 2 km depth, now extended to 2.5 km. The company reports an 85% drill hit rate at O’Brien, is hitting a previously undrilled 800-metre gap between two structural trends, and is sitting on roughly C$50 million pro forma after a C$25 million flow-through financing closed last week. CEO Matt Manson said no hard-dollar raise is needed to complete the program. The outstanding question is whether the project gets developed standalone or integrated with neighbouring infrastructure, and he suggested they expect to give the market direction on that during 2026.
What have they done for shareholders lately?
On the morning of this interview Radisson released new assay results from two rigs testing a previously undrilled 800-metre vertical gap between structural Trend 1 and Trend 2, hitting six of seven holes above the company’s 3 g/t threshold, including a 3.43 g/t over 13.4 metres (with individual vein intervals of 8.63, 10.26, and 8.24 g/t over 1 metre) and single-metre hits of 66.93 g/t, 69.05 g/t, and 24.97 g/t. In March 2026 they published an updated mineral resource of 630,000 oz indicated at 5 g/t and 1.7 million oz inferred at 5 g/t (2.2 g/t cut-off), representing an 82% increase in the inferred category. In April 2026 they announced a hit at 1.9 km vertical depth below Trend 1. The C$25 million flow-through bought deal, originally priced at C$20 million, closed last week at C$1.38 per share with no warrants.
How much money do they have and what are they spending it on?
The C$25 million flow-through bought deal brings the pro forma treasury to approximately C$50 million. All-in drilling costs are averaging roughly C$270-280 per metre. The flow-through dollars are being deployed directly against exploration expenditures, while the hard-dollar cash is being reserved for project development work that is not flow-through eligible, including environmental baseline studies, engineering, and team building. No further hard-dollar raise is expected to complete the 140,000-metre program, though an extension below 2 km to 2.5 km has been flagged with no budget figure attached yet.
Upcoming catalysts
Technical: Ongoing assay results from up to eight or nine rigs throughout 2026 and into H1 2027, including results from the Trend 1-Trend 2 gap and the previously undrilled Trend Zero gap. A stepout hole testing below 2 km depth is underway. An interim mineral resource update is expected around year-end 2026, with at least one additional update possible before the program concludes.
Operational: Drilling into the Trend Zero gap, which has access constraints due to surface infrastructure, is expected to commence this year.
Corporate: Management said they expect to communicate a development direction decision to shareholders during 2026, specifically whether the project advances standalone or in partnership or integration with neighbouring mill or mine infrastructure.
Risks
The drill program relies on maintaining hit rates at depth and in untested gaps. The development direction question has no firm timeline and introduces execution and counterparty risk depending on which path is chosen. The flow-through financing structure means exploration spending is constrained to eligible expenditures, limiting flexibility.
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