READ TIME: 8 MINUTES / SPONSORED CONTENT /
—
Radisson, which operates the high-grade O’Brien gold project in Quebec’s prolific Abitibi region, has committed to drilling at over 60,000 metres. The interview comes amid a surge in gold prices and growing scrutiny over how junior miners are valued in today’s market. CEO Matt Manson discussed the company’s recent developments, the stock’s valuation, a substantial financing round, and aggressive drilling plans.
TL;DR
- 1. Despite a significant drilling program and a recent $12M financing, the stock has underperformed, something Manson attributes to broader market undervaluation of junior gold explorers.
- 2. Radisson is drilling deep step-outs below the historic O’Brien mine, aiming to expand its current 1M oz resource to 3 to 4M oz.
- 3. They’ve opted for non-brokered financings to retain control and quality investor participation, including all insiders who participated in the latest round.
- 4. No updated resource estimate or PEA is expected until the current drill campaign is complete, given that Radisson sees O’Brien not just as a high-grade niche deposit but as a potentially large, scalable mine.
- 5. News flow is expected to be steady throughout the rest of the year.
Why is the stock not going up?
Despite Radisson’s operational progress, its share price has remained flat.
Manson acknowledged the stagnation: “It’s always difficult to be a pundit on your own stock.” The company has nearly tripled its market cap over the past year, growing from around $45 million to $135 million. Yet the market hasn’t fully rewarded that progress.
According to Manson, the company is currently valued at approximately $100 per ounce of gold in the ground, a metric he calls “silly” given the project’s location, infrastructure, and potential scale.
“If ever there was a bargain in the global economy… it has to be people with quality ounces in the ground in this type of environment,” he emphasized, lamenting a broader disconnect in gold sector valuations.
Is RDS at fair value right now?
When asked whether Radisson was undervalued, Manson pointed to the complexity of assigning a fair value in a market where traditional valuation metrics struggle to reflect real potential.
“We’re being valued at $100 dollars per ounce in the ground,” he said. “And now gold’s at what, $3,300, $3,400? The deltas are staggering.”
He compared Radisson’s valuation to companies with net asset value (NAV) studies and producing mines, arguing that the market is yet to catch up with the intrinsic value of junior explorers. “Should companies like Radisson be valued at $200 an ounce or $500 or $1,000? Yes, to all of the above,” Manson said. “But how do you do that?”
Why raise $12 million instead of $7 million?
Radisson initially announced a $7 million financing, but quickly upsized it to $12 million following strong investor demand.
“We were approached by an existing shareholder who wanted to make a sizable investment,” Manson explained.
Being a non-brokered private placement, the company had more control over pricing and participant selection. The upsizing allowed the company to fund an expanded drilling program, according to the CEO.
“The price was right. The dilution was fair. We could have done more,” he said, highlighting the discipline the team exercised despite the oversubscription.
Who participated in this financing?
While specific names remain confidential, Manson confirmed that the financing was anchored by a “quality order” from an existing shareholder.
Notably, all three senior managers, Manson, the CFO, and VP of Exploration, also participated. “When the VP Exploration is buying stock, that’s usually a good sign,” Manson noted.
How will they be raising money in the future?
Manson believes that Radisson’s track record and investor base will allow it to continue raising capital without brokers or warrants.
“Doing it the way we’ve done it, twice now at Radisson, works very well for us,” he said.
However, he acknowledged that larger capital raises for mine building would likely require different strategies, including potential engagement with institutional investors or private equity.
Why aren’t there strategics involved already?
Radisson has deliberately avoided bringing in strategic investors, at least for now.
CEO Matt Manson explained the company is “quite comfortable not having” a strategic partner at this stage. They believe maintaining flexibility and independence is more valuable as the project continues to grow.
“We have a lot of potential partners to go to the dance with,” Manson said, suggesting that discussions with majors could come later, once the asset is further de-risked.
What will the money be spent on?
Radisson is planning an ambitious drill program with over 60,000 meters planned.
“We’re going down,” Manson said. “We began doing big step-outs below the old mine, places that haven’t been drilled in 70 years.”
One such hole intersected 8 meters grading 30 g/t gold, with a core portion returning 242 g/t. This deep drilling strategy has already confirmed multiple mineralized zones, and the company is targeting a potential 3-4 million ounce resource, up from the current 1 million.
“If we get that, the scope of our project is the same as the Westwood Mine next door,” Manson noted.
Why not focus more on East O’Brien?
While East O’Brien has historical significance, the company is concentrating drilling on the mine west and central trends (01 and 02).
“The better results are happening in those zones,” said Manson.
Four rigs will drill pilot holes and wedge off them using directional drilling, a strategy proven to be both efficient and cost-effective.
How much of the drilling will be below 1,000 meters?
“Almost all of it,” Manson said, referencing their plans to drill as deep as 2 km.
The team uses a cost-effective method involving a deep pilot hole with up to 10 shorter wedges. “We’re doing about $260 per meter,” he noted, which is below industry averages thanks to solid ground conditions.
What are their expectations for this drilling?
The geological model is consistent and predictable.
“We’re getting exactly the same geology from surface down to 1,500 meters,” Manson said, describing quartz veining with visible gold and strong continuity.
The deposit’s structure is simple, dipping uniformly at about 80°, making exploration more straightforward.
When are the first assays coming out?
Drill results are being released regularly.
“We have put out individual holes or we put out three holes in April as they were important and were telling a story,” Manson confirmed. “Expect a steady flow through 2026.” The company waits for a critical mass of data before issuing updates to ensure each release tells a coherent story.
How much of the money will be spent on drilling vs. G&A?
Radisson’s overhead is as low as possible, according to CEO Manson.
“At least 90% of the financing is going into the ground,” Manson stated. With a small team and project-based headquarters in Rouyn-Noranda, administrative expenses remain under $1.5 million annually.
Will they be doing more marketing?
Yes. Investor relations (IR) efforts have increased significantly.
“Our IR budget this quarter is much bigger than it was the first quarter of last year,” Manson said, emphasizing the importance of visibility as Radisson progresses toward mine development.
Will they put out an updated Mineral Resource Estimate (MRE) soon?
Not immediately.
Manson believes publishing an MRE now would be premature given the transformative nature of current drilling. “The drilling we’re doing right now is really impactful,” he said. “We’re not going to down tools in the middle of that.”
Radisson Mining interview with CEO, Matt Manson
VERY IMPORTANT WARNING
Please note that Resource Talks has received monetary compensation from Radisson Mining for the production of this content. This website is not a research platform – it’s a business that aims to receive compensation for the creation and publication of content from the parties that it covers. 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.
