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Inventus Mining operates the Pardo Paleoplacer Gold Project in Ontario, Canada, near Sudbury. The company is led by newly appointed CEO Wesley Whymark, who has been involved with the project since his undergraduate years and recently completed a PhD focused on paleoplacer geology. The conversation covered the nature of paleoplacer deposits, ongoing bulk sampling and toll milling through McEwen Mining, the path to a first resource estimate, a production permit, and the company’s cash position and upcoming catalysts.

TL;DR

Inventus is not a typical explorer. They are actively bulk sampling, trucking ore to McEwen Mining’s mill near Sudbury, and generating cash from it. The first bulk sample cost C$1.2 million and returned roughly C$2.4 million in gold revenue. They currently have C$1.8 million in cash, a stockpile of about 17,000 tonnes worth an estimated C$5-6 million once processed, and about C$300-350K per year in G&A. The plan is to use cash flow from a small-scale mine-and-haul operation to fund exploration, grow the resource, and ultimately position the project for acquisition by a mid-tier or major. The first resource estimate is expected Q4 2026 or Q1 2027, and commercial production is targeted for June-July 2027. Rob McEwen himself, McEwen Mining, Eric Sprott, and management together own about 53% of the company.

What have they done for shareholders lately?

The company completed a first bulk sample at pilot scale, doubling its money (total cost C$1.2 million, gold revenue of approximately C$2.4 million) and has since moved into a second bulk sampling campaign at McEwen Mining’s mill, where they are permitted to process up to 45,000 tonnes in total at a maximum of 5,000 tonnes per month. A cold snap disrupted one recent run and only 2,500 tonnes were processed in that batch. Whymark says he will be releasing those mill results shortly. The company is also currently drilling, with roughly 100 holes completed and assays pending, targeting a grade control spacing of 7.5 metres and a resource grid at 30-60 metre spacings. The Huronian basin remains open in multiple directions, and Whymark says the deposit boundaries have not yet been found.

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

The company has approximately C$1.8 million in cash right now and they are sitting on 17,000 tonnes of ore in a stockpile estimated to be worth C$5-6 million in gold revenue once processed through McEwen’s mill. Annual G&A is running at roughly C$300-350K, which Whymark says will increase modestly as he adds a marketing budget. Drilling costs C$250 per metre. If McEwen’s mill slows down before the resource cut-off date, Whymark flagged the possibility of a small equity raise to keep the drills turning. The company has a 3% NSR royalty on the property, originally staked by a prospector and now held by a group out of Atlanta. Inventus retains the right to buy back 1.5% of it for C$1.5 million, which Whymark said he would likely do once the production permit is in place. Ore sorting units, if pursued, would cost an additional C$1.5 million.

Upcoming catalysts

Technical: mill results from the current bulk sample batch expected shortly. Ore sorting test results expected soon as well, after three tonnes were sent for sorting trials to determine what grade upgrade is achievable and how much tonnage can be rejected. Heap leach test results, currently showing 80% recovery at 3/8-inch crush after 14 days with the curve still rising. Ongoing drill results showing the footprint of the deposit expanding. Resource estimate, with a planned cut-off date in Q3 2026 and publication expected Q4 2026 or Q1 2027 at the latest, noting that cut-off grade inputs may shift depending on heap leach and ore sorting outcomes.

Operational: Announcement of commercial production permit application timeline, working backward from a June-July 2027 production start target. Potential small equity raise if McEwen processing is delayed. Decision on whether to build an on-site heap leach pad using mine-and-haul cash flow.

Risks

The most immediate operational risk is the processing schedule. McEwen Mining controls the mill and Inventus gets access in windows when McEwen does not need the capacity for its own ore. Whymark identified this directly as his main concern, because if McEwen is slow to process the 17,000-tonne stockpile, cash flow to fund drilling is delayed, which in turn delays the resource estimate and the production permit timeline. The deposit’s nugget effect creates a structural grade variability problem that makes every drill hole and every bulk sample result inherently noisy, which complicates resource modelling and reconciliation and could undermine market confidence if individual results are misread. On the exploration side, the one risk Whymark acknowledged is that the deposit could have a boundary, so it may not continue expanding as current data suggests. The company’s entire thesis rests on scale. Without reaching a meaningful resource size, the mine-and-haul cash flow model still works at small scale but the strategic value for a mid-tier or major acquirer shrinks considerably.

Inventus Mining CEO Interview

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