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Kingfisher Metals is a copper-gold exploration company with two main land packages in BC’s Golden Triangle: the 933 km² HWY 37 Project and the 202 km² Forrest Kerr Project. The focus is copper-gold porphyry, with an overlying epithermal gold-silver system also in play. This interview covered the 2026 drill program strategy, the interpretation of recent geophysical results at the Hank target, the company’s C$30M financing that closed in early March 2026, and upcoming catalysts.
TL;DR
The big news is that last year’s final drill hole (HW-25-011, which cut 425m of 0.40% CuEq) confirmed a blind copper-gold porphyry discovery at depth below the Hank epithermal gold-silver system. Dustin told me this is interpreted as a glancing hit on the margin of the system, meaning the better grades and the core are still untested. The company closed a C$30M bought deal in March 2026 with no warrants attached, and the plan for this season is a minimum 15,000m program starting around June 15, focused almost entirely on the Hank porphyry and the overlying gold system. No drilling is planned at Williams this year. The treasury is healthy, and management said they have no plans to raise equity before the field season, unless a strategic comes in at the right price.
What have they done for shareholders lately?
Dustin told me that on top of the Williams drilling in 2025 (the best hole there was 889.35m of 0.47% CuEq from surface) the last hole of the program discovered a new porphyry system beneath the Hank epithermal zone. That’s what caused the stock run. On top of the discovery, the company published a geophysical news release on April 2, 2026 that Perry says expanded and confirmed the drill target area, showing all major datasets (IP chargeability, DC resistivity, and airborne magnetics) pointing to the same location. Two new board members were also recently added, witht that being Paul Gruner, formerly CEO of the Tahltan Nation Development Corp, and Sharon Singh, one of Canada’s leading indigenous mining lawyers.
How much money do they have and what are they spending it on?
Kingfisher closed a C$30,007,000 bought deal on March 3, 2026, with no warrants and BMO as lead underwriter. The deal broke down as roughly C$20M in charity flow-through shares (at C$0.94 and C$1.04 per share for the two flow-through tranches) and roughly C$10M in hard dollar shares at C$0.65. Dustin said the flow-through money must be spent by end of 2027 and he’d have no problem deploying all C$20M this season if drilling goes well, while the C$10M hard dollars cover multi-year G&A (running at roughly C$1.3M/year and rising slightly) plus capital flexibility. The minimum 2026 drill budget is 15,000m. The rough split is; 50% Hank porphyry (~7,500m), 25% Hank epithermal gold system (~3,750m), 25% other district targets (~3,750m). There are also ~19.8M warrants outstanding (split across two tranches: May expiry and 40-cent warrants with a 2-year expiry from June 2024 with an accelerator clause), which Dustin estimates could bring in around C$7M if exercised. There’s no plan to raise equity ahead of drilling, unless a strategic partner wants to come in.
Upcoming catalysts
Technically, The 2026 drill program is the main event. Season opens around June 15, 2026 (with a wildlife management plan extension). Two drill rigs are contracted, a third is being finalised. The first holes will target the Hank porphyry system with step-outs of 200–300m from hole HW-25-011. Verasio whole-core scanning technology will be on-site, providing near-real-time multi-element data (excluding gold) within ~48 hours of core extraction. Assay results will follow through the summer and fall season (closing around October 31). Age dating results on the Hank system are described as already completed and will be announced in due course. A second camp location permit application has been submitted to allow for scale-up.
Corporately, no strategic investment has been done or announced yet, but Perry said a 9.9% strategic investment at the right price is something he’d consider. A marketing trip to Panama followed by US investor meetings in Atlanta and Florida was scheduled at time of interview.
Risks
The single biggest near-term risk is exploration risk. The porphyry discovery rests on one drill hole that hit what management interprets as the margin of the system. Step-out drilling could miss the core or return lower grades. The work season is strictly limited to approximately June 15 to October 31, so bad weather or logistical setbacks directly compress the number of holes that can be completed this year. Assay turnaround times remain a bottleneck (labs, not the core scanner). On the permitting side, wildlife management requirements (mountain goat habitat) can limit early-season access.
Kingfisher Metals CEO Interview
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