Toogood Gold has two projects: the Table Mountain low-sulphidation epithermal gold-silver system in Nevada and the Quinland gold discovery on New World Island, Newfoundland. This interview covered the recently signed earn-in agreement on Table Mountain, the company’s dual-jurisdiction exploration strategy, near-term surface work programs, drill timelines, capital position, and the CEO’s background.

TL;DR

Toogood just signed a definitive earn-in on Table Mountain in Nevada, a 4 km by 2 km low-sulphidation epithermal system that has seen essentially no prior drilling. The company has around C$3 million in the treasury, is running a comprehensive surface program now (6,100 soil samples, ground gravity, drone magnetics, geological mapping), and is targeting a maiden drill program at Table Mountain in Q3-Q4 2025. Newfoundland remains active with stepout drilling and district-scale soil work planned. The CEO acknowledged the timeline is aggressive, the stock has come down hard from its highs, and a top-up financing or strategic investment is likely before drilling.

What have they done for shareholders lately?

The company signed a definitive earn-in agreement with Orogen Royalties and Altius Minerals on the Table Mountain project in Nevada. The deal was structured entirely in equity, with shares issued 50/50 to both parties plus a 3% NSR royalty that can be bought down to 2% in two stages. In Newfoundland, Toogood completed a 2,000-metre Phase 2 drill program at Quinland in 2024, hitting the target felsic dyke in all holes and returning results including 2.3 g/t gold over 29 metres, though the CEO noted the results were noisier than hoped. The company also expanded the Table Mountain land position by approximately 50% during due diligence.

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

The company has approximately C$3 million in the treasury. Phase 1 surface work at Table Mountain, which includes 6,100 soil samples, rock and spectral sampling, ground gravity at 100 m by 100 m station spacing, a drone magnetic survey at 25 m flight line spacing, and full project geological mapping, is expected to cost roughly C$1.5 to C$1.7 million. That would leave approximately C$1 million or more going into drill planning. Management said a top-up financing is likely before drilling, and noted they would prefer bringing in a strategic partner over doing another private placement at current prices, given the last financing was priced at C$0.30. The CEO personally participated in that 30-cent round and said his average cost across his approximately 500,000 shares in TGC is roughly C$0.15 to C$0.20, meaning he is currently underwater.

Upcoming catalysts

Technical: First assay results from Table Mountain rock and soil sampling expected within approximately one month (samples already at the lab in Elko, Nevada). Full surface dataset including geophysics and mapping to be completed ahead of a drill decision. Phase 2 geophysics (CSAMT) is a possibility depending on results. Stuart Simmons (University of Auckland, low-sulphidation epithermal specialist) is expected on site in June 2025 to review the system. Maiden drill program at Table Mountain targeting Q3-Q4 2025, minimum 2,500 to 3,000 metres. Stepout and extension drilling at Quinland, Newfoundland, timing not specified but a news release on Newfoundland exploration plans is expected in June 2025.

Corporate: Potential strategic investment or top-up financing ahead of drilling.

Risks

The Q3 drill timeline at Table Mountain is by management’s own admission aggressive, and depends on BLM notice-level permitting (15-day turnaround once submitted), road rehabilitation, and access improvements on a route the CEO described as difficult for the last stretch. A minimum 2,500-metre program is planned but the final scope depends on incoming data and treasury position at that time. The stock dropped significantly from its 47-cent 52-week high to around 11 cents at the time of the interview, and while the CEO attributed much of that to paper from a 10-cent and 13-cent financing coming free-trading, some selling pressure from non-insider shareholders is acknowledged. There is execution risk on two fronts simultaneously: Nevada surface work and Newfoundland district-scale exploration, with the CEO also running a second company, First Andes. Geological risk is explicit, with the CEO noting that thorough surface work is intended precisely to reduce the chance of a poorly placed maiden drill program, but that exploration outcomes remain uncertain regardless.

Toogood Gold CEO Interview

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