Miata Metals is an early-stage gold explorer operating in Suriname, on the Guiana Shield. Its flagship is the Sela Creek Gold Project (~215 km²), where they currently hold a 70% interest with an option to earn 100%. MMET also holds a 70% beneficial interest in the Nassau Gold Project (~200 km²) with the same earn-in option. The interview covered the company’s exploration progress at Sela Creek, its two active discoveries (Jons Trend and Big Berg) cash position, share structure, community relations, and what they expect for the rest of 2026.
TL;DR
Sela Creek is producing drill results now. The Jons Trend zone has grown to 750 m x 300 m and is open in all directions. A second discovery at Big Berg returned 96 m at 1.41 g/t gold from near surface about a month before the interview. Miata raised C$11.5 million in December 2025 with no warrants, and CEO Verbaas says that covers a 25,000 m drill program through 2026, leaving roughly C$10 million in the bank at the time of recording. The company just uplisted from the CSE to the TSXV. There is no mineral resource estimate yet, and Verbaas set an internal threshold of 3 million ounces before moving to infill drilling and resource definition.
What have they done for shareholders lately?
The company drilled 10,000m at Sela Creek in the second half of 2025, completed a two-rig restart in January 2026 with a fully funded 25,000m program, and delivered multiple drill results including Jons Trend intercepts of 3 g/t over 35 m (earlier results), 11.3 m at 3.58 g/t (February 2026), and 23.75 m at 5.73 g/t (April 2026). The Big Berg discovery, hole three of the current program, returned 96 m at 1.41 g/t gold from near surface (March 2026), which is the best intercept the company has reported to date. The TSXV listing completed April 23, 2026.
How much money do they have and what are they spending it on?
Miata closed a C$11.5 million financing in December 2025 with no warrants attached. CEO Jaap Verbaas confirmed that amount is intended to cover the full 25,000m drill program at Sela Creek plus all other 2026 work. Over the six months prior to recording, 70% of spending went into the ground, with the remaining 30% covering G&A, though that ratio is expected to improve now that a second rig is running full time. There are approximately 30 million options and warrants outstanding in total, including 12 million warrants from an August 2024 financing exercisable at approximately C$0.40, which Verbaas flagged as a potential source of treasury top-up if the stock stays above that level. The Nassau project is deliberately being kept on the back burner and all exploration dollars are going to Sela Creek for now.
Upcoming catalysts
Technical / Operational: Drill results from the 25,000m program are expected roughly every four to six weeks through 2026, with Verbaas noting the last two releases came three weeks apart, suggesting the pace may be faster. Ongoing work at both Jons Trend and Big Berg will determine whether the two zones are connected along the fold hinge architecture. Five additional targets across the 14 km corridor at Sela Creek have yet to be drilled. Metallurgical test work is in progress to assess gold liberation and processing options. Nassau remains undrilled by Miata and is not a near-term focus.
Corporate: The TSXV listing is done (April 23, 2026), with the intention of accessing broader US, Australian, and European institutional flow. Jaap also said the company is actively expanding the team and the board, with the addition of a new board memeber focused on project execution expertise for later-stage development. A final insider escrow release is due in July 2026. An opportunistic capital raise is planned at a time of Miata’s choosing. So, not forced, but coming.
Risks
The stock still carries some overhang from a sharp selloff in 2025, when early expectations ran ahead of the early drill results. CEO Verbaas acknowledged this openly as the most common fair criticism investors raised with him. An insider escrow release lands in July 2026, which is probably manageable but worth watching. On the geology side, the fold-hinge controlled style of mineralization at Sela Creek is inherently discontinuous between hinge points and Verbaas says his team has the controls figured out, but the jury is still out and this is precisely the kind of thing that has surprised explorers before. Environmental and community risk is real because over a century of artisanal mining has left a visible land disturbance footprint, and formal benefit-sharing arrangements with the local Okanisi community have not yet been finalized. Mercury contamination from historical artisanal activity has not been fully assessed. And because Sela Creek is remote, the project needs to be big, that’s why Verbaas set an internal bar of 3 million ounces before infill drilling.
Miata Metals CEO Interview
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