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Relevant Gold is an early-stage gold explorer operating entirely in Wyoming, USA. The company controls roughly 55,000 acres across two separate camp areas spread across five projects. The main interview topics were the results from last year’s first drill program at the Apex target, the upcoming 2026 drill campaign (the largest in the company’s history), the Lewiston project’s early results and the polymetallic signal coming out of it, and the recently closed C$12M financing.

TL;DR

Relevant Gold just banked roughly C$12M through a non-brokered raise and is mobilizing three rigs across two camps starting in June 2026, targeting 12,000 to 15,000m this year as the first leg of a two-year, 30,000m discovery program. The primary targets are Apex and BPEX at Bradley Peak, and the Burr trend at Lewiston in South Pass. Last year’s 12-hole program at Apex returned modest grades (best intercept was 4 g/t Au over 1.3m) but CEO Bergmann says the alteration footprint confirmed a fertile orogenic system and the company is now hunting for the high-grade shoots within it. First batch assay results from this year’s program are expected around September 2026. Strategic shareholders Kinross Gold Corporation, William G. Bollinger, and Rob McEwen all participated in the recent financing and maintained their positions. Bergmann was clear that this is a “discovery, vector, or kill” year. If they don’t see multi-gram, multi-metre intercepts or at least continued strong vectoring over this two-year window, they’ll move on to other targets in their portfolio.

What have they done for shareholders lately?

The company drilled 12 holes at Apex in 2025, with all results released in a single batch earlier this year. Every hole hit anomalous gold in a consistent 70 to 150m alteration halo on the hanging wall of the main shear zone, though the best individual intercept came in at only 4 g/t Au over 1.3m, which nothing to write home about on its own. Over at Lewiston, 17 holes drilled across the seasons returned gold in every hole across multiple shear panels to about 140m vertical depth. More recently, rock chip sampling along the extended Burr trend at Lewiston returned surface samples grading 25 g/t Au, 2,200 g/t Ag, 12% Cu, 4% Pb, and 1.3% Bi, a polymetallic signature that’s a bit of a head-scratcher for what’s supposed to be a pure orogenic gold story. The company also flew a VTEM airborne geophysical survey over South Pass (data being processed) and is actively flying the same survey at Bradley Peak, with the South Pass survey partially funded by a Wyoming state grant. A new secondary shear called BPEX was confirmed about 200m northwest of Apex, with two holes showing it is also mineralized. On the corporate side, the company listed on the OTCQB in the US and says combined daily trading volume across both exchanges has grown from roughly 3,000 shares/day 18 months ago to 150,000 shares/day now. Two new board members were added: Larry Taddei (former CFO of MAG Silver) as an independent director, and Mal Karwowska (background in capital markets and corporate development) as a strategic advisor pending AGM election.

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

Relevant Gold closed a non-brokered private placement plus LIFE Offering in April 2026, raising C$12,056,718 in two tranches at C$0.50/share. This was short of the original C$15M target, which Bergmann attributed to market volatility around Middle East tensions at the time of announcement. Kinross Gold Corporation and William G. Bollinger each maintained approximately 19.9% ownership positions. Rob McEwen also participated. In addition, roughly C$2.7M in outstanding warrants are expected to be exercised in June 2026 (the warrants are in-the-money and Bergmann says they’re already trickling in weekly). The bulk of the freshly raised capital goes to the 12,000 to 15,000m drill program across Apex and Lewiston, at an all-in cost of approximately US$550/m using oriented diamond core. The company’s base monthly burn rate (G&A plus property costs) is under C$120K/month. Marketing spend is expected to increase by roughly 30% from its current base.

Upcoming catalysts

Technical / Operational: VTEM geophysical survey results and interpretation for Bradley Peak camp are expected soon (data being processed now). The same data for South Pass camp is already back and being processed. Final drill targeting and hole planning announcements are expected before drill mobilization. Apex and BPEX drilling begins at Bradley Peak around early June 2026. Lewiston/Burr trend drilling begins at South Pass around early July 2026. First batch of assay results is targeted for around September 2026 (the team is aiming to have something before the Beaver Creek conference). Regular exploration-in-progress updates will be issued throughout the drilling season.

Corporate: Permit expansion at Bradley Peak into a full plan of operations (expected this summer) will significantly expand the disturbance footprint and pad flexibility. New board member Mal Karwowska’s election is pending the upcoming AGM. Warrant conversions (~C$2.7M worth) are expected to close through June 2026.

Risks

The most immediate operational risk is lab turnaround time. Bergmann acknowledged the industry is drilling hard this year and expects labs to be slower than before, which could push assay results past the September target window. The company still needs to raise additional capital for the second year of the two-year 30,000m plan, so another equity raise is coming, with timing depending on market conditions and drill results. The geological risk at Apex is there, too because the previous intercepts were not great, and while Bergmann frames the alteration as proof of a fertile system, the market will need to see genuine multi-gram, multi-metre results from the 2026 season to shift the narrative. At Lewiston, the polymetallic signature (gold, silver, copper, lead, bismuth) at the Burr trend is unexplained. Bergmann said the team doesn’t yet have enough data to determine whether this is a VMS system, an intrusion-related gold system, or simply a long-lived orogenic structure with multiple fluid pulses, which means the targeting rationale there carries added uncertainty until more drilling data comes in.

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