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Radisson Mining is a Québec‑focused gold developer built around one idea bringing back the historical O’ Brien Mine back into production without spending half a billion on a new plant. The company is running a fully funded 50 to 60 km drill program to grow and upgrade ounces, with management openly targeting 3 to 4 Moz over time. The strategy is capital‑light, toll‑mill heavy: prove economics on today’s resource, keep drilling to make it bigger, and line up a processing deal rather than build a mill and tailings facility from scratch.

The flagship is the O’Brien Gold Project on the Cadillac Break. This is a historic, high‑grade, narrow quartz‑sulphide veins that they’ve reimagined as a larger, lower cut‑off (2.2 g/t) underground operation. The July 2025 PEA pegs the project at C$532M after‑tax NPV5%, 48% IRR, two‑year payback, C$175M initial capex, ~11‑year LOM, ~650 koz payable at ~US$1,059/oz AISC, all assuming US$2,550/oz gold and a non‑binding toll‑milling concept with IAMGOLD’s Doyon mill 21 km away. About 44% of the mine plan is still Inferred, and the flow sheet, arsenic penalties, and a planned vertical conveyor (with no hard capex/availability disclosed yet) are all points you’ll want them to nail down before you call it de‑risked.

TLTW

• 1) PEA Numbers
  The headline numbers look great on paper: C$532M after‑tax NPV5%, 48% IRR, and just C$175M upfront. They do lean on some assumptions (US$2,550/oz gold, 0.73 FX) and a mine plan where ~44% of ounces are still Inferred. AISC of ~US$1,059/oz leaves room at today’s price.
• 2) Timing
  They pushed the PEA out before updating the resource on purpose. They wanted to prove there’s a mine “today” on the 2023 block model and a conceptual tolling path, instead of riding the endless hamster wheel of drill‑update‑repeat. That gives investors a clean snapshot now, but forces you to mentally overlay the growth (and the cost to convert it to Indicated) yourself.
• 3) Current Drill Program
  A fully funded 50 to 60 km directional program is stepping below the old mine toward ~2 km depth, and every wedge under the old workings is mineralized so far, according to CEO Matt Manson. That supports the 3 to 4 Moz target narrative but “hits” aren’t “reserves.” Geometry, spacing, and reconciliation still have to prove mineable continuity, and with the cut‑off dropped to 2.2 g/t, dilution risk just got a louder voice.
• 4) Conveyor Belt
  They’ve chosen a vertical conveyor from ~300 m to surface to cut diesel, ventilation, and cycle times. There’s too much to talk about here, so I can’t summarise it in a neat paragraph but Matt’s explanation during the interview is worth listening to.
• 5) Relationships
  Talks with IAMGOLD and First Nations are “constructive,” but nothing is binding. The Doyon toll‑milling MOU is non‑binding, non‑exclusive, and there are no LOIs, penalty ladders, or throughput guarantees disclosed. Baseline environmental work has started and early engagement with Long Point and Pikogan First Nations is under way, but no IBAs, revenue‑sharing terms, or closure‑bond numbers are public.

Radisson Mining CEO Interview With Matt Manson

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