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Gold Terra’s flagship is the historic Con Mine, which is located about 2 km south of downtown Yellowknife, where Gold Terra is earning into 100% from Newmont, with the option running to November 2027. The conversation covered current drilling on Zone 103N and Yellorex, a sonic program on the historic Con tailings, the upcoming PEA, the treasury, and where the Newmont negotiation stands.

TL;DR

The PEA is targeted for the first week of December but CEO Gerald Panneton said it could slip into January because his tailings drill contractor pushed him back two weeks. Treasury is roughly $10 million with about $7 million going into the ground, and he said that funds them comfortably into next spring. The tailings are the piece he is most interested in, with an internal guess of about 300,000 ounces at 1 g/t and a stated range of 200,000 to 500,000 ounces, at roughly $50 a tonne to reprocess versus about $300 a tonne underground. Importantly, the 103N drilling is not about finding new ounces, it is twinning historical underground holes so SLR can move inferred into indicated. The Con acquisition itself is targeted for Q1 2027, and the environmental security bond he has to assume has gone from $9 million when he signed to $16 million today. I asked whether Newmont might want the asset back and he said flatly no, on the basis that their new-mine threshold is around 300,000 ounces a year. He believes everything is renegotiable.

What have they done for shareholders lately?

Since we last spoke they put out the updated resource in May, which came in at 103,000 ounces indicated and 895,000 ounces inferred across the updated deposits, including an initial 103N estimate that landed near 600,000 ounces against an internal expectation closer to 500,000. They closed a financing in July and August, they hired Todd Burlingame as Chief Development Officer in January to run permitting and stakeholder work, and they have a rig turning on Tin Can Hill since mid-July, day shift only to keep noise down in town. The first hole was terminated just short of 900 m, they backed off to 600 m and started the first of four planned wedges, with some core going to metallurgical testwork. He also said roughly $20 million has now been spent on the Con property. Note that the host described the 103N program as starting in early August while Panneton said the drill has been on site since July 15, so treat the start date as unclear.

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

He said about $10 million in the bank, enough to run into next spring, and he was visibly pleased with how the raise was structured. It was done at roughly a 5% discount to market with no warrants, hard cash at 18 cents and charity flow at 25 cents, so a 20 million share tranche worth $3.6 million grossed up to about $5 million of spending power. Agent fees were $275,000, under 4% all in, with total cost to the company around $400,000. Of the $7 million going into the ground, about $4 million and roughly 10,000 m goes to 103N, about $2 million and roughly 6,000 m of short sonic holes goes to the tailings, and about $1 million and roughly 3,000 m goes to Yellorex this fall. He said they may raise again for the winter program and as part of funding the Con acquisition, which also carries the $16 million security bond.

Upcoming catalysts

Technical: sonic drilling on the Con tailings starting mid-September at 40 m spacing, running two to three months, aimed at an indicated resource plus metallurgical work on regrind versus no regrind; continued 103N wedges and assays; a roughly $1 million Yellorex infill program from mid to late September; winter drilling at Sam Otto and Walsh Lake with two to three rigs, aimed at supporting a decline concept.

Corporate: PEA targeted for the first week of December 2026, with acknowledged slippage risk into January; Con Mine acquisition from Newmont targeted Q1 2027; feasibility study targeted for end of 2027; possible additional financing.

Operational: federal government visit to Yellowknife in September, and a company-led town hall in Yellowknife in October.

Risks

The nearest risk is timing. Assay turnaround runs three weeks in winter and six to eight weeks in summer, the tailings contractor has already cost them two weeks, and the CEO was clear the December PEA date could slip. The tailings grade is genuinely unknown until the sonic holes come back, so the cheapest part of the mine plan is also the least proven. Recoveries are variable across a deposit that is part refractory and part free milling, against a 90% assumption carried in the resource, and the refractory material implies a pressure oxidation circuit. On the corporate side, the Newmont agreement is being renegotiated in its final stage, has already been amended twice, and the acquisition brings a $16 million bond plus a permanent water quality liability.

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