Epic Gold Corp, formerly Exploits Discovery Corp, has four projects in Canada: Fenton, Wilson and Benoist in Quebec, and Hawkins in Ontario. The interview, with President and CEO Rod Husband, covered the company’s post-rebrand strategy, drill results and resource update timing at Fenton and Wilson, treasury and financing plans, marketing, and project-level risk.
TL;DR
Epic Gold holds roughly C$7.5 to 10 million in New Found Gold shares plus about C$500,000 cash, no warrants outstanding, and about 43 million shares outstanding after a rollback. CEO Rod Husband expects revised NI 43-101 resource estimates for Fenton and Wilson within four to six weeks, aiming to move Fenton and Wilson combined from roughly 100,000 historical ounces to around 500,000 ounces. He plans a C$2 to 3 million strategic financing in the near term, expects two to three more financings before the company answers its main technical questions, and named Hawkins as the project most likely to move the share price fastest given shallow, high-grade surface targets. Husband holds no shares currently, only options, but said he intends to personally put in C$100,000 to 200,000 in the upcoming financing.
What have they done for shareholders lately?
The company completed a 4,000 metre, 10-hole diamond drill program at Fenton, with assays released in May confirming high-grade shoots in the Everest zone and broader mineralized envelopes beyond the historical main area. It has been relogging historic core at Fenton and Wilson, running televiewer surveys down its drill holes to characterize structural controls, and has field crews collecting rock samples (about 150 to date) at Hawkins ahead of planned late-fall drill targeting. Management also closed a rollback intended to give the company more flexibility to raise capital, and rebranded from Exploits Discovery to Epic Gold in February.
How much money do they have and what are they spending it on?
Husband said the company has about C$500,000 in cash plus New Found Gold shares worth roughly C$7.5 to 10 million, fluctuating with New Found Gold’s share price. The last financing closed in December, two flow-through placements totaling C$2 million. Husband said he wants to raise C$2 to 3 million with strategic investors in the near term rather than sell New Found Gold shares, given the current share price. He estimated marketing and G&A spending for an active junior at around C$40,000 to 50,000 a month once formalized, roughly half of a C$1 to 1.5 million annual G&A budget, covering travel, conferences and newsletter writers. Option payments to Cartier Resources for Fenton, Wilson and Benoist are about C$200,000 cash and 300,000 shares annually, which Husband called not onerous.
Upcoming catalysts
Technical: an updated NI 43-101 resource estimate for Fenton and Wilson expected within four to six weeks, targeting a combined increase from about 100,000 to roughly 500,000 ounces; a Hawkins project update within one to two weeks including possible initial prospecting results; and follow-up drilling decisions at Fenton and a 3,000 to 5,000 metre program at Wilson to connect previously identified mineralized zones. Corporate: a strategic financing of C$2 to 3 million, timed around ramp-up for the next drill campaigns and discussed as imminent; and a presentation at the Brien Lundin New Orleans conference in October.
Risks
CEO Rod Husband named time as the biggest risk, along with gold price, which he described as holding around US$4,000 but subject to near-term weakness tied to US dollar strength. Permitting risk was flagged as low but ongoing at Benoist, where First Nations permits have not yet been obtained, and at Wilson, where relations with the local Lac Kanawagamak group are described as still developing. The company also faces engineering firm scheduling constraints that could delay the publishable Fenton and Wilson resource updates, and an unresolved but, per management and its lawyers, unfounded NDA dispute with E2 Gold over the Hawkins option that has not affected fieldwork to date. Financing risk remains, with Husband stating the current four-project portfolio could exhaust the treasury within a year without additional capital.
Epic Gold CEO Interview
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