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Viva Gold’s flagship is the Tonopa gold project in the Walker Lane trend of western Nevada, advancing toward a prefeasibility study and federal permitting. The 2025 resource shows roughly 1.7 million ounces of silver and about 500,000 ounces of gold in measured and indicated within a conceptual open pit shell at a 0.15 g/t cutoff. The conversation focused on the just-completed 19 hole drill program, the PFS and baseline environmental work, the permitting pathway through the BLM, and how Viva plans to fund the next phase toward a construction decision targeted for late 2027.
TL;DR
Jim told me the 19 hole drill program is done, with 11 of 19 assays still pending. They actually drilled 3,100 plus metres versus the planned 2,500, came in at roughly US$200 per metre all-in (about a third more productivity than budgeted), and intercepts so far have included a 53 metre interval at 2.34 g/t and a 1.5 metre intercept at 26.3 g/t. About C$3 million in cash, enough for the rest of this year’s program. Jim guided another C$5 to 6 million needs to be raised for 2027 work, with a preference for equity over debt or royalties. The PFS is targeted by end of 2026, plan of operations submitted to the BLM shortly after, EIS process is a statutory one year, and Jim is targeting a construction decision toward the end of 2027. Institutional ownership is now north of 50 to 60 percent including Dundee at 20 percent, RAB Capital at 13 to 15 percent, Myrmikan Gold Funds, plus a Hong Kong value fund and a family office that came in on the last raise. The PEA was modelled at US$2,400 per ounce gold, leaving meaningful headroom at current prices.
What have they done for shareholders lately?
Completed the 19 hole, 3,100 plus metre drill program with eight holes reported and 11 outstanding. Hit a step-out hole 73 metres southeast of a 2024 hole and a 50 metre northwest step-out from a 1994 hole that opened up what Jim described as a previously blank zone in the model that could become indicated material on infill. Drilled three exploration holes at Midway Hills 1.4 km west of the main deposit, where Rio Algom drilled in the 1980s but the data was not in Viva’s global resource. Completed initial geotechnical work for pit slope stability, compressive strength testing, hydrologic analysis, and golden eagle nesting studies required under federal law. Completed about 14,000 metres of new CSAMT geophysical survey on the western side of the deposit including Midway Hills. Eliminated about half of the 36 baseline study boxes through the BLM needs assessment. Took down two larger column leach tests this week to validate particle size sensitivity assumptions from the PEA.
How much money do they have and what are they spending it on?
About C$3 million in the bank, which will cover the rest of 2026’s planned work. Jim guided he will need to raise another C$5 to 6 million for 2027, with strong preference for equity given his stated aversion to debt, royalties, and streaming. G&A is being kept disciplined with all team members on consultant contracts and Jim targeting 75 to 80 percent of total spend going directly into the project. Drilling came in at roughly US$200 per metre all-in including assays and geologists. Current spend priorities are the PFS, baseline environmental work (pump-down testing, reinfiltration testing, eagle nesting studies, geotechnical work), and metallurgical column tests. Marketing budget has already been exceeded for the year. Dundee at 20 percent, Roebuck Capital at 13 to 15 percent, Merrick Gold Funds, and a Hong Kong value fund up to 5 or 6 percent are the key institutional holders, with Jim saying institutional ownership now exceeds 50 to 60 percent of the float.
Upcoming catalysts
Technical: 11 outstanding assays from the recent program rolling out every two weeks through summer 2026, with three of those being broader exploration holes at Midway Hills that will not feed the PFS but the other seven will; updated resource model incorporating the new high-grade zones; column leach test results integrated into the PFS decision tree; possible additional CSAMT-targeted drilling in the west deposit later in 2026. Operational: PFS completion targeted by end of 2026 (around nine months from kickoff). Corporate: baseline studies substantially complete by year-end 2026; plan of operations submitted to BLM immediately after PFS; one year statutory EIS process running through 2027; construction decision targeted late 2027; preliminary bank financing discussions running in parallel with EIS in 2027; potential financing of C$5 to 6 million to fund 2027 budget likely in equity form.
Risks
Jim flagged contractor availability as his biggest near-term operational concern, particularly water drilling rigs for baseline work, because most contractors are booked solid given how much capital has been raised across the sector. Assay lab turnaround is now five to six weeks because labs are jammed. The funding gap of C$5 to 6 million for 2027 is real. Bank financing discussions for construction capital are still well over a year out and bankable feasibility study standards vary by counterparty. Jim is both CEO and a QP on the project, and while he insists certificated assays and outside QPs backstop everything (he said his geologist, his environmental consultant, and the PFS consultants are all independent QPs), this structural overlap is worth flagging, and I asked about that in the interview. The very high grade intercept of 26.3 g/t over 1.5 metres will be top-cut in the resource model, meaning headline grades may not survive into the mine plan unchanged.
Viva Gold CEO Interview With James Hesketh
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