READ TIME: 19 MINUTES
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Greenlight Metals is aiming to develop high-grade copper-gold VMS deposits in Wisconsin, with its flagship Bend project as the near-term priority. This conversation with CEO Matt Filgate covers everything from his technical and corporate development background to the company’s strategy, capital structure, and permitting in a post-moratorium Wisconsin. Filgate discusses insider ownership, the absence of insider-held royalties, and outlines a lean cost structure centered on equity alignment and efficient exploration spending. The interview also touches on community relations, metallurgical considerations including tellurium as a potential byproduct, and long-term plans for a centralized processing facility.
TL;DR
- 1. Greenlight Metals is conducting a 3,000-meter drill program at the Bend copper-gold project in Wisconsin, targeting resource expansion from a 4Mt historic base.
- 2. CEO Matt Filgate has exploration and M&A experience, took early compensation in shares, and currently holds just under 400,000 shares.
- 3. The company operates in Wisconsin, a jurisdiction that saw little modern exploration due to a 20-year mining moratorium lifted in 2017.
- 4. Executive compensation is below peer average, and there are no insider-held royalties on any of the company’s projects.
- 5. Greenlight holds multiple projects but is currently focused on Bend and Lobo East, while exploring the idea of a centralized processing facility.
Is This the Right CEO for Greenlight Metals?
CEO Matt Filgate has a technical background, with over 15 years in exploration, including roles with Talisker Resources and Barkerville Gold. His experience spans from early-stage greenfield work to managing multimillion-dollar drill programs and resource development.
Filgate transitioned into a corporate development role at Talisker in 2020, where he focused on raising capital and advancing a historic asset into what is now a producing mine. “We spent four years really focused on marketing strategy… and advancing that Brayor project,” he explained.
He joined Greenlight after being approached by Metalist, who were vending a shell company into what would become Greenlight. Filgate stated, “When I saw the opportunity from an exploration standpoint, it was just too good to pass up,” citing the abundance of anomalies and projects across Wisconsin.
Has the CEO Sold an Asset Before?
Yes. Filgate played a pivotal role in growing Barkerville Gold’s resource from 600,000 to over five million ounces, which led to its acquisition by Osisko Gold Royalties. It was later spun out into Osisko Development. “We had a lot of success there,” he said, noting his partnership with geologist Terry Harbert to start Talisker Resources.
At Talisker, they took the Brighor project from 200,000 ounces to nearly two million in just 18 months. “It’s a very high-grade deposit… now going into production,” Filgate noted.
Does the Technical Team Have VMS Experience?
Greenlight’s technical work is supported by Great Lake Explorations, a consultancy with deep roots in the Upper Midwest. This team has extensive history working on projects with Rio Tinto and the Crandon deposit during the decades-long mining moratorium in Wisconsin.
“They’ve made a lot of discoveries in the belt,” Filgate said. “Now we’re applying that to a state that is reopen for mineral exploration.” Their lead geologist, Eric Quigley, was involved in the discovery of the Back Forty Project, a 17-million-ton VMS system now owned by Gold Resource Corp. “It’s a nice high-grade zinc-gold-copper project that sits in the Pinocchian Belt,” he added.
How Many Shares Does the CEO Own?
Filgate owns just under 400,000 shares in Greenlight. “I took my first year of salary as stock,” he explained, choosing equity to conserve cash while aligning interests with shareholders.
He participated in both the friends-and-family financing round at $0.25 and the go-public round at $0.30. His compensation was structured to prioritize equity ownership over cash salary, a personal decision he made “because I wanted more equity in the company”.
Were There Founders Shares?
The founders’ round was priced at $0.15 per share. “There was no penny stock issued to founders,” Filgate clarified. The company was spun out of Aquila Resources, with Gold Resource Corp initially owning 23%. Founders who took the company private also invested at $0.15, ensuring alignment with incoming investors.
Will They Try to Grow Insider Ownership?
Insider ownership is an active internal goal, currently targeting 10%. “Before the last financing, we were above 10%,” Filgate noted. He’s been buying shares on the open market and is discussing with the board how to increase insider ownership further. “It’s a great time for us as a management team to start scooping up stock,” he said.
Why Is the Stock Falling?
The stock has fallen significantly since listing, driven mainly by early investors from the $0.15 round taking profits. “We were able to pinpoint the entry price… it was the 15-cent shareholders,” Filgate admitted. He said they “cleaned it up as best we could” and highlighted strong support from larger shareholders who bought on the dip
Do Insiders Own a Royalty on the Projects?
No. CEO Matt Filgate unequivocally stated that “nobody owns any royalties on the projects.” This clear answer was meant to allay any concerns about potential conflicts of interest within management.
However, Filgate did provide detail on existing royalties from historical agreements. At the Bend project, there’s a 1% net smelter royalty (NSR) on a 40-acre privately held land parcel. “The rest of [Bend] is state land, so there’s no royalty there,” he noted. At Calum Canyon, their non-core asset in Arizona, there’s a 3% royalty from Origin Royalties. Reef and other Wisconsin assets have no current royalty encumbrances.
How Is Executive Compensation Determined?
Executive pay at Greenlight is structured around performance rather than cash. Filgate emphasized, “KPIs are based on discovery success and share price performance.” No bonuses were paid in 2024, and any future bonuses will be in the form of stock compensation.
His own salary is under market value. “It’s less than the job I left,” he said, referring to his previous role at Talisker. Greenlight’s general and administrative (G&A) expenses are tightly managed— around $110,000/month now that the company is public, compared to $65,000–$70,000 when it was private. Filgate also highlighted that only two executive officers—himself and CFO Dave Karu— draw salaries, and both are below peer average by about 20%.
Why Has Wisconsin Not Been Explored?
A 20-year moratorium on metallic mining (1997–2017) left Wisconsin largely unexplored during a critical period of modern mineral development. “Wisconsin is a very unknown jurisdiction… when you think U.S. mining, you think Nevada, Utah, Idaho—not Wisconsin,” Filgate said.
Despite having one of the largest greenstone belts in North America, the state was left idle. During the 1970s–90s, Rio Tinto and BHP conducted significant geophysical surveys, identifying many VTEM anomalies. Yet when the Flambeau mine (a Rio Tinto operation) shut down in 1996, exploration ground to a halt with the moratorium. Greenlight spent the past five years rebuilding relationships with townships, legislators, and local governments to Filgatetablish trust and navigate permitting in the post-moratorium era.
Why Hasn’t There Been More Mining in Wisconsin?
The mining moratorium had a chilling effect. “It completely crushed the industry in Wisconsin,” Filgate explained. While the state has a rich mining history—reflected in symbols like the miner on the Wisconsin state flag and the “Badgers” nickname—the moratorium stunted development.
Before the ban, there were several promising projects being advanced, including the Lynn deposit (a 6–7Mt VMS deposit with 9% zinc). These were abandoned when the legal landscape changed. A new permitting regime was established in 2017 through the Mining for America Act, co-authored by Congressman Tom Tiffany and Greenlight board member Steve Donaghue, allowing projects to now be permitted in four to five years—comparable to jurisdictions like Nevada or Idaho.
What Work Has Greenlight Done in the Last 5 Years?
Greenlight was spun out of Aquila Resources in 2020 and raised about $5 million in its private phase. Approximately $4 million of that was raised before Filgate joined. Much of it went to land acquisition and limited geophysical work.
“There were some false starts,” Filgate admitted, referring to failed go-public attempts in 2021 and 2023. Since taking over, Filgate committed to finally listing and focusing on exploration: “The assets are too good not to explore.” The Reef and Bend projects came from the Aquila spinout, while CanAmerica (acquired in 2022) brought in both Wisconsin and Nevada assets. The Swede project was secured via a private land deal about 18 months ago.
What’s Their Business Strategy?
Greenlight’s short-term strategy is focused on exploration and resource growth, particularly at Bend and Lobo East. “The short-term plan is to build out a bigger resource at Bend,” Filgate said. Their internal target is to expand the resource to 10–20 million tonnes.
Long-term, the company envisions a centralized processing facility somewhere in Wisconsin. “We’ve been approached by a few different counties that are interested in hosting a facility,” Filgate noted. The idea is to direct-ship ore from satellite projects to one central mill, reducing environmental impact and capital expenditure. He also mentioned early discussions with tribal landowners at Crandon about infrastructure collaboration, though their interest in mining is currently low.
Are There Change of Control Fees?
No. Neither Filgate nor CFO Dave Karu have change of control clauses in their contracts. “I’d rather be compensated through the share price,” Filgate said, indicating that he prefers to align his upside with shareholder success. He added that it hasn’t been a priority to change this structure and it’s not top of mind at this stage.
What Work Is Needed to Convert the Historic Resource?
The Bend deposit has a 4Mt historical resource grading 1.7% Cu and 2.3 g/t Au. It spans only 330m of strike, and Greenlight believes there’s significant expansion potential. They recently acquired land directly along strike, covering a 1.4km VTEM anomaly.
A 3,000-meter drill program is set to test that area in phases, with step-outs and follow-ups planned. There’s also a parallel anomaly 2.5 miles north. “We see a pathway to 10 million tons directly at Bend… internally our goal is 20 million tons plus,” said Filgate. Much of the 21,000 meters of historic drilling can be reused, thanks to well-preserved core stored nearby
How Much Are They Drilling at Bend?
Greenlight is initiating a 3,000-meter drill program at Bend as part of a two-phase exploration strategy. The average drill hole depth will range from 150 to 200 meters, with the deepest going to approximately 400 meters. This first phase is focused on step-outs along strike to test the 1.4- kilometer VTEM anomaly extending northeast from the known deposit.
The program involves 15–20 holes across eight permitted platforms. “The deposit is dipping near vertical and comes right up to surface with about 30 meters of glacial overburden,” explained Filgate. Some holes will target the top of the deposit, while others will test depth continuity and blue-sky potential through 300–400 meter step-outs.
Filgate described the structure as a “very thick massive sulfide body” with true thickness reaching up to 35–40 meters in some areas. The intent is to determine whether the deposit continues along strike or expands into new mineralized zones.
Are They on State Land?
The Bend project is located on a mix of state and Bureau of Land Management (BLM) land. Greenlight had to obtain two different permits to cover both jurisdictions. “The state permit came through very quickly. The BLM permit took four to five months,” said Filgate. The company currently has approval for eight drill platforms, each supporting multiple drill angles to maximize coverage with minimal surface impact.
When Does Drilling Start?
Drilling is scheduled to begin in June. However, road restrictions due to spring thaw have delayed mobilization. “We’re just waiting for the frost to come out… there’s usually about a month and a half period where the road is 75% weight-restricted,” Filgate explained.
First assay results are expected around mid-August, depending on lab turnaround times. “We’ll probably release them hole by hole,” Filgate added, noting that results will dovetail with their September marketing efforts.
How Much Are They Spending on Exploration?
The 2025 exploration budget is approximately CAD $2 million. Of that, $1 million is allocated to the Bend drill program. Another $400,000 is reserved for drilling at Lobo East, and about $300,000 is earmarked for geophysical surveys. The remainder is for property acquisition and exploration planning.
Filgate confirmed that Greenlight currently has about $3.1 million in cash. “So no need to raise before we actually know what’s under the ground,” he said. This self-funded model is intended to mitigate dilution until a discovery can drive share price appreciation.
Are They Re-Logging the Historic Core?
Yes. Of the 21,000 meters of historic drilling at Bend, Greenlight has 17,000 meters stored in a dedicated core shack just 10 miles from the project. “It’s in great shape. It was all stored inside,” Filgate noted. The company plans to re-log and re-sample that core to bring it into compliance.
They expect to twin only a few holes—likely one or two—depending on the QP’s (Qualified Person’s) assessment. Having access to this core could significantly reduce confirmation drilling needs and costs, accelerating resource definition efforts.
Is This a Classic VMS Target or Something Else?
Filgate describes Bend as a “classic VMS” (Volcanogenic Massive Sulfide) system but notes some complexities, particularly its unusually high tellurium content. Historic and recent sampling averaged 230 g/t of tellurium, which is uncommon in traditional VMS deposits.
“What’s interesting is that across the belt, we see different metal zonation—Bend and Flambeau are high in copper and tellurium, while Crandon and Lobo are high in zinc and lead,” said Filgate. This variation could reflect different depositional environments or structural controls within the belt.
The tellurium presence opens potential avenues for federal or state funding due to its classification as a critical metal, especially for solar panels .
Is Mineralization Sub-Volcanic?
Yes, the mineralization is sub-volcanic, occurring in close proximity to felsic volcanic domes. “It’s forming on the margins of felsic domes—basically like a black smoker system,” Filgate explained. The sulfide pods are often sandwiched between felsic volcanic flows and can form in stacked lenses.
This geological setting supports the theory that Bend may be just one part of a much larger VMS cluster. “Typically, if there’s one [deposit], there’s more,” he added, reinforcing their broader exploration thesis .
What Would They Consider Success in This Program?
Greenlight defines success as both expanding the Bend resource and discovering additional deposits in the belt. “Internally, our goal is 20 million tonnes plus,” Filgate said. Lobo East, a high-priority VTEM-gravity anomaly located five miles from the Lobo target, is also seen as a potential discovery point.
Filgate emphasized the efficiency of VMS exploration. “We can go put four or five drill holes into [a VTEM anomaly] and figure out if it’s massive sulfide,” he said, contrasting this with more complex deposit types like epithermal systems. With a strategic and ranked targeting process, Greenlight intends to prioritize quick, high-impact results across its portfolio .
How Much Drilling Is Needed Before a Potential Transaction?
Filgate estimates 20,000–25,000 meters of drilling would be required to reach a stage where Greenlight could consider a transaction or more strategic moves. Much of the historic drilling at Bend was tightly spaced, and the company aims to extend and build upon that with more cost- effective step-outs.
“My motto with exploration is: if it’s warranted, keep going. If it isn’t—pack up and leave,” said Filgate. This disciplined approach is part of Greenlight’s broader focus on capital efficiency and high-return drilling .
How Will They Be Financing in the Future?
For now, Greenlight intends to raise equity rather than seek joint ventures. “We’re going to have to drill it out ourselves,” Filgate stated, noting that they’re still too early stage to attract majors. “Even if we can show 10 million tons, I don’t think there’s enough on the bone yet for a major.”
He compared Greenlight’s model to Arizona Metals, which successfully revived a relic VMS project and saw significant share price appreciation. “If we have success with drilling, our shareholders will be really happy,” Filgate added .
Does the Metallurgy Work?
The metallurgy at Bend appears promising, at least for copper and gold. Historic metallurgical tests from the 1990s showed strong recoveries—approximately 90% for copper and in the high 80s for gold. However, the presence of tellurium (a critical metal) is a more recent discovery, and its metallurgy is still largely unknown.
Tellurium in the deposit seems to be associated with tellurides and fine pyrite, particularly in areas of high-grade gold. “There’s some parts where it’s six or seven grams per ton gold,” Filgate said.
Early data suggests tellurium grades averaging around 230 g/t, which could have implications for processing.
No metallurgical work has yet been done specifically on tellurium at Bend. “We’ve got a lot of work to do on understanding it,” Filgate admitted, noting plans to send new core samples for lab analysis during the 2025 drilling campaign. Greenlight is also working with researchers at the University of Wisconsin to better understand the recoverability and behavior of tellurium in the deposit.
The company is watching the market closely—Filgate referenced Rio Tinto’s recent investment in a tellurium extraction plant in the U.S. for solar panel manufacturing. “That’s something that I’m going to do a bit more research into,” he said. If recoverable, tellurium could present a valuable byproduct stream, particularly under U.S. critical mineral incentives .
Could There Be an Epithermal Overprint?
The company believes the Bend system is a clean, classical VMS without evidence of epithermal overprinting. “We don’t see mercury, antimony, or those kind of vapor-phase minerals that you see in those types of deposits,” said Filgate.
He contrasted this with complex hybrid systems like Eskay Creek in British Columbia, which was long considered a VMS but was later interpreted as an overprinted epithermal system due to the presence of mercury, arsenic, and antimony. “We just don’t see the typical epithermal signatures,” Filgate asserted.
Instead, Bend features clean sulfide mineralization dominated by chalcopyrite and pyrite with very low arsenic—under 0.1%. This simplifies potential concentrate production and positions the project favorably from a processing and environmental compliance standpoint .
Is the Community Situation Challenging?
Community relations are a nuanced but manageable issue. While Greenlight has received strong support from local townships and state legislators, including Congressman Tom Tiffany, some friction has emerged with indigenous stakeholders.
Specifically, the Lac du Flambeau Band of Lake Superior Chippewa is challenging the company’s construction stormwater permit—not the exploration permit itself. The issue centers on whether the company should have applied for an “industrial” rather than “construction” stormwater permit for their drill pad development.
Filgate clarified, “Greenlight isn’t actually a party to it—it’s a debate between the tribe and the state.” The DNR (Department of Natural Resources) has stood by its approval, and the company expects this dispute to be resolved without major impact.
Greenlight has undertaken early-stage engagement with tribal leaders and local communities. “The biggest concern is always groundwater,” Filgate acknowledged. He emphasized that environmental responsibility is central to their operations: “We plan to be exploring in Wisconsin for many years… we take this very seriously.”
Greenlight is also working on a broader prospecting permit that will undergo a NEPA review. They expect approval by September or October, and are continuing to meet regularly with stakeholders to build trust and transparency .
Why Do They Hold Six Assets and Not Just One?
Greenlight’s portfolio includes six U.S.-based projects, but its core focus is on just two—Bend and Reef in Wisconsin. The other projects (Swede, Lobo, Lobo East, and Calum Canyon) are held for strategic optionality, not as current exploration priorities.
Filgate explained that the broader land package supports their vision of a centralized processing facility: “Instead of building a facility at each one, we’re able to just direct-ship it down to one facility.” This hub-and-spoke strategy would allow multiple satellite deposits to feed into a central mill, reducing capex and permitting complexity.
Moreover, having a diversified portfolio gives Greenlight flexibility. If Bend doesn’t advance as planned, they can pivot to another high-potential target like Lobo East, which Filgate believes could yield a major discovery based on coincident VTEM and gravity anomalies .
What Is Going On With the Non-Core Assets?
Greenlight owns projects in Nevada and Arizona, but they’re considered non-core. Calum Canyon in Arizona, for instance, carries a 3% NSR and isn’t being actively explored.
“These assets were vended in through our acquisition of CanAmerica,” said Filgate. While no immediate work is planned for them, they may provide future value through partnerships, asset sales, or royalty monetization. For now, the company is maintaining its focus squarely on Wisconsin, where it sees the most upside and strategic leverage .
How Is Money Going to Be Spent?
In 2025, Greenlight plans to spend roughly CAD $2 million on exploration activities, primarily focused on:
- $1 million at Bend for 3,000 meters of drilling
- $400,000 at Lobo East for a smaller drill campaign
- $300,000 on geophysical surveys along strike from Bend and at other targets Filgate also indicated a small amount would go toward property acquisition and permitting. The current cash position of $3.1 million covers this entire plan without requiring further capital raises. “We’re funded through the drill results,” he said, highlighting the advantage of avoiding immediate dilution . How Much Are They Spending on Marketing?
In 2024, marketing costs were minimal—around $50,000—and mostly related to shareholder communications and travel. Filgate acknowledged that these costs will rise now that Greenlight is a public company to about $250,000.
The company has partnered with mining promoter Jeff Phillips to increase market visibility and attract long-term retail and institutional investors. Marketing will likely intensify following drill results, as they plan to “dovetail” assay releases with investor outreach in September. “We’ve been marketing it pretty heavily,” said Filgate, particularly as they believe the share price is undervalued post-listing .
What Keeps the CEO Up at Night?
As new CEO Filgate commented that it is “always the share price that keeps you up at night but I think that that I think that the projects that we have and the results that we expect from those projects I think we’ll see a lot of share price appreciation as those come online .
As well he commented on “getting it in front of as many eyeballs as possible that’s really what what drives me but also keeps me up at night but yeas I look this is a this is a new story so we’re just excited to get it out there .
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