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Gold Terra is a gold explorer with projects around Yellowknife, Northwest Territories (Canada), centered on the historic Con Mine area and nearby targets. The assets are at advanced exploration to early development planning stage. This interview covered the C$7M financing, the upcoming drill program, the timeline to an MRE and PEA, and why management sees controlling the Con Mine site/leases as strategically important.
TL;DR
Gold Terra’s core near-term story is a drilling-driven re-rate attempt backed by a C$7M raise, with management emphasizing no warrants and a shareholder base they claim is largely long-term. The 2026 plan is framed as execution-heavy: up to four rigs starting in January, a 15,000 m winter target by end of April, and results beginning around February with continued drilling potentially through September. Gerald laid out a timeline of an MRE in Q3 2026 and a PEA in late 2026, with feasibility-stage work discussed for 2027 and a production ambition around five years out if permitting and execution align. Panneton repeatedly tied the biggest perceived value inflection to gaining full control of the Con Mine site/leases.
- What have you done for shareholders lately?
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Gold Terra recently closed a C$7M raise and said proceeds are primarily for drilling, with plans for up to four rigs turning in January and a steady stream of drill results starting around February and running into mid-2026. They also say they expect to keep drilling beyond winter into the summer season and position the company for an updated MRE in Q3 2026 and a PEA targeted for late 2026.
– - What has changed since the last major update?
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The main change is the completed financing and a more defined 2026 execution plan, which includes four rigs, a stated 15,000m target by end of April (with ice access noted as a factor), and a clear statement that deep drilling is not a near-term priority. Management also emphasized the brownfield advantages of the Con Mine site and framed the prior deep drilling as technically useful (confirming the Campbell Shear at depth) but not economically actionable in the near-term mine plan.
– - How much money do they have and what are they spending it on?
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They just raised C$7M. Spending priorities are drilling-focused, with management citing roughly C$250 per metre all-in drill cost (including assays/logistics) after signing a drill contract. On overhead, Gerald said they’re targeting about C$120,000 in filing/admin/payables costs (via service providers) plus CEO salary, which he said has been unchanged for four years. The raise was described as heavily charitable flow-through with a ~40% premium, and no warrants, wtih the statutory hold expiring in late March, 2026.
– - Upcoming catalysts
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The next operational catalyst is the start of drilling in January 2026 with up to four rigs. Gerald said assay turnaround is typically about three weeks and expected drill results to begin around February and continue through June/July, with continued drilling and results potentially running through September. Panneton also referenced a historical ‘discovery’ from 1938 that they have’t yet drilled and said they intend to drill-test it toward the end of the winter program, then deliver an MRE in Q3 2026 (September/October) and a PEA by late 2026.
– - Risks
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The near-term risk is that drilling does not deliver sufficient grade/width/continuity to support the targeted MRE and the implied near-surface mine concept, particularly where prior deep drilling did not produce economic intersections. Execution risk is tied to winter logistics, because of the reliance on ice access to meet the 15,000 m-by-end-of-April plan. Market and financing risk remains, including the March, 2026 hold expiry. Permitting and social license risk are implicitly present, with management acknowledging Yellowknife’s mixed mining legacy and that timelines in Canada are often ‘theoretical.’
Gold Terra Resource CEO Interview With Gerald Panneton
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