SAGA Metals’ flagship is the Radar titanium-vanadium-iron project about 10 km south of Cartwright in southeastern Labrador, covering the Dykes River intrusive complex, a layered mafic intrusion hosting vanadiferous titanomagnetite and ilmenite. The second asset is Wolverine, a rare earth project roughly 50 km west of Hopedale and 12 km inland from the coast. In this interview, I asked about the resource drilling just completed at Radar, the metallurgical work with Temas Resources, treasury and spending, insider ownership and royalties, and permitting and port access.

TL;DR

Radar drilling for the maiden resource is done. 22,000 m across 85 holes at Trapper, and Stier says every hole hit oxide mineralization, with multiple intervals tens of metres to over 100 m thick. All samples were in the lab by the end of August and he expects the last assays back within two to three weeks, after which the modellers finalise the estimate. He pegged the MRE for Q4 2026 and a PEA for Q1 2027. Treasury is about C$8 million after a C$3.3 million flow-through raise at 55 cents in September. G&A runs roughly C$50,000 a month. On the metallurgy, he was clear that Radar does not depend on Temas’s RCL process to work, calling conventional magnetite and ilmenite concentration the base case and RCL the upside.

What have they done for shareholders lately?

The 22,000 m, 85-hole program at Trapper finished on schedule, and he made a point that the whole thing was drilled in roughly seven to eight months of working time. He walked through how they got there: ground magnetics that maxed out the magnetometer at 115 to 120 units versus about 75,000 nanoteslas at Hawkeye, a 3.5 km strike defined at Trapper, and a 29 km² lopolith spanning the Trapper, Hawkeye and Falcon zones. Earlier holes 8 and 9 in Q4 2025 gave near full-hole intercepts of over 50% iron oxide, 6 to 7% TiO2 and over 0.4% V2O5 across close to 300 m. Stage 1 bench work with Temas came back positive, though he admitted titanium recovery varied with feed type. He also says about 90% of the titanium reports to the non-magnetic ilmenite fraction while vanadium and iron go with the magnetite, which he argues is a natural separation advantage over Panzhihua in China, where titanium recovery sits near 20%. At Wolverine, the first diamond programme of up to 5,000 m is running and the first two holes hit the REE-bearing volcanic sequence.

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

About C$8 million in the bank. The September raise was C$3.3 million at 55 cents, all flow-through, which he says goes straight into the ground, following a larger raise in May and roughly C$3 million in October 2025 and C$6 million in December 2025. Capital structure is 108 million shares out at around 46 cents for a C$50 million market cap, with 3.2 million options and 31 million warrants making up about 24% of 142 million fully diluted. G&A is around C$50,000 a month, call it C$600,000 a year, and he says none of the flow-through touches it. Stage 2 RCL optimisation is budgeted around C$250,000, and the pilot study is still being scoped, with typical costs of C$500,000 to C$1 million and Stier expecting the middle of that range. The rest goes to HQ diameter core holes to produce 500 kg to a tonne of concentrate for the pilot, plus PEA holes at Trapper North and South that are still being planned. On marketing, he did not have the number and offered C$3 million as a hypothetical for the past 12 to 18 months, arguing they have put close to three times that into Radar.

Upcoming catalysts

Technical: remaining Radar assays within two to three weeks of the interview, the maiden mineral resource estimate over the Trapper Zone in Q4 2026, a PEA in Q1 2027, Stage 2 RCL bench optimisation followed by a pilot study, and assays and geometry work from the up to 5,000 m Wolverine drill programme ahead of a future maiden resource there.

Operational: HQ core drilling to generate pilot feed, and further PEA drilling at Trapper North and South.

Corporate: ongoing discussions with the port authority in Cartwright about bulk export access, which he said he hopes to speak about more specifically in the coming months.

Risks

The whole re-rate thesis rests on outstanding assays and a resource that has not been published, and CEO Mike Stier did not say anything about expected tonnage or grade. Recovery variability by feed type is unresolved and only gets addressed in Stage 2 and the pilot. He described the current C$8 million as a top-up that carries them through year end, so a raise to fund the PEA and further drilling is likely. The bulk export solution through Cartwright has no timeline attached. The co-founder holds a 1% royalty on part of Radar alongside his equity. Insider ownership on SEDI is under 5%, with the 15 to 20% figure he cited depending on friends-and-family holdings that are not publicly reported.

Saga Metals CEO Interview

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