This was a first-pass interview with Jaguar Uranium Corp., led by Steven Gold. They’re chasing uranium across one main asset in Colombia (the Berlin project, in a department called Caldas) and four assets in Argentina (two former-producing areas in Mendoza Province, plus two exploration properties in Chubut Province). The conversation covered IPO mechanics (who owns what, lockups, cheap paper, etc), then moved into what they think they can do over the next 2 years (permitting, drilling, and eventually updated resource estimates).
TL;DR
CEO Steven Gold said Jaguar Uranium is coming public with about 13 million shares outstanding pre-IPO, with nearly all of that locked up (only the IPO shares plus one legacy holder position free-trading), and he mentioned approx 2.0 million shares potentially coming free after about 4 months. He described raising roughly $25 million for roughly two years of runway, targeting roughly 80% of funds to go into the ground, and initially planning to weight spend 60% Argentina / 40% Colombia, while keeping flexibility if one jurisdiction performs better. He also pointed to drill data expected over the next 12 to 18 months, and updated resource estimates he’s hoping to have by late 2027 (depending on rigs and permitting).
- What have they done for shareholders lately?
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The past few months have been mostly about corporate setup rather than drill results. Steve talked about building the company over the last 3 years, assembling a portfolio of five uranium properties, getting to an IPO listing, and cleaning up a key Colombia issue by paying off accrued government charges/taxes tied to a prior care-and-maintenance period. CEO Gold also said they’ve re-assayed some historical Colombia core and that results matched prior data in many cases, and emphasized they’ve already reserved two rigs in Argentina, when I asked him about rig availability.
– - How much money do they have and what are they spending it on?
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Steve said the raise is about $25 million and said it’ll be good for about two years of runway. He said the in-ground vs non-exploration expense split is roughly $17 to $19 million into exploration work (net of fees, in their estimate) with the remainder covering public-company costs, staffing, and G&A. Estimated at about $3 to $4 million of corporate expenses and an investor relations budget of roughly 500K.
– - Upcoming catalysts
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Technically, he said they expect to start seeing early fieldwork like sampling and analysis in the summer, with more substantive exploration activity building into the end of the year, and they’re aiming for drill results over the next 12 to 18 months (permitting dependent). Operationally, Steve said the next 3 quarters are largely about permitting and getting rigs mobilized, and they think they can keep working on most assets for roughly 10 months a year (with a short snow window on part of the Chubut ground). Corporately, CEO Gold said they hope to sign agreements with Argentine government entities to access/organize historic data, and he mentioned a near-term decision window where the Chubut provincial congress may re-examine open-pit mining rules, possibly within about a month.
– - Risks
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Near-term risks are about execution and permitting. Most timeline he talked to me about are tied to permitting speed, and he acknowledged rig availability is tight (quoted ~$200 per metre as a healthy drilling cost range, including assays, though that’s not a guarantee). He also talked about the practical risk of staffing up a specialized team for uranium and associated minerals in South America. We also discussed political/regulatory sensitivity because Colombia has a left-leaning federal administration, while Chubut (in Argentina) has a legal framework restricting open-pit mining and cyanide use, though Steve said uranium doesn’t face the cyanide issue, but open-pit restrictions could matter depending on approach. We talked about more risks and challenges in the interview.
Jaguar Uranium CEO Interview With Steven Gold
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