Blue Jay Gold Turns a Riverside Spinout Into a Yukon Brownfield Restart Story

## The spinout was the setup, not the story

Blue Jay Gold did not start as a Yukon company. It was assembled in late 2024 as a spinout vehicle for gold assets that Riverside Resources CEO John Mark Stoudy had gathered in Ontario along the Geraldton Greenstone Belt - the same playbook Riverside had already run with Capitan Silver in Mexico a few years earlier. Riverside formed Blue Jay Gold as a subsidiary, appointed ex-analyst Jordie Mark as CEO, and moved three early-stage Ontario assets into it. About three months later the two companies signed a definitive agreement internally, with Riverside shareholders receiving one Blue Jay share for every five Riverside shares held. By the end of May 2025 the spinout was complete and Blue Jay stood on its own.

Three early-stage Ontario projects are a tough sell to a new shareholder base. Rather than work the market on what it already had, management went looking for a second leg elsewhere in Canada - and, in the host's telling, a very good one. Blue Jay acquired the Skookum Gold project in the Yukon from Tincourt Metals and, shortly after closing, rebranded it the Stellar project.

## Why a brownfield asset is a different proposition

A brownfield asset is one that has already been worked and still carries its built infrastructure. Most early-stage exploration stories are a map, a drill rig and a hypothesis. Stellar is the opposite, and it is unusually complete for its size.

The asset produced from 1986 to 1988, roughly 80,000 ounces of gold at an average grade of 13 grams per tonne. The host concedes that historical grade "might sound like small potatoes relative to some operations out there." The grade that matters more is what sits in the ground now. Blue Jay reports indicated resources of 400,000 gold-equivalent ounces at 9.06 grams per tonne gold, plus inferred resources of 449,000 gold-equivalent ounces at 6.45 grams per tonne - roughly 850,000 gold-equivalent ounces in total across a consolidated, district-scale footprint of about 170 square kilometres. Gold-equivalent ounces fold silver and other payable metals into gold terms at assumed prices; this estimate currently rests on gold and silver ounces in the ground. On the video's read, that makes Stellar the highest-grade resource in the Yukon.

## Infrastructure that is already paid for

Still standing on site from the last operating era: a 270-tonne-per-day mill, a 50-person camp, a workshop, offices, a network of access roads, and 7.5 kilometres of underground workings. A junior that acquires that is not buying a drill program - it is buying a head start on any future restart, which is why the video frames Blue Jay as a restart story with brownfield credentials rather than a pure exploration story.

Location helps as much as the buildings. Stellar sits about an hour's drive from Whitehorse, with a railhead connecting to the US port at Skagway. Mark's framing on the video: "we're fantastically positioned to be basically an exploration company looking for resource growth and new discovery that you can just drive to... so you don't need helicopters."

## The 2026 program is funded and drill-heavy

Management is leaning into resource growth rather than a production decision yet. There are 121,000 metres of historical drill core in hand to work through. Mark states the priority directly: "We think we're more oriented towards trying to find more resources in the very near term because we've got almost a million ounces," with roughly 70% of this year's spending aimed at testing expansions to the current resource base.

On the ground, that means a maiden drill program of up to 16,000 metres this field season, targeting resource expansion at three zones plus follow-up work on two historical discoveries. The program is fully funded following an April financing that raised $14.7 million. Environmental baseline work is also planned, which the host reads as a signal that management is already thinking about a potential return to production further down the road.

## Antimony is a side option, not yet a resource

The video flags a third metal. Blue Jay has hinted at potential antimony at the property, and the host cites a Twitter account posting as Torch and Capital that dug through historical records and pointed to the Becker Cochrane deposit having carried a historical resource of up to 127,000 tonnes at 4% antimony. That is a third-party reading of old data, not a current defined resource under a recognized reporting standard, and the video offers no economics for it.

## What the valuation claim rests on

The host closes on valuation: Blue Jay trades around $19 on an enterprise-value-per-ounce basis, against a Yukon average of roughly $151. Enterprise value per ounce divides a company's total enterprise value by its ounces of resource - a way of asking what the market is paying for each ounce in the ground. Two caveats travel with the claim, and both come from the host: the peer average is skewed by one large name, Skeena, and the $19 figure is based on Blue Jay's own numbers.

## Governance and the publisher's position

Blue Jay brought in Scott Hicks as chairman, described as having a long list of successful exits in mining through the Lumina Group.

The video's publisher discloses a position: Canacom Group, the parent company of The Deep Dive, is long the equity of Blue Jay Gold. That is a stated long position rather than a stated sponsorship, and it belongs in a reader's assessment of the coverage.

The host's own summary is measured: Blue Jay has been public for roughly a year out of the spinout, has just launched its maiden drill program, and trades at a discount to the wider peer set on the video's numbers. "It's early days," he says.