Kevin Reid

A Gold Stock Doug Casey Owns, Now 36% Below What He Paid

• Top takeaway Unveils the pivot: re-enter the mine through the ventilation raise instead of the production shaft, cutting drill cost for 60 targets from $9.6 million from surface to about $200,000 and completion from 8.5 months to about a month.
• Argues the roughly C$35 million market cap pays nothing for about US$50 million of existing infrastructure, a 14-foot concrete-lined shaft to 1,650 feet, about 5 km of workings, and a ventilation raise, calling it about a 50% discount to replacement cost.
• Stresses alignment: he, his brother, and the chairman put in about $2 million each and hold roughly 50% of the company, and he says insiders bought about 300,000 shares in the six weeks before the call.
• Defends the discounted, upsized financing to Dominic Frisby as a board decision taken amid market volatility, saying he won't operate in the rear-view mirror and that capital should flow to the lowest-cost driller into the highest-grade deposit.
• Lays out the drill plan: start at the 830-foot level, then step to the Adventure system about 600 feet south (a 3,000-foot trend whose best historic hole ran 1.07 oz/t gold over 3.2 feet) and the Freeman system to the north across 11 parallel structures, targeting 50 or more holes a month from May-June.

Reopening the McCabe mine through its ventilation raise cuts planned drilling costs about 95% — 60 holes for $200,000 instead of $9.6 million from surface. Arizona Eagle Mining's historic estimate is about 887,000 ounces at 11.7 g/t (grams per tonne), and lower modern cut-off grades should expand it. CEO Kevin Reid says C$5.5 million in cash covers the US$3.7 million underground re-entry budget, with drilling guided for May or June. Phase 1 surface drilling hit two economic intersections in seven wildcat holes, including a zinc-rich VMS (volcanogenic massive sulfide) copper discovery. The panel flags narrow veins, illiquidity and tax-loss season as near-term risks, while insiders hold roughly half the company.

30X More Chances to Find Gold | Kevin Reid - Arizona Eagle Mining

• Top takeaway The guest is structurally bullish on gold as of October 2026, arguing ~$2 trillion in annual US interest expense on ~$40 trillion of debt makes more money printing inevitable, which he sees as positive for gold despite short-term volatility from higher rates.
• He argues reopening the ventilation shaft for about $3 million lets Arizona Eagle drill from underground at ~3% of surface cost — roughly $200,000 for 60 holes vs $9.6 million from surface — yielding about 30 times more holes per dollar.
• He presents the 1984 historic estimate of 878,000 oz gold at 11.7 g/t recovered grade plus 5 Moz silver, and contends the resource could grow to multiples of that historic figure by lowering the 6.8 g/t cut-off and expanding along strike and at depth.
• He stresses the private patented ground advantage — the company owns surface and mineral rights, avoiding BLM or National Forest permitting — and notes two discoveries in holes 2 and 6 of a 7-hole surface program that intentionally avoided high-grade areas.
• His timeline: engineering study on the ventilation shaft complete by January, underground access by April or May, and drills running underground from around May, with the company fully funded for the work.

CEO Kevin Reid argues higher interest rates pull capital from gold near term, but surging US debt-servicing costs imply more money printing ahead. Arizona Eagle plans to reopen the McCabe mine's ventilation shaft to reach underground workings and drill short holes directly at high-grade gold-silver targets. Underground drilling could cut costs to roughly 3% of surface drilling — about $200,000 versus $9.6 million for 60 holes — multiplying exploration chances. Patented private land in Arizona removes federal permitting delays that slow explorers working BLM or National Forest ground. A 1984 historic estimate of 878,000 ounces at a recovered grade of 11.7 g/t used a 6.8 g/t cut-off and $350 gold, so management sees expansion potential.

Arizona Eagle Mining Hits the Public Market with High-Grade Past Producer

• Top takeaway Argues the core case for AZEM is a tightly held structure: insiders own about 53% of 49 million shares under a three-year escrow, have invested roughly $6 million of their own money, and the executive team has taken no salaries.
• Deliberately resists committing to a formal resource estimate, contending the McCabe system is tested only to 400m depth, could extend a kilometre deep over many kilometres of strike, and would need tens of thousands of metres of drilling before it is capped.
• Claims the historic 11.7 g/t grade already reflects 15% mining dilution and 85% process recoveries, so the true head grade would be 15 g/t or better, before counting roughly 5 Moz of historic silver at about 70 g/t.
• Positions private land ownership as his execution edge: a 48-hour, sub-$200 drill permit, 10 drill pads ready, and a fully funded $4.5 million phase one program about 40% complete (about 2,000m of 4,500m) at the time of the interview, with drill results expected from April 2026.
• Describes his own background as 25 years in investment banking and mining M&A rather than geology, and says he relies on Arizona-experienced people, including chairman Mark Pace, for geology, drilling, permitting, and community relations.

Newly listed Arizona Eagle Mining (TSXV: AZEM) offers a past-producing, high-grade gold mine where management sees kilometres of untested structure at depth. The CEO argues the McCabe mine's historic 11.7 g/t (grams per tonne) estimate already absorbs 15% mining dilution, so true head grade is higher. Management owns about 53% of 49 million shares under three-year escrow, and the team has invested $6 million without salaries, Reid says. Private ground lets permitting clear in 48 hours, and the fully funded 4,500-metre Phase 1 program is 40% done with results expected in April. Reid is in no rush to publish a resource estimate, warning early capping undersells a system that may reach a kilometre deep.