Matt Manson

Gold Giant Bets $57M on a 4-Million-Ounce Target | Matt Manson - Radisson Mining

• Top takeaway Manson argues Agnico Eagle's C$57 million, ~10% investment is above all a validation of the Radisson team's work and the O'Brien asset after deep technical due diligence.
• He frames the planned ramp as a major de-risking exercise — about 300 meters of first modern underground access, driving through mineralized zones to test continuity, ground conditions, and future mining methodology.
• He guides to 3.4-plus million ounces officially in the market and is optimistic about upwards of 4 million ounces, framing the open question as whether O'Brien is a 2-to-5-million-ounce deposit.
• He reports about $100 million in the bank at the end of August 2026, the best treasury in the company's history, with roughly half allocated to the 8-rig, 140,000-meter drill program.
• He lays out the project's first development schedule: ramp engineering and permitting starting immediately, portal groundbreaking targeted for early summer 2027, and ramp development complete by end-2028 or early 2029.

Agnico Eagle's C$57 million investment for a 10 percent stake validates the O'Brien gold project's scale after the major's deep technical due diligence. O'Brien's resource has grown from roughly 900,000 ounces in 2023 to 2.3 million ounces, with an eight-rig drill program targeting three to four million ounces. The investment funds a first modern underground ramp — about 300 meters deep — to test mineralization continuity, ground conditions, and mining methodology. Management prioritizes growing the resource before updating its preliminary economic assessment (PEA — an early-stage mine study) built on a smaller resource. Conference floor signals: about 80% of Beaver Creek attendees were investors this year, with high-net-worth money moving from real estate and tech into gold.