Interview with Upside Gold CEO (April 29, 2026)

Don Durrett Apr 29, 2026

Summary

Upside Gold is drilling toward a 2021 resource of 3.31 million gold ounces in southern British Columbia, targeting 30-40% growth.

Growth rests on three pillars: historical drilling, 10,000 meters of new drilling, and adding never-credited copper and silver.

Low-grade bulk mineralization near surface, with roughly 95% gold recovery in testing, underpins the open-pit optionality case.

The host frames the shares at about $20 per ounce in the ground, far below recent Canadian and Guyana exploration deal prices.

Management argues a refreshed resource estimate by early 2027 could revalue the project toward development-stage multiples.

The host names Artemis Gold as probably the only true mid-tier producer that operates solely in Canada, which he frames as the scarcity behind his Canadian M&A thesis.

The guest lists Aya Gold & Silver among the junior mining companies she worked at earlier in her career, across her 15-plus years on TSX, Venture and CSE listed names.

The host places West Red Lake among Canadian developers still working toward mid-tier status rather than having reached it.

Top takeaway He prices the company at about $20 per ounce in the ground fully diluted against recent Canadian deals nearer $400-500 per ounce, and argues it could rerate above $200 per ounce on roughly 5 Moz — a company he values near $1 billion.
He notes the shares rose from about C$0.50 to C$1.60 at all-time highs while gold fell roughly $1,000 from $5,600 to $4,600, and credits the low per-ounce valuation for that relative strength.
He expects the gold correction to run through May and turn back up around June or July, and warns that companies financing into a downtrend get punished.
He sizes the next raise at roughly $6 million US as more than enough and prefers dilution of about 10% at a time.
He argues that with about 20 Canadian development projects of 2 Moz or more in the market and few mid-tier producers, stronger sentiment should push explorers toward development-project multiples once margins expand.

Top takeaway She backs drilling through 2026 and 2027 rather than an early sale, saying the property already carries enough targets to sustain that pace.
She is guiding to an updated resource at the end of 2026, published in Q1 2027, built on three pillars: prior drilling, new drilling, and adding the copper and silver values never carried in the estimate.
She says a $6 million US financing would be more than enough given minimal overhead, no office, and only herself and Dr. Trevor Boyd on full time.
She confirms production permitting cannot begin until an economic study is completed, and notes British Columbia permitting takes about five years once started.
She says no takeover valuation has been discussed internally — any unsolicited approach would go back to a three-person board.