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Upside Gold ($UG | $UGODF) Advances Resource Expansion Plans for the Kena Gold-Copper Project

Nordic Funds May 5, 2026

Summary

Upside Gold's Kena project holds a historical 3.31-million-ounce gold resource, and CEO Sophy Cesar targets growing it roughly 40% to 4 million ounces.

That historical estimate covers just 4 of 20 kilometres, and the team sees an 11-kilometre mineralized trend as the main expansion target.

Updating the historical 43-101 (the Canadian standard that makes a resource official) is planned for Q1 2027, now adding copper and silver values.

Infrastructure cuts costs: the project sits 7 kilometres from Nelson, BC, on Highway 6 with hydro, rail, and a local mining workforce.

Roughly 55 million shares and a $75 million market cap keep the structure tight, with $800,000 raised in January and 4,000 metres of drilling starting.

Key points on Centerra Gold Inc

  • The CEO cites Centerra's producing Mount Milligan mine as a comparable to frame Kena's potential, saying it holds reserves of about 250 million tons versus roughly 200 million tons at Kena.
  • Per the CEO, Mount Milligan's copper grade is slightly higher than Kena's though roughly on par, while its gold grade is actually lower, which she uses to suggest similar producing-mine potential for Kena.

Sophy Cesar's takeaways

  • Top takeaway Her core argument is that Kena offers a built-in foundation — a 3.31-million-ounce historical resource on just 4 of about 21 kilometers of mineralized trend — and her internal goal is to grow it about 40% to roughly 4 million ounces in a Q1 2027 resource update.
  • She argues the 2021 estimate left value out by excluding copper and silver entirely, and says incorporating those values alongside two 5,000-meter drill campaigns can add substantially to the resource.
  • She contends low-grade open-pit economics work at current gold prices — a 0.5 g/t cutoff still holds 1.7 million ounces at 0.86 g/t, and gold has roughly doubled from about $2,400 when she first evaluated the project in 2024.
  • She stresses discipline over growth at any cost: a small team deployed only when drilling, insider-heavy ownership of just under 55 million shares, and staged option payments so cash keeps going into the ground.
  • She expects steady news flow within six to eight months of the interview — roughly 4,000 meters of drilling, regional growth of the footprint, then the resource update — and points to the un-drilled Euphrates past-producer area as the exploration case into 2027.

Billy Infjall's takeaways

  • Top takeaway The host frames the historical resource covering only 4 of about 21 kilometers as the key upside, saying expansion toward 7 to 11 kilometers means 'a lot of upside coming' for investors.
  • He presses the CEO on milestones, copper's path to cash flow, dilution, and use of proceeds, and agrees with her that Canada has become more focused on developing its own resources.