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Why Renegade Gold ($RAGE | $RENGF) Is Targeting Growth in Red Lake

Nordic Funds May 15, 2026

Summary

Renegade Gold's new mineral resource estimate (MRE — the tally of ounces a deposit hosts) puts 807,000 ounces at Rebel, about half indicated.

Drilling extended Rebel to 700 metres, and the guest argues orogenic systems (gold along deep structures) leave room to grow at depth.

A 100,000-hectare land package ties up the Red Lake mine trend and underexplored belts, making Renegade a district-scale consolidation play.

Kinross just committed $5 billion to its Great Bear project nearby, Evolution targets 200,000 ounces, and West Red Lake Gold has reached production.

The CEO argues a roughly $20 million market cap underprices a high-grade 807,000-ounce deposit in a jurisdiction where producers actively seek mill feed.

Key points on Evolution Mining

  • The guest notes Evolution Mining operates the main Red Lake mine with a target production of 200,000 ounces.
  • Renegade Gold holds a joint venture with Evolution on one of its advanced assets in the district, per the CEO.

Key points on Kinross Gold

  • The guest highlights Kinross's recently announced $5 billion investment to bring its Great Bear project online in the coming years.
  • He points out that the deep-rooted LP fault structure coming off Great Bear, the project Kinross is funding, extends through the bulk of Renegade's ground to the south.

Key points on West Red Lake Gold Mines

  • The guest notes West Red Lake has announced commercial production at its Madsen facility.
  • Its Rowan project sits immediately adjacent to Renegade's Rebel deposit and is advancing toward a prefeasibility study; the CEO argues a hub-and-spoke system with mills needing feed takes shape as Rowan nears production.

Devin Pickell's takeaways

  • Top takeaway The CEO argues the market underappreciates Renegade's assets and invites investors to compare valuations of gold companies with around 800,000-ounce resources, half of them indicated, in a strong jurisdiction with mills seeking feed and majors building projects.
  • He is most enthusiastic about depth at Rebel: as a structurally controlled orogenic system whose main-zone analogue at the Red Lake mine was found around 1,500 metres deep, he expects room to grow at depth plus structural repetition.
  • He argues a true hub-and-spoke model on the north side of Red Lake starts to make sense as Rowan moves toward production and Rebel's ounce count grows, given local mills that need feed.
  • He presents Renegade as a two-phase story pairing advanced, resource-backed assets with a consolidated greenfields district he says has few comparable packages on the market.
  • He points to Red Lake's 25-30 million ounces of historic production, an existing permitting framework, online staking, and town infrastructure such as power, water and a mining workforce as reasons the jurisdiction stands out.

Mr. Richard Dale Ginn B.Sc., P.Geo., P.Geol.'s takeaways

  • Top takeaway The guest counts Dale Ginn among the board's technical half, citing over 30 years of gold experience and calling him an excellent geologist.

Billy Infjall's takeaways

  • Top takeaway Billy hosts the interview for Nordic Funds, steering the conversation to the deepening Rebel resource, Red Lake's jurisdictional strengths, and what the market may be underappreciating about Renegade.