Irving Resources/IRV

Irving Resources Inc. is a Canadian explorer with backing from several majors going after gold and silver in Japan, a country known for some of the highest-grade gold mines in the world with dozens of past-producing epithermal mines.

But the country shut down most of its gold production to focus on base metals during World War II, and little exploration has occurred since then. Few mines there have seen modern-day exploration techniques like drilling, the company said.

The company drilled a single hole in November at the Omu gold project, which it has optioned to JX Advanced Metals Corp., at the Omui historic mine site.

In March, JX's initial public offering (IPO) was Japan's largest since 2018, raising US$2.97 billion, Reuters reported. It was once the metals unit of Eneos, Japan's largest oil refiner, which retains a 42.4% stake in JX.

Irving President, Chief Executive Officer, and Director Akiko Levinson told Streetwise Reports that JX needs the Omu mine's silica, "Which we happen to find right on the surface in 2023 drilling. … Meanwhile, we keep everything else in Omu," including high-grade gold ore.

"If we find high-grade gold ore to mix with this silica that they're going to build a mine for, it becomes a very interesting, profitable venture for us," she said.

Irving is planning to drill more holes this spring and expects results from the November drilling in the next couple of weeks, which could be a catalyst for the company's stock.

Big Backers

That hole tested an area up to approximately 150 meters south of Honpi, the main vein that was mined during the 1930s.

Beginning at approximately 35 meters down hole depth, the drill encountered extensive quartz veining and silicification to the end of the hole at 101 meters, the company said.

During 2025, JX and Irving plan to drill an additional three such holes testing more parts of Omu for shallow veins and silicified ore.

"Irving is back to work drilling at both East Yamagano and Omu," commented Quinton Hennigh, director and geologic advisor to Irving. "2025 has a lot in store. The current drill hole being drilled at East Yamagano, 24SY-002, displays abundant quartz veins, a promising sign. The first hole we have completed with JX at Omui appears to have encountered a considerable number of shallow quartz veins, an encouraging start to the strategically planned search for shallow silica here. We look forward to having a steady stream of updates and news from both drill programs throughout the year."

Newmont Corp. (NEM:NYSE) owns nearly 1/5 of the company, Irving said, while Japan Gold Corp. (JG:TSX.V) is partnering with Barrick Gold Corp. (ABX:TSX; GOLD:NYSE).

"So, the largest mining companies are very interested in Japan," said Chen Lin, author of the What is Chen Buying? What is Chen Selling? newsletter.

Historic Workings Date Back Hundreds of Years

Brian Leni of Junior Stock Review said he believed the stock "spells opportunity."

"Today, I would like to tell you about Irving Resources Inc., whose projects I recently visited in Japan," Leni wrote for Streetwise Reports in November. "In my view, Irving is selling for less than it's worth, considering the potential upside of discovery at its Yamagano project. Not only that, but this junior company is exploring Yamagano with two of the largest mining companies in the world — Newmont Corp. (NEM:NYSE) and Sumitomo."

The Yamagano mining district is about 11 kilometers southwest of the large, high-grade Hishikari gold mine. It is host to innumerable historic gold mine workings, some dating back to 1640 during the early Edo Period in Japan, Irving said on its website.

"When it comes to Irving, I have long seen the potential of their project portfolio," Leni wrote.

"Visiting Yamagano and Omu in person and meeting the technical team that is executing the exploration work has only further solidified that potential in my mind. To me, Yamagano holds the key to garnering frothy market attention once again. … I clearly see that there will be a steady stream of project development across Japan moving out into the future."

In a post on his website in March, Analyst Jayant Bhandari said he and his clients have been long-term investors in the company.

"The designated areas within this agreement are progressing toward becoming mines, primarily for silica with gold credits," he said of Omu. "IRV is set to release the results of a recently drilled hole there. From IRV's perspective, the current drilling aims to increase the gold grade of the material destined for smelters — though JX Mining likely has little interest in the gold itself. High-grade silica from Omu is expected to be in strong demand."

Bhandari continued, "IRV has stagnated for several months while similar companies have moved up," he said. "I prefer to invest when others aren't paying attention."

The Catalyst: Gold Extends Its Gains

The escalating trade war between the United States and China, led gold prices to extend their gains Thursday even after U.S. President Donald Trump announced a 90-day pause on tariffs for other countries, Reuters reported.

Spot gold was up 1.3% at US$3,122.02 an ounce after its biggest daily gain since October 2023 on Wednesday. U.S. gold futures were up 1.9% at US$3,137.80.

"We're just living in a world of extreme uncertainty. We just don't really know which way this trade war is going to go. ... I think for the course of this year, gold will march higher," Nitesh Shah, commodities strategist at WisdomTree, told Reuters.

The yellow metal had fallen below US$3,000 per ounce earlier this week to its lowest level since March 13 after reaching a record high on April 3.

China's Ministry of Commerce has vowed it will "fight to the end" over the tariffs, raising concerns over further economic disruption and triggering a risk-off mood in markets globally.

Geopolitical tensions and economic uncertainty are driving safe-haven flows to the yellow metal, pushing up gold prices, Garth Friesen wrote for Forbes on March 15.

"However, several other longer-term factors and trends will help determine whether the rally will be sustained," he noted.

On March 11, according to Friesen, DoubleLine Chief Executive Officer Jeffrey Gundlach said, "I think gold will make it to US$4,000. I'm not sure that'll happen this year, but I feel like that's the measured move anticipated by the long consolidation at around US$1,800 on gold."

Ownership and Share Structure

The company said management and directors own about 9.3%, and strategic investors Newmont and Sumitomo Corp. own 19.2% and 5.2%, respectively.

Yahoo Finance said about 1% is owned institutions. The rest is retail.

According to Refinitiv, top insiders include President and Chief Executive Officer Akiko Levinson with 4.84% and Hennigh with 3.05%.

Irving Resources has a market cap of CA$19.95 million with 76.69 million shares outstanding. It trades in a 52-week range of CA$0.20 and CA$0.48.