Explorer to Seek Out Mother Lode With Drill Bit This Season

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Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) will be mobilizing soon for "a fairly aggressive drill program again this year" at its Golddigger project in British Columbia's Golden Triangle, the company's founder and chief executive officer (CEO) Roger Rosmus explained to The Assay TV in a May 2025 interview. Here we report his thoughts about several recent developments as well as two experts' comments on the junior mining company.  

The flagship discovery at Golddigger is Surebet, Rosmus said, which was drilled for the first time in 2021, by Goliath.

"We have not missed on any hole. We have a 100% hit rate. As well, the holes drilled in 2024 had visible gold in 92% of the holes; all visible to the naked eye," he added.

Recently, the Colorado School of Mines confirmed Surebet is a large-scale, intrusion-related gold system (RiRG). Prior to this, it was not commonly known that Eocene Age dykes with this reduced intrusive carried any gold. What this means for Goliath, Rosmus said, is "we're on track for a tier one asset, high-grade gold deposit that I do believe to be a mine one day, in a tier one jurisdiction."

The hope is the intrusive will lead the Canadian gold explorer to the mother lode feeder that provided all of the mineralization thus far encountered with the drill bit, which in turn ultimately will add tonnage to Golddigger's maiden resource.

"This reduced intrusive is just another piece of the puzzle," the CEO said. "We still don't know how big the system is . . . it does remain open. We're looking to expand on it this year and possibly drill into our mother lode."

Also recently, two of Goliath's several strategic investors, Crescat Capital and Rob McEwen, increased their investment in the company, to about 14% and 4%, respectfully. McEwen Mining Inc. (MUX:TSX; MUX:NYSE) came on board, too, and owns about 5.4%. Other notable shareholders include Eric Sprott and a global commodity group out of Singapore. It is these big-name investors that set Goliath apart, Rosmus said.

In another recent development, Goliath engaged JDS Energy & Mining Inc. to investigate the possibility of constructing an adit in the side of the mountain at the Golddigger property for better access to the Surebet and Bonanza zones. Such access, if possible, the CEO said, would make drilling easier, lower cost and potentially allow for year-round drilling.

As for the upcoming drill program, Rosmus is optimistic about what Goliath might encounter.

"Hopefully, what we continue to see lots of is more gold in the core," he said. "When we see that, typically there's a high probability of having really good assay results."

Ideal Takeout Target

According to Thomas J. Parilla, president of Parilla Investment Group, Goliath Resources meets his Top 2 criteria for a company he would invest in, he told Triangle Investor in a May 2025 interview.

First and foremost, Parilla looks at drill results, he said, wanting to see physical evidence of what is being proven out on the property. He wants to know, for example, where the gold is located, how deep it is, how easy it is to extract and how feasible it is to do so.

"Goliath, their drill results are just off the charts," he commented. "They're fantastic."

Next, Parilla looks at management. Is the CEO someone he trusts and has their approach so far with the company been good for shareholders? Or have their decisions, say, led to stock dilution?

"Now, Goliath, you got Roger Rosmus. I mean, he's a fantastic CEO," Parilla said. "He's doing absolutely everything right. And he's a guy who is a global CEO. I mean, if you go over to Europe, Roger Rosmus is a very well-known guy."

Parilla told Triangle Investor he predicts that after this year's drill season, Rosmus will start getting buyout offers for Goliath. First in line, he expects, will be Rob McEwen.

"Goliath still thinks that they've got at least a US$2.5 billion property at buyout, and that's, you know, depending on how the dilution goes between now and then," Parilla said. "I would imagine that's a US$12–15 stock when you get out that far."

Explorer Making Waves

George Billman, in the May 18 edition of Resourceful Insights, reported how Goliath's attractiveness to the market and investors, and thus its valuation, increased following its discoveries at Golddigger.

Since the beginning of 2024, Goliath's market cap went up to US$205 million (US$205M) from US$58M, reflecting a 150%, or US$147M, rise. This happened, purported Billman, "as the market more fully woke up to the significance of [the company's] sequential discoveries." These include a district-wide pattern of outcrop and surface samples rich in gold and silver, more than 10 stacked mineralized veins at Surebet and Bonanza, a potential underlying intrusive source, and growing evidence that the property hosts a reduced intrusion-related gold system.

Also reflecting the reaction to Goliath's discoveries, the company's share price appreciated 222% since June 2023 whereas the GLD, or SPDR Gold Trust, gained 160%, noted Billman.

He pointed out that the Toronto-based explorer has attracted a "flurry of notable investors placing funds with Goliath, such that the management and insider investors together gained majority (51.5%) ownership." This percentage will go up when warrants are exercised this year. The caliber and weight of these strategic investors "augurs well for Goliath's shareholders."

Also noteworthy, Billman wrote, is that Goliath and neighbor Dolly Varden Silver Corp. (DV:TSX.V; DVS:NYSEA; DVQ:FSE), after significant land package consolidation by each, together dominate the Golden Triangle's southern tip, where "there now is a concerted district-scale play unfolding." Both companies have high coverage of the Red Line, an indicator of gold-silver-copper deposits, which bodes well for further exploration success.

"With exploration targets like Blue Origin, Jackpot, Full Contact and Treasure Island, discovery will surely continue creating value for Goliath," Billman added.

Higher Gold Price Expected

Gold looks ready to start an uptrend to new highs and thus is "at a great 'Buy spot,'" as the bottom of the recent correction is in, wrote Technical Analyst Clive Maund in a recent report.

Technical Analyst AG Thorson agrees that gold will reach all-time highs but purports it will drop lower first, in stairstep fashion, to about US$2,800/oz. (At last closing, the gold price was US$3,292/oz.) Based on its current pace of retreat, this descent will occur through mid-2025, he wrote in a recent FX Empire article. He bases this prediction on his Gold Cycle Indicator having reached maximum cycle topping, which only happens once every few years. Historically after such an event, a correction of about 20% ensues before the next up leg.

Also, Thorson noted, the current pullback is within a broader uptrend expected to reach new highs next year and beyond. "Gold remains in a robust bull market, with prices projected to reach US$8,000+ in the coming years," he wrote.

He pointed out that the miners remain significantly undervalued relative to the price of gold and will remain so until the GDX:GLD ratio breaks above the key resistance level near 0.235. Mining stocks have lagged but are expected to catch up and potentially climb to all-time highs in the coming quarters.

As for junior gold miners, they have underperformed radically, Red Cloud Securities wrote in May 2025 report. Historically, they should be 60–120% higher than they were then.

Goldman Sachs Commodity Strategist Lina Thomas also went on the record forecasting new record highs for gold, driven by two key, ongoing factors. One is central bank buying, expected to continue for at least another three years. The other is investor flight to gold.

"While the key factor since 2022 used to be central bank buying alone, exchange-traded fund investors are now joining the gold rally," Thomas wrote earlier this month. "As both compete for the same bullion, we are expecting gold prices to rise even further."

Goldman Sachs predictions see gold rising to US$3,700/oz by year-end and if there's a recession, to US$3,880/oz.

Even against a favorable global growth background, Grace Peters, global head of investment strategy at JPMorgan, told Kitco News, a gold price north of US$4,000/oz is reasonable a year from now, based on emerging market central bank buying.

Ryan Stancil, Resource Stock Digest editor and contributor, wrote in a May 19 article, "Don't let the price pullback fool you, gold still has plenty of fight in it. This is a buying opportunity for a commodity that still has plenty of promise ahead of it."

Experts Bullish on Co.

Goliath is "on to a major world-class gold and silver discovery" at its Golddigger project, wrote Jay Taylor in his Gold, Energy & Tech Stocks newsletter recently. He noted the property is on tidewater and boasts excellent infrastructure, including a permitted mill site nearby in the town of Kitsault.

Economic Geologist Dr. Quinton Hennigh is confident Goliath will encounter more high grades in its "aggressive" upcoming 2025 drill campaign, he said in a recent interview.

"When you start hitting multi-ounce stuff, and especially in fairly continuous fat ledge lodes like this, you can build up ounces quick," Hennigh added. "So I think the company's on the right track. It's going to be an exciting year."

Red Cloud Securities Analyst Taylor Combaluzier wrote in a research report last month that assays from Golddigger "have continued to impress." The Surebet and Bonanza zones alone contain about 4,000,000–6,000,000 ounces of 6.62 g/t Au eq, according to Red Cloud estimates. Plus the property offers exploration potential at additional targets including Treasure Island and Jackpot. The analyst has a Buy rating on Goliath and a target price implying 41% return potential.

According to Zacks Small-Cap Research Analyst Ronald Wortel, "Goliath Resources provides investors with exposure to gold, silver and copper resource exploration and leverage to an increasing in-ground inventory with discovery upside during a gold price market that reached new all-time highs." Wortel's valuation on the company, which he described as "a highly compelling investment in the gold exploration market," suggests a potential return of 144% from its current share price.

Ownership and Share Structure

According to Goliath Resources, management and insiders own 19% of its shares on a partially diluted basis.

Strategic and institutional investors collectively own 31%, with notable holdings including Crescat Capital LLC at 14.4%, McEwen Mining at 5.4%, Rob McEwen at 3.9%, Global Commodity Group (Singapore) at 3.5%, Eric Sprott at 3% and Larry Childress at 1%.

The remaining shares are held by other institutional funds and retail investors.

According to Refinitiv, Goliath has 151.06 million (151.06M) outstanding shares and 141.86M free float traded shares. Its market cap is CA$221.47M. Its 52-week range is CA$0.87–2.87 per share.