Free research notebook / November 8, 2026

Montage Gold

MAUTF · Gold · Côte d’Ivoire

Strategic convergence · Reviewed 2026-11-08

Lundin Group 17.5% · Zijin 8.2%

Two substantial backers and a mine entering production put Montage on our research list. Ramp-up economics and jurisdiction still have to earn their place in a portfolio.

Ownership intelligence

• The November 2026 issuer presentation reports Lundin Group at 17.5% and Zijin at 8.2%, as of September 30, 2026. These are dated shareholding percentages, not a live cap table.
• The Lundin interest is associated with the Lundin Family Trusts; it must not be labeled Lundin Gold. The July 2024 financing announcement identified the trusts and Zijin as separate investors.
• A lower percentage than an earlier disclosure does not by itself prove selling. Share issuance, reporting basis and the underlying share count must be reconciled before describing a position change.

01 / Cash-flow test

First gold was poured on September 26, 2026. The November 3 update reported approximately 23,460 ounces produced in October and targeted commercial production in Q4. This is operating evidence; sustainable free cash flow still requires realized costs, capital spending and ramp-up results.

02 / Valuation test

Under review. Build a mine-level model from the supported production plan, remaining capital, royalties, taxes and financing terms. Treat unconverted satellite resources separately. No GoldSignal NAV or buy-under price has been published for this example.

03 / Jurisdiction & portfolio fit

Watch only pending a full asset-level review. Côte d’Ivoire exposure requires explicit work on fiscal terms, permit durability, security and cash repatriation. Strategic backing does not override our jurisdiction filter.

What we need to see next

Commercial-production declaration, reconciled operating costs and a complete cash-flow bridge after remaining construction spending. Then test whether the valuation compensates for the risks we are willing to own.

Check the original evidence

November corporate presentation, p. 6; ownership at September 30 · 2026-11 ↗Issuer announcement identifying Zijin and the Lundin Family Trusts · 2024-07-16 ↗Koné operating and exploration update · 2026-11-03 ↗

Open company data →

Americas Gold & Silver

USAS · Silver · United States / Mexico

10%+ individual investor · Reviewed 2026-11-08

Eric Sprott: approximately 12%

A substantial individual shareholder and growing silver output make this worth investigating. We want to see production gains reach shareholders after capital spending and dilution.

Ownership intelligence

• The May 14, 2026 management circular reports Eric Sprott with 40,053,940 shares, approximately 12%, at its May 11 record date, citing his March 23 early-warning report. This is a historical snapshot.
• On June 11, the company issued 7,956,696 shares to Sprott Mining to settle a remaining silver-delivery obligation. That is a contractual settlement, not an open-market purchase. It cannot be added mechanically to the earlier stake to claim a current percentage.
• Related Sprott entities must be consolidated when assessing independent ownership convergence. A single substantial investor is not multiple independent backers.

01 / Cash-flow test

The October 19 update reported Q3 silver production of 800,458 ounces and sales of 860,850 ounces. Producing more silver is encouraging, but a cash-flow pass requires the financial statements, working-capital movements and sustaining and growth capital.

02 / Valuation test

Under review. Model Galena and Cosalá separately, include development spending and the effect of settled delivery obligations, and reconcile the diluted share count. Avoid valuing every ounce of production as cash available to shareholders.

03 / Jurisdiction & portfolio fit

Mixed exposure; no blanket pass. Assess Idaho and Sinaloa separately, including local operating continuity, permitting and fiscal terms. Portfolio exposure should reflect each asset’s cash flow and NAV, rather than the company’s North American label.

What we need to see next

Reconcile the next quarterly cash-flow statement with the production update and refresh beneficial ownership after subsequent filings and share issuances.

Check the original evidence

2026 management circular, p. 13; May 11 record date · 2026-05-14 ↗Closing of silver and gold delivery-obligation settlements · 2026-06-11 ↗Q3 silver production and sales update · 2026-10-19 ↗

Open company data →

Contango Silver & Gold

CTGO · Gold / silver · Alaska / British Columbia

Substantial holder overlap · Reviewed 2026-11-08

Fury 5.8% · Alyeska 7.3%

An operating gold interest, a mining-company shareholder and a substantial investment manager create a useful research starting point. The key question is how much cash remains after funding the wider portfolio.

Ownership intelligence

• The April 30, 2026 proxy reports Fury Gold Mines with 1,860,754 shares (5.8%) and Alyeska Investment Group with beneficial ownership of 2,347,843 share-equivalents (7.3%), including 850,000 prefunded warrants, at that record date. These dated holdings do not establish a current position or new buying.
• Fury is a mining-company shareholder; Alyeska is an investment manager. Their mandates differ, so this is holder overlap rather than two strategic operators independently validating the same mine.
• Kinross owns 70% of the Peak Gold project joint venture and operates Manh Choh; Contango owns 30%. That project partnership is separate from equity ownership in Contango.

01 / Cash-flow test

Contango received a $9 million Peak Gold JV distribution in Q2 2026, but reported $50.3 million of cash used in operating activities in the first half, affected by hedge settlements and lower JV distributions. Mine cash receipts alone do not prove positive corporate free cash flow.

02 / Valuation test

Under review. Value the attributable Manh Choh cash flows, deduct corporate costs and senior claims, and model reserve replacement and development funding explicitly. Keep longer-dated exploration upside separate from the cash-generating base case.

03 / Jurisdiction & portfolio fit

Potential fit for our preferred geographic focus, subject to asset-level diligence. Alaska and British Columbia still require permit, Indigenous and local relationship, logistics and closure reviews; the operating JV also creates reliance on its partner.

What we need to see next

The next operating and cash-flow results, updated debt and diluted shares, and the capital required to replace Manh Choh production without relying on speculative exploration value.

Check the original evidence

2026 proxy, ownership table and footnotes; April 30 record date · 2026-04-30 ↗Q2 2026 results, cash flows and project interests · 2026-08-13 ↗

Open company data →

Source snapshots may differ from current holdings. These examples have not all passed our investment filters. No company-specific Risk-Adjusted NAV has been published in this notebook; do not interpret “under review” as undervalued. Research is not personalized investment advice. Disclosures →