According to Stifel analysts, Goliath Resources (TSX-V: GOT; OTCQB: GOTRF; WKN: A2P063) has provided further evidence of stable grades over thicknesses relevant to potential mining with its latest drill results from the Surebet discovery. In this recent report, Stifel continues to rate Goliath Resources as a “Buy,” citing in particular the breadth and consistency of the hits to date within the Surebet system.
The research update is based on the final 70 drill holes from the approximately 64-kilometer 2025 drilling campaign conducted by Goliath Resources at the Golddigger project at the Surebet discovery. Stifel highlights drill hole GD-25-319 as a “highlight hole,” which returned 6.10 meters at 19.13 g/t gold, including 4.00 meters at 29.09 g/t gold. The analysts consider it important to note that this result is located in the Golden Gate Zone and is therefore outside the mine plan scenario modeled by Stifel to date.
Stifel analysis on Goliath Resources: Why the new data fits into the model
Stifel draws two key conclusions from the publication: First, from the analysts’ perspective, the data from Surebet continues to deliver “strong grades at mineable thicknesses.” Second, Stifel sees indications in the results that the system has potential beyond the areas previously considered in its own valuation and model assumptions.
Stifel cites a cumulative, weight-based “grade x width” value of 4.89 g/t gold over 6.74 meters, calculated from all intercepts drilled to date on the Surebet property. The analysts emphasize that this figure can only serve as a simplified plausibility check due to the geometry of the deposit. Nevertheless, it underscores that the 2025 drilling season shows an economically relevant combination of grade and thickness across multiple zones.
In detail, Stifel points out that the current hits should not be viewed in isolation: Goliath Resources has now drilled more than 162 kilometers at the Surebet system over four drilling seasons. In the analysts’ logic, the high hit rate suggests that the continuity and extent of the mineralized structures are increasingly better understood – even if some of the new results are in areas not previously included in Stifel’s assumed production scenario.
Surebet in focus: Golden Gate delivers upside, Bonanza confirms high thicknesses
IIn addition to GD-25-319 in Golden Gate, Stifel also highlights results from the Bonanza zone. There, drill hole GD-25-405 was reported to have 8.30 meters at 10.58 g/t gold, including 5.60 meters at 15.50 g/t gold. The study interprets this as further evidence that geological continuity is being confirmed in the vicinity of a high-grade core defined by Stifel (“BN2 vein” in the analyst’s terminology).
The report als cites a confirmed extent of approximately 1.8 km x 1.1 km for Bonanza. For the Surebet zone itself, Stifel cites 1.2 km x 930 m. In addition, Golden Gate, Whopper, and Eldorado are mentioned as zones with additional upside, with the latest hits from Golden Gate serving as an example of how new drilling can change the overall picture.
The analysts argue that the previous model assumption in their valuation approach focused on production at Bonanza and Surebet, thus covering only part of the target size mentioned in the report. Conversely, from Stifel’s perspective, this implies the relevance of further, denser drilling in order to transfer additional zones into a future development model, if necessary.
Outlook 2026: Closer drill spacing and data density to sharpen zone models
Für 2026 rechnet Stifel mit einem umfangreichen, vollständig finanzierten Bohrprogramm, das laut Analysten mit über 50 Kilometern Bohrleistung angesetzt sei. Ziel dieser Arbeiten sei es, die Datendichte zu erhöhen und damit die geologischen Modelle zu präzisieren – insbesondere in den hochgradigen Teilbereichen, die für eine spätere Minenplanung typischerweise entscheidend sind.
In dem Bericht geht Stifel außerdem auf Bewertungsmaßstäbe der Branche ein und zieht Vergleiche zu Transaktionsmultiplikatoren und Peer-Bewertungen im Umfeld der Goldexploration in Nordamerika. Stifel nennt in der Studie ein Kursziel von 5,00 CAD je Aktie und leitet dieses über ein Discounted-Cashflow-Modell für das Golddigger-Goldprojekt sowie Annahmen zur Konversion eines Explorationsziels ab. Die Experten sind zudem der Ansicht, dass der Markt die Qualität der von Goliath erbohrten Unzen Gold unterschätzt, sodass Potenzial auf eine Neubewertung (Re-Rating) ergebe.
Die vorgelegten Bohrdaten für das Jahr 2025 stützen nach Auffassung von Stifel jedenfalls die These, dass Surebet nicht nur hochgradige Abschnitte liefert, sondern die Mineralisierung auch über mehrere Zonen hinweg mit konsistenter Mächtigkeit nachgezeichnet werden kann. Wie stark sich die neuen Daten in künftigen Modellen niederschlagen, hängt nun maßgeblich davon ab, welche zusätzlichen Zonen in der nächsten Bohrphase weiter bestätigt und enger abgegrenzt werden können.
