Goliath Resources (TSX-V: GOT / WKN A2P063) is the focus of a new research report: The Globe and Mail reports in its Wednesday, Nov. 5, edition that Stifel analyst Cole McGill commenced coverage of Goliath Resources with a “buy” recommendation and $5 share target, exceeding the $3.80 average. The Globe’s David Leeder writes in the Eye On Equities column that Mr. McGill says in a note: “Goliath’s rapidly emerging Surebet discovery (which sports two of the top five holes drilled on NA gold projects since 2020) has yielded assay results that support potential for the next multi-million ounce, high grade discovery in the Golden Triangle. Combined with a relative infrastructure advantage (less than 10km from tidewater, with power, road connections nearby), we see both a I) fully funded 2026, 40km program able to continue increasing confidence in the discovery, alongside potential for multiple expansion as the market continues to digest the high grade, infrastructure proximal potential of the property.”
Experts at Stifel Nicolaus Canada Inc. have given the long-standing Goldinvest.de favorite a “buy” rating and a price target of CAD 5.00 per share. This is based on the rapidly growing Surebet discovery in Canada’s Golden Triangle, which, according to the study, has the potential for a high-grade gold discovery of several million ounces of gold. In addition to strong drill intercepts, the analysts point to locational advantages – <10 km to tidal water and proximity to power and road connections – as well as a fully funded 2026 drilling program (planned: 40 km).
Goliath Resources: Key data from the study and project status
The analysis emphasizes that Goliath Resources has drilled more than 150 km at Surebet over five field seasons, achieving a near-continuous gold hit rate. In the current data cycle, results from a large-scale 2025 program (including a additional 84 not yet released drill holes) are also to be published successively. The authors see two drivers for a possible revaluation: firstly, additional drill meters to increase geological certainty; secondly, the combination of high-grade sections and proximity to infrastructure, which can fundamentally favor the project’s development profile.
Drill results in comparison: Surebet among the top assays in North America
According to the analysis, 18 drill sections from Surebet are among the top 250 assays (North America, exploration phase) since 2020 – including two among the top 5 (measured in grams × meters). In a cross-comparison, the authors compare the first 150 drill holes at Surebet with the first 150 drill holes at the former Dixie discovery (Great Bear Resources, sold to Kinross in 2022): Surebet averages 124 g×m, while the LP zone averages 129 g×m (difference ~4%). The study reports a weighted average of grade × thickness of 8.63 g/t Au over 15.64 m for Surebet; whereas the LP Zone is reported at 4.0 g/t Au over 20.73 m.
Golden Triangle: Infrastructure advantage and regional key figures
A key argument of the report is the infrastructure and location of Goliath Resources in the Golden Triangle (northwestern B.C.). According to the study, the mineralization is located less than 10 km from tidal water (Hastings Arm) and less than 30 km from Kitsault, a former industrial site with power connections, seasonal road access (including from Terrace), accommodation, and deep water access. Beyond pure geology, such factors can have a positive influence on the planning of future development phases.
Regionally, the analysts point to a high discovery rate in the Golden Triangle in recent years; in addition, transactions in the region since 2021 have averaged around 3.1% in-situ value (benchmark based on completed deals). From the analysts’ perspective, Goliath Resources thus offers leverage on every dollar invested in drilling, provided that the drilling results continue to support the geological models.
Exploration target and valuation comparison
Based on preliminary evaluations, the report outlines an exploration target of approximately 4.3 million ounces of gold (approximately 22.6 million t @ 5.8 g/t Au) for Goliath Resources. A large portion of the assumed ounces are distributed across the Surebet and Bonanza zones with average thicknesses of ~8.8 m. In the valuation comparison, the analysts derive an implied value of approximately US$68/oz (~1.7% in situ) for Goliath Resources – grade-adjusted approximately US$12/oz. For comparison: The GBR/Kinross transaction is cited in the study at ~16.1% in situ (~US$98/oz, grade-adjusted); GFI/OSK at ~15.2% (~US$38/oz, grade-adjusted). The authors note, though, that these projects had more extensive data sets and degrees of progress at the time of the transaction.
For modeling purposes, the analysis outlines a possible mining scenario: 205,000 oz Au/year at 4,000 t/day over 11 years, AISC of US$1,258/oz, initial investment of US$815 million, derived NPV5% of CAD 2.07 billion (at US$3,000/oz Au) and an average free cash flow of ~US$320 million p.a.. Based on the ratio of market capitalization to NAV (reported as ~0.30× P/NAV) and a target multiple of 0.55× P/NAV, Stifel sets a price target of CAD 5.00.
The analysts at Stifel see Goliath Resources in the spotlight of a region that has been synonymous with high-grade discoveries for years. The combination of strong drill intercepts, near-deposit access to infrastructure, and a funded 2026 drilling program is at the core of the analysis. Ongoing drill results, the spatial delineation of the Surebet/Bonanza zones, and confirmation of the geological models in the Golden Triangle remain crucial for further classification.
