Goliath Resources (TSXV GOT / WKN A2P063) has received a positive valuation update from analysts at investment bank Stifel. The focus is on the Surebet project in Canada’s Golden Triangle (British Columbia), for which the company has now published gold equivalent results for 54 of 110 drill holes from the 2025 exploration program, in addition to the previously announced gold drill results.
Stifel emphasizes in particular that, when these additional metals are taken into account, the reported gold equivalent grades are significantly improved compared to the originally published pure gold grades – and that this could have a noticeable effect on the cost structure in possible future operations.
The analysts’ statements are based on new assay results for 54 drill holes from the 2025 summer season. According to these results, the inclusion of by-products such as silver, copper, lead, and zinc increases the average gold equivalent value by 13.2% compared to the pure gold consideration. This step is important for exploration and development projects with a polymetallic signature because it provides a more comprehensive picture of the potential value of the mineralization – and, later, if production goes ahead, can open up additional revenue streams.
Goliath Resources: 13.2% More Gold Equivalent Through By-Products
Stifel argues that the additional metals not only mean “more metal,” but above all fulfill an economic function: they could act as a buffer for operating costs. In their update, the analysts estimate the calculated contribution of by-products at current spot prices at around US$101 per ton. According to Stifel, this would be more than twice their estimated surface unit cost of US$50 per tonne – based on a scenario of a possible plant with 4,000 tonnes per day.
The core of the argument is that if a future operation can deliver significant quantities of silver, copper, lead, and zinc as saleable products or as components of a concentrate in addition to gold, part of the costs will be “shared” by these by-products. This effect is crucial in many polymetallic systems because it reduces dependence on a single metal price and can stabilize margins in different price phases.
For Goliath Resources, the publication of 54 gold equivalent drill results is also an interim result: a total of 110 drill holes were completed in the 2025 program, so further data is still pending. The fact that analysts are already working with the first major data package shows how much attention is focused on Surebet – especially since the Golden Triangle is traditionally known for high-grade systems and large discoveries.
Surebet: Logistics as a Factor – Proximity to Deep-Water Port Expected to Reduce Transportation Costs
In addition to the grades, Stifel’s analysis focuses on the location and logistical situation. According to the report, the Surebet project is located less than 10 kilometers from the port at Hastings Arm. Analysts consider this proximity to the coast to be a potential advantage for the downstream value chain, especially for the transport of concentrates.
The background: Stifel assumes that Goliath Resources could extract about half of the gold via bulk concentrate. In such a model, transport and handling costs play a central role, as concentrates typically have to be transported from the site to a transshipment point and then to a smelter or customer. Short distances can reduce costs per ton and increase flexibility in terms of logistics, supply chains, and possible export routes.
Stifel explicitly relates this point to other assets in the region that are located further inland. Eskay Creek is cited as a comparison in the update, where, according to the analysts, significantly higher transport fees for concentrate are incurred. The comparison is not intended to evaluate the geology or project quality, but to illustrate that, in the case of concentrates, the distance to suitable infrastructure can have a measurable impact on costs.
This is a relevant classification for the Golden Triangle context because projects in remote regions are often characterized by complex logistics, short seasonal windows, and high transportation costs. Stifel presents Surebet as better positioned in that regard, at least in terms of the potential transport of bulk concentrate.
Stifel Draws Great Bear Comparison and Sees Undervaluation in Goliath Resources
In the valuation section, Stifel also makes a clear statement: Goliath Resources is “significantly undervalued” at its current share price. As a benchmark, the analysts cite a grade-adjusted figure of US$10 per ounce of gold (for Goliath), while more advanced competitors average US$88 per ounce.
Particularly striking is Stifel’s comparison to a well-known transaction: the Dixie project (formerly Great Bear Resources), which Kinross Gold acquired in 2022 for US$1.45 billion. Stifel focuses less on the price and more on a drill metric: the first 150 drill holes at Surebet averaged 124 gram-meters, which is close to the 129 gram-meters of the LP Zone at Dixie at a comparable stage of development!
Gram-meters are a common metric that combines the grade and thickness of drilled mineralization intercepts into a single number and serves as a rough comparison, especially in early stages.
The bottom line of the Stifel update is that Goliath Resources now provides Surebet with a polymetallic database in which by-products visibly increase the gold equivalent value, while location factors such as proximity to Tidewater are highlighted as a potential cost advantage.
