Developed the research structure and investment narrative for a $3M Phase I capital raise for a pre-resource gold mine in Central Idaho. McKinley is a high-grade vein system with confirmed mineralization, 2,000+ feet of underground development, and seven veins open beyond current drilling limits. Historic estimates identify 55,063 oz with stated potential to 150,000 oz. The project economics were modeled at $2,700/oz gold. Spot now trades well above that level.
The Process
The positioning challenge was that McKinley sits in the Lassonde trough: gold confirmed, deposit size undefined, market assigns speculative value by default. The narrative had to explain that discount mechanism and then show why it creates an excellent entry point rather than an obstacle.
The Sales Argument
The structure moves from macro (gold repriced as a reserve asset; Peak Gold supply constraints; political fragmentation pushing capital toward permitted domestic deposits) to specific (McKinley's underground access, 96–98% metallurgical recovery, Trump's March 2025 executive order on domestic mineral production) to actionable (staged 100-TPD restart, near-term waste processing cash flow, delineation drilling targeting a NI 43-101 compliant resource).
Existing underground workings reduce definition drilling cost compared to a surface-only campaign — a structural advantage most exploration-stage projects don't have. At $4,000/oz, the starter operation generates $3.24M annual revenue against a $220.3M gross value at the historic estimate floor.
