High-Grade Gold Discovery Takes Center Stage at January's Biggest Mining Conferences

In a separate news release issued January 15, Goliath Resources announced the results of its annual and special meeting of shareholders held January 14. All items of business were approved, including the re-election of directors Roger Rosmus, Graham Warren, Wayne Isaacs, and Rein Turna; reappointment of McGovern Hurley LLP as auditor; reapproval of the omnibus equity incentive plan and certain amendments; and approval of a potential share consolidation of up to one-for-seven. However, the Board of Directors exercised its discretion not to proceed with the consolidation. Meeting materials are available on SEDAR+ and the company's website. Goliath also confirmed it is fully funded for a 2026 drill campaign following its largest drill season to date in 2025, with assay results pending for 70 gold-only and 110 gold-equivalent holes.

Gold and Copper Market Developments Highlight Defensive Demand Trends

The International Man addressed developments in the gold market on January 12, examining concerns about the growing reliance on non-physical forms of gold ownership such as Exchange-Traded Funds. Jeff Thomas wrote that "With buying gold through ETFs… the buyer is under the impression that he has bought the actual product, when he has not." He argued that many ETFs do not hold physical gold and instead operate on a "promise of future ownership," which could present significant risk in the event of a mass demand for delivery. The article emphasized that "paper gold… is very risky," and stated that "the ownership of physical gold is certainly better, in spite of the storage problem," concluding that for many investors seeking long-term financial protection, "putting a portion of your money into physical gold" might be the safer option.

A January 12 report from Couloir Capital highlighted recent gains in gold prices, noting that they rose 4.2% during the previous week and added another 2.0% the following Monday. The increase was attributed to "escalating geopolitical tensions" as well as "sustained central bank buying," both of which supported gold's role as a defensive asset. The report listed U.S. activity in Venezuela, Iran, and Greenland-related rhetoric as drivers of heightened safe-haven demand, and described this environment as offering structural support for gold prices as investors continued to seek stability.

Ron Struthers wrote on January 12 that copper prices experienced a sharp move higher toward the end of 2025 and into the new year, describing the current trend as "just the beginning." He pointed to the metal's expanding role in energy and digital infrastructure, noting that a recent US$500 million data center project required more than 2,000 tonnes of copper. Struthers added that "all major commodity bull markets are driven by investment demand regardless of the physical demand and supply," emphasizing the role of capital flows into hard assets.

According to a January 14 report from Mining.com, copper prices reached a record US$13,310 per ton on the London Metal Exchange, extending a rally that had already delivered a gain of more than 40% in 2025 and a further 6% in the first two weeks of 2026. The article stated that "growth sectors like artificial intelligence and renewable energy continue to drive up demand," while supply concerns and geopolitical uncertainties were also lifting prices.

Bloomberg News reported later on January 14 that copper joined gold, silver, and tin in hitting all-time highs as "frenzied buying in China" and a surge in speculative activity sent metals markets higher. The outlet wrote that "industrial metals like copper already were facing looming supply shortfalls," with tariff fears and inventory constraints tightening availability in the global market and driving elevated trading volumes on the Shanghai Futures Exchange.

Commentary Highlights Strength of High-Grade Gold System

Ron Struthers of Struthers Resource Stock Report maintained a "Hold, Buy" outlook on September 9, citing consistent high-grade intercepts at Surebet and visible gold in 90% of completed holes. He described the deposit as "a nice high-grade deposit" and estimated that ounces could be valued at US$200 to US$300 in the ground under better market conditions.

Zacks Small-Cap Research analyst Ron Wortel reiterated a bullish view on October 22, pointing to a 100% intersection rate of quartz-sulfide mineralization and highlighting results such as 132.93 g/t gold equivalent over 10 meters in the Bonanza Zone. He also noted metallurgical testing that confirmed 92.2% gold recovery and raised Zacks's fair value estimate to US$4.90 per share.

Chen Lin expressed optimism in his October 29 What Is Chen Buying? What Is Chen Selling? newsletter and followed up on November 18, writing, "This is going to be one of the biggest discoveries of high-grade gold in recent years."

Jay Taylor argued in his October 31 issue of J Taylor's Gold, Energy & Tech Stocks that gold remained undervalued even at US$4,000, citing macroeconomic imbalances, Federal Reserve commentary, and historical ratios to support his view on the sector's long-term potential.

Stifel initiated coverage on November 3 with a Buy rating and CA$5.00 target price. The firm referred to Surebet as "one of the most compelling high-grade gold prospects" in the Golden Triangle and drew favorable comparisons to Great Bear's Dixie project. Their preliminary exploration target outlined 4.3 million ounces at 5.8 g/t, with a potential production scenario of 205,000 ounces annually at an all-in sustaining cost (AISC) of US$1,258 per ounce. Stifel estimated an NPV5% of CA$2.07 billion at a US$3,000 gold price and stated, "We think the Surebet discovery is in its early innings," while noting Goliath's valuation was materially below peers at 0.30x P/NAV.

In a flash note published November 17, Stifel highlighted results from hole GD-25-377, which returned 7.02 meters at 10.25 g/t gold. The firm called the average grade of 7.14 g/t over 6.7 meters roughly 20% above the system average and pointed to the potential for a starter pack around Bonanza BZ2 and additional upside in the Goldzilla vein. They concluded that Goliath's "misunderstood ounce quality" and low valuation left room for a re-rating.

On December 2, Stifel GMP analyst Cole McGill reiterated the Buy rating, calling the latest drill results from the 2025 Surebet campaign a "slight positive." McGill cited hole GD-25-383, which intersected 15 meters grading 4.05 g/t gold, including 4.02 meters at 12.75 g/t, and highlighted two developments: a 150-meter eastern extension of the Bonanza Zone and confirmation of high-grade gold mineralization in feeder dykes. He noted that the Bonanza Zone now extends 1.25 kilometers and represents half of Stifel's 4.2-million-ounce exploration target. McGill described the near-surface BN2 vein system, estimated at 3.1 million tonnes at 7.17 g/t, as a potential "starter pack" for early-stage production.

He also emphasized that the newly reported 7.28 g/t over 8 meters in the Eocene granitoid feeder dyke was not yet included in Stifel's resource model, indicating further upside. "Surebet drilling continues to yield solid grades over minable widths," McGill wrote, noting that the ten holes released in December averaged 5.5 meters at 4.11 g/t gold. He compared Goliath's valuation of US$12 per ounce (grade-adjusted) to US$101 and US$98 per ounce for peer companies. He further compared the first 150 drill holes at Surebet to Great Bear's LP Zone, stating that Surebet's average of 124 gram-meters was just 4% below early results from Dixie.