Kingman Minerals Ltd.
Flying Under the Radar: High-Grade Junior Gold – Resuming Coverage
Published: Jan 29, 2026
Author: FRC Analysts
Disclosure: Kingman Minerals Ltd. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials
Industry – Other Precious Metals & Mining
Trading Information
Ticker & Exchange – KGS.V: TSXV
Report Highlights
- Kingman’s main project, the Mohave gold project in Arizona, includes the past-producing Rosebud mine, which we believe is an advantage because projects that have mined before are usually easier to develop than completely new sites.
- The project area has two main types of deposits: high-grade epithermal gold, where rocks are rich in gold, and porphyry copper, which has lower-grade copper but occurs in large quantities.
- Based on older records (not recently verified), the project is estimated to host 568 Koz of gold and 2.18 Moz of silver (inferred), and 9 Koz of gold and 29 Koz of silver (indicated, higher confidence). This is a low-to-medium-sized resource for a junior gold project, but the gold grades are very high (17–20 g/t), compared with most mines under 1 g/t, which usually means higher production at lower costs.
- We believe there is room to expand the resource, as drilling has tested less than 20% of the Southwick vein (a major gold and silver bearing vein), leaving most of it unexplored. The company has also identified additional gold-bearing structures and targets, showing further potential beyond the known veins.
- Kingman’s underground sampling and drilling found extremely high-grade veins, including 688 g/t gold and 468 g/t silver over 0.18 m, and 252 g/t gold and 341 g/t silver over 0.46 m. The drill holes hit veins connected to existing tunnels, showing the veins are accessible, which could speed up development and lower exploration risk.
- Management is planning a drill program, which we believe will likely be followed by a NI 43-101 resource estimate, providing official verification of the project’s gold and silver potential.
- With gold trading at record highs, we anticipate robust M&A activity over the next 12 months, as larger companies target juniors to expand their portfolios. We remain positive on gold prices, supported by US$ weakness, and strong safe-haven demand amid economic and geopolitical uncertainty.
- We estimate Kingman’s shares trade at just $12/oz compared with the sector average of $71/oz, meaning the market has yet to recognize the company’s potential.
Risk
- The company’s value depends on gold prices
- Access to capital and potential share dilution
- The project lacks a NI 43-101 compliant resource
- Exploration and development
Price and Volume (1-year)


Subsequent to Q3-FY2025, KGS raised $1.5M through an equity financing
* Qualified Person: Bradley C. Peek, MSc., CPG., Director of Kingman Minerals Ltd.
* Kingman Minerals Ltd. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Mohave Project ( 100 % interest)
Ownership and Location
The project covers about 594 hectares, and is located in the Music Mountain district of Mohave County, Arizona ; a historically important gold-producing area. Most deposits in the county are epithermal or mesothermal , which are types of gold deposits known for high grades . These deposits can be mined using open-pit methods, underground methods, or a combination of both.
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