We are updating our coverage of North Peak Resources as it is systematically advancing its flagship Prospect Mountain project toward an initial, near-surface gold resource by expanding and linking mineralization northward between known high-grade trends. Recent results from the first six holes (807 m) of the Wabash/ Industry Tunnel drill program demonstrate this strategy in action, with encouraging halo mineralization intersected between the Wabash and Williams lodes, including 42.67 m @ 0.82 g/t Gold and 99.06 m @ 0.56 g/t Gold and the discovery of a new gold-bearing zone along the Silver Connor fault. These results not only extend the mineralized envelope northward but also illustrate that the Company is expanding a continuous mineralized system with both depth and strike potential, rather than merely chasing isolated high-grade hits.Â
Beyond the northern area, North Peak has identified a second near-surface resource opportunity at Lower PME, located at the base of the mountain and interpreted to host the Hamburg/Dunderberg contact under cover. This structure corresponds to the same fault zone that McEwen Mining is actively advancing, targeting a resource in H1 2026. McEwen’s regional consolidation, most recently involving Golden Lake Exploration, now places North Peak between McEwen and i-80 Gold, both of whom are investing heavily in delineation and development across the camp. Importantly, North Peak’s Lower PME target represents a down-dip extension of the system that remains open at depth. The target areas for the 2025 exploration program are shown on Figure 1.Â
The Company is awaiting final approval from the Nevada Division of Environmental Protection (NDEP) for road disturbance that would provide first-time access to the southern and western ridges of Prospect Mountain and allow the establishment of up to eight drill pad locations. This approval would enable systematic testing of previously undrilled targets coincident with historic high-grade mine workings, key structural intersections, and areas of strong surface sampling, materially expanding the project’s exploration footprint and target inventory.
Investment HighlightsÂ
Wabash and Lower PME Drilling Strengthen Near-surface Growth CaseÂ
- Recent results at Wabash and Lower PME confirm expanding near-surface mineralization across multiple corridors.Â
- PM25014RC returned 88.4 m of 0.24 g/t gold and 15.7 g/t silver, validating the Hamburg-Dunderberg contact as a major mineralizing control.Â
- Alignment with historic Homestake hole HRH1725 underscores system continuity and supports a larger-scale mineralizing footprint.Â
Strategic Optionality Across the DistrictÂ
- Lower PME adds under-explored, near-surface potential between McEwen and i80 Gold, enhancing district scale positioning.Â
- New mineralization east of the Silver Connor fault at Wabash confirms the system remains open in multiple directions.Â
Regional Consolidation Highlights Producer-Level InterestÂ
- The Golden Lake-McEwen transaction signals growing interest from established operators seeking exposure to this emerging camp.Â
- North Peak’s land position, funding strength, and near-surface targets position it as a logical future partner as regional development advances.Â
We reiterate our BUY rating and update our price target at C$2.90 (earlier C$2.50). With gold prices at record levels, the Company’s 2026 drill program is expected to provide market interest results to drive the stock higher.
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Company-specific disclosures, if any, are below:
1.                   In the last 24 months, Couloir Capital Ltd. has been retained by the subject issuer under a service agreement that includes analyst research coverage.
2.                   The views of the Analyst are personal.
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