Eureka Project — Prospect Mountain
North Peak signed the option agreement to acquire 100% of the project in 2023. The Prospect Ridge Property, including BLM claims and mining patents, was held by the Erickson Family
privately for several decades. Management indicated there were other interested parties locally. However, the family looked to NPR as the asset would be their key focus and the team held a development pedigree they would apply to the Prospect Mountain project’s advancement. The terms of the deal include:
- 5 million shares for 80% (completed)
- 3 million shares for the remaining 20%
- 3-year work agreement of US$ 1 million per year ( C$4 million and 75% of year 3 completed)
- Cash payments of US$385,000 per year for 3 years ( 2 years completed)
- 340,000 warrants at market prices (issued August 2023 at C$1.34)
- 1% NSR to the Erickson family company (upon option completion)
- 1 Erickson family nominee to the NPR Board (Ty Erickson)
The deal covers a three-year term and if NPR decided not to complete the option to 100% the property could be returned.
Investment Highlights
01. Strong leadership and strategic vision
- Proven management team with success at Kirkland Lake Gold, Rupert Resources, and over $3.5B raised for mining ventures.
- Deep expertise in finance, law, and operations ensures disciplined execution and low development risk.
- Strong industry relationships to drive asset development, partnerships, and long-term shareholder value.
02. High-quality asset in tier 1 jurisdiction
- Flagship Prospect Mountain Project is located in Nevada’s Battle Mountain–Eureka Trend, adjacent to producing mines.
- Brownfields project with historic high-grade gold-silver CRD production; minimal modern exploration until now.
- The project includes a 1,000 tpd underground mining permit — rare at this stage — and 11 miles of underground workings.
03. Early exploration success and development path
- Initial NPR drilling confirmed high-grade mineralization and broader lower-grade halos.
- Expanded Plan of Operations approved, providing access to multiple target zones for 2025 exploration.
- Focus on resource definition and future production potential from near-surface oxide and deeper targets.
04. Strong financial position and capital structure
- ~C$6.4 million raised in past six months; well-funded for 2025 programs.
- Tight share structure (~40M shares), with 60% held by insiders and strategic investors.
Recommendation: BUY – Initial target price of C$2.50, based on exploration upside, strong asset fundamentals, and value-accretive development into 2026.
Catalysts and timing
- Potential of acquiring 100% of the Prospect Mountain Project (H2 2025)
- Start of drilling exploration program at Prospect Mountain Project (Q3 2025) ◆ Initial positive results from 2025 exploration program (late Q3 and Q4 2025)
- Regional exploration results by others (H2 2025)
- Next round of drilling at Prospect Mountain (Q2 2026)
