Can you introduce Canuc Resources?

We are a discovery-focused explorer with two high-potential IOCG deposit-type discovery projects. Our main property is the East Sudbury project (ESP) in northern Ontario, and we also own the San Javier silver-gold project in Sonora, Mexico. Separate from high-impact IOCG exploration, we pair those large-scale discovery targets with smaller cash-flow projects to minimize shareholder dilution. The aim is to deliver major upside from discoveries in leading jurisdictions while protecting shareholders from downside exposure and limiting shareholder dilution with the development of cash flow projects. 

How has the acquisition of MacDonald Mines in May 2025 brought value to Canuc Resources?

ESP, previously owned by MacDonald Mines, is an exciting new property for Canuc Resources (Canuc). The package includes more than 32,000 m of historical drilling, several past-producing high-grade gold and copper mines, and a large land position of almost 200 km². The copper and gold along the McLaren Fault show characteristics consistent with IOCG-type systems; similarly, gold 8 km to the south is associated with iron minerals (pyrite, chlorite), again suggestive of an IOCG-type system. In short, we have near-term high-grade gold lens mining potential and a much larger copper-gold source model to pursue. 

What is the status of your San Javier project in Mexico?

San Javier hosts very high grades within magnetite veins, with assays up to 2,200–2,400 g/t of silver. The silver at San Javier occurs as silver halides, which is unusual. The silver is associated with magnetite. Both of these traits point to IOCG-type geology and the potential for a very large silver endowment. Magnetic surveys have identified large drill-ready targets because it is the magnetite at San Javier that carries silver. We now plan to drill these targets, with drilling financed by the company’s cash flow projects. 

How are Canuc Resources’ cash flow projects structured?

We hold two assets that generate cash flow to fund exploration without dilution. First, a private company controlled by Canuc Resources holds abandoned tailings from past-producing gold mines, with a 4% NSR royalty payable to Canuc. The leach kinetics at this site are very good, with an extractive potential of 4,800 oz of gold from 150,000 t of tailings, grading at 1.13 g/t. This will come online in the first half of 2026. Alongside gold recovery, the tailings site rehabilitation is an important part of this project. Additionally, in west Texas, we hold eight long-life natural gas wells that generate steady cash flow. 

What is your current capital strategy and listing footprint?

At ESP, we are drilling extremely high-grade gold lenses around old mine workings at the former Scadding gold mine. In 2026, we will calculate a maiden gold resource and secure a bulk sample mining permit for gold lens 1. This lens could host in the range of 20-25,000-oz, starting from surface, at around 7 g/t, in roughly 90,000 t. We already see three such lenses and believe there could be 10 or more easily accessible across the property. The net margins from mining these lenses are expected to be very high. In parallel, we are targeting a larger IOCG-type deposit source at ESP. The Geological Survey of Canada is conducting a hard-rock seismic survey on the McLaren Lake Fault Zone, with results due to be released in Q2 2026. We also plan to conduct an airborne gravity survey over the entire property to generate IOCG targets. AI is also an important tool for us to process various datasets and to generate targets that are not obvious using traditional interpretation methods. 

How do you approach government relations in Ontario?

The provincial government is proactive, engaged with industry, and supportive. We secured permits for tailings processing and funding support from NOHFC. 

What milestones can investors expect from Canuc Resources in 2026?

In 2026, our foremost priority is to define multiple high-grade, near-surface gold lenses and advance bulk-sample mine plans. We will also use new seismic and gravity datasets to refine our IOCG-type targets for the next drilling campaign. We have already verified historical gold assays at ESP, and results confirm a very high-grade gold system. One drill hole returned a 12 m true width, near surface, at approximately 36 g/t gold. This data will underpin our exploration program as we head into 2026.