The Gold Stock Flying Under the Radar ($MMETF)

Gold Near Record Highs: Why Early-Stage Explorers Stand to Benefit Most

Gold is trading near all-time highs. Central banks accumulated 297 tonnes in net purchases through the first eleven months of 2025 alone, according to the World Gold Council. Geopolitical uncertainty is rising. And the outlook from major banks points to further upside:[1]

• J.P. Morgan: $6,300/oz year-end 2026 target (upside scenarios to $8,000 to $8,500).[2]
• Goldman Sachs: $5,400/oz.[3]
• UBS: $6,200/oz.[4]
• Wells Fargo: $6,100 to $6,300/oz.[5]

For large producers, higher prices mean better margins. Newmont (NYSE: NEM), the world's largest gold miner, has seen its stock appreciate over 130% in the past year alone.[6] But for early-stage exploration companies, higher prices change something more fundamental: they change what a discovery is worth.

Historically, the biggest returns in gold bull markets haven't come from the producers. They've come from small companies making new discoveries while gold prices are elevated, companies still in the early stages of defining how much gold they're sitting on.

That context is essential for understanding what Miata Metals Corp. (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) just drilled in Suriname, and why the timing matters.

Highest-grade result to date (April 14, 2026): Miata reported 23.75 m at 5.73 g/t gold from 82 m depth at Jons Trend, including 3.18 m at 16.35 g/t and 1.65 m at 25.15 g/t. The Jons Trend corridor is now confirmed at 750 metres long by 300 metres wide, open in all directions. Read the full press release.

The Setup: What Makes This Company Stand Out

Miata Metals (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) is a gold exploration company focused on the Sela Creek Gold Project in Suriname, South America. The convergence of factors around this stock is worth understanding:

• 63 m at 1.44 g/t gold, extending the system to 250 m vertical depth at Jons Trend, released June 23, 2026.
• 23.75 m at 5.73 g/t gold, the highest-grade intercept to date, released April 14, 2026.
• 96 metres of gold at 1.41 g/t, the widest intercept to date, from Big Berg (March 24).
• Three confirmed gold zones: Jons Trend, Big Berg, and Puma, all on the same property.
• Fully funded 25,000-metre drill program with two rigs on site, more than double the 2025 pace.
• Significant insider ownership, with management exercising options and holding the shares.
• Approximately 105 million shares outstanding, a favourable structure in the junior gold space.
• Independent research coverage from three firms, including Sprott Capital, ATB Cormark, and Agentis Capital.
• Recently uplisted to OTCQX, the premium tier of the U.S. OTC market.

With gold near record highs, results accelerating, and a fully funded drill program generating news flow, this is a story being written in real time.

The Standout Hole: 23.75 m at 5.73 g/t Gold, Highest Grade to Date

On April 14, 2026, Miata Metals (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) reported the highest-grade intercept in the company's history from Jons Trend.[7]

Hole 26DDH-JT-008: 23.75 metres at 5.73 g/t gold from 82 metres depth. High-grade zones within the intercept include:

• 3.18 m at 16.35 g/t Au
• 1.65 m at 25.15 g/t Au
• 3.94 m at 9.46 g/t Au

Hole 26DDH-JT-009 also returned broad mineralization: 32 metres at 1.29 g/t Au from 124 metres depth.

This hole was drilled 250 metres southeast of the original Jons Trend discovery hole, indicating that high-grade gold mineralization extends well beyond the initial zone. The result defines a mineralized corridor now confirmed at at least 750 metres long by 300 metres wide, still open in all directions and at depth.

Subsequent drilling has confirmed that depth potential. In June 2026, hole 26DDH-JT-016 extended five separate vein zones further down-dip and carried the Jons Trend system to a vertical depth of 250 metres, returning a broad 63 metres at 1.44 g/t gold and uncovering a new zone of mineralization below the previous geological model (5.29 m at 1.56 g/t from 265 metres). Every vein zone remains open at depth.[16]

To put the grade in context: 5.73 g/t over 23.75 metres is exceptional by the standards of producing mines in the region, which hover around a head grade of 1.5 g/t. This intercept is running at nearly four times that grade over a wide interval. The internal zones, with grades up to 16.35 g/t and 25.15 g/t, are notable. The next phase of drilling will continue to test these higher-grade zones.

"The best intercept from Jons Trend to date. Sela Creek continues to demonstrate the characteristics of a district-scale system with significant untapped potential."

Dr. Jaap Verbaas, CEO

Aerial view of the Jons Trend discovery zone at Sela Creek. Drill-defined extent: 750 m by 300 m, open to depth and along strike. Source: Miata Metals corporate presentation.

Big Berg: 96 Metres of Gold in a Brand-New Zone

On March 24, 2026, Miata (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) reported results from a new target called Big Berg, delivering the widest intercept in the company's history.[8]

Hole 26DDH-BB-003 returned two notable intercepts:

• 67.5 metres at 1.13 g/t gold from surface, including 18.1 m at 2.95 g/t and 2.5 m at 15.34 g/t.
• 96 metres at 1.41 g/t gold from 96 metres depth, including 7.7 m at 5.79 g/t, 2 m at 17.84 g/t, and 23.5 m at 2.34 g/t.

Miata has returned nearly 100 metres of continuous gold starting close to surface, suggesting potential for open-pit mining, the most cost-effective extraction method. Within that wide zone: 2 m at 17.84 g/t and 2.5 m at 15.34 g/t. Gold has been confirmed in every Big Berg hole drilled.

Follow-up drilling has since expanded Big Berg into a well-defined second centre of mineralization. Across ten holes drilled at Big Berg in 2026, every one has intersected gold, defining nine discrete mineralized zones. Recent intercepts include 16.68 m at 1.39 g/t Au (hole 26DDH-BB-005),[15] 33.0 m at 1.03 g/t Au including 8.0 m at 2.91 g/t (hole 26DDH-BB-009), and 9.25 m at 3.10 g/t Au including 6.35 m at 4.17 g/t (hole 26DDH-BB-010).[16]

Before drilling, surface chip samples at Big Berg returned 30.02 g/t and 44.64 g/t gold, supporting the team's target selection.[9]

Drill core from Sela Creek showing consistent gold mineralization over robust widths with assay grades labeled. Source: Miata Metals corporate presentation.

Three Gold Zones. One District. Still Early.

What's emerging at Sela Creek is no longer a single-target exploration story. Miata (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) now has three confirmed zones of gold mineralization on the same property:

• Jons Trend: 750 m by 300 m corridor, highest-grade result to date (23.75 m at 5.73 g/t), plus 30+ g/t bonanza hits from earlier drilling.
• Big Berg: 96 m at 1.41 g/t, the widest intercept to date, now interpreted as a second centre of mineralization within the same Jons Trend to Big Berg corridor, with 17.84 g/t internal zones.
• Puma: 18 m at 2.70 g/t and 5.3 m at 8.25 g/t from 2025 drilling, a third area now being tested with one of the active rigs.

All three zones sit within the same broad gold system at Sela Creek. The entire property hosts approximately 14 kilometres of documented artisanal mining trend. People have been digging gold by hand across a 14 km stretch. Miata has drill-tested only a fraction of it.

And the system keeps widening at the district scale. Geological data increasingly points to Jons Trend and Big Berg as two centres of mineralization along a single connected corridor of roughly 1,300 metres in strike length.[16]

Three gold zones confirmed. A 750 m corridor at Jons Trend, still growing. 14 km of untested trend ahead. Recent results continue to expand the system. That is consistent with a district, and district-scale systems are often valued differently than single-target exploration stories.

Selected Drill Results: Jons Trend, Big Berg, and Puma

The Team: Technical Depth Where It Matters

In exploration, the team is the asset. Miata's (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) leadership combines hands-on geological expertise with capital markets experience.

Dr. Jacob (Jaap) Verbaas, PhD

CEO and Director

Jaap is a hands-on field geologist who specializes in the exact type of gold deposit Miata is exploring, what geologists call "orogenic gold," meaning gold systems formed by deep crustal forces that push gold-rich fluids into cracks and faults in ancient rocks. His credentials include a B.Sc. and M.Sc. from Utrecht University (Netherlands) and a Ph.D. from Simon Fraser University (Canada). His expertise in reading rock structures and identifying the signatures that lead to gold is what drives Miata's target selection.

John Wenger, CPA, CA

Chief Financial Officer

John brings capital markets credibility that most junior explorers don't have. He was VP Strategy and CFO of Contact Gold Corp., which was acquired by Orla Mining in 2024, and previously served as CFO of Liberty Gold, where he helped raise over $100 million in financing. Before that, he spent a decade at Ernst & Young working with publicly listed mining companies, building a track record of financing and capital allocation in the mining sector.

Dr. Luke Bickerton, PhD

VP Exploration

Luke holds a Ph.D. in Mineral Deposits and Precambrian Geology with over 13 years in geological research and mineral exploration. He's the technical engine behind Miata's drill program: the person who takes all the geological data, connects the dots, and decides where to point the next drill hole. That kind of systematic, science-driven approach is what separates companies that expand discoveries methodically from those that get lucky once and can't repeat it.

Board Strengthening: Mine-Building Experience Added

In February 2026, Miata appointed Derk Hartman to the Board. Hartman brings 25+ years in mining and investment banking (ABN AMRO, BMO Capital Markets London). He brought the Mangazeisky Silver Mine into commercial production and was involved with the first company to explore Sela Creek and Nassau in 2013.[10]

Derk Hartman

Board of Directors

"I look forward to working closely with the board and management team to help advance Sela Creek. It has the potential to become a 'tier-one gold mining district' and deliver meaningful value for shareholders."

Insider Alignment: Management Is Directly Invested

Management exercised 1.3 million options at $0.23 per share. They sold only 400,000 shares to cover costs and retained the remaining 900,000 shares. Not a cashless exercise: management paid out of pocket and chose to hold.

On March 27, three days after the Big Berg results, the board granted new options at $0.50 per share, more than double the $0.23 strike.[11] On May 28, alongside the latest drill results, the board granted a further 2,025,000 options at $0.60 per share.[15] Escalating strike prices, from $0.23 to $0.50 to $0.60, reflect increasing alignment at higher levels.

With significant insider ownership and only approximately 105 million shares outstanding (~133.8 M fully diluted), Miata's (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) share structure is among the tightest in the junior gold sector.

The Guiana Shield: A 100+ Million Ounce Gold Province

The Guiana Shield (South America) and West African Birimian Shield. Miata's Sela Creek and Nassau projects relative to major producing mines. Source: Miata Metals corporate presentation.

The Guiana Shield spans northern South America. It has produced over 100 million ounces of gold historically and is geologically linked to the West African Birimian Shield (500+ million ounces), which hosts multiple large gold deposits and was once physically connected before the continents split.[12]

Miata (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) currently holds a 70% interest in both Sela Creek (~215 km²) and Nassau (~200 km²), with options to acquire 100% of both. Over 400 km² in a proven gold belt.

Major Producing Mines in Suriname

Merian Mine. Operated by Newmont (NYSE: NEM), the world's largest gold mining company. 75% ownership (Staatsolie holds 25%). 11.8 million ounces of gold (total production and reserves).[13]

Rosebel Mine. Owned 95% by Zijin Mining, one of China's largest gold producers (Government of Suriname holds 5%). 12.5 million ounces of gold (total production and reserves).[14]

*Mineralization on nearby or adjacent properties is not necessarily indicative of mineralization on Miata's properties.

Suriname as a Mining Jurisdiction

Suriname is a separate, independent, Dutch-speaking country with a stable government and established mining sector. Newmont and Zijin operate there. Miata's CEO and two of its directors speak fluent Dutch, the official language. Board member Hartman has worked in Suriname since 2013. Entirely different from Venezuela.

Near-Term Catalysts: Why the Next 6 to 12 Months Matter

Miata (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) has more than doubled drilling capacity from approximately 10,000 m in 2025 to 25,000 metres in 2026, with two rigs on site drilling concurrently. Approximately 10,300 metres had been completed across the project by late June 2026, with results still pending on several holes.[16]

Fully funded. No financing overhang. Drills are active across multiple targets:

• Jons Trend: 750 m corridor, expanding along strike and now to 250 m vertical depth, open below. The April 14 high-grade zone sits 250 m from the main discovery.
• Big Berg: One rig expanding the new discovery.
• Puma: Active drilling. Already returned 18 m at 2.70 g/t and 5.3 m at 8.25 g/t.
• Cambior, Golden Hand, Howler: Additional high-priority targets.

The exploration team reported visible gold in the first two drill holes of the 2026 program, visible to the naked eye in the core.

Diamond drill rig operating at the Sela Creek Gold Project, Suriname. Source: Miata Metals corporate presentation.

Miata holds 70% of both Sela Creek and Nassau with options to acquire 100%. As discoveries expand, this pathway to full ownership becomes an increasingly powerful lever.

Risk Considerations

• Exploration stage: No mine, no revenue, no resource estimate. Discovery stories carry inherent uncertainty.
• Small-cap volatility: Junior mining stocks can move sharply in both directions.
• Jurisdiction: Suriname is stable and hosts majors, but remains an emerging mining jurisdiction.
• Commodity risk: A meaningful gold decline would impact the entire exploration sector.

These risks are standard. What is not standard is the combination at Miata (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ): three confirmed gold zones, a highest-grade intercept of 23.75 m at 5.73 g/t, 96 metres of gold at Big Berg, two rigs fully funded for 25,000 metres, 14 km of untested trend, a mine builder calling it a tier-one district, and BUY ratings, all while gold trades near record highs. This combination merits evaluation on its own terms.

The Investment Thesis: 10 Reasons to Watch MMETF

1. Accelerating discoveries. Highest-grade intercept released April 14, 2026: 23.75 m at 5.73 g/t at Jons Trend. Plus 96 m at 1.41 g/t at Big Berg (March 24).
2. Three confirmed gold zones. Jons Trend, Big Berg, and Puma (18 m at 2.70 g/t, 5.3 m at 8.25 g/t). Same property. District-scale system emerging.
3. Fully funded with two rigs. 25,000 m drill program underway with two rigs on site, more than double the 2025 pace. No financing overhang.
4. Tight share structure. Approximately 105 million shares outstanding (~133.8 M fully diluted).
5. Management has skin in the game. Significant insider ownership. Management exercised options at $0.23 and held. New options granted at $0.50 (March) and $0.60 (May): escalating strike prices signal growing conviction.
6. Proven gold belt. Guiana Shield: 100+ Moz Au. Newmont's Merian (11.8 Moz) and Zijin's Rosebel (12.5 Moz) already operate in the region.
7. Three research firms covering. Sprott Capital Partners: BUY rating. Plus coverage from Agentis Capital and Cormark Securities. Three firms on a $52 M market cap junior is rare.
8. 100% ownership path. Currently holds 70% of both Sela Creek (~215 km²) and Nassau (~200 km²), with options to acquire 100%.
9. Record gold prices. Gold near all-time highs. J.P. Morgan targets $6,300/oz. Goldman $5,400. UBS $6,200. Exposure to rising gold prices.
10. 14 km untested. 750 m corridor defined so far out of approximately 14 km of documented artisanal mining trend. The discovery story is still very early.

Conclusion

The most significant returns in gold bull markets come from identifying discovery-stage companies before they are widely recognized, during the window when results are accelerating and the market is still early in the exploration cycle.

Miata Metals is in that window of discovery and expansion right now.

The April 14 result of 23.75 m at 5.73 g/t, the highest-grade intercept in the company's history. A 96-metre gold intercept at Big Berg on March 24. A third zone at Puma delivering results. A 750 m corridor still growing, now extended to 250 m vertical depth. Significant insider ownership with options at escalating strike prices. Gold near record highs with banks targeting $5,400 to $6,300+. A mine builder on the board calling it a "tier-one gold mining district." Three research firms covering the stock, including a BUY rating from Sprott Capital Partners, recently updated after seeing new results.

For investors evaluating the gold exploration space, Miata Metals (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) presents a compelling combination of accelerating discoveries, insider alignment, macro tailwinds, and near-term catalysts.

Additional Resources

• Company Website: miatametals.com
• All drill results: miatametals.com/table-of-drill-results-sela-creek-live/
• Corporate Presentation: miatametals.com/presentation
• Jons Trend Depth Extension: June 23, 2026
• District-Scale Expansion: May 28, 2026
• Jons Trend High-Grade: April 14, 2026
• Big Berg News Release: March 24, 2026
• Jons Trend Expansion: February 24, 2026

Note: The Company has not verified the head grade of producing mines in the region and has relied on resource statements by others. Mines and other projects in this article are referenced for geological context only. Sela Creek is an exploration stage asset.