The Gold Stock Flying Under the Radar ($MMETF)

Gold Holding Above $4,300: Why Early-Stage Explorers Stand to Benefit Most

Gold is trading around $4,350 an ounce, roughly 30% higher than a year ago, after a 2025 that ranked among its strongest years in decades. 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 above the current price:[1]

• UBS: $5,200/oz over 12 months.[2]
• Goldman Sachs: $4,900/oz year-end 2026.[3]
• Bank of America and Deutsche Bank: $4,800/oz.[4]
• J.P. Morgan: $4,500/oz for Q4 2026.[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:

• 30 m at 4.06 g/t gold, including 14 m at 8.20 g/t, one of the strongest holes drilled at Sela Creek to date, released July 13, 2026, following 63 m at 1.44 g/t that extended the system to 250 m vertical depth in June.
• 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).
• Four confirmed gold zones: Jons Trend, Big Berg, Puma and the new Puma East discovery, all on the same property.
• Fully funded 25,000-metre drill program with two rigs on site, more than double the 2025 pace, and approximately half complete.
• C$25.2 million financing closed August 18, 2026, including a 19.9% strategic investment by La Mancha Resource Fund. First announced July 28 at C$20 million, upsized to C$23.2 million on July 30 on strong investor demand, and closed above both figures with the over-allotment option fully exercised.[21]
• Significant insider ownership. Management and founders hold approximately 17% of the company prior to the current financing, with management exercising options and holding the shares.[12]
• Approximately 165.7 million shares outstanding following the August 18 closing, which issued 61,844,931 new shares.[21]
• Published analyst coverage from SCP Resource Finance, with an average target price of $1.70 disclosed on the company's investor page.[20]

With gold holding well above its long-term range, 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.[7]

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.[7]

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]

In July 2026, hole 26DDH-JT-019 returned 30.0 metres at 4.06 g/t gold from 117 metres, including 14.0 m at 8.20 g/t, 4.6 m at 14.83 g/t and 1.2 m at 36.20 g/t, drilled as a down-dip step-out from previously reported high-grade mineralization. It is the fourth intercept exceeding 100 gram-metres of gold from the Jons Trend to Big Berg corridor, three of which have been reported in the past four months.[18]

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 thirteen holes drilled at Big Berg in 2026, every one has intersected gold, with the first ten 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] In July, hole 26DDH-BB-013 returned 16.5 m at 2.15 g/t Au from 110 metres, drilled approximately 150 metres west of the main Big Berg discovery area toward Jons Trend, extending meaningful mineralization into the ground between the two zones.[18]

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.

Four 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 four 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.[17]
• Puma East: a new discovery announced July 7, 2026, approximately 3 km southeast of the Jons Trend to Big Berg corridor. The first four holes returned 17.19 m at 3.14 g/t (including 0.90 m at 22.80 g/t), 21.64 m at 1.70 g/t and 4.56 m at 3.39 g/t, in rock whose structure, alteration and vein style closely mirror Jons Trend.[17]

All four zones sit within the same broad gold system at Sela Creek. The entire property hosts approximately 14 kilometres of documented artisanal mining trend.[17] 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] The Puma East discovery, roughly 3 kilometres away and geologically similar, indicates the same controls are producing gold well beyond that corridor.[17]

Four 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, Puma and Puma East

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]

The board is set to be strengthened again. Under the investor rights agreement signed at closing, La Mancha has the right to nominate one director to Miata's board, along with participation rights in future equity financings and certain other governance rights, for as long as it holds at least 10% of the outstanding shares.[21]

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 and founders own approximately 17% of Miata Metals.[12] That 17% figure is prior to the current financing. It is measured before the La Mancha strategic investment and concurrent bought deal closed on August 18, 2026, and therefore does not reflect the 61,844,931 new shares those transactions issued.[21]

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.

Miata (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ) entered the July 2026 financings with a share structure among the tightest in the junior gold sector: 103,838,872 shares outstanding and 29,976,278 warrants and options, or roughly 133.8 M fully diluted. On closing, the company issued 28,049,650 shares under the bought deal at C$0.41, inclusive of the full over-allotment exercise, 33,468,442 shares to La Mancha at the same price, and 326,839 shares to SCP Resource Finance, which elected to take half of its underwriting fee in stock. That takes shares outstanding to approximately 165.7 million.[21] The shares issued to La Mancha carry a four-month statutory hold expiring December 19, 2026, on top of the 18-month lock-up La Mancha agreed to contractually.[21]

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.[21]

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 half of the 25,000 metre program had been completed by mid-July 2026, with results still pending on several holes.[18]

Fully funded, and now considerably more so. The financing first announced on July 28, 2026 at C$20 million was upsized to C$23.2 million on July 30 on strong investor demand,[19] and closed on August 18, 2026 at approximately C$25.2 million with the underwriters' over-allotment option exercised in full.[21] The company intends to direct those proceeds to exploration and drilling at Sela Creek, technical studies and project development, and general corporate and working capital purposes.[21]

"With approximately C$25.2 million in gross proceeds from the combined financings, Miata is now in a strong position to significantly accelerate exploration at Sela Creek. We intend to put this capital to work aggressively — expanding the mineralized systems we have already identified, testing new targets across the property and continuing to evaluate the broader district-scale potential of the project."

Dr. Jacob (Jaap) Verbaas, CEO, August 18, 2026

The investor on the other side of that financing is a specialist resource fund, not a passive allocator, and its stated reasoning is worth reading in full.

"We see significant geological potential at Sela Creek and believe Jaap and his team have the technical expertise, exploration capability and operational experience to unlock the project's potential. The financing provides the Company with the capital to accelerate exploration, and we look forward to working closely with the team as they advance the project."

Jack Lunnon, Chief Technical Officer, La Mancha Resource Capital LLP

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, with step-outs now reaching toward Jons Trend.
• Puma and Puma East: Active drilling. Puma returned 18 m at 2.70 g/t and 5.3 m at 8.25 g/t; Puma East opened a new discovery in July with 17.19 m at 3.14 g/t and 21.64 m at 1.70 g/t.[17]
• Puma West, Stranger, Cambior, Golden Hand: Additional targets in the active drill program.

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%.[21] 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.
• Dilution has now occurred: the strategic investment and bought deal closed on August 18, issuing 61,844,931 new shares and taking the count to approximately 165.7 million. Insider and founder ownership of approximately 17% is measured prior to that issuance and has been reduced by it. La Mancha now holds 19.9% and is subject to an 18-month lock-up and a two-year standstill at 25%.
• 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. Gold remains below its January 2026 record high, and several major banks revised their 2026 targets over the course of the year.

These risks are standard. What is not standard is the combination at Miata (TSXV: MMET | OTCQX: MMETF | FSE: 8NQ): four 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, a closed C$25.2 million financing led by a specialist resource fund now holding 19.9%, and published sell-side coverage. 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) and 30 m at 4.06 g/t including 14 m at 8.20 g/t (July 13).[7][8][18]
2. Four confirmed gold zones. Jons Trend, Big Berg, Puma (18 m at 2.70 g/t, 5.3 m at 8.25 g/t) and the new Puma East discovery (17.19 m at 3.14 g/t). Same property. District-scale system emerging.[17]
3. Funded, with institutional backing now in place. 25,000 m drill program approximately half complete with two rigs on site. The La Mancha strategic investment and concurrent bought deal closed on August 18, 2026 for approximately C$25.2 million in gross proceeds, with the over-allotment exercised in full and La Mancha holding 19.9% of the company.[18][21]
4. Share structure. Approximately 165.7 million shares outstanding following the August 18 closing, up from 103,838,872 beforehand, with 61,844,931 new shares issued at C$0.41.[12][21]
5. Management has skin in the game. Management and founders own approximately 17% of the company prior to the current financing. 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.[12][11][15]
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.[12][13][14]
7. Published analyst coverage. SCP Resource Finance covers the stock, with an average target price of $1.70 disclosed on the company's investor page.[20] Sell-side coverage on a junior of this size is uncommon.
8. 100% ownership path. Currently holds 70% of both Sela Creek (~215 km²) and Nassau (~200 km²), with options to acquire 100%.[21]
9. Supportive gold backdrop. Gold around $4,350/oz, roughly 30% above a year ago. UBS targets $5,200/oz over 12 months, Goldman $4,900, Bank of America and Deutsche Bank $4,800, J.P. Morgan $4,500.[2][3][4][5]
10. 14 km untested. 750 m corridor defined so far out of approximately 14 km of documented artisanal mining trend.[7][17] 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 30-metre intercept at 4.06 g/t including 14 metres at 8.20 g/t in July. A fourth zone opened at Puma East, 3 kilometres from the main corridor. A 750 m corridor still growing, now extended to 250 m vertical depth. Insider and founder ownership of approximately 17% prior to the current financing, with options at escalating strike prices. A C$25.2 million financing that closed on August 18, bringing La Mancha Resource Fund in at 19.9% with a board nomination right and an 18-month lock-up. A mine builder on the board calling it a "tier-one gold mining district." Analyst coverage from SCP Resource Finance, with a $1.70 average target price disclosed on the company's investor page.[20]

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
• C$25.2M Financing Closed, La Mancha at 19.9%: August 18, 2026
• La Mancha Financing Upsized to C$23.2M: July 30, 2026
• La Mancha Strategic Investment (original announcement): July 28, 2026
• Jons Trend High-Grade Step-Out: July 13, 2026
• Puma East Discovery: July 7, 2026
• 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.