Expected Moves

Testing boundaries from a $15.50 anchor, the market anticipates core assay results from the ongoing expansion drilling at the Apollo system. Specifically, traders will scrutinize step-out holes testing the limits of the high-grade Ramp Zone and lateral extensions along the breccia boundaries.

From a $17.50 setup, the Q3 2026 earnings release will detail financial performance through the peak of the 2026 drill program. The focus will strictly remain on cash depletion rates and any updated timelines for the maiden resource estimate.

Launching from an $18.50 baseline, this is the targeted Q4 release of the maiden NI 43-101 Mineral Resource Estimate (MRE) for the Apollo deposit. This is the single most critical fundamental catalyst of the year, translating raw drill data into formal, quantifiable in-situ ounces.

Progressing from $22.50, the Q4 and full-year 2026 earnings release will likely pivot management's commentary from the maiden resource delivery toward the 2027 exploration budget, including potential early-stage economic study timelines.

Evaluating Q1 2027 from a $24.50 level, the market will assess early 2027 cash burn as the company potentially moves into more expensive infill drilling or metallurgical testing phases for the Apollo and San Antonio deposits.