Thursday, June 25, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
George Proost, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage. We are initiating coverage of Tectonic Metals Inc. with an Outperform rating and price target of US$3.50 (C$4.85) per share. In our view, Tectonic’s Flat Gold Project, located in the prolific Kuskokwim Mineral Belt in Alaska, offers the potential to become a Tier 1 gold mine which are generally defined as those producing at least 500 thousand gold ounces per year, exhibit a mine life of 10+ years, with costs in the lower half of the global industry cost curve. Based on drilling results to date, we estimate a potential mineral endowment of at least 5.3 million gold ounces with significant growth prospects. Tectonic expects to publish an initial resource estimate in the first quarter of 2027.
Exploration and drilling program yields significant discoveries. Drilling at the Flat Gold Project continues to demonstrate scale, with mineralization at the Chicken Mountain target now defined over approximately 3.3 kilometers of strike length, widths of up to 700 meters, and depths exceeding 300 meters while remaining open in all directions. All 191 holes drilled at Chicken Mountain have intersected gold mineralization, with 117 of 191 holes ending in mineralization.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.