Tiger Gold Eyes Doubling Gold Resources in Colombia | Robert Vallis

Business Summary

Tiger Gold’s strategy is to develop its Quinchía project in Colombia from a permitted small underground-mine concept into a larger, integrated gold operation. CEO Robert Vallis said the company is using a stronger gold-price environment, a funded drilling program, and a broader resource base to target greater production and cash-flow potential. The expanded plan remains subject to further studies, engineering, and permitting.

Strategy and Operating Approach

• Acquire and build from a foundation: Tiger acquired 100% of the project after identifying it as accessible and potentially profitable. Vallis cited total consideration of about A$14 million, including phased cash payments and a further payment in Gold Port shares, plus a 1% net smelter return royalty.
• Scale through exploration: The company is expanding beyond the original Miraflores underground concept, focusing largely on open-pit potential at Tesorito and Ceibal. It also sees further exploration potential at nearby targets such as Chuscal and at depth.
• Prioritize disciplined project development: Vallis emphasized sound engineering and cost control, cautioning against rushing into mine design or permitting before the project is sufficiently defined.
• Use the local mining ecosystem: Tiger says nearby operations and discoveries provide access to contractors, skilled workers, drilling services, and geological knowledge. Management uses these insights to guide drilling, while recognizing that exploration results remain uncertain.

Drilling, Resources, and Production Targets

• Tiger initially planned 20,000 metres of drilling in 2026. Vallis said the team completed 18,000 metres in an earlier phase, then raised A$21 million in June to support a more aggressive second-half campaign.
• The company is executing a further 19,500-metre program, with completion targeted for November 2026. All three rigs were focused on Ceibal during the resource-drilling phase.
• Tiger’s stated objective is for an initial Ceibal resource to be at least comparable to Tesorito’s roughly 1.5 million ounces. Management also aims to nearly double the project’s overall resource base.
• The 2025 PEA described a project with about 2 million ounces and approximately 140,000 ounces of annual production over a decade. Tiger now targets potential production of more than 250,000 ounces per year. Vallis presented this as a goal for the expanded project, not a current production forecast.
• Management said only about 20% of the project area has been drilled, leaving additional exploration targets.

Economics and Funding

Vallis cited the existing PEA’s after-tax NPV as just over US$500 million and its IRR as just over 20% under the original price assumptions.

At long-term consensus gold prices of approximately US$3,600–US$3,700 per ounce, he said the existing project’s estimated value could rise to about US$1.2 billion, with an IRR above 50%. These are management’s cited sensitivities; the larger integrated project would require updated studies.

The business case depends not only on higher gold prices but also on achieving scale, controlling construction and operating costs, and converting resources into a financeable mine plan.

Studies, Permitting, and Milestones

Miraflores received environmental authorization for an underground mine in 2024. Tiger’s larger concept includes open-pit mining and differs materially from the previously authorized project.

The company plans to build on existing environmental-review work while re-engaging stakeholders and preparing new engineering and permitting materials for the expanded proposal. Vallis said engineering work is underway alongside drilling, with a preliminary feasibility study anticipated around mid-2027, subject to sufficient data and engineering progress.

Management’s stated milestones are:

• By November 2026: Complete the 19,500-metre drilling campaign.
• After the Tesorito drilling update: Release an updated Tesorito resource.
• Mid-Q1 2027: Provide initial Ceibal resource information.
• End of Q1 2027: Release an updated PEA combining Miraflores, Tesorito, and Ceibal.
• After the updated PEA and further engineering: Advance feasibility work and reduce project risk ahead of permitting and a potential construction decision.

Other Operating Considerations

Tiger is primarily focused on gold, with some silver. Vallis said copper and molybdenum occur only in trace amounts so far and are not currently economic to mine. He noted that deeper drilling is encountering more of these elements, which could warrant future evaluation but could also require more complex and costly processing.

Frameworks and Playbooks Highlighted

• Acquisition screen: Evaluate accessibility, construction and operating prerequisites, profitability potential, and the ability to secure an advantageous deal structure.
• Staged exploration: Use drilling to answer questions about scale, prioritize resource drilling, then redeploy rigs to test extensions and deeper targets.
• Capital-to-catalyst plan: Raise funding against defined work programs and resource and PEA milestones.
• Study-to-permit sequence: Establish the resource base, complete engineering and economic studies, engage stakeholders, and then seek approvals for the revised project.
• Scale economics: Pursue production growth where additional tonnage can improve efficiency and support stronger free cash flow, while managing costs and mine life.

Presenters and source: Paul Harris, interviewer, and Robert Vallis, Tiger Gold President and CEO. Auto-captions sometimes render his surname as “Valdez.” Source: Kitco Mining.