Inside the Investment Case: Golden Cariboo

Golden Cariboo outlines its exploration upside, project potential and the steps it’s taking to unlock value in a historically significant mining region.

Featuring: Frank Callaghan, President & CEO Golden Cariboo

Guest Host: Lyndsay Malchuk, Apaton Media.

Recorded live at 121 Mining Investment London, May 2026.

Transcript

SPEAKER_00 0:00

You're listening to the Assay Podcast, where mining meets capital, powered by 121 Mining Investment. Today we are coming live from our event in London. Please note, this podcast is for information only and isn't financial advice or recommendation to invest. As always, the views you'll hear are those of the speakers.

SPEAKER_02 0:17

Welcome back to Inside the Investment Case. I'm Lindsay Melchuk, your guest host at One-to-One Mining Investment Conference right here in beautiful London. And right now, we're talking about a region with a gold history so legendary, it helps shape Canada itself. But the real question is, could the next major discovery in the caribou still be waiting underground? Joining me today is Mr. Frank Callahan, president and CEO of Golden Caribou Resources, a company focused on unlocking value in one of British Columbia's most historically significant gold districts. With fresh drill results, expanding targets, and growing attention around the Halo Zone. This is a story that's starting to turn heads for investors looking at exploration upside in proven mining camps. Frank, it's so great to have you here.

SPEAKER_01 1:02

Good to see you again.

SPEAKER_02 1:03

Oh, it's so nice. I think I saw you in South Africa and I was like, what a backdrop. And now here we are in London.

SPEAKER_01 1:08

Here we go. Do it again.

SPEAKER_02 1:09

That's right. I have to travel around the world to catch you.

SPEAKER_01 1:12

Likewise.

SPEAKER_02 1:13

Let's dive right in here because I know we don't have a lot of time. For viewers that are just sort of discovering about your company, why don't you give us sort of just a high-level uh elevator pitch? What is your company about? Where's the region? Because some people don't know about British Columbia yet. Sure. Although I don't know why.

SPEAKER_01 1:28

So uh we're in a central British Columbia, dead center almost in the province, and uh we're in a mining jurisdiction. There's a number of beautiful mines around us, large, large, very large mines, and it's really close to an area where we've put two mines into production already: the QR mine, which we bought out of receivership and put it back into production. And also the uh uh we're fortunate enough that uh Cisco Royalties bought our last project uh for some 338 million, and it's a six and a half million ounce deposits going into production this year. We're very excited for them, and it's starting out at 220,000 ounces a year. So that's really a big catalyst. Yes, it is. So it's so um after taking 10 years off, I have these uh fabulous geologists that I work with, and and uh they thought they had come across another one and asked if I'd consider coming back to give them a hand. Right. That's what we're doing now.

SPEAKER_02 2:17

You had the itch. You were like, I gotta get back in there.

SPEAKER_01 2:19

Why not?

SPEAKER_02 2:20

Okay, so your latest results from the Halo Zone generated some pretty big attention in the market. Congratulations on that. Walk us through what investors should understand about those results and really actually why.

SPEAKER_01 2:32

So, this is an unlike what we have up in Wells, this is a bulk tonnage situation. It's uh the the geology similar to what we see in the largest mine in Canada, the Molarctic mine, which Sean Rusen put into production, and and he's now surrounded us on three sides on the property that we have now. So we're excited about that. And uh the width and grade of these uh intercepts, there, you know, the intercepts started out in 40-meter intercepts and now 435-meter intercepts, and we've been drilling very long holes um deep as well, and uh the mineralization's been carrying throughout. So it's um it's it's really very exciting. And we're working towards a resource estimate. We told the public uh last month that we'll have a resource estimate for them very soon, and I'm hoping to have that out in the next few weeks.

SPEAKER_02 3:17

I want to actually talk about British Columbia. I mean, I'm from British Columbia, it is so resource rich, and a lot of people are still sort of not understanding how resource-rich that uh that is. So give us a little background about the British Columbia region.

SPEAKER_01 3:31

Well, in the in the region where we are, it's you know, you've got the Gibraltar mine, copper gold, you've got Mount Pauli mine, um, the QR mine, for example, you've got Spanish Mountains going into production. That's another five near five million ounce deposit. So we're surrounded with a lot of um very prolific copper gold and copper and and and gold mines in this area. So it's a it's a great neighborhood to be in.

SPEAKER_02 3:53

It really is. What about the community that you work with?

SPEAKER_01 3:55

Uh so in the town of Hickson, it's a small community, which is really wonderful because it gives us the infrastructure. This project is four kilometers off of the highway. Uh, we've got uh there's gas stations, there's a couple of motels, there's a population of uh a couple hundred people that live there, and uh we're half an hour to the Quinnell Airport and 45 minutes to the Prince George International Airport. So it's a great jurisdiction to be in, and and we're really very, very fortunate.

SPEAKER_02 4:21

Are you do you have water and power?

SPEAKER_01 4:23

Everything's there. It's it it it's it's amazing. It's uh this thing's built for mining. It's uh everything is there that you need.

SPEAKER_02 4:30

It's a turnkey.

SPEAKER_01 4:31

Yes, sort of.

SPEAKER_02 4:32

Absolutely. Now, with the community, of course, they want to be involved in that as well. How are you involving the community?

SPEAKER_01 4:38

Uh they're they're all involved. It's it's uh we everybody a lot of the people that actually work on the project are locals. Um, the chefs, the the the core cutters, every everybody, the only people that we bring in are some of the drillers, but everybody else is actually local.

SPEAKER_02 4:53

Absolutely. Yeah, you know, British Combia is just it's beautiful and it's all right, that's for sure.

SPEAKER_01 4:58

Yes.

SPEAKER_02 4:58

So let's let's let's talk about your project back to your project as you continue advancing the project. How are you positioning Golden Caribou to separate itself from the rest of the the crowd up there?

SPEAKER_01 5:11

So what's this is unique. It's it's uh it's it's you know, we've got black water alongside of it. So it's a 12 million ounce deposit. You know, we've got uh these other deposits that what what separates us is that this is is is it's bulk tonnage. It's it's large and it's bulk tonnage. Um the trend that we're working on right now is about four kilometers long. There's uh five parallel trends to where we are, and then around this Pluton that we've got, we've staked another 94,000 hectares. So the property's large. Large. Yeah, so it's it's uh it's exciting, and we haven't even had a chance to get on that side of it. So we think we'll be flying LIDAR and geophysics on the other side of Pluton this year, and and uh and just keep drilling. We drill seven days a week, 24 hours a day. Really? 12 months a year, yeah.

SPEAKER_02 5:56

12 months all year round. Wow, you guys are busy. Now you touch a little bit about the management team, and we all know that management it really sets the tone for the rest of the project. So why don't you give us a little bit about that management team?

SPEAKER_01 6:07

Jean Peller, who leads the team, is uh prospector of the year out of the UConn and stuff. She's started with Tech Corporation, and she's been 25 years we've been working together off and on, and she's wonderful. And she and Gestison's been with me, another gal's been with me since 2000, 26 years that we've worked together. So these ladies uh they get all the credit for the discovery and for what we're doing, and they're uh they were there for the first one, first couple that we put into production, and they found this one. They get all the credit.

SPEAKER_02 6:35

Oh, that's very kind of you. You are there too. You are putting, you know, boots on the ground as well. What made you come out of a 10-year hiatus? We'll say, for this project.

SPEAKER_01 6:45

The excitement. It's just it's finding another one, it's always fun, right? It's yeah, it's all I love, I love the exploration game. It's my favorite part of it all. And putting the others in production, I mean, that's really neat, but we've done that. This one's all about dress this one up and we want to sell it.

SPEAKER_02 7:00

You want to sell it, that's what you want to do.

SPEAKER_01 7:01

We're gonna dress this up and sell it.

SPEAKER_02 7:04

Beautiful, beautiful way to put it. I want to actually ask too, you know, Frank, what keeps you up at night? Because you make it sound so easy and so beautiful, but there are challenges as well. So, what kind of challenges do you face and how do you navigate?

SPEAKER_01 7:16

Well, this is one of the few projects that actually doesn't have to keep you up at night because you're in a mining jurisdiction. So governments is on side, First Nations are on side. Um, you know, we the the the communities behind the project. Uh, there's plaster miners, and they've been mining in this area since over 150 years. So, you know, it's it's it's it's what they do in this neighborhood. So there's not really anything that keeps me up at night. Raising money is always a bit of a challenge. Absolutely. Money's the toughest thing. But uh, and when you're a junior explorer and and you haven't put out a resource yet, no one really knows what you've got. So it's it's uh I think things will change in the next few weeks, weeks, pardon me, when that resource comes out. So it's uh that's exciting. Yeah.

SPEAKER_02 7:56

So exciting.

SPEAKER_01 7:57

Yes.

SPEAKER_02 7:58

What do you think that the market's just not understanding quite yet about the significance of golden character?

SPEAKER_01 8:04

They don't know what we have yet, and and that hasn't been published. So we know, you know, it's uh it's uh, you know, these these long intercepts, it you know, and and the junior market hasn't taken off yet. I mean, the seniors are doing so well, their bottom line has been fabulous. The price of the medal in Canadian dollars is you know, well above six thousand dollars Canadian. And um, so the money's still there. I think it should come over maybe in the third quarter, first quarter next year, we should start seeing some more improvement in the junior market. And uh, I think then the project will start to catch on. I mean, we're only 26 months into this project ourselves.

SPEAKER_02 8:36

So yeah, it's just a baby early. Okay, so my last question I'm gonna leave you with here is this. If an investor is just getting into the space, looking at, you know, places outside of we're gonna say Europe, because there is a lot of investors that are now looking outside of Europe and they're looking at Canada, what would be something, a piece of advice that you would give them?

SPEAKER_01 8:57

Follow management. Follow you know, follow the jockey. You know, the jockeys win the race. And and uh, you know, this team has put two minds into production, and uh, so it's it's a good team, it's a smart team. They they've done it a couple of times before and they want to do it again. They're excited to do it again.

SPEAKER_02 9:14

Yeah. And that's the key thing that I keep hearing across the board is really get to know the management. What's their stake in it? You know, how much are they invested in it? What's their experience? All of that, it's really important.

SPEAKER_01 9:25

It's the most important.

SPEAKER_02 9:26

Absolutely. Well, thank you again for sitting with me. Sure and sweet, but we'll have we'll we'll chase you around the world to do it again.

SPEAKER_01 9:31

Let's do it. Okay, thank you so much.

SPEAKER_02 9:33

Absolutely. Well, it's definitely a company to keep on your radar as exploration momentum continues to build in one of Canada's most recognized school districts. Frank, thank you again.

SPEAKER_01 9:43

Thanks very much.

SPEAKER_02 9:44

What's your website? Where can we find you?

SPEAKER_01 9:45

We can find us at um goldencaribou.com.

SPEAKER_02 9:48

Great. And where are you trading? What's your what's your tickers?

SPEAKER_01 9:51

Or GCC.

SPEAKER_02 9:52

On the venture?

SPEAKER_01 9:52

On the vent on the CSE.

SPEAKER_02 9:54

On the CSE. Perfect. Well, there you go.

SPEAKER_01 9:56

Thanks very much.

SPEAKER_02 9:57

Thank you for watching, everyone. I'm Lindsay Melcher, your guest host, right here at the Investment Case at one to one mining right in London. We'll see you next time.

SPEAKER_00 10:05

Thanks for listening to the Assay podcast, where mining meets capital, powered by one to one mining investment. Subscribe for new episodes and visit theassay.com to stay close to the conversations shaping global mining and investment.