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Tiger Gold Drills 120 m Step-out at Ceibal and Intersects 226 m @ 0.6g/t Au, Including 10m @ 3g/t Au

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Colombia's Most Undervalued Gold Developer?

2 Million Ounces at a Fraction of Peer Value


  • The Quinchía Gold Project hosts over 2 million ounces of NI 43-101 compliant resources, including 510,000 ounces Measured & Indicated at Miraflores and 1.57 million ounces Inferred at Tesorito
  • The 2025 Preliminary Economic Assessment outlines a base case after-tax NPV (5%) of US$534 million at US$2,650 gold, rising to US$1.75 billion at current spot prices
  • At an enterprise value of roughly US$22 per ounce of resource, Tiger Gold trades at a fraction of its peer group average of US$155 per ounce
  • A 10,000-meter Phase 1 drill program is underway to expand resources and advance the project toward a Pre-Feasibility Study


Gold’s Structural Tailwinds Meet Development Discipline

As gold prices continue to test historically strong levels, the market has increasingly shifted its attention toward developers with defined resources, clear economic studies, and a visible path to production.

Exploration stories can drive speculation, but projects supported by compliant resources, infrastructure access, and preliminary economic assessments tend to attract a different class of investor; the kind looking for asymmetric value rather than lottery tickets.

Within that context, Tiger Gold Corp. (TSX-V: TIGR) (OTCQB: TGRGF) is advancing the Quinchía Gold Project in Colombia’s prolific Mid-Cauca porphyry belt, a geological corridor that hosts several multi-million-ounce deposits and operating mines run by some of the largest names in global mining. The company recently completed its go-public listing via an RTO transaction and has wasted no time moving the project forward.


A Multi-Deposit Gold System in a Prolific Belt

Tiger Gold holds an exclusive option to acquire a 100% interest in the Quinchía Gold Project, situated in a district that includes Aris Mining’s Marmato Mine (6M oz), AngloGold Ashanti’s La Colosa (28M oz) and Nuevo Chaquiro (7M oz), B2Gold’s Gramalote (5.2M oz), and Zijin Mining’s producing Buriticá Mine (5.32M oz Au + 21M oz Ag). The geological neighborhood alone tells a story about the scale of mineralization this belt is capable of hosting.

Colombia’s Mid-Cauca Porphyry Belt. Quinchía sits within a corridor hosting multi-million-ounce depo

Colombia’s Mid-Cauca Porphyry Belt.  
Source: Tiger Gold Corp.

At Quinchía, the resource base spans multiple deposits. Miraflores hosts 510,000 ounces of gold in Measured & Indicated categories across 6.1 million tonnes grading 2.62 g/t Au, a grade profile that supports the underground mining approach contemplated in the PEA. Tesorito contributes 1.57 million ounces of Inferred resource across 104 million tonnes at 0.47 g/t Au, a bulk-tonnage porphyry target amenable to open-pit extraction. A third deposit, Dos Quebradas, carries a historical estimate of approximately 495,000 ounces that has not yet been verified to current NI 43-101 standards but represents meaningful upside subject to further drilling.


Critically, these deposits are clustered within a few kilometers of one another and the proposed processing plant location, a logistical advantage that directly impacts capital efficiency and operating costs. The project also benefits from established regional infrastructure, including proximity to the Pan-American Highway, power lines, road access, and a nearby railway corridor.


PEA Economics Provide a Clear Framework

In September 2025, Tiger Gold completed an NI 43-101 Technical Report and Preliminary Economic Assessment for Quinchía. Under the base case scenario at US$2,650 per ounce gold, the PEA outlines an after-tax NPV (5%) of US$534 million, an internal rate of return of 21.3%, and a payback period of 3.8 years. Initial capital is estimated at US$480 million with US$219 million in sustaining capital, while life-of-mine all-in sustaining costs are projected at US$1,340 per ounce.


The production profile is notable for a company at this stage of development. Output of approximately 140,000 ounces per year during the first five years places Quinchía squarely in mid-tier producer territory, a threshold that tends to attract institutional attention.


The sensitivity to gold price is where the story becomes particularly compelling. At spot levels near US$4,600 per ounce, the after-tax NPV (5%) climbs to US$1.75 billion with an IRR of 47.8% and a payback period of just 2.1 years. While the PEA is preliminary in nature and includes Inferred resources, it establishes a defined economic baseline that few projects at a comparable market capitalization can match.


When benchmarked against Latin American project peers, Quinchía’s capital intensity - calculated at approximately US$64 per daily tonne of throughput - ranks among the lowest in its comparison group, reinforcing the project’s cost-efficient development profile.

Established regional infrastructure. Quinchía benefits from road, power, and rail access.

 Established regional infrastructure. Quinchía benefits from road, power, and rail access. Source: T

Gold Price vs. NPV & IRR. At $4,600/oz, after-tax NPV reaches $1.75B with 47.8% IRR.

Gold Price vs NPV & IRR

 Gold Price vs. NPV & IRR. At $4,600/oz, after-tax NPV reaches $1.75B with 47.8% IRR. Source: Tiger Gold Corp.

Quinchia vs LATAM Project Comparables NPV

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Valuation Gap Against Peers

Based on market data as of January 2026, Tiger Gold’s enterprise value per ounce of M&I plus Inferred resource sits at roughly US$22 per ounce, well below the peer group average of US$155 per ounce. At that peer average, the implied enterprise value for Tiger Gold would be approximately US$325 million, a significant multiple of its current valuation.


The gap is even more pronounced on a P/NAV basis. Using the PEA’s base case after-tax NPV of US$534 million, Tiger Gold trades at approximately 0.1x P/NAV, compared to a peer group average of 0.34x. Comparable developers such as G2 Goldfields, Meridian Mining, and Challenger Gold all trade at three to four times Tiger Gold’s current P/NAV multiple.


SCP Resource Finance has initiated analyst coverage with a price target of $2.60, providing an independent third-party benchmark against which investors can evaluate the current trading range.


Active Drilling and De-Risking Strategy

Tiger Gold has moved beyond desktop studies. A 10,000-meter Phase 1 drill program commenced in October 2025, targeting resource expansion, extension drilling at depth, and new discoveries. Phase 2 programs are planned to commence in 2026 with up to 20,000 additional meters across infill, extension, and exploration targets.


At Miraflores, the geological model suggests a potential second boiling horizon at greater depth that has not yet been tested. The deposit features a 250m x 200m breccia pipe footprint at surface with mineralization traced to over 350 meters depth, and the strongest mineralization between 200–300m is interpreted as a hydrothermal boiling zone. Limited drilling to approximately 500m intersected breccia with visible gold, quartz-calcite, and base metal sulphides, indicators that suggest deeper potential remains untapped.


At Tesorito, mineralization has been traced across a 350-meter width over more than 700 meters of strike length to depths exceeding 450 meters, and it remains open in multiple directions. Planned infill drilling is designed to upgrade portions of the Inferred resource toward higher confidence categories in preparation for PFS-level studies. 


Parallel exploration programs are evaluating additional targets at Ceibal and Chuscal, both of which show early-stage promise. At Ceibal, historical drilling returned 586 meters at 0.51 g/t Au from surface, including 14.1 meters at 1.02 g/t Au from 572.5 meters to end of hole, the kind of wide, continuous intercept that suggests a system of meaningful scale. At Chuscal, evidence for two gold-porphyry systems has been identified, with drilling returning 94 meters at 0.63 g/t Au from 82 meters. Up to 4,000 meters of drilling is planned for each target in 2026.

Undervalued Against Public Peers

 

Tiger Gold’s EV/M&I+I of ~$22/oz vs. peer average of $155/oz. Implied EV at peer average: US$325M. Source: SCP Resource Finance, FactSet (January 2026)

Tiger Gold’s 0.1x P/NAV vs. peer average of 0.34x. Source: SCP Resource Finance, FactSet (Jan 2026)

P/NAV Comparison

Tiger Gold’s 0.1x P/NAV vs. peer average of 0.34x. Source: SCP Resource Finance, FactSet (January 2026)

A Team Built to Execute

Tiger Gold’s leadership bench is deeper than what investors typically see at this stage. President and CEO Robert Vallis brings 28 years in the mining sector, including 23 years at Barrick Gold and Yamana Gold, with experience spanning C-suite leadership, corporate development, and M&A execution. COO Rickardo Welyhorsky has over 30 years of operational experience, having led key areas of the development, construction, and operation of the 61,000 tpd Detour Gold project and served as Mine General Manager at Pure Gold through first gold pour.


The board includes Jim Currie, a professional engineer with more than 45 years in mining who currently serves as CEO of Ascot Resources and formerly held COO positions at Equinox Gold, Pretium Resources, and New Gold. On the advisory side, Dr. Ruben Padilla, the geologist credited with key roles in discovering La Escondida in Chile and the Colosa and Gramalote deposits in Colombia, provides geological oversight alongside Ron Halas, who recently helped guide Lumina Gold’s Cangrejos project through to its C$581 million acquisition.


The company also maintains a full on-the-ground Colombian team led by General Manager Luis Felipe Castañeda and Exploration Manager César García, the latter of whom previously discovered the Nuevo Chaquiro copper-gold porphyry at AngloGold Ashanti, Colombia’s largest copper porphyry deposit.


As of the latest disclosure, Tiger Gold reports approximately 103.8 million shares issued and outstanding, with 156 million fully diluted. Insider and management ownership stands at 22%, with institutional investors holding 16% and retail comprising the balance.


Positioning for the Next Stage

The company has secured its option, completed its PEA, initiated drilling, listed publicly, and articulated a clear path toward Pre-Feasibility Study work. Upcoming catalysts include Phase 1 drill results, updated resource estimates, Phase 2 drill programs, further engineering and metallurgical studies, and continued ESG and community engagement, all mapped against a published timeline extending through 2026.


In an environment where gold development capital is increasingly selective, projects with scale, compliant resources, defined economics, and experienced management teams tend to command attention. By nearly every conventional valuation metric, Quinchía appears meaningfully undervalued relative to its peer group. If execution aligns with the current roadmap, that gap may not persist. 

Phase 1 drilling targets extension and infill at Miraflores and Tesorito.

Phase 1 drilling targets

Phase 1 drilling targets extension and infill at Miraflores and Tesorito, with exploration at Ceibal, Chuscal, and Dos Quebradas. Source: Tiger Gold Corp.

Milestones achieved and upcoming catalysts, 2024–2026. Source: Tiger Gold Corp.

Milestones and Catalysts

 Milestones achieved and upcoming catalysts, 2024–2026. Source: Tiger Gold Corp.

Learn More about TIGR

Tiger Gold Corp. (TSX.V: TIGR)

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