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• Getchell Gold is the 100% owner of the Fondaway Canyon Gold Project in Nevada, which hosts a 2.3Moz resource (Indicated & Inferred) and a robust PEA outlining a 10.5-year mine life, published in Q1/25.
• The PEA defined an after-tax base case NPV10% of $474M, an IRR of 47% (at just $2,250/oz Au) and at a low capex of just $227M.
• At $3,300/oz Au, the NPV10% rises dramatically to ~$1B (at a conservative 10% discount rate).
• GTCH trades at just 0.03x NPV vs. peers at 0.12x.
Getchell Gold Corp. (GTCH:CSE, GGLDF:OTCQB, GGA1:FWB) is a Vancouver-based junior gold developer advancing its 100%-owned past-producing Fondaway Canyon Gold Project in Nevada. In early 2025, the Company published a Preliminary Economic Assessment (PEA) which depicted a low-capex, high IRR open-pit mine with an annual gold production of 117Koz/yr over a 10.5-year mine life. Under the PEA base-case ($2,250/oz Au), the after-tax NPV10% is $474M, IRR is 47%, and the capex is low at $227M. At $3,300/oz Au (still materially lower than spot), the after-tax NPV10% jumps to $973M and an 88% IRR. We will note that the GTCH used a conservative discount rate of 10% vs. most peers that use 5%. With these robust economics, digestible capital costs, and the project being in one of the best jurisdictions globally, we believe GTCH is undervalued at current prices, and it is poised to outperform. We are initiating coverage on Getchell Gold Corp. with a BUY rating and a target price of C$1.10/share.
Investment Thesis Summary
Resource Scale with Upside. Fondaway hosts a 2.32Moz gold resource (~30% in the Indicated category) at an average grade of 1.24 g/t Au. The ongoing 3,000m 10-hole program targeting up- and down-dip extensions, and the untested corridor between zones is expected to deliver an upgraded resource leading into an updated PEA in Q2/26.
Large-Scale, Low-Cost Project. The 2025 PEA models a throughput of 8,000tpd for 10.5 years, producing ~1.23Moz Au (at 1.49 g/t) equating to an annual average gold production of 117Koz over the life of mine. The project capex is extremely low at $227M resulting in a leading IRR and short payback period (47% and 3.1 years or 88% and 1.2 years at a gold price of $2,250/oz and $3,300/oz, respectively).
Digestible Capex. With a low initial capital cost of $227M (including a 20% contingency), the project is well-positioned for development, mitigating one of the key risks for project developers (construction financing). This manageable capex stands out as a major differentiator compared to most gold development peers with much higher funding requirements.
Tier 1 Jurisdiction. Nevada, being a top jurisdiction globally, sets Getchell apart from other gold developers, offering exceptional infrastructure, strong state support for mining, and lower permitting risk, all of which help reduce development costs.
Valuation Gap. GTCH trades at just 0.03x NPV versus peers at 0.12x (based on NPV5% of $1.35B at $3,300/oz). We expect valuation to strengthen as the updated PEA is expected to demonstrate improved project economics.
GTCH: Low Capex & Highly Profitable Nevada-Based Gold Project
What you need to know:• Getchell Gold is the 100% owner of the Fondaway Canyon Gold Project in Nevada, which hosts a 2.3Moz resource (Indicated & Inferred) and a robust PEA outlining a 10.5-year mine life, published in Q1/25.
• The PEA defined an after-tax base case NPV10% of $474M, an IRR of 47% (at just $2,250/oz Au) and at a low capex of just $227M.
• At $3,300/oz Au, the NPV10% rises dramatically to ~$1B (at a conservative 10% discount rate).
• GTCH trades at just 0.03x NPV vs. peers at 0.12x.
Getchell Gold Corp. (GTCH:CSE, GGLDF:OTCQB, GGA1:FWB) is a Vancouver-based junior gold developer advancing its 100%-owned past-producing Fondaway Canyon Gold Project in Nevada. In early 2025, the Company published a Preliminary Economic Assessment (PEA) which depicted a low-capex, high IRR open-pit mine with an annual gold production of 117Koz/yr over a 10.5-year mine life. Under the PEA base-case ($2,250/oz Au), the after-tax NPV10% is $474M, IRR is 47%, and the capex is low at $227M. At $3,300/oz Au (still materially lower than spot), the after-tax NPV10% jumps to $973M and an 88% IRR. We will note that the GTCH used a conservative discount rate of 10% vs. most peers that use 5%. With these robust economics, digestible capital costs, and the project being in one of the best jurisdictions globally, we believe GTCH is undervalued at current prices, and it is poised to outperform. We are initiating coverage on Getchell Gold Corp. with a BUY rating and a target price of C$1.10/share.
Investment Thesis Summary
Resource Scale with Upside. Fondaway hosts a 2.32Moz gold resource (~30% in the Indicated category) at an average grade of 1.24 g/t Au. The ongoing 3,000m 10-hole program targeting up- and down-dip extensions, and the untested corridor between zones is expected to deliver an upgraded resource leading into an updated PEA in Q2/26.
Large-Scale, Low-Cost Project. The 2025 PEA models a throughput of 8,000tpd for 10.5 years, producing ~1.23Moz Au (at 1.49 g/t) equating to an annual average gold production of 117Koz over the life of mine. The project capex is extremely low at $227M resulting in a leading IRR and short payback period (47% and 3.1 years or 88% and 1.2 years at a gold price of $2,250/oz and $3,300/oz, respectively).
Digestible Capex. With a low initial capital cost of $227M (including a 20% contingency), the project is well-positioned for development, mitigating one of the key risks for project developers (construction financing). This manageable capex stands out as a major differentiator compared to most gold development peers with much higher funding requirements.
Tier 1 Jurisdiction. Nevada, being a top jurisdiction globally, sets Getchell apart from other gold developers, offering exceptional infrastructure, strong state support for mining, and lower permitting risk, all of which help reduce development costs.
Valuation Gap. GTCH trades at just 0.03x NPV versus peers at 0.12x (based on NPV5% of $1.35B at $3,300/oz). We expect valuation to strengthen as the updated PEA is expected to demonstrate improved project economics.
Underlying
Wabi Exploration Inc
Wabi Exploration is engaged in the exploration of minerals.
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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