Founders Metals has made notable advancements at its Antino project in Suriname, securing a $30 million financing to enhance exploration. The company’s stock has doubled, and BMO initiated coverage with a $7.50 target price. Recent gold discoveries and significant investments from B2Gold and industry leaders underline the project’s promising outlook for 2025.
Founders Metals (TSXV: FDR; US-OTC: FDMIF) has reported significant progress at its Antino project in Suriname, buoyed by impressive gold drill results. In early February, the Vancouver-based exploration company secured a $30 million bought deal financing led by BMO Capital Markets, aimed at facilitating further exploration of Antino. This funding is expected to propel the company’s initiatives in the coming years.
B2Gold (TSX: BTO) reaffirmed its confidence in Founders by investing $2.57 million to maintain its 5% stake following the financing. The company’s stock has surged from mid-August, reaching approximately $5.25 per share, resulting in a market capitalization of $465 million. The Antino site, located 275 kilometers south of Paramaribo, has a rich history of artisanal gold production and is strategically positioned near significant mining operations.
In late January, prior to the financing announcement, BMO initiated coverage of Founders, setting a target price of $7.50 with an outperform rating. Analyst Andrew Mikitchook emphasized the promising high-margin gold discovery at Antino, particularly highlighting the Froyo zone that reported remarkable grades, such as 38 meters grading 10.9 grams per tonne of gold. This reflects the project’s potential to cater to an increasing demand for quality gold resources.
Founders recently revealed its initial gold discoveries for 2025, with channel sampling from the Van Gogh shear zone returning a notable 17.8 meters at 5.68 grams gold per tonne. Additional grab samples indicated exceptionally high grades, showcasing a parallel gold trend near the main Antino structure. The company has also launched an extensive 60,000-meter drill program this year to continue exploring these promising findings.
The financial underpinning of Founders strengthened in late 2024, highlighted by B2Gold’s investment of $12.1 million alongside a $20 million private placement. Additionally, the appointment of Great Bear Resources founder Chris Taylor as an independent director demonstrates heightened industry confidence in Founders Metals. Taylor’s experience, including his pivotal role in a substantial gold discovery, adds considerable value to the company’s leadership team.
Founders Metals has successfully progressed its Antino project in Suriname, bolstered by a significant financing and strong drill results. BMO’s coverage initiation and target price highlight the project’s potential, reflected in rising stock values and market capitalization. Continued exploration efforts and key industry personnel appointments signify robust confidence in the company’s future, positioning Founders Metals favorably within the competitive gold market.
Original Source: northernminer.com
