Rob McEwen Boosts His Share of Gold Exploration Co.

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF:FSE) investor Rob McEwen increased his direct ownership of the company to 2.6%, or 4.45 million (4.45M) shares, by exercising all of his warrants for total proceeds of CA$1.2 million (CA$1.2M), it was announced in a news release.  

"We want to thank the continued support of all our cornerstone strategic and long-term investors, specifically Rob McEwen for the exercise of his warrants," Goliath Founder and Chief Executive Officer said in the release.

McEwen's company, McEwen Inc. (MUX:TSX; MUX:NYSE), another cornerstone strategic investor, holds 5.28M common shares of Goliath plus 2.6M warrants. Each with a strike price of CA$2.50 expiring on March 10, 2026, these warrants represent CA$6.5M. If McEwen Inc. exercised these, it would own 4.5%, or 7.8M shares, of Goliath.

Advancing High-Potential Discovery

Headquartered in Ontario, Canada, Goliath Resources is exploring for precious metals in British Columbia's Golden Triangle. The company owns a large, 91,518-hectare project, Golddigger, at which it made a significant gold discovery, Surebet, that continues to expand with drilling.

"[The company] is on to a major, world-class gold and silver discovery at its Golddigger project," Jay Taylor of Gold, Energy & Tech Stocks wrote in the Nov. 30 edition. "This multimillion-ounce deposit keeps getting bigger with no end in sight."

Drilling to date at Surebet confirmed a mineralized area over 1.8 square kilometers, larger than half the size of New York City's Central Park, according to the company's Golddigger Property Presentation. This zone contains 12 vertically stacked bonanza-grade veins over 1.2 kilometers (1.2 km). Mineralization remains open. Surebet has predictable continuity and good metallurgy with 92.2% gold recoveries.

Goliath recently completed its 2025 Surebet drill campaign, its largest to date, covering 64,364 meters (64,364m) in 110 holes, of which visible gold was seen in 83. Earlier this month, the explorer released the results of 10 holes, Streetwise Reports reported. Highlight hole GD-25-383 intersected 7.28 grams per ton (7.28 g/t) gold over 8m, including 12.75 g/t over 4.02m, within a wider interval of 5.85 g/t gold over 10m, in a visible gold-bearing reduced intrusion-related gold dyke.

The company is advantaged by the location of its flagship Golddigger in the geopolitically safe and mining-friendly jurisdiction of British Columbia. The property is in the Eskay Rift, a highly prospective geological setting hosting most of the world-class deposits in the Golden Triangle and within two to three km of the Red Line. The Eskay Creek, Premier, and Snip mines are in this geological boundary, in which Goliath controls 56 km of land.  

The company has access to all kinds of infrastructure. Golddigger sits on tidewater with barge access. Nearby, there are communities and access to rail, major highways, an airport, an international container seaport, a permitted mill site, a barge landing, and high-tension power.

Goliath has several other strategic shareholders in addition to Rob McEwen and McEwen Inc. They are Crescat Capital LLC, Global Commodity Group (Singapore), Waratah Capital Advisors, Eric Sprott and Larry Childress.

Goliath boasts Dr. Quinton Hennigh, a world-renowned exploration geologist, as its technical advisor. Hennigh has more than 30 years of experience with major miners, including Homestake Resources Corp. (HSR:TSX.V), Newcrest Mining Ltd. (NCM:ASX), and Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX).

Goliath is a paying member and active supporter of the Center to Advance the Science of Exploration to Reclamation in Mining (CASERM), a collaborative venture between the Colorado School of Mines and Virginia Tech and one of the world's largest mining-related research centers. Over the past three years, CASERM has conducted a large amount of research on Surebet.

Positive 2026 Gold Outlook

Gold has surged 67% since the start of 2025. More recently, it moved higher five weeks in a row. Spot gold was US$4,369 per ounce (US$4,369/oz) midday on Dec. 19.

Gold is expected to climb higher, the World Gold Council wrote in its Dec. 16 Weekly Markets Monitor.

"We see no technical reason not to look for a move to a new record high with resistance then seen next at its 'typical' historical overbought extreme — 25% above the 200-day average — now seen at US$4,420/oz."

Looking to 2026, ongoing geoeconomic uncertainty will dictate what happens to the gold price, the WGC wrote in its outlook report published on Dec. 4. As in 2025, the council expects next year in terms of gold's performance also to surprise. If current macroeconomic conditions persist, gold could remain rangebound. If economic growth slows and interest rates fall further, gold could see moderate gains. More severe conditions, favorable or unfavorable to gold, would cause more dramatic price movements.

Goldman Sachs' base case, outlined in a Dec. 18 note, has the gold price rising 14% to hit US$4,900/oz by December 2026, supported by high central bank demand and U.S. Federal Reserve interest rate cuts, Reuters reported. Goldman Sachs maintained its recommendation to stay long in the metal.

J.P. Morgan wrote in a Dec. 16 report that its 2026 and 2027 outlook for gold remains bullish. Analysts expect central bank and investor demand for the metal to stay strong throughout 2026 and average an estimated 585 tons per quarter. They expect gold prices to "push toward US$5,000/oz" by Q4/26, with US$6,000/oz possible in the longer term.

Stifel Analyst Cole McGill initiated coverage on Goliath with a Buy rating and a target price implying a 110% return from the company's Dec. 19 midday share price.

Avi Gilburt, technical analyst and founder of ElliottWaveTrader, has a more sobering view. He told Kitco News on Dec. 16 that gold's multiyear run may be approaching the end. Prices could still go higher next year, but he expects a prolonged correction to follow.

"2026 probably will provide us with the end of this long-term cycle in gold," he said.

Brien Lundin wrote in a Gold Newsletter Alert that Dec. 17 was further proof that a new metals and mining rally has commenced. "U.S. stocks are down, the Dollar Index is up, Treasury yields are higher and crypto is once again tanking. . .while the metals are soaring higher," he wrote.

Though mining stocks have been struggling to keep apace with the metals, Lundin believes that is about to change. As such, now may be the last chance to invest in mining equities before the start of the typical new year rally, he noted.

Stewart Thomson of 321gold wrote on Dec. 16 that the junior miners look as though they will "outperform everything," as "this gargantuan gold bull era rollout continues."

Looking longer term, VBL's Vince Lancey said during the Dec. 19 Gold Fix Market Rundown, that investors need to be long gold because it "is going to be globally recognized as a store of value."

"Countries will let their people own it but not control it. That's what's coming," he added.

Lancey cited two recent examples illustrating that this paradigm shift is underway. The Southeast Asian country Bhutan officially launched "TER," a sovereign-backed, physical gold reserves-backed digital token on the Solana blockchain, issued through USDKG. Kyrgyzstan launched a gold-backed USDKG stablecoin pegged 1:1 to the U.S. dollar.

The Catalysts

Near-term potential catalysts for Goliath include results for many unreported Surebet holes drilled in 2025, to be announced on an ongoing basis as they become available, the release noted.

The explorer plans to do another large drill program, 40,000–50,000m, at Surebet in 2026, which is fully funded.

Stock Offering 110% Upside

Stifel Analyst Cole McGill initiated coverage on Goliath on Nov. 3 with a Buy rating and a target price implying a 110% return from the company's Dec. 19 midday share price. In his research report, McGill highlighted the potential of Goliath's Surebet to become a multimillion-ounce, high-grade discovery. McGill likened Surebet's first 150 holes to those of the Dixie project, which Great Bear Resources Ltd. sold to Kinross Gold Corp. (K:TSX; KGC:NYSE) for US$1.45 billion (US$1.45B) in 2022. Surebet and Dixie's initial drill results averaged 124 grams per meter of gold. Also noteworthy, McGill wrote, are the infrastructure to which Goliath has access and the explorer's planned 2026 drill program at Surebet.

Stifel's model on Surebet outlines an operation that would a CA$2.07B net present value discounted at 5%, at US$3,000/oz gold. Surebet would produce 205,000 ounces of gold per year over 11 years at an average all-in sustaining cost of US$1,258/oz.

Chen Lin, pointed out in the Nov. 18 edition of What is Chen Buying? What is Chen Selling? that Goliath had reported more high-grade drill results.

"This is going to be one of the biggest discoveries of high-grade gold in recent years," Lin commented.

Technical Analyst Clive Maund wrote in a Nov. 13 note that GOT was at a good point to buy or add to positions in it. This was because the stock had reacted back to a zone of strong support above its rising 200-day moving average, and the intermediate base pattern that had formed there looked complete.

Ownership and Share Structure¹

The Goliath team owns 20.00% on a partially diluted basis. The company's key strategic cornerstone shareholders include Crescat Capital, a Global Commodity Group (Singapore), McEwen Inc. (MUX:NYSE; MUX:TSX), Waratah Capital Advisors, Rob McEwen, Eric Sprott, and Larry Childress roughly own  40% on a partially diluted basis.

Goliath has 171.75M shares outstanding. Its market cap is CA$290.56M. Its 52-week range is CA$0.95–3.54 per share.