Gold Co. Is 'Laughably Undervalued'
Contributed Opinion

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Aztec Minerals Corp. 
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On Friday, January 23, 2026, gold flirted just shy of the US$5,000 per ounce mark at US$4,988 while silver exploded past the century level to settle at US$103.30, with the Shanghai rate indicating an eye-popping US$111.30.

In any sane universe, such stratospheric valuations following a near-vertical ascent would portend an imminent retracement. However, the fact that Shanghai silver commands a US$8 premium over the Comex price speaks volumes. China now calls the shots on precious metals and will steer them wherever it pleases. The real quarry is China, and it stands ready to retaliate via unconventional means. Even at these unprecedented altitudes, the DSI fails to flash a top or even a substantial pullback. As of Friday, gold and silver registered DSI readings of 87 and 88, respectively.

It's a stellar moment to be scouring the earth for gold or silver. Or better still, for both, like Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB). The outfit recently approached me after CEO Simon Dyakowski noticed the market seemed to be snoozing on drill intercepts, brandishing bonanza grades in both metals. I parsed the figures and concurred, hence here we are.

Aztec boasts not one but two deposits with the potential to singlehandedly make the company: the 85% owned Tombstone silver/gold project in SE Arizona and the wholly-owned Cervantes gold play in Sonora, Mexico.

Around 15 years ago, I trekked out to visit the erstwhile Contention Mine on the outskirts of Tombstone, Arizona, circa 1880s, and the timeframe of the legendary 1881 gunfight at the OK Corral. Archives show the district churned out 32 million ounces of silver, 250,000 ounces of gold, and millions of tonnes apiece of lead and zinc between 1878 and 1939. The endeavor spans roughly 663 ha of both patented and unpatented terrain, blanketing a hefty chunk of the storied Tombstone mining district.

The market is clearly oblivious to the sheer scale of the Tombstone undertaking. For years, assay outcomes have been nothing short of phenomenal, only to be greeted by a deafening hush from investors. Across drilling campaigns dating back to 2020, Aztec has punched over a dozen 100+ gram-meter holes at Tombstone. Anything north of 100 g/m is extraordinary. The interval that seized my attention was TR25-17, which returned 5.72 g/t AuEq over a whopping 57.8 meters. In any outfit, that would be a game-changing result. Tack on another dozen triple-digit gram-meter holes, and Aztec has a turn-key mine begging to be fired up.

Other stellar Tombstone hits include 3.39 g/t AuEq over 65.5m, 2.20 g/t AuEq over 96m, and 1.63 g/t AuEq over 125m - all dazzling intercepts.

Yet somehow these knockout numbers have thus far failed to spark a bidding war among prospective investors, $5000 gold and $100+ silver notwithstanding. My hunch is the market is clamoring for a 43-101. While I won't venture to guess Aztec's total Tombstone resource, 1-3 million AuEq ounces seems plausible. Were the company to wrap up and unveil a 43-101 on Tombstone, it would not only turn investors' heads but also draw sniffs from the majors. Trump has signaled his intent to reboot U.S. mining, particularly high-grade silver.

Down in Mexico, results from the Cervantes asset point to a high-grade, gold-rich porphyry system, with ten 100+ gram-meter holes under its belt, including 137m of 1.49 g/t Au, 165m of 1.0 g/t Au, 152m of 0.87 g/t Au, and 160m of 0.77 g/t gold.

As we kick off 2026, the company has 32.3M warrants on the books at a CA$0.24 average price alongside 12.7M options averaging CA$0.22 per share. Flush with CA$8.5M in the coffers and up to CA$10M more on tap from warrant and option exercises, AZT finds itself uniquely positioned to advance both projects over the next couple of years without resorting to dilutive financings.

Aztec would be wise to spruce up its website. Certain pages are woefully stale, and the company's forward plan to entice investors remains hazy. When I visit a mining site, I want to know where they're headed. That matters far more than where they've been. AZT epitomizes how the market will breeze right past spectacular results if the narrative lacks clarity. As an industry vet, even I struggled to grasp it fully. But intercepts like TR25-17 are so blindingly obvious that they practically bellow "Buy me, buy me."

Given the superior caliber of its twin company-making projects and record prices for both gold and silver simultaneously, Aztec is laughably undervalued.