Copper-Gold Explorer Gets Funding, Begins Phase 1 Work In Mexico: Technician Highlights Bullish Charts
Contributed Technical Analyst Opinion

1. For this article, Centenario Gold Corp. has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
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Centenario Gold Corp. (CTG:TSX.V) is focused on the acquisition, exploration, and development of high-potential mineral projects in the Americas, with a primary emphasis on gold, copper, and silver. The company is now initiating the first-phase work program on the Los Reyes project, a prospective copper and gold exploration asset located near the city of Chihuahua, Mexico.

This first stage of work will include detailed mapping and sampling of the old underground mine workings found along a north-south-trending contact zone that extends for one kilometer. The Los Reyes underground mine workings date back to the early 1900s and have never been systematically sampled.

Following the initial underground mapping and sampling program, the company will begin the second-phase work program, which consists of a 1,500-meter diamond drilling program at Los Reyes.

The drilling program is designed to test the greater-than-100-meter depth extensions of the high-grade copper-zinc-silver skarn zone that Asarco (a large historic U.S. mining company) previously mined at Los Reyes.

The company has submitted the environmental study report and expects permits to be received by late April, 2026. Drilling is expected to commence right after.

100% Acquisition of Cabot Mineral Project

The TSX Venture Exchange has accepted for filing documentation relating to an option agreement for the Cabot prospect dated Dec. 18, 2025, and the amendment agreement dated Jan. 31, 2026, among Centenario Gold Corp. and an arm's-length optionor.

Pursuant to the terms of the agreements, the company will acquire a 100% interest in the Cabot mineral project.

The property comprises a prospective copper, gold, and cobalt exploration asset consisting of 86 mineral claims located in the Baie Verte region of Newfoundland and Labrador, Canada.

By way of consideration, the company will make a total cash payment of CA$300,000, issue a total of three million shares, and pay CA$1.65 million in exploration expenditures over the next five years to the optionor.

The property is subject to a 3% NSR (net smelter return) in favor of the optionor, and the issuer has an option to purchase 1.5% of the NSR royalty for CA$1.5 million at any time within two years of commencement of commercial production.

In addition, the company will pay an advanced royalty of CA$50,000 per year for three years following the exercise of the option, with all such payments credited toward any future exercise of the buyback right.

The transaction is arm's length in nature, and no finders' fees are payable.

Financing Update

The Los Reyes and Cabot projects require financing, and in that regard, the company has announced the following:

Tranche Financing – March 2026

Further to its news releases dated Oct. 14, 2025, Dec. 18, 2025, and Feb. 9, 2026, and the receipt of final TSX Venture Exchange approval of the Cabot project, located in Newfoundland and Labrador, Centenario Gold Corp. has closed the second and final tranche of its previously announced CA$1.5 million non-brokered private placement, pursuant to which it issued an aggregate of 3,105,000 units at a price of 10 cents per unit for aggregate gross proceeds of CA$310,500.

The company is closing the final tranche of the offering following its receipt of final exchange approval for the Cabot project option, with the proceeds of such final tranche intended to be used in connection with the company's previously announced Cabot project option (see news releases dated Oct. 14, 2025, and Dec. 18, 2025).

The final tranche is subject to the final approval of the exchange, and all securities issued under the final tranche are subject to a statutory hold period expiring four months and one day from the date of closing. No finders' fees were paid in connection with the closing of the final tranche.

A CA$1.18M Private Placement

Further to Centenario Gold Corp.'s news release dated Oct. 14, 2025, and Dec. 18, 2025, the company announced on Feb 9, 2026, that it has closed the first tranche of its previously announced CA$1.5 million non-brokered private placement, issuing units of the company for aggregate gross proceeds of CA$1,189,500.

In connection with the closing of the first tranche, the company issued an aggregate of 11,895,000 units at a price of 10 cents per unit. Each unit consisted of one common share and one-half non-transferable share purchase warrant, with each warrant being exercisable to purchase one additional share at a price of 15 cents for 24 months from the date of issuance.

The company intends to use the net proceeds from the first tranche for general working capital purposes and for exploration and evaluation of its recently acquired Los Reyes copper-gold project located in Chihuahua, Mexico (see news release dated Jan. 5, 2026), as well as activities on potential new resource projects.

The company cautions that, although previous disclosure contemplated that proceeds of the offering could finance obligations relating to the company's Cabot project option agreement dated Dec. 18, 2025, no proceeds from the first tranche will be applied toward the Cabot acquisition unless and until Centenario receives all requisite TSX-V approvals.

The company intends to close a second and final tranche of the offering following receipt of TSX-V approval for the Cabot project option, with the proceeds of such second tranche intended to be used in connection with the company's previously announced Cabot project option (see news release Dec. 18, 2025) as well as for general working capital purposes and additional resource project acquisitions. Any proposed acquisitions of the company, including the Cabot acquisition, remain subject to the prior review and approval of the TSX-V.

Los Reyes Property

Los Reyes is a copper-zinc-gold skarn (CRD, or carbon replacement deposit) mineral project located off Highway 49, approximately 170 kilometers south-southeast of the city of Chihuahua. The property covers an important area of historical mining centered along the western contact of a large, two-kilometer-diameter granodiorite intrusive body. Historical mining activities date back to the early 1700s. In the late 1800s, Asarco mined approximately 200,000 tons of high-grade copper-zinc-silver material at one of the old mine workings, known as Jibosa.

The most recent exploration work was completed by Valterra Resource Corp. in 2019. The work was conducted along an 800-meter north-south strike (intrusive-carbonaceous sediments contact) covering the copper-gold skarn (CRD) zone outcropping along the eastern edge between the Tertiary-age granodiorite intrusive and the Cretaceous-age limestones and shales. The exploration target is over 100 meters in width and hosts multiple zones of strongly copper-enriched mineralization.

In a press release dated Dec. 2, 2019, Valterra Resource reported results of the surface sampling collected from waste dumps and some limited outcrop chip samples at Los Reyes. The average copper grade was 3.1 %, and 22 of 28 samples had values greater than 1 % copper. The more anomalous samples also contained elevated precious and base metal values, reaching up to 0.57 gram per tonne gold, 25.3 grams per tonne silver, 0.47 % molybdenum, and 1.7 % zinc.

The Cabot Project

This is a copper-gold-cobalt exploration property with two distinct mineralized zones: a copper-cobalt-rich system known as the Cabot copper zone and a separate quartz-vein-hosted gold system known as the Marble Cove gold prospect that covers over 48 square kilometers (4,800 hectares).

The project is strategically located in a top-tier mining jurisdiction with road access, power infrastructure, and proximity to producing mines.

Cabot Copper Zone Highlights:

• Surface sampling has returned up to 6.9 % copper (out of 21 samples), with multiple kilometer-scale mineralized trends identified in the Main Cabot VMS (volcanogenic massive sulphide) zone.
• Copper occurs as chalcopyrite and bornite within altered volcanic and sedimentary units, indicating a strong hydrothermal system.
• Geophysics and soil surveys have defined five drill-ready targets, four of which have not been tested by drilling or trenching.
• The project is located in a developing VMS district with a history of historic mine development just 15 kilometers from Firefly Metals Ltd.'s Ming copper-gold mine, with a significant mineral project with an estimated measured and indicated resource of 21.5 million tonnes of 1.8 % copper equivalent, with an inferred resource of 28.4 million tonnes of 2 % copper equivalent.

Marble Cove Gold Prospect Highlights:

• A separate area of the project hosts gold mineralization, with historic sampling returning up to 70.38 grams per tonne gold.
• Gold is associated with narrow, structurally controlled veins.
• Marble Cove is situated in a favorable geological setting, approximately four kilometers west and along strike of the mineralized trends of Maritime Resources Corp.'s Point Rousse gold project. Point Rousse has produced over 200,000 ounces of gold and hosts three major mineralized trends, each extending three to eight kilometers before terminating at the coast. Marble Cove lies directly west, across the bay from these known gold-bearing structures.

Investor Risks

• Exploration Uncertainty: Los Reyes and Cabot are early-stage with no defined resources; mineralization continuity, grade, and scale remain unproven.
• Geological/Drilling Risk: Planned drilling may not validate historical skarn/CRD or VMS targets at depth.
• Historical Data Limitations: Prior sampling and production data may not meet modern NI 43-101 standards or be predictive.
• Permitting Risk: Mexico permits for Los Reyes may be delayed or denied, affecting timelines.
• Financing/Dilution: Ongoing capital needs could result in shareholder dilution.
• Option/NSR Obligations: Cabot requires staged spend and carries a 3% NSR, impacting economics.
• Jurisdictional/Market Risk: Mexico regulatory shifts and junior equity volatility may affect valuation.

Shares Outstanding

• 19.33 million

Significant Shareholders

Market Activity and Technical Observations

Figure 1: Gold Bullion Bar Chart (Price & Stochastics Oscillator Analysis)

Gold is potentially rising from a bull wedge pattern as the 14,7,7 series Stochastics oscillator crosses into a buy signal at the oversold zone.

Centenario is exploring for gold. Position action in the metal they search for is positive news for gold explorers in general.

Figure 2: Silver Bullion Bar Chart (Price & Stochastics Oscillator Analysis)

The silver bullion chart is as positive as gold. 

Centenario's projects may also have silver.

Figure 3: Junior Copper Stocks ETF (COPJ-NYSE) Bar Chart (Price & Stochastics Oscillator Analysis)

The COPJ chart exhibits a potentially bullish inverse H&S chart pattern, targeting the highs near US$54. 

Stochastics is oversold, looping up, and almost on a crossover signal.

Centario's Cabot project may host copper as well as gold.

Figure 4: Centenario Weekly Bar Chart (Price, Volume, & Technical Indicators Analysis)

Price is rising from a multi-year base pattern.

Volume is increasing; a bullish indicator.

ADL (accumulation/distribution line) is in a powerful uptrend.

RSI oscillator has moved above 50, in sync with the rally.

Long-term moving averages have a bullish cross in play, the first in several years.

Figure 4: Centenario Daily Bar Chart (Price, Volume, & Technical Indicators Analysis)

A possible uptrend is now in play.

Short-term moving averages show a bullish cross to begin the year.

Volume is becoming significant.

OBV (on balance volume) shows trend-level strength.

Stock Price at Time of Writing (May 6, 2026): CA$0.40

Short-Term Technical Price Target: CA$0.60

Medium-Term Technical Price Target: CA$1.30

Technical Rating: Speculative Buy