Mackay Gold Draws Expert Chen Lin's Interest After Recent Site Visit

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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.

Mackay Gold and Silver Corp. (MACK:TSXV; MKGSF:OTCQB) continues to advance its consolidated land package in Nevada's historic Comstock district while drawing attention from stock newsletter writer Chen Lin of What is Chen Buying? What is Chen Selling?.

Chen recently visited both Mackay and peer P2 Gold Inc. (PGLD:TSXV;PGLDF:OTCMKTS) and described the pair as very interesting companies.

Key Investor Takeaways

• Mackay has agreed to acquire the historic Big Bonanza ground, a transaction intended to consolidate the entire 6 km Comstock Lode
• Initial drill results from Occidental South nearly doubled the known strike length of mineralization to 550 m (meters) with multiple thick oxide gold intercepts.
• Chen Lin highlighted Mackay, alongside P2 Gold, as interesting companies after recent site visits.
• Mackay's October 9, 2026, TSXV acceptance confirms the latest Nevada claims acquisition for US$4.3 million cash plus shares.
• The company remains well-funded with an ongoing 20,000 m drill program and regular assay updates expected.

Back-to-Back News for Mackay

On October 9, 2026, the TSX Venture Exchange accepted for filing Mackay's arm's-length acquisition of 39 patented mining claims and additional lands in Storey and Lyon counties, Nevada, totaling approximately 392 hectares, for cash payments of US$4.3 million and 934,575 common shares at a deemed price of CA$2.95 per share, subject to a 2% NSR.

This follows the company's September 10, 2026, definitive agreement to acquire the historic Big Bonanza ground, consolidating the entire 6 km length of the Comstock Lode under a single ownership for the first time.

Initial drill results from the inaugural 20,000 m program at Occidental South, released September 15, 2026, included thick near-surface oxide gold intercepts such as 1.00 g/t gold (Au) over 59.4 m (meters) in hole 26MGS007, 1.15 g/t Au over 47.2 m in hole 26MGS005, and 0.97 g/t Au over 48.8 m in hole 26MGS001, extending the strike length to approximately 550 m.

Chen Lin's Recent Site Visits Cause Intrigue

Chen Lin of What is Chen Buying? What is Chen Selling?, who recently visited Mackay, said the company is "exploring rapidly in the historical Comstock mining district" and is taking a different approach from previous operator Comstock Inc. (LODE:NYSEAMERICAN). According to Lin, the previous owner controlled a small portion of the district and attempted to reach production through heap leaching at a targeted rate of 20,000 ounces of gold per year, but "failed to make money."

Lin said Mackay's management is instead focusing on the district's lower-grade, open-pit potential first. He believes the company could "relatively easily prove 2-3 million oz of gold, open pit, ~1g/ton" before pursuing the higher-grade deposits that made the Comstock district historically significant. "Then they will hunt for the whales, which makes this district so famous in history," Lin said.

Lin then noted that Mackay's exploration strategy relies primarily on reverse-circulation (RC) drilling, meaning investors should expect results that are largely around 1 g/t Au, consistent with the company's recently announced results. While some investors may be anticipating a high-grade discovery, Lin said the company is also conducting deeper core drilling, noting that "it will likely take time." Describing Mackay as a "relatively unknown story and recent IPO," Lin stated that its initial public offering price was around CA$2 per share. He said he would "try to pick up shares on weakness as the drilling results come out."

Chen Lin said he would "try to pick up shares on weakness as the drilling results come out."

In the same statement, Lin also commented on Mackay peer P2 Gold, describing it as "a Cinderella stock of Nevada" after its share price appreciated approximately 30-fold from its low two years earlier. He said the company plans to file for a mining permit in early 2027, expects approval by year-end 2027, and is targeting its first gold pour in 2028.

According to Lin, P2 Gold believes it currently has approximately 3 million ounces of gold equivalent (AuEq) and is targeting 5 million ounces or more through exploration, with an updated mineral resource targeted for the fourth quarter of 2026. Lin added that the company plans to secure a financing package as it advances the permitting process. P2 Gold Inc. has shown strong recent performance, with shares trading around CA$1.37 as of mid-October 2026 and significant year-to-date gains. As sector peers without any reported partnership or direct operational link, Lin's comparison highlights shared appeal in the current gold exploration environment.

Gold Prices Lower But Still Strong

Gold has pulled back sharply from its 2026 high, with prices remaining near US$4,160 per ounce as of October 13, 2026. GoldPrice.com reported that gold closed at US$4,160.79 on October 13, 2026, following a previous close of US$4,171.65. The metal has faced pressure from elevated Treasury yields, a stronger U.S. dollar, and shifting expectations for Federal Reserve policy. Investors are now watching U.S. inflation data and Federal Reserve commentary for further indications of the direction of interest rates, which can affect the opportunity cost of holding non-yielding gold.

The September correction was particularly notable because investment demand remained comparatively strong. The World Gold Council reported that gold fell 8.5% during September, while global gold ETFs recorded US$10 billion in inflows, equivalent to 67 tonnes. The divergence between ETF inflows and declining futures positions highlighted how distinct investor groups responded differently to the market correction.

The broader demand picture also remains relevant to the gold sector. The World Gold Council's Q2 2026 Gold Demand Trends report showed that total gold demand, including over-the-counter activity, reached 2,522 tonnes during the first half of 2026, up 2% year over year, while the value of demand reached a record US$380 billion. The council's outlook identified investment demand as a principal potential source of gold-demand growth through the remainder of 2026, with central banks also expected to remain significant buyers. At the same time, elevated prices have continued to weigh on jewelry demand.

The Paydirt Prospector called Mackay's recent news "a big moment" for the company. 

The September decline also affected gold equities, underscoring the sensitivity of mining companies to movements in the underlying metal. Mining.com reported that the world's 50 most valuable mining stocks lost approximately US$264 billion in market value during September.

The publication noted that gold futures declined from about US$4,441 per ounce at the end of August to US$4,158 per ounce at the end of September, a 6.4% monthly decline. Rising bond yields, a firmer dollar, and tighter monetary-policy expectations contributed to the selloff.

For exploration-stage companies, the current gold market presents both opportunities and risks. Gold remains near US$4,160 per ounce, while ETF inflows and broader investment demand have provided evidence of continued investor interest despite the September correction. However, recent price volatility illustrates how quickly shifts in interest-rate expectations, bond yields, currency movements, and investor positioning can affect gold equities. For companies advancing exploration programs in established gold districts, prices remain elevated in historical terms, but near-term fluctuations remain an important consideration when evaluating project economics and financing prospects.

Newsletter Writers Optimistic Over Results

"The attraction [of Mackay] is the quality of the address and the potential scale," wrote Dominic Frisby of The Flying Frisby on September 17, 2026.

Frisby argued that, "This is not about geological theory. There is historically proven gold and silver here. Modern drilling and geological interpretation are beginning to show that the mineralization may extend beyond what the historic miners exploited around the old workings."

Another reason Frisby has expressed interest in the company is its "extremely capable" CEO, Darwin Green. 

On the same day, Jeff Clark, Daniel Flynn, and Sharyn Alexander of The Paydirt Prospector called Mackay's recent news "a big moment" for the company.

"This is the start we were after," the trio wrote, giving a "Strong Buy" recommendation.

They continued, "Mackay has the land, the team, and the balance sheet to attack the Comstock properly, and it’s now entering what should be an intense news flow period . . . now we want to see the oxide footprint keep growing and what the deeper Sutro Tunnel drilling can uncover as more assays are released."

Further Drilling Ahead

According to Mackay's September investor presentation, upcoming catalysts include additional assay results from its Phase 1 drill program at the Comstock District, where the company aims to outline 1–2 million ounces of gold over the next year, while its Sutro drilling is targeting a potential high-grade gold-silver discovery.

Mackay also plans to develop its Lucerne and Dayton deposits by bringing historical estimates into compliance with NI 43-101 resource reporting standards, potentially supported by confirmation and expansion drilling. Further exploration across the district, including work to identify previously undiscovered high-grade veins, could provide additional opportunities to expand the company's resource base.

Ownership & Share Information¹

Mackay Gold and Silver Corp. has a market cap of CA$259.44 million, with 87.77 million shares outstanding. The company's 52-week range is CA$1.96-CA$5.00.

Institutions own 8.69% of shares, while Management & Insiders own 2.26%. The remaining 89.05% of shares are Retail.

Frequently Asked Questions

Q: What did Chen Lin say about Mackay Gold and P2 Gold?

A: On October 12, 2026, Chen Lin stated, "I just came back from visits to PGLD.v and MACK.v. Both are very interesting companies. I will post some pictures later. PGLD.v is really a Cinderella."

Q: What were the latest drill results at Occidental South?

A: The September 15, 2026, release reported intercepts including 1.00 g/t gold over 59.4 m, 1.15 g/t gold over 47.2 m, and 0.97 g/t gold over 48.8 m from step-out holes.

Q: How does the Comstock consolidation benefit Mackay?

A: The acquisitions unite the full 6 km Comstock Lode and parallel structures under one owner for the first time, enabling district-scale exploration.

Q: What is the status of the Big Bonanza acquisition?

A: The TSXV accepted the filing on October 9, 2026, following the September 10 agreement; the deal expands the land package by 392 hectares.

Q: How does Mackay compare to P2 Gold as a peer?

A: Both are gold exploration companies visited by Chen Lin in October 2026 and described as interesting; P2 Gold Inc. has reported strong recent share performance, while Mackay advances Comstock drilling and consolidation.

Q: What is an open-pit gold mine?

A: An open-pit gold mine extracts gold-bearing rock from a large surface excavation rather than through underground tunnels. This method is often considered for deposits that are relatively close to the surface and spread across broad areas, including the lower-grade mineralization being explored at Nevada's Comstock district.

Q: What is reverse-circulation (RC) drilling in mineral exploration?

A: Reverse-circulation drilling is an exploration method that uses compressed air to bring rock samples to the surface through the inner tube of a drill rod. These samples help geologists assess mineralization, estimate its extent, and identify areas for further drilling.

Q: What does grams per tonne (g/t) mean in gold mining?

A: Grams per tonne is a measurement of gold grade that indicates how many grams of gold are present in one metric tonne of rock. For example, a drill intercept grading 1 g/t gold contains an average of one gram of gold per tonne across the reported interval; grade alone does not establish whether a deposit can be mined economically.

Q: What is a mineral resource estimate (MRE), and why is NI 43-101 important?

A: A mineral resource estimate is an assessment of the quantity and grade of mineralization that geological evidence indicates may be present in a deposit. NI 43-101 is Canada's regulatory standard for public disclosure of scientific and technical information about mineral projects, including resource estimates. Historical estimates may require additional verification before they can be reported as current mineral resources under the standard.

Q: What is a net smelter return (NSR) royalty in mining?

A: A net smelter return royalty is a payment to a royalty holder based on the revenue from mineral production after specified deductions, which may include transportation, smelting, and refining costs. Mackay's October 2026 claims acquisition is subject to a 2% NSR royalty, meaning the royalty holder may be entitled to a share of qualifying revenue if production occurs under the agreement's terms.