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BUILT FOR THE CANADIAN JUNIOR MINING UNIVERSETSXV / CSE / SEDAR+ DISCLOSURESFIELD NOTES / 001
Geology meets capital.
Financial intelligence
Cash · Runway · Financing
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Acasta RESEARCH WORKSPACEYOUR WATCHLIST
18 SEP 2026 3 companies · 4 updatesNVRNorthveil GoldNews release · 08:30
24.0 m at 1.80 g/t Au beyond the current resource
AI takeaway Extends the tested footprint. Continuity between this hole and the resource still needs to be established.
Source: illustrative drilling release, p. 2 · Downhole length; true width unknown
ALCAldercrest CopperSEDI filing · 09:15
Director reports a C$48,000 open-market purchase
AI takeaway Adds to the director’s reported position. One purchase alone does not establish a broader insider-buying trend.
Source: illustrative SEDI filing · Trade date 16 Sep · 80,000 shares at C$0.60
NVRNorthveil GoldNews release · 17 Sep
Infill drilling returns 18.0 m at 1.45 g/t Au
AI takeaway Adds local geological support; no resource-category upgrade has been reported.
Source: illustrative drilling release, p. 3 · True width unknown
BRSBirchline SilverNews release · 17 Sep
First drilling at West Ridge: 6.0 m at 125 g/t Ag
AI takeaway A new target to follow, with extent and continuity still untested.
Source: illustrative exploration release, p. 1 · True width unknown
COMPANY FUNDAMENTALS / LONGER-TERM VIEW
ILLUSTRATIVE SNAPSHOTFinancials at 30 Jun 2026 · C$NVR / GOLD
IN FOCUSNorthveil Gold
01 / FUNDING
- Cash
- $8.4m
- Quarterly burn
- $1.2m
- Indicative runway
- 21 months
02 / VALUATION
- Market cap
- $42m
- P/NAV
- Not established
No economic study to support a NAV.
03 / OWNERSHIP
- Insiders
- 12%
- Institutions
- 18%
04 / NEXT MILESTONE
Updated resource estimate
Target: Q1 2027 · Drilling underway
ALC / COPPER
Aldercrest Copper
01 / FUNDING
- Cash
- $15.0m
- Quarterly burn
- $2.5m
- Indicative runway
- 18 months
02 / VALUATION
- Market cap
- $90m
- P/NAV
- 0.45×
$200m illustrative equity NAV at 8%.
03 / OWNERSHIP
- Insiders
- 8%
- Institutions
- 32%
04 / NEXT MILESTONE
Pre-feasibility study
Target: Q2 2027 · Metallurgy in progress
BRS / SILVER
Birchline Silver
01 / FUNDING
- Cash
- $3.6m
- Quarterly burn
- $0.9m
- Indicative runway
- 12 months
02 / VALUATION
- Market cap
- $18m
- P/NAV
- Not established
No economic study to support a NAV.
03 / OWNERSHIP
- Insiders
- 16%
- Institutions
- 6%
04 / NEXT MILESTONE
Follow-up drill program
Target: Q4 2026 · Targets being refined
Illustrative statements, ownership summaries and study assumptions. Runway = cash ÷ quarterly cash use × 3, from 30 Jun; assumes unchanged spending and excludes new programs and financing. P/NAV = market cap ÷ equity NAV; ALC assumes US$4.00/lb copper. Stages are qualitative, not price forecasts.
NORTHVEIL GOLD / YOUR RESEARCH
RESEARCH NOTEBOOKExample note · 18 Sep 202601 / YOUR THESISEDITABLE PREVIEW · NOT SAVED
02 / COMPANY RESEARCH
AI Observations
Company-wide findings, independent of your thesis.
＋
Green flags
More drilling for each dollar spent
The latest program reports 10,000 m drilled for $2.0m in direct drilling costs: $200/m versus $250/m previously. That is a 20% reduction on the same reported cost basis; depth, ground conditions, and assay value still matter.
Illustrative program summary · 18 Sep, p. 4Qualified Person and review scope disclosed
The release identifies a P.Geo. as the Qualified Person, describes their review of the technical disclosure, and summarizes QA/QC procedures. This supports traceability, not proof of economic viability.
Illustrative drilling release · 18 Sep, p. 5Cash provides time to investigate
$8.4m cash implies 21 months at the recent burn rate, before changes to the work program.
Illustrative interim statements · 30 Jun, p. 4−
Red flags
Lower drilling cost is not yet resource efficiency
No updated resource has been published. Lower cost per metre cannot yet be tied to resource growth or economic value from the holes drilled.
Illustrative program summary · 18 Sep, p. 4Continuity and true width remain unproven
One step-out does not establish a connected extension. Reported downhole lengths may differ materially from true widths.
Illustrative drilling release · 18 Sep, p. 2The next program could shorten runway
The proposed $4m exploration program is excluded from the simple runway estimate. The timing and spending profile need to be reconciled.
Illustrative MD&A · 30 Jun, p. 8Northveil Gold / Drilling cost and efficiencyEXAMPLE CONVERSATION
Has Northveil become more efficient with its drilling spend?
ACASTA AI
On the reported direct-cost basis, yes: cost per metre fell from $250 to $200, a 20% improvement. That measures drilling delivery, not discovery success. To assess value, compare all-in exploration spending with resource additions once an updated estimate is available.
Illustrative program summary · 18 Sep, p. 4Chat preview · Messaging and conversation history are illustrative.
01 Read the disclosure02 Structure the evidence03 Investigate with context
03 / WHY ACASTA
Speed.
Less manual extraction.
More time to evaluate.
Depth.
Technical and financial context.
Beyond the headline.
Traceability.
Inspect the evidence.
Challenge the interpretation.
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