Founders Metals has made significant strides at its Antino project in Suriname, reporting high-grade gold drill results and securing $30 million through a bought deal financing. B2Gold maintains its investment, translating to a doubled share price and a solid market capitalization. BMO’s endorsement with a $7.50 target price emphasizes the potential of a high-margin gold discovery at Antino, as the company initiates an ambitious drilling program for the year.
Founders Metals (TSXV: FDR; US-OTC: FDMIF) has experienced notable progress at its Antino project in Suriname, particularly following high-grade gold drill results. Starting 2025 positively, the Vancouver-based company announced a $30-million bought deal financing led by BMO Capital Markets for 5.7 million common shares, with the funds intended for further exploration at Antino.
B2Gold (TSX: BTO) reaffirmed its confidence in Founders by investing $2.57 million to maintain its 5% stake after the bought deal. The company’s shares have significantly increased, doubling since mid-August to around $5.25, resulting in a market capitalization of $465 million. Antino is strategically located 275 km from Paramaribo and has historically produced 500,000 ounces of gold.
BMO recently initiated coverage of Founders with a target price of $7.50, reflecting an outperform rating based on a conservative evaluation of the potential open pit at Antino. Analyst Andrew Mikitchook noted that the company appears to have discovered a high-margin gold resource, particularly highlighting significant drill results from the Froyo zone, such as 38 metres at 10.9 grams of gold per tonne.
BMO’s assessment comes on the heels of promising initial gold discovery results from Founders, including channel sampling that yielded 17.8 metres at 5.68 grams of gold from the Van Gogh shear zone. Noteworthy grab sampling results also indicated notable grades, exemplifying the project’s potential with a newly identified parallel gold trend.
As Founders Metals prepares to launch a fully-funded 60,000-metre drilling program this year, confidence within the industry remains high. Support from B2Gold’s earlier $12.1 million investment, along with a $20 million private placement led by BMO, has fortified the company’s position. Recent board appointment of Chris Taylor, notable for his previous achievements in gold discoveries and successful sale, further bolsters Founders’ credibility.
Founders Metals is poised for significant advancements at its Antino project in Suriname, buoyed by successful drill results and strong financial backing. With a promising exploration strategy and notable industry support, the company’s future appears bright as it navigates 2025. The recent influx of funding and strategic appointments enhance its prospects in the competitive mining sector.
Original Source: northernminer.com
