Founders Metals has reported significant advancements at its Antino project in Suriname, announcing a $30-million financing deal and doubling its share value to $5.25. Key drill results suggest strong potential in gold production, with BMO Capital Markets initiating coverage and setting a $7.50 target price. Founders is commencing a comprehensive 60,000-metre drill program in 2025, bolstered by a $12.1-million investment from B2Gold and the appointment of notable industry leader Chris Taylor to its board.
Founders Metals (TSXV: FDR; US-OTC: FDMIF) is making significant progress with its Antino project in Suriname, following a year of successful gold drill results. In February, the Vancouver-based explorer kicked off 2025 by announcing a $30-million bought deal financing led by BMO Capital Markets, aimed at enhancing exploration efforts at Antino.
B2Gold (TSX: BTO) maintained its 5% stake in Founders by investing $2.57 million in the bought deal. As a result, Founders’ shares have surged from mid-August to approximately $5.25 in Toronto, pushing the company’s market capitalization to $465 million. The Antino project, situated 275 km south of Paramaribo, has historically produced 500,000 ounces of artisanal gold and lies on the mineral-rich Guiana Shield.
BMO Capital Markets initiated coverage of Founders in late January, assigning a $7.50 target price and an outperform rating, attributing it to a conservative assessment of an assumed open pit at Antino. Analyst Andrew Mikitchook noted the “centrepiece” Froyo zone has yielded impressive results, including 38 metres at 10.9 grams of gold per tonne.
Mikitchook emphasized the increasing scarcity of quality gold discoveries as existing mines deplete, further noting that Antino could support a 290,000-ounce-per-year production scenario. Just days before BMO’s coverage, Founders reported promising gold discoveries at Antino, including channel sampling returning 17.8 metres grading 5.68 grams of gold.
The company has initiated a robust 60,000-metre drill program for the year, reinforcing its momentum into 2025. CEO Colin Padget expressed optimism about the ongoing drilling efforts following a holiday hiatus. Founders concluded 2024 with significant industry support, which includes a $12.1-million investment from B2Gold and a $20-million private placement led by BMO.
Notably, Chris Taylor, founder and former CEO of Great Bear Resources, was appointed as an independent director of Founders, adding substantial industry experience. Taylor previously orchestrated a landmark gold discovery in northern Ontario that led to a $1.8 billion acquisition by Kinross Gold.
Founders Metals has achieved remarkable growth and exploration advancements at its Antino project in Suriname, reflected in substantial financial backing and rising share values. Key discoveries and strategic investments underscore the project’s potential for high-margin gold production. The addition of experienced industry professionals further enhances Founders’ prospects for sustained success in the competitive mining sector.
Original Source: northernminer.com
