Scottie Resources Corp. (TSXV: SCOT) (OTCQB: SCTSF) has turned consistency into a calling card at CEM Capital Events, with investors at the recent Muskoka gathering handing the gold explorer its third Top Pick of 2026.

But the more telling story is what has happened between those Top Pick finishes.

At CEM Whistler in February, investors were beginning to recognize Scottie as something more than an explorer.

At CEM TSX Venture Growth in July, the focus shifted to drilling, engineering, and the work needed to turn ounces in the ground into a mine.

By CEM Muskoka in late September, the discussion had moved another step forward, toward financing, construction planning, and a production target now less than two years away.

“There’s more and more confidence in our story that seemed a little small in the beginning and being very close to production is a unique feature that just isn’t offered out there,” said Brad Rourke, Scottie’s Executive Chair.

Scottie controls approximately 58,500 hectares in British Columbia’s Golden Triangle, anchored by the past-producing Scottie Gold Mine and the nearby Blueberry Contact Zone.

Its current inferred resource stands at 703,000 ounces of gold, with the underground portion grading 8.7 grams per tonne and the potential open-pit portion grading 3.2 grams per tonne.

The project also benefits from infrastructure that many remote discoveries lack. It has four-season road access, nearby power, and a deep-water port at Stewart roughly 40 kilometres away.

Scottie has already tested the proposed logistics through a 10,000-tonne bulk sample that was mined, crushed, sorted, transported, and sold. That work helped establish the direct-shipping ore (DSO) model that now sits at the centre of the development strategy.

The DSO model changed Scottie’s investment story by offering a potentially faster, lower-cost route to production using existing roads, nearby port access and off-site processing, said Rourke.

“We’ve proven the logistics with the bulk sample. We can mine the ore, crush and sort it, truck it to the port, and ship it for processing.”

The next question is how much more gold Scottie can bring into that plan, and the answer is beginning to come from the drill bit.

“The 2026 results show us that we have room for expansion, and that the grade and the consistency is holding in with the structures that we’ve already identified,” said Thomas Mumford, Scottie’s President and CEO.

That early drilling is doing two jobs at once, extending mineralization beyond the current resource while upgrading inferred ounces into the higher-confidence categories needed for the mine plan and feasibility study.

In addition to the main Blueberry Contact Zone, Scottie’s broader exploration program at the Domino and Cambria targets adds another layer of potential growth beyond the current mine plan.

Domino is being tested for the possibility of a second Blueberry-scale discovery, while Cambria has now seen its first drilling after years of land consolidation.

Operationally, Scottie has also been able to stretch its 2026 drilling budget further than originally expected.

Management said favourable weather, experienced contractors, and efficiencies from operating several rigs at once allowed the company to drill more metres without a corresponding increase in cost.

“The scale of the program created efficiencies that we had not expected to hold as well as they did with seven to eight rigs operating,” said Mumford.

The other significant shift for Scottie since the CEM TSX Venture Growth Capital Event is financial.

Scottie has moved from discussing how a mine might eventually be funded to actively preparing for that process.

The company is raising roughly C$27 million, with proceeds intended for feasibility, engineering, environmental work, permitting, and additional drilling. Management says the financing should carry Scottie beyond publication of the feasibility study and into the next field season.

It has also hired a project-finance adviser, a move that changes the nature of the conversation around Scottie.

The issue is increasingly becoming how to finance construction on the most favourable terms rather than whether financing needs to be considered at all.

Management currently expects debt to provide the largest portion of mine financing, supplemented by equity, and has indicated that additional royalty or streaming transactions is unlikely under the present plan.

That financing work will run alongside permitting, feasibility, and negotiations with the Nisga’a First Nation.

Scottie already has a capacity-funding agreement in place to support Nisga’a participation in the review process and negotiations toward an Impact Benefit Agreement.

That progress comes as gold has pulled back from its January record above US$5,500 an ounce to about US$4,170, with analysts trimming forecasts for next year.

But Scottie says the gold retreat does little to change its investment case.

“Even at $4,000 gold we will make a tonne of money,” said Mumford, pointing to Scottie’s  base case built at US$2,600 gold that produced an after-tax NPV of C$215.8 million and a 1.2-year payback.

Following Scottie Resources’ third CEM Top Pick of 2026, Executive Chair Brad Rourke and President and CEO Thomas Mumford spoke about why the company continues to rank highly with investors and what comes next.

“I think people are starting to understand the story better. A few years ago, Scottie probably looked small to a lot of investors. Now they can see the path we’re on and there’s a lot more confidence in where this can go.

We’re also getting much closer to production, and that changes the conversation. There aren’t that many junior gold companies that can point to a high-grade resource, existing infrastructure, a development plan, and a relatively short timeline to first production.

I think that’s what’s starting to resonate. Investors can see the catalysts in front of us, they can see how the project gets built, and with every CEM event we’ve been able to show them another piece of that story falling into place.”

“I think the biggest change is that the story has moved further from exploration into execution. The drilling is doing what we hoped it would do. We’re seeing room to expand the resource, while the grades and the consistency are holding within the structures we already know.

At the same time, we’re not just trying to add ounces. We’re working to convert more of the resource into indicated ounces so it can feed directly into the mine plan and feasibility study.

And I think the other important change is how close we are getting to the build decision. We’ve brought in project-finance expertise, we’re advancing the feasibility work, and our projected timeline to production is now less than two years. That should tell the market we’re serious about building this.”

“The next several months should be pretty active for us. Investors will see a steady flow of drill results through the fall and into early winter, and those results should give us a better sense of how much more room we have to grow the resource.

We also have the Phase 3 ore-sorting work coming, which is important because that feeds directly into the feasibility study and helps firm up the economics of the DSO model.

Then into the new year, the big milestones are the updated resource and the feasibility study. Around that same period, we’re also hoping to have an Impact Benefit Agreement in place with the Nisga’a.

So, there are a number of things coming together at once. For investors, I think the key is watching how those pieces move us from a development story toward a construction decision.”

CEM is preparing a new slate of 2027 Capital Events where investors can get an early look at emerging companies and the opportunities shaping the year ahead.

Warm Regards and Happy Investing,

Fabian Dawson

Each week, CEM Partner and Portfolio Manager, Ryan Iverson, spotlights the ideas and companies sparking investor interest form emerging growth stories to the Top Pick featured across CEM’s Capital Events. This series brings real insights from the annotators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.

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