• 7 min read • Author: Fabian Dawson • Print • Privacy & Disclaimer

Spotlight 🔍 Scottie Resources

With a clear path toward near-term development, Scottie Resources emerged as the Top Pick at the recent 2026 CEM Whistler Capital Event, standing out for its combination of defined resources, proven logistics, and disciplined execution.

Scottie Resources Moves From Explorer to Developer as Gold Momentum Builds

  • Scottie Resources is positioned for its next phase of advancement as management shifts focus on resource upgrades, engineering work, and development planning over the coming year.
  • It is backed by strategic and long-term shareholders, including Ocean Partners, Ross Beaty, and Franco-Nevada, as rising gold prices sharpen investor focus on near-term development stories.
  • The company is transitioning from explorer to developer, with a defined 703,000-ounce inferred gold resource, a completed preliminary economic assessment, and proof of logistics through a mined and sold bulk sample.
“Last year I came here and didn’t even crack the top five… this time I knew something had changed when people from other tracks started coming over to talk.”
— Brad Rourke, CEO

Scottie Resources (TSXV: SCOT) did not arrive at the recent CEM Whistler Capital Event with a flashy new story. It arrived with proof.

Well before the Investor Breakout Exchange selected its Top Picks, Scottie had quietly become one of the most talked-about companies in the room, with investors who had skimmed past the name a year earlier, lining up for one-on-ones.

“Last year I came here and didn’t even crack the top five… this time I knew something had changed when people from other tracks started coming over to talk,” said CEO Brad Rourke.

That shift reflects where Scottie now sits in the gold cycle. It is no longer a pure exploration story, but an emerging developer with a defined resource, a completed economic study, real-world operating experience, and multiple paths toward production.

With approximately C$39 million in its treasury, Scottie is advancing a portfolio of 100%-owned, high-grade gold assets in British Columbia’s Golden Triangle, anchored by the past-producing Scottie Gold Mine and the nearby Blueberry Contact Zone.

The Scottie Gold Mine, which historically produced nearly 95,000 ounces of gold at very high grades, provides underground access, legacy permits, and existing workings. Just two kilometres away, the Blueberry Contact Zone has emerged as the company’s growth engine, hosting a broad, high-grade system that begins at surface and extends to depth.

Beyond the core project, Scottie controls a district-scale land package of roughly 58,500 hectares in the Stewart Mining Camp. This includes the Georgia Project, home to the former Georgia River Mine on tidewater south of Stewart, as well as the Cambria, Sulu, and Tide North properties. These assets provide additional exploration optionality along the same geological corridors that host several Tier 1 deposits in the region.

At the core of Scottie’s re-rating is its maiden NI 43-101 resource, released in May 2025 and now well understood by the market.

The company has outlined a total inferred resource of 703,000 ounces of gold, split between two complementary mining styles. The underground component hosts 528,000 ounces grading 8.7 g/t gold, while the open-pit portion adds 174,000 ounces at 3.2 g/t gold.

The Blueberry Contact Zone alone now shows a 1.6-kilometre strike length and more than 500 metres of vertical continuity, with drilling delivering consistent multi-metre, high-grade intercepts that support both bulk and selective mining approaches.

The technical turning point came with Scottie’s Preliminary Economic Assessment, released in October 2025.

Using a direct-shipping-ore model supported by strategic partner Ocean Partners, the study outlined a project with rapid payback and strong leverage to gold prices. At US$2,600 gold, the PEA generated an after-tax NPV (5%) of US$215.8 million and an IRR of 60.3%. At US$4,200 gold, that expands to an NPV of US$668.3 million and an IRR north of 150% .

Scottie also demonstrated proof of concept by mining, crushing, transporting, and selling a 10,000-tonne surface bulk sample, a rare step for a company still formally classified as a junior developer.

“The bulk sample is a microcosm of the operation,” Mumford said. “The road is there. We can truck. We can receive payment. We have the offtake in place.”

Few junior developers reach this stage with both an economic study and real-world operating proof. That combination shifted how investors viewed the company in Whistler.

Scottie is not advancing alone. Ocean Partners is both the company’s largest shareholder and its strategic offtake and financing partner, with committed capital already allocated toward project development.

“We’ve already got US$25 million earmarked from Ocean Partners,” Mumford noted, referencing a construction and overrun facility tied to the project.

That relationship provides more than funding. It adds commercial credibility and supports multiple development scenarios, whether Scottie ultimately advances via direct shipping, toll milling, or regional consolidation.

Just as important, Scottie has funded years of exploration and development with a relatively clean capital structure, a point that stood out in Whistler among investors increasingly focused on dilution risk.

Scottie’s evolution is also reflected in who sits on its share register.

Beyond Ocean Partners, Scottie’s register includes some of the most respected long-term investors in the mining sector, including Ross Beaty, whose involvement signals a different kind of conviction.

Beaty is known for backing high-quality assets early and staying involved as projects move from discovery through development. His presence on the register places Scottie in a small group of junior developers that have attracted capital from investors with a track record of identifying assets that ultimately become mines.

Scottie also counts Franco-Nevada among its shareholders; a relationship management points to as another important validation.

“We’re the only company in Franco-Nevada’s history to buy back a royalty without a published resource,” Rourke  said. “That doesn’t happen by accident. It reflects the confidence they had in the asset and in what we were building.”

Management and directors remain meaningful shareholders as well, reinforcing alignment as the company advances toward feasibility.

Scottie’s momentum is unfolding alongside a strengthening gold market. This environment does more than lift headline gold prices. It shortens projected payback periods, broadens financing options, and renews strategic interest in high-grade projects with existing infrastructure.

Against that backdrop, Agentis Capital said in initiating coverage earlier this year that Scottie was trading at a steep discount to its underlying asset value, with shares priced at less than one-fifth of that estimate.

“We’re still being viewed as an explorer by a lot of the market, even though the work we’re doing today is very clearly about development,” said Mumford.

Charting Scottie Resources

TSXV: SCOT | OTCQB: SCTSF

đź’°
$238.6M
Market CapÂą
đź”·
$3.13
PriceÂą
🎉
$2.01
Picked²
  1. As of market open on February 26, 2026.
  2. As of market open on Monday, February 9, 2026 after being selected as a Top Pick at the CEM Whistler Capital Event.

Fresh off its Top Pick recognition at the CEM Whistler Capital Event, Scottie Resources CEO, Brad Rourke, spoke with Investor Breakout about how the company is sequencing risk, measuring progress, and thinking about value creation as it advances toward development.

Where is Scottie today, and how should investors frame this phase of the story?

“We’ve been exploring here for eight years. We’ve defined a resource, completed a PEA, and now we’re advancing toward development. What sets the project apart is the combination of a shorter path to production, existing infrastructure, and a high-grade system that still offers room to grow. We’re firmly in the transition from exploration to development. The geology is well understood, so the work now is about building confidence. That means upgrading the resource, tightening engineering assumptions, and advancing the project in a way that supports a financeable outcome. Progress at this stage should feel steady and deliberate.”

What does strong execution look like over the next 12 to 18 months?

“Execution is about sequencing. Resource upgrades, engineering, environmental work, and early financing discussions need to move forward together. Investors should see regular technical updates this year that reinforce the model and clear movement toward feasibility-level work. When those pieces advance in parallel, the project stays on track.”

How should investors think about risk and value creation from here?

“Most of the early unknowns are behind us. We understand the grades, we’ve proven the logistics, and we’ve shown the project can work economically. What remains is technical and financial risk, and those are manageable with proper study work and disciplined capital planning. Value is created by reducing uncertainty and keeping options open, not by rushing decisions.”

Our View

  • A developer emerging at the right moment in the gold cycle
    Scottie has moved beyond concept into early execution. A completed PEA, a successful bulk sample, and existing infrastructure place the company ahead of many junior peers just as gold prices strengthen.
  • Execution now outweighs speculation
    The investment debate has shifted from discovery risk to delivery. Resource conversion, engineering, permitting, and financing are the remaining gates, and Scottie’s progress to date suggests a credible path through each.
  • Multiple paths to value, with upside intact
    Direct shipping, toll milling, and regional consolidation all remain viable. Continued drilling across Blueberry, the historic Scottie Mine, and the broader land package adds exploration torque, while a supportive gold market enhances economics. Scottie’s Whistler showing reflected a company beginning to be valued as a developer rather than an explorer.

Upcoming: Scottsdale Capital Event

April 10–12, 2026

Set in the Arizona desert, the 13th Annual Scottsdale Capital Event brings CEM’s relationship-driven format back this spring, pairing high-quality growth companies with capital that is actively looking for opportunity. In this setting, growth-stage companies across resources, technology, biotech, and special situations engage capital directly through a full day of scheduled one-on-one meetings and focused networking.


Warm Regards and Happy Investing,
Fabian Dawson

Fabian Dawson signature

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