Why is Bold Ventures a Bottom-Fish?

Why is Bold Ventures Inc a member of your Bottom-Fish Collection?

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Bold Ventures Inc (BOL-V): Bottom-Fish Spec Value rated

Bold Ventures Inc was confirmed with a Bottom-Fish Spec Value rating at $0.05 on January 29, 2025 based on its status as a competent exploration junior focused on Ontario and Quebec. The flagship play is the Burchell gold project next to Goldshore's advanced Moss Lake project in northwestern Ontario where Bold is focused on an unexplored structural trend inferred from magnetic data along which prospecting obtained high grade grab samples up to 68 g/t gold in 2024. The Traxxin project, last drilled in 2021, covers a 15 km splay off the Quetico Fault in the Atikokan district known for its Hammond Reef deposit now owned by Agnico-Eagle which is also situated along a parallel splay off the Quetico Fault. The Farwell project near Wawa to the north of Wesdome's Eagle River Mine has potential for iron formation hosted gold and polymetallic VMS deposits. A key missing piece since the passing of Noront founder Richard Nemis in 2019 has been the fact that CEO David Graham has had to run the junior almost single-handedly in a difficult funding environment. That changed in August 2024 when Bruce MacLachlan and Coleman Robertson joined as COO and exploration VP respectively. MacLachlan's career has been one of managing exploration programs for resource juniors, including Noront and Bold, and this marks his step into helping run a public company and potentially succeeding Graham as CEO, with Graham becoming chairman. Although insiders own only 14% of the 62 million issued shares, much of the paper is in friendly hands, which is why Bold only undertook a 5:1 rollback in 2020 after Nemis died. The main missing piece is working capital, which was negative $228,000 as of October 31, 2024, though most of the debt is owed to insiders. Watch for a private placement during H1 of 2025 to kick start exploration at Burchell during the summer of 2025. A potential wild card for a non-dilutive financing is the 10% carried interest in Koper Lake which hosts the Black Horse chromite deposit (85.9 million t @ 34.5% Cr2O3). KWG Resources Inc now has a 100% working interest in Black Horse, the only major chromite deposit in the Ring of Fire not owned by Wyloo which acquired Noront for $600 million in 2022. KWG is involved in trying to get a transportation corridor approved which as been stymied by anti-mining groups encouraging First Nations to block approval. The Trump administration's self-sufficiency goals could revive interest in developing the chromite deposits in this secure jurisdiction, though for now Wyloo remains focused on the nickel. If a consolidation effort is undertaken it could net Bold a $10-$20 million windfall.