Antino, Mother Nature’s Hidden Treasure”, is the catchy title of a report from Ron Stewart, P. Geo​, who is Senior Mining Analyst at Leede Jones Gable and  the second analyst in as many weeks to initiate coverage on Founders Metals and its highly prospective project in Suriname, South America. 

“Based on our consultants’ site visit, analysis of the data and deposit style we believe Antino has the potential to host a multi million-ounce gold deposit.“ Mr. Stewart writes that his $3 price target by early 2025 is based on an initial resource of 4.2 million ounces and an in-ground gold value of $41 US per ounce.  

Founders stock closed at $1.54 on Friday, April 5th.

As dilution from ongoing financings is always a concern for the market, the following note in the report should be of particular interest and sets Founders apart from the vast majority of junior explorers, which are constantly on the hunt for investors’ dollars. “We estimate the Company will exit the February 2025 quarter with $9.0M in working capital, sufficient for an additional 12 to 15 months of exploration activity.” 

To provide a bit more detail to that note, there are approximately 9.8 million outstanding warrants that expire in March 2025. They are priced at $0.35 and $0.75, and if exercised, would add about $5.5 million to the company’s treasury


Here is a summary of his key highlights:

▪ Multiple Kilometer Scale Targets. Six separate target areas have been defined by artisanal mining, auger sampling and drilling. Numerous additional historic gold workings on the 20,000 Ha property remain unexplored.

▪ Two Styles of Mineralization: Shear hosted, high-grade quartz-carbonate veining is widespread on the property and discrete, porphyry style mineralized intrusions offer excellent bulk tonnage targets. Mineralization occurs in quartz-carbonatepyrite veins and breccias, typical of greenstone gold deposits.

▪ High-Grades at Froyo: The Froyo Zone is the most advanced target. Virtually every hole has returned strong gold values over >600m strike and to a depth of >200m in a segment of an 8km long structural corridor centered on the Antino Shear Zone.

▪ Drill Results Suggest >5M oz Potential. Kenorland Minerals Ltd. (KLD.V, Not Rated) published an independent study of 83 Canadian gold discoveries showed that >5M oz gold deposits are characterized by gold intercepts with a grade times length product (g/t x m) >134GM. Our analysis of the drill data demonstrated 17 of the 190 intercepts, representing 9% of holes drilled, exceed that threshold.

▪ Strong Management & Supportive Jurisdiction. FDR have a strong management team with a proven track record of value creation. Mining accounts for an estimated 70% of Suriname’s foreign exports and as such the Government supports investment and development of resource industry.


About Ron Steward, P. Geo​

  • Over 35 Years of Mining & Metals Industry and Equity Research experience – Awarded Brendan Woods Top Gun stock picker ​
  • Geologist, Placer Dome (PDAC Lifetime Achievement Award for 5m Oz. Musselwhite discovery), ​
  • Kinross, SVP, Exploration and roles as a Sr. Mining Analyst at Dundee Securities, iA Capital Markets, and Macquarie Capital​
  • Led geologic teams that discovered over 25mm oz. of gold (Musselwhite, Porgera, Wallaby + Paracatu)​
  • Education: HBSc. (Geology), Lakehead