CSE: ESR | OTCQB: ESRUF
Recorded on October 16, 2025. #Millettian
Today Andy Millette sits down with Gordon (CEO, ES Gold) to unpack a simple, de-risked plan: start cash flow fast by reprocessing legacy tailings at Montebello, Québec, then use that revenue to self-fund drilling on a past-producing VMS system. ES Gold says it is fully funded for Phase 1 (500 tpd) via recent equity plus a $9M offtake facility from Ocean Partners, with permits in hand to reprocess specific tailings and a path to amend for hard-rock as they advance. The target is to scale toward 1,000 tpd over ~2 years.
Company snapshot
Project: Montebello, Québec; town-proximate infrastructure, grid power, roads in place.
Starter revenue: ~1.0 Mt historical tailings hosting ~12 koz Au and 1 Moz Ag (company figures).
Additional near-term feed: ~400 kt crown-pillar hard-rock (~50 koz Au, 500 koz Ag) after tailings.
Strategy: Production first, discovery second — reinvest tailings cash flow into drilling along strike and at depth on a VMS system historically mined to ~200 m; recent geophysics indicates structure to ~1,200 m.
Capital & structure: ~$10M cash plus $9M offtake; ~92M OS (recent raise), ~130M FD with warrants ~$0.45–$1.10; market cap hovering ~$100M around interview time.
Key topics
First 100 days as CEO: mandate and execution
Funding package and build status; equipment ordering, construction updates
Permitting: tailings reprocessing permits secured; amend as areas advance; Québec as a pro-mining jurisdiction
Operating leverage at strong Au/Ag prices
Exploration upside: 3D model, drill targeting, potential winter work
Exchange listings and IR contact
Company & IR
Website: esgold.com
Listings: CSE: ESR | OTCQB: ESRUF
Contact: via company website investor page (Gordon welcomes calls)
Host & Channel Links
Natural Resource Stocks — Official Channel
🌐 Website: https://www.NaturalResourceStocks.net
📺 YouTube: https://www.youtube.com/@NaturalResourceStocks
🐦 X (Twitter): https://twitter.com/NRS_Stocks
💼 LinkedIn: https://www.linkedin.com/company/natural-resource-stocks/
Andy Millette – Host
🌐 Website: https://www.NaturalResourceStocks.net
🐦 X (Twitter): https://twitter.com/AndyMillette
💼 LinkedIn: https://www.linkedin.com/in/andymillette/
Steve Yang – Co-Host
🐦 X (Twitter): https://twitter.com/SteveYang_Market
💼 LinkedIn: https://www.linkedin.com/in/steveyang88/
Chapters
00:00 Intro, full disclosure
00:42 CEO’s first 100 days, funding secured
01:25 Equity + $9M offtake; path to 1,000 tpd
02:08 Why near-term production matters
02:45 Tailings-first model, cash-flow plan
03:36 Past-producer, VMS upside and self-funded drilling
04:43 Tailings & crown-pillar resources overview
06:07 30,000-ft exploration view; geophysics to 1.2 km
07:23 Permitting flow and amendments in Québec
11:25 Infrastructure advantage (roads, power, proximity)
12:50 Cash, CapEx, build focus
13:55 Share structure, price context
15:25 What to watch: 3D model, construction updates
16:54 Timeline: build-build-build; first pour goal
17:22 Why Ocean Partners is aligned
17:52 Listings, website, IR contact
18:40 Host’s disclosure and closing thoughts
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