Prospect Generators
A prospect generator doesn't fund its own drill programs the way most junior explorers do. It generates and stakes exploration projects itself, then brings in a joint-venture partner — often a major or mid-tier producer — to fund the actual drilling in exchange for the company retaining a carried interest, a royalty, or a reduced equity stake in whatever the partner finds. That structure spreads a shareholder's exposure across multiple projects, commodities and jurisdictions at once, while avoiding the constant dilution a single-asset explorer needs to keep funding its own program — the model Rick Rule and Jeff Phillips describe in the Resource Stock Digest interview "Prospect Generators: How Rick Rule and Jeff Phillips Stack the Odds in Junior Mining." Some prospect generators are "hybrid": alongside JV'ing out most of their portfolio, they also directly fund and operate one or more of their own flagship projects. It's a fundamentally different capital structure from the roughly 800 operating miners covered elsewhere on this site, which is why they get their own page rather than being folded into the main directory.
Unlike a royalty or streaming company, a prospect generator actually explores and can carry a real resource, technical report and drill results on its own ground — those stay on each company's normal profile page exactly as they would for any other operator. What's different, and what this page and each company's Prospect Generation & Joint Ventures panel add, is the JV-specific detail that has no home anywhere else: who the partner is, what tier it is, what the company retains, and whether partner-funded exploration spending is actually happening right now — the things Rick Rule and Jeff Phillips said matter most when evaluating one of these companies, alongside management track record and the underlying project quality itself, since the model doesn't rescue a bad project.
The Planalto project is in the Carajas district of Para State, northern Brazil, one of the world's premier copper-iron mining districts, with deep large-scale mining infrastructure; a new mine there still has to work through federal and state permitting.
Lara Exploration Ltd. (TSXV: LRA) operates a Prospect and Royalty Generator business model across South America, generating and staking prospects then joint-venturing them to partners in exchange for a minority interest and/or royalty (portfolio spans Brazil, Peru and Chile). A Preliminary Economic Assessment (effective 15 October 2025, based on a 3 July 2024 maiden resource) outlined an 18-year open-pit mine averaging 36 kt (79M lb) Cu/yr and 7.2 koz Au/yr in its first 6 years (560 kt / 1.2B lb Cu and 111 koz Au total over the mine life), with after-tax NPV8% of US$378M, 21% IRR, and a 3.5-year post-tax payback. As of June 2026 seven diamond drill rigs were running a 14,000m validation program at Planalto.
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Partner-funded drilling active on: JOY District (AuRORA JV) (Freeport-McMoRan Inc.), DUKE District (Boliden AB)
British Columbia: Fraser PPI 2025 is 74.28 of 100 (rank 31 of 68), which maps to 9 on this site's scale. British Columbia, Canada — a top-tier mining jurisdiction.
Amarc Resources is a copper-gold porphyry explorer across the JOY/AuRORA district (Freeport-McMoRan earn-in, 60% moving to 70% at Stage 2), DUKE (Boliden JV, 60:40), and IKE (100% Amarc), all in British Columbia. No NI 43-101 resource has been published yet on any project despite extensive drilling. Its major-company partners fund the JOY and DUKE field programs, and Amarc closed a fully subscribed C$20 million private placement (20 million shares at C$1.00) on 10 Sep 2026, after reporting a working-capital deficit of about C$1.3 million at 31 Mar 2026.
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Partner-funded drilling active on: Western Wabigoon (+ Flora, Algoman) (Centerra Gold Inc. (Thompson Creek Metals Company Inc.)), Opinaca (Targa Exploration Corp.), Frotet (Regnault deposit) (Sumitomo Metal Mining Canada Ltd.), South Uchi (Auranova Resources Inc.)
Quebec: Fraser PPI 2025 is 79.39 of 100 (rank 23 of 68), which maps to 9 on this site's scale. Quebec, Canada — top-tier, low political-risk mining jurisdiction.
Kenorland Minerals Ltd. is a Vancouver-based project generator staking and advancing a portfolio of Ontario/Quebec gold projects, then optioning them to partners: Centerra Gold (via subsidiary Thompson Creek Metals Company Inc.) can earn up to 70% of the Western Wabigoon/Flora/Algoman project bundle (Ontario) by spending C$10M over 3 years for an initial 51%, then completing a PEA for a further 19%; Auranova Resources Inc. completed its initial 51% earn-in on the South Uchi project (Ontario) in 2026 and can reach 70% via a further C$10M spend, with Kenorland retaining a 30% carried interest to PEA; Targa Exploration Corp. fully owns and funds the Opinaca project (Quebec), where Kenorland retains a 3% NSR royalty. At Frotet (Quebec), Kenorland converted its 20% project interest into a 4% NSR royalty (closed Feb 19, 2024); Sumitomo Metal Mining Canada now owns and funds the project outright, and reported a maiden Inferred resource of 14.5 Mt at 5.47 g/t Au (2.55 Moz) at the Regnault deposit in Dec 2025. That resource is Sumitomo's: Kenorland's interest in Frotet is the royalty, so Kenorland has no mineral resource of its own. The company reported working capital of approximately C$18.5 million as of October 31, 2025.
View full profile →Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. Globex is a Quebec-headquartered property bank; its most advanced project, the Timmins talc-magnesite deposit, is near Timmins, Ontario, and most of its 270+ assets are in Quebec, Ontario and eastern Canada.
Globex Mining Enterprises Inc. (TSX: GMX) is a pure 'Royalty Creator' prospect generator: it stakes/acquires early-stage mineral properties, adds value through initial exploration and geophysics, then options or sells them to partner companies for cash, shares, and a retained Gross Metal Royalty (GMR) -- funding this cycle from option payments and treasury rather than dilutive equity raises (roughly C$40M cash+securities, effectively debt-free as of 2026). The portfolio spans over 270 mineral assets and 106 royalties across gold, base metals, antimony, iron ore and industrial minerals in Quebec, Ontario and elsewhere in North America. Globex earns about C$5M a year, mainly from option payments -- e.g. a final C$3M payment from Agnico Eagle Mines for the Francoeur/Arntfield/Lac Fortune gold property (retaining a 2% GMR on any future production there) and a C$50,000 annual advance royalty from Renforth Resources on the Parbec gold property -- but none of its royalty assets is on a producing mine; catalysts named for 2026 include a maiden resource at Bald Hill antimony (New Brunswick), a feasibility study at partner-operated Mont Sorcier iron ore (delayed by optimisation studies, July 2026), and continued drilling at Devil's Pike/Golden Pike and Cadillac Wood/Rouyn-Merger (Quebec). Its most advanced project is the wholly owned Timmins talc-magnesite deposit near Timmins, Ontario, the subject of a 2012 NI 43-101 preliminary economic assessment that Globex still cites. Its gold resources are on the wholly owned Wood/Central Cadillac property in Quebec, where the Ironwood deposit carries an NI 43-101 Indicated resource of 234,800 t at 14.38 g/t gold (about 108,500 oz, effective April 2025), and on the Eagle Mine property, which Maple Gold holds an option to acquire.
View full profile →Partner-funded drilling active on: Drayton-Black Lake (Heritage Mining Ltd.)
Montana: Fraser PPI 2025 is 69.00 of 100 (rank 40 of 68), which maps to 8 on this site's scale. Its flagship Stillwater West project is in Montana's Stillwater Mining District; its Drayton-Black Lake joint venture is in Ontario. Montana has US rule of law, but mining executives rate its policy climate below the leading western states such as Nevada, Arizona and Utah.
Stillwater Critical Minerals Corp. (TSXV: PGE; renamed from Group Ten Metals Inc. in June 2022, same ticker) is advancing the 100%-owned, self-funded Stillwater West Ni-PGE-Cu-Co+Au project in Montana, USA -- one of the largest nickel/platinum-group-element resources in the United States. An August 27, 2026 NI 43-101 update established the project's first Indicated-category resource alongside a more-than-doubled Inferred resource (805.1 Mt inferred at 0.34% NiTEq, containing 4.8B lb Ni-Cu-Co and 7.4M oz Pt-Pd-Au-Rh). Glencore holds a strategic ~15% equity position (board seat, offtake/marketing rights) but is not a project-level funding partner. Separately, Heritage Mining Ltd. (CSE:HML) is earning up to a 90% interest in the company's Drayton-Black Lake gold project (northwestern Ontario) under a definitive, twice-amended earn-in agreement, with Stillwater retaining a 10% free-carried interest.
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Partner-funded drilling active on: Russell Lake JV (RL / Wheeler North / Getty East / Wheeler River Inliers) (Denison Mines Corp.), Preston (Orano Canada Inc.)
Saskatchewan: Fraser PPI 2025 is 92.90 of 100 (rank 8 of 68), which maps to 9 on this site's scale. Saskatchewan, Canada — the Athabasca Basin is the world's premier, top-tier uranium mining jurisdiction.
Skyharbour Resources Ltd. (TSXV: SYH) is a uranium explorer and project generator in Saskatchewan's Athabasca Basin, holding a large portfolio of projects both operated and partner-funded. Its Falcon Point property carries a current NI 43-101 Inferred Mineral Resource of 10.4 million tonnes at 0.03% U3O8 for 7.0 million pounds U3O8, plus 0.023% ThO2 for 5.3 million pounds ThO2, reported above a 0.01% U3O8 cut-off. Skyharbour's better-known flagship projects, Moore Lake and Russell Lake, remain early-stage exploration ground with no Mineral Resource or Reserve estimate and no economic analysis in their NI 43-101 technical reports. No PEA, Pre-Feasibility or Feasibility Study has been completed on any Skyharbour project.
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Partner-funded drilling active on: Spring Peak (Newmont Corporation), TJ / Jake Creek / Hot Creek (OceanaGold JV) (OceanaGold Corporation), Crane Creek (Centerra Gold Inc.), Jupiter (Newmont Corporation)
Nevada: Fraser PPI 2025 is 100.00 of 100 (rank 1 of 68), which maps to 9 on this site's scale. Nevada and Idaho, USA — top-tier mining jurisdictions.
Headwater Gold Inc. (CSE: HWG; OTCQX: HWAUF) is a Vancouver-based project generator exploring for high-grade epithermal gold in Nevada and Idaho, with major mining companies funding most of its drilling. Its flagship is the Spring Peak Project in the Aurora district of west-central Nevada, next to Hecla's Aurora mine, where Headwater discovered the high-grade Disco Zone in 2021. Newmont earned a 51% interest by spending US$15 million, the two companies signed a joint venture agreement in August 2026 (Headwater 49%), and Newmont can raise its interest to 65% by funding a further US$40 million once the Burnt Rock drill permit, on the federal FAST-41 track, is approved. Headwater also holds earn-in projects with Newmont (Lodestar and, since August 2026, Jupiter), with OceanaGold (TJ, Jake Creek and Hot Creek in Nevada) and with Centerra Gold (Crane Creek in Idaho, where Centerra began drilling in June 2026), plus 100%-owned grassroots projects. Newmont and Centerra Gold are also shareholders. None of its projects has a resource estimate.
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Partner-funded drilling active on: NJNB Project (AngloGold Ashanti)
New South Wales: Fraser PPI 2025 is 73.26 of 100 (rank 37 of 68), which maps to 9 on this site's scale. New South Wales, Australia — a top-tier mining jurisdiction (reflects the company's pivot away from Mongolia).
Kincora Copper is pivoting from Mongolia to New South Wales, Australia, where its first systematic Condobolin drilling in a decade only began Apr 2026 (sole-funded); it also holds Nevertire South (AngloGold Ashanti JV). No resource exists on any current project. An executed-but-not-yet-confirmed-closed divestment of its Mongolian subsidiaries for US$10 million was announced Jul 2026. Cash of CAD $7.12 million (Mar 31 2026, pre-Mongolia-divestment proceeds); effectively debt-free (liabilities are AP-type, not a debt instrument). Also trades via CDIs on the ASX under the same ticker, KCC.
View full profile →Quebec: Fraser PPI 2025 is 79.39 of 100 (rank 23 of 68), which maps to 9 on this site's scale. Midland explores across Quebec's Abitibi belt, Eeyou Istchee James Bay and the Labrador Trough, a jurisdiction with Tier-1 rule of law.
Midland Exploration Inc. (TSXV: MD, listed since 2007) is a Quebec-focused mineral exploration company operating a 'Project Generator' business model: it stakes and advances a large portfolio of gold, copper-gold, PGE and REE properties across the Abitibi belt, Eeyou Istchee James Bay and the Labrador Trough, then partners select properties with major and mid-tier miners (BHP Canada, Rio Tinto Exploration Canada, Barrick Gold, Wallbridge Mining, Probe Gold, Agnico Eagle, La Pulga Mining, SOQUEM, Nunavik Mineral Exploration Fund and Abcourt Mines are named current or recent partners) for partner-funded exploration in exchange for a retained or carried interest. Its own 2026 exploration budget of over C$12.0M is mostly self-funded (C$9.5M Midland vs. C$2.5M from partners) across nearly 15,000m of drilling, including wholly owned programs at Jouvex (1,600m drill program), Willbob (drilling and prospecting) and Caniapisc Au (multiphase program). No property in the portfolio carries a published NI 43-101 Mineral Resource.
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Partner-funded drilling active on: South Timok (BHP)
Serbia is an EU-candidate country with real Balkan permitting risk; Bulgaria (a secondary asset location, EU member) carries its own unresolved permitting/legal risk noted below.
Mundoro Capital Inc. (TSXV: MUN; OTCQX: MUNMF) is a copper-focused prospect generator that brings in major mining partners to fund exploration while it keeps royalties and equity interests. Its flagship is the Central Timok Project, about 418 km2 in Serbia's Timok Magmatic Complex near the mining hub of Bor, partnered with BHP in October 2025 under an option earn-in agreement under which BHP sole-funds exploration and Mundoro would keep a 2% net smelter return royalty; 8,000 to 12,000 m of diamond drilling is planned for 2026, including a completed program at the Skorusa East target. BHP is also funding exploration at the Borsko-South Timok-Trstenik Project in Serbia, and Japan's JOGMEC is a partner at the Iskar copper-gold project in Bulgaria. Mundoro also holds copper projects in Arizona available for partnership and equity interests in the Chala mine in Bulgaria and the Maoling project in China. None of its projects has a resource estimate.
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Partner-funded drilling active on: Tajitos (Fresnillo PLC), La Union (Questcorp Mining Inc.)
Sonora, Mexico (home of the current flagship project) carries moderate security and permitting-continuity risk, partly offset by an established regional mining sector.
Riverside Resources is a diversified prospect generator: its most-active flagship is La Union (Sonora, Mexico, Questcorp-funded, Phase 2 drilling underway), alongside an NSR royalty book (Fresnillo/Tajitos, Arizona Metals/Sugarloaf Peak) and BC rare-earth exploration. The Mexico country classification reflects the active flagship and is a judgment call given the portfolio's spread. A Ravena Resources Corp spinout financing closed Jul 13 2026 but is not yet an independent listing. Cash of CAD $6.52 million (Mar 31 2026), cross-verified; debt-free.
View full profile →Yukon: Fraser PPI 2025 is 62.19 of 100 (rank 47 of 68), which maps to 8 on this site's scale. Strategic Metals' properties are in Yukon. Yukon has Canadian rule of law, but mining executives rate its policy climate below Canada's leading provinces.
Strategic Metals Ltd. (TSXV: SMD) is a large-scale, long-running Yukon project generator -- per its own May 2026 disclosure, a portfolio of 79 wholly-owned exploration properties (the product of over 50 years of the company's own regional exploration and research), 18 NSR royalty interests, and 15 properties currently under option to other companies (e.g. 11 Tombstone Gold Belt projects optioned as a package; a Yukon copper-gold porphyry property optioned to GT Resources Inc.; the Harvest project sold outright, creating another royalty). In July 2026 it granted GGL Resources a two-stage option to earn up to 100% of the Hopper, Kluane, Batt and Moraine copper-gold properties in south-western Yukon (70% for $10,000,000 of exploration by the end of 2029 plus shares, then the remaining 30% for $3,000,000), with Strategic keeping a 2% net smelter return royalty; both companies' disinterested shareholders approved it on 31 Aug 2026. Its most advanced project is the wholly owned Division Mountain coal deposit north of Whitehorse, which carries an NI 43-101 measured resource of 52.5 million tonnes of bituminous coal and an August 2026 preliminary economic assessment of an open-pit mine supplying a planned 100 MW coal-fired power plant; none of its precious- or base-metal properties carries a compliant resource. The company's distinctive value is its royalty/option portfolio plus a large set of equity stakes built through project farm-outs and investments in other public explorers: 32% of GGL Resources Corp., 31.9% of Broden Mining Ltd., 28.0% of Rockhaven Resources Ltd., 15.6% of Silver Range Resources Ltd., and 15 million shares of Terra CO2 Technologies. Commodity exposure across the portfolio spans gold, silver, lead, zinc, copper, tin, tungsten, vanadium and lithium across porphyry, skarn, epithermal-vein, orogenic-gold, sedex and CRD deposit styles; gold is shown as its main commodity because it is the most consistently recurring theme across the Yukon portfolio (Tombstone Gold Belt among others).
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Partner-funded drilling active on: Esperanza & Huachi (Moxico Resources)
Santa Cruz, Argentina: Fraser PPI 2025 is 73.35 of 100 (rank 36 of 68), which maps to 9 on this site's scale, less 3 for Argentina's national currency, capital-control and export-duty risk, so 6. Santa Cruz Province, Argentina carries real currency-control and policy-continuity risk typical of the country, partly offset by an established provincial mining sector.
Latin Metals is a prospect generator whose first drill campaign at Cerro Bayo/La Flora (Santa Cruz Province, Argentina) was reported May 2026, with no resource estimate yet. The company self-describes as gold/silver/copper -- silver is used as the primary call here but this is not unambiguous. Partners include AngloGold Ashanti, Moxico, and historically Barrick. Cash and debt figures conflict across sources (cash CAD $2.2-3.1 million; debt ~CAD $0.29 million or effectively debt-free) -- the figures presented are moderate-confidence, not cross-verified.
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Partner-funded drilling active on: Swift (Nevada Gold Mines (Newmont/Barrick)), Selena (South32 Limited)
Nevada: Fraser PPI 2025 is 100.00 of 100 (rank 1 of 68), which maps to 9 on this site's scale. Nevada, USA — a top-tier mining jurisdiction.
Ridgeline Minerals is a Nevada prospect generator whose flagship is the Selena carbonate-replacement project, where South32 can earn up to 80% by spending US$20 million and is funding drilling of the Chinchilla Sulfide discovery. Selena has only a conceptual exploration target, not an NI 43-101 resource, according to the company's own disclaimer. On 3 August 2026 Ridgeline completed the sale of its Swift, Black Ridge, Bell Creek and Atlas gold projects to Nevada Gold Mines for US$23.15 million in cash, keeping a 97km2 Nevada exploration portfolio.
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Northern Chile (Vicuna District) -- an established, relatively low-risk Latin American mining jurisdiction, though not Tier-1 on par with Canada/Australia/US.
Mirasol Resources Ltd. is a project-generator exploring for high-grade gold, silver and copper deposits in Chile and Argentina. Following a November 2025 definitive agreement to sell its former flagship Virginia Silver Project and Argentine landholdings (Santa Cruz Province) for US$8M plus a 2% NSR royalty, the company's current flagship is the 100%-owned, self-funded Sobek Copper-Gold Project (~11,120 hectares) in Chile's Vicuna District -- a porphyry Cu / high-sulfidation-epithermal Au target with active drilling at the VN Zone and El Potro Prospect. The company also holds the Inca gold project in Chile. No NI 43-101 resource estimate has been published for Sobek.
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Partner-funded drilling active on: Williams Brook (incl. Jonpol, Portage) (Kinross Gold Corp.)
New Brunswick: Fraser PPI 2025 is 82.55 of 100 (rank 20 of 68), which maps to 9 on this site's scale. New Brunswick, Canada -- Tier-1 mining jurisdiction.
Puma Exploration Inc. is a Rimouski-headquartered explorer and the largest claim owner in Northern New Brunswick, Canada. Its stage is set by the Legacy Cu-Ag deposit, held through its ~71.6%-owned subsidiary Murray Brook Minerals Inc. (MBM, 23,644,165 of 33,044,165 shares), which owns the Legacy Project 100%: MBM released an updated NI 43-101 Inferred Mineral Resource Estimate with an effective date of 28 November 2025 (report dated 20 February 2026), compiled by SRK Consulting (Canada) Inc. with Dr. Gilles Arseneau, P.Geo. as independent competent person -- 930,000 tonnes Inferred at 0.66% Cu and 3.65 g/t Ag, containing 13,400,000 lb copper and 110,000 oz silver, reported in-pit at a >US$10/t cut-off within a Whittle-optimised pit shell designed at 45-degree slope angles. The estimate was compiled to satisfy listing requirements for a TSX Venture Exchange Tier 2 application, and MBM is working toward a separate TSXV listing on a structure similar to the 2022 Canadian Copper transaction; MBM also acquired the Mount McInnes project in August 2026. Puma's directly-held exploration focus is the ~40,000-hectare Williams Brook Gold Project near Bathurst, under an earn-in/option arrangement with Kinross Gold Corp. (signed Oct 2024; Kinross can earn 65% by funding a minimum $16.75M in exploration over 2025-2030), which is funding drilling: a Winter 2026 program (~12 holes, 2,300+ m) targeted the Jaguar and Lion Gold Zones, returning 0.45 g/t Au over 56.50 m (incl. 1.03 g/t Au over 16.0 m) at Jaguar and 16 g/t Au over 0.50 m in the first-ever drilling at Lion; a Summer 2026 field program (mapping, prospecting, soil sampling, IP surveys) followed, and Kinross launched a further ~2,000m Jaguar Gold Zone drill program on 26 July 2026. The company self-funds its own 100%-owned McKenzie Gold Project (New Brunswick), which straddles the McKenzie Fault: a fully-funded 2026 42,000ha surface program plus an inaugural 2,721m diamond drill program at the RIM Gold Zone returned high-grade veins (incl. 42.60 g/t Au over 0.25m). It previously held the Turgeon Cu-Zn VMS project in New Brunswick, sold to Raptor Resources Ltd. in a 2024 transaction alongside Canadian Copper Inc. No resource estimate has been published for Williams Brook or McKenzie themselves. Note: TSXV ticker "PUMA" is unrelated to Puma SE (Frankfurt/XETRA: PUM/PUMG), the sportswear brand -- a real search/data-feed confusion risk.
View full profile →Power Metal is a project incubator with no single flagship; the rating follows its largest directly held exploration project, the Molopo Farms Complex nickel-PGM project in southern Botswana (87.71%). Botswana has one of Africa's most stable and mining-friendly governance records; scored 8 like most Botswana companies on this site. Its Power Arabia earn-ins in Saudi Arabia and Oman and its minority stakes elsewhere carry different risks that this single score does not capture.
Power Metal Resources plc (AIM: POW, OTCQB: POWMF) is a natural-resources exploration incubator: it develops projects internally or via joint ventures until they are ready for sale or a separate listing, 'crystallising' the value generated (its recent case study is a 12x-money exit from Guardian Metal Resources, including a final GBP13.58M share-sale tranche completed August 2025). Its portfolio spans ~10 interests across Botswana, Saudi Arabia, Oman, Canada and South America: majority-owned incubation projects (Molopo Farms Complex Ni-PGM, 87.71%, Botswana, with 2026 diamond drilling underway targeting district-scale nickel-PGM mineralisation; Power Arabia, 100%, a multi-commodity Cu-Au-Li-Ni-REE-Ag-U exploration JV structure across Saudi Arabia and Oman; Tati Greenstone Belt Au, 100%, Botswana) alongside smaller strategic minority stakes in other explorers (Next Minerals, Greyridge Exploration ~4.6%, Apex Royalties, First Development Resources 33.04%, GSA Environmental, ION Battery Resources, Minestarters) and a 30% uranium JV (Fermi Exploration, Canada, with UCAM). None of these projects carries a compliant resource estimate under POW's own name.
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Partner-funded drilling active on: Pilot, Confusion Hills & Red Ring (Azucar Minerals JV) (Azucar Minerals Ltd.)
Vancouver-domiciled (inc. 2018) prospect generator whose active drill projects, New Hope (Arizona) and Paradise (Nevada), are both Tier-1 US mining jurisdictions; the NSR royalty portfolio is similarly Canada/US-weighted.
Almadex Minerals Ltd. is a Vancouver-headquartered gold, copper, silver and base-metals prospect generator, incorporated in 2018. The company is actively drilling its New Hope project in Arizona and Paradise project in Nevada, alongside a net-smelter-return royalty portfolio spanning the Davis, Logan, Nicoamen, Confusion Hill, Pilot, Lac de Gras and Red Antler properties. Almadex has no mineral resource estimate on any of its grassroots exploration properties.
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Partner-funded drilling active on: Theory (Sun Summit Minerals Corp.), Beaver River, Black Bay, Don Lake, Gulch, Lorado & Smitty (Xcite Uranium JV) (Xcite Uranium Inc.)
British Columbia: Fraser PPI 2025 is 74.28 of 100 (rank 31 of 68), which maps to 9 on this site's scale. Western Canada (primarily British Columbia, some Saskatchewan) — a top-tier mining jurisdiction.
Eagle Plains Resources Ltd. (TSXV: EPL; OTCQB: EGPLF) is a Cranbrook, British Columbia-based project generator with more than 50 exploration properties in British Columbia, Saskatchewan and Yukon, targeting gold, copper, uranium and other minerals, most of them advanced by partners under option and earn-in agreements. Its most active property is the 100%-owned Theory copper-gold project, 9,676 hectares in British Columbia's Toodoggone district, where Sun Summit Minerals holds an exclusive option to earn up to a 100% interest; Eagle Plains keeps full ownership until Sun Summit earns in. Fieldwork discovered the Saboteur copper zone in 2025, and Sun Summit completed a 2026 program of geophysics, mapping and sampling to select drill targets for 2027. Partners also drilled several of its uranium projects near Uranium City, Saskatchewan, in 2026, including Don Lake, which Xcite Uranium can earn up to 80% of, and Eagle Plains and Earthwise drilled gold at the Iron Range project in southeastern British Columbia. Eagle Plains also runs the geological contractor TerraLogic Exploration and holds royalties. None of its projects has a resource estimate.
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Partner-funded drilling active on: Cobreorco (Teck Peru S.A. (Teck Resources Limited))
The Pucamayo project is in Peru, an established, mining-dependent jurisdiction with periodic community-access and permitting friction.
Condor Resources Inc. (TSXV: CN, Vancouver-headquartered, incorporated 2003) is a project-generator exploring for gold, silver, copper and other precious/base metals across Peru, with 12 current targets at various stages of exploration. Its flagship is the Pucamayo project, alongside Chavin, Quriurqu, San Martin, Humaya, Huinac Punta, Andrea, Quilisane, Cobreorco and Cantagallo, among others; some properties are partnered/optioned to third parties.
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Partner-funded drilling active on: Berrigan Mine (+ Berrigan South, Antoinette Lake, Elaine Lake, Gwillim) (TomaGold Corporation), Mont Sorcier (Voyager Metals Inc. (Cerrado Gold))
Quebec: Fraser PPI 2025 is 79.39 of 100 (rank 23 of 68), which maps to 9 on this site's scale. Quebec, Canada -- Tier-1 mining jurisdiction.
Chibougamau Independent Mines Inc. (TSXV: CBG) is a prospect generator holding a large portfolio of claims across the historic Chibougamau copper-gold mining camp in Quebec (Berrigan, Bateman Bay, Grandroy, Kokko Creek, Lac Simon, Lac Chibougamau, Mont Sorcier and others), targeting copper-gold vein deposits plus newer VMS and lode-gold potential. Rather than self-funding drill programs, CBG typically options its ground to operators while retaining royalties: the Berrigan Mine claims are optioned to TomaGold Corporation (active drilling through 2026), and the Mont Sorcier iron-vanadium deposit is optioned to Voyager Metals/Cerrado Gold (targeting an NI 43-101 Bankable Feasibility Study, building on a 2022 PEA with a US$1.6B NPV8), with CBG retaining a 2% Gross Metal Royalty on Mont Sorcier iron/vanadium production. No NI 43-101 resource has been defined on CBG's own book.
View full profile →All of Noble's ground is in Ontario (including Project 81 near Timmins-Cochrane) and Quebec, Tier-1 Canadian jurisdictions.
Noble Mineral Exploration Inc. (TSXV: NOB) is a long-running Ontario and Quebec project generator holding mineral and exploration rights across roughly a dozen properties directly (Project 81 in Timmins-Cochrane ~18,000 ha; Holdsworth gold near Wawa; Nagagami Carbonatite; several Quebec Ni-Cu-PGM, REE and uranium/molybdenum properties), none of which carries a compliant NI 43-101 resource estimate under Noble's own name. Noble holds a 20% equity interest in East Timmins Nickel Ltd., operated and 80% owned by Canada Nickel Company Inc., which holds the Mann Central and Mann West nickel-sulphide deposits with their own initial resource estimates (disclosed by Canada Nickel in 2025). Noble also retains NSR and buy-back rights on some of this ground and holds equity positions in Canada Nickel Company Inc. and Homeland Nickel Inc. On 27 May 2026 Noble completed a plan of arrangement that distributed 9,000,000 Homeland Nickel shares to its shareholders, keeping the rest of its Homeland shares. In September 2026 it closed the purchase of the North Bradshaw property in the Abitibi greenstone belt near Timmins and agreed to buy the Lucas Gold Project, about 30 km north of Timmins, from Canada Nickel Company, where it is preparing a drill program of about 2,500 to 3,000 metres that needs a winter access road.
View full profile →Partner-funded drilling active on: Storm Copper (American West Metals Limited)
Nunavut: Fraser PPI 2025 is 64.96 of 100 (rank 43 of 68), which maps to 8 on this site's scale. The Storm copper project is on Somerset Island, Nunavut, with Tier-1 rule of law and low expropriation risk, but its remote location adds logistics cost and Indigenous land-claims consultation. The company also holds the Buckingham gold project in Virginia.
Aston Bay Holdings Ltd. (TSXV: BAY; OTCQB: ATBHF) is a Canadian exploration company advancing a Nunavut-focused portfolio. The Storm Copper project is held in a 20/80 free-carried unincorporated joint venture with American West Metals Limited (ASX: AW1), which funds and operates 100% of exploration through to a construction decision (following completion of a bankable feasibility study); Aston Bay's 20% share of a C$17.1M Taurus Mining Royalty Fund financing package (secured by American West) has produced real cash inflows (an initial C$1.38M tranche received Oct 2024, part of a total C$3.425M allocation). The Epworth copper-silver-zinc-cobalt project is being earned into (targeting an 80% interest) with Aston Bay funding its own minimum C$3M, 4-year exploration commitment from treasury. The company also self-funds early-stage exploration at the Buckingham gold project in Virginia, USA. NOTE: TSXV ticker "BAY" is unrelated to Bay Capital Plc (LSE), a UK financial-services company -- exchange-qualify (TSXV:BAY) when disambiguating.
View full profile →Partner-funded drilling active on: Ogden Gold Project (Discovery Silver Corp.)
Ontario: Fraser PPI 2025 is 93.70 of 100 (rank 5 of 68), which maps to 9 on this site's scale. Ontario (Timmins) and Newfoundland, Canada -- both top-tier mining jurisdictions.
Metals Creek Resources Corp. (TSXV: "MEK") is a Thunder Bay, Ontario-based explorer. Metals Creek's most active project is the Ogden Gold Project (Timmins, Ontario, incl. the former Naybob Gold mine, 8km strike length of the Porcupine-Destor Fault) -- a 50/50 joint venture inherited via a Goldcorp -> Newmont -> Discovery Silver Corp chain of ownership, on which Metals Creek is operator and self-funds its own 50% share of costs (a Jul 2026 placement of up to CAD$2.5M was earmarked partly for this). Recent drilling has returned high-grade intercepts including 115.51 g/t Au over 9.85m and 8.43 g/t Au over 13.25m (incl. 40.61 g/t over 2.4m). The company separately optioned its Yellow Fox property (central Newfoundland, an antimony-silver-gold occurrence) to Lomiko Metals Inc. for staged cash/share payments, retaining a 2% NSR royalty.
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Partner-funded drilling active on: Bellehelen (Excalibur Metals)
Nevada: Fraser PPI 2025 is 100.00 of 100 (rank 1 of 68), which maps to 9 on this site's scale. Silver Range is a prospect generator with no flagship; the rating follows the property its home page features first, East Goldfield in Nye County, Nevada, and about two-thirds of its properties are in the southwestern United States. Its Yukon, Nunavut and Northwest Territories properties sit in lower-rated jurisdictions that this single score does not capture, and on optioned properties its partners carry the work and permitting.
Silver Range Resources Ltd. is a Vancouver-headquartered precious-metals prospect generator -- a business model that materially changes how its numbers should be read. Rather than advancing a single flagship deposit with its own capital, it stakes and assembles high-grade silver and gold properties and then options them to partners who fund the exploration, with Silver Range retaining cash and share payments plus royalty interests. Its own website describes a portfolio of 34 properties, of which 12 are under option to others and 9 have been converted to royalty interests, split between the southwestern United States (23 projects) and northern Canada (11 properties). Named properties include East Goldfield in Nevada, an epithermal gold target adjacent to Centerra's Gemfield project; Alamo in Arizona, an iron-oxide-copper-gold target with surface samples reported to 37.8 g/t gold and 19% copper; Gold Chief and Shamrock in Nevada, the latter a gold-rich carbonate replacement target with grab samples reported to 233 g/t gold and 1,520 g/t silver; and the Silver Range property itself in the northern Anvil District of south-central Yukon, which hosts high-grade silver and gold veins alongside bulk-tonnage silver-zinc-lead-copper zones. The clearest illustration of the model at work is Bellehelen in Nye County, Nevada, optioned to Excalibur Metals under an agreement first signed in December 2022 and amended in July 2025, under which Excalibur can earn 100% through cash and share payments running to September 2029 while granting Silver Range a 2% net smelter return royalty plus further payments tied to any mineral resource defined; Excalibur's spring 2026 program drilled 3,122 metres in ten reverse-circulation holes at the Spyglass Ridge target, with hole BH26001 returning 360 g/t silver and 2.03 g/t gold over 1.52 metres inside a broader interval of 16.7 g/t silver and 0.10 g/t gold over 100.58 metres that ended in mineralisation, leaving the zone open at depth and further drilling flagged for late 2026 or early 2027. A second illustration is the Michelle project in north-central Yukon, vended to Silver47 Exploration, where Silver Range retains an equity position in Silver47 alongside a 1% NSR and a contingent one-time payment tied to a positive production decision on a sufficiently large silver resource. "SNG.V" is the exchange-qualified symbol Yahoo Finance and EODHD already use for this TSXV listing, not an internal invention.
View full profile →Partner-funded drilling active on: Pyhasalmi District VMS Portfolio (AFOy JV: Kolima, Kangasjarvi + 6 others) (Akkerman Exploration B.V. (via Akkerman Finland Oy))
Portugal (Alvalade VMS/Sesmarias, 100%-owned) and Finland (Pyhasalmi district VMS portfolio, held via a 49%-owned partnership) are both Tier-1 EU jurisdictions with stable rule of law. Kosovo (Slivova gold project, optioned out) is materially higher-risk -- an example of that risk is playing out now: Slivova fieldwork is on hold pending the Kosovo Mining Bureau (ICMM) re-issuing an exploration license following a change in government. Blended score reflects the mix rather than any single jurisdiction.
Avrupa Minerals Ltd. (TSXV: AVU) is a Vancouver-headquartered exploration and project-generation company focused on copper-zinc VMS and gold targets across politically stable European jurisdictions (Portugal, Finland) plus one higher-risk optioned-out asset in Kosovo. Its flagship is the 100%-owned Alvalade VMS Project in Portugal's Iberian Pyrite Belt: a prior joint-venture partner funded multi-million-euro exploration work at Alvalade before withdrawing in 2025 and returning its 51% interest, after which Avrupa filed an NI 43-101 initial Inferred Mineral Resource Estimate for the Sesmarias Cu/Zn/Pb/Ag deposit within the project (6.5 Mt at 2.9% Zn, 1.2% Pb, 0.6% Cu, 35 g/t Ag; SLR Consulting Ltd., Jun 3, 2026) and submitted a mining license application (Jun 2025) -- the company is now seeking a new development partner. In Finland, Avrupa holds a 49% interest (Akkerman Exploration B.V. holds the remaining 51%) in Akkerman Finland Oy (AFOy), which is actively advancing 7 copper-zinc VMS targets and 1 orogenic gold prospect in the historic Pyhasalmi mining district (a new exploration permit at Kolima was issued Jan/Feb 2026; drilling is underway at Kangasjarvi). In Kosovo, Avrupa optioned out its Slivova Gold Project to Western Tethyan Resources Ltd. (WTR, 76%-owned by Ariana Resources plc, LSE:AAU, and funded via a 5-year Alliance Agreement with Newmont Mining Corporation) under a Sept 2022 agreement; WTR earned an initial 51% interest via EUR800,000 of exploration spend but fieldwork is currently on hold pending the Kosovo Mining Bureau's re-issuance of the project's exploration license.
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