Episode Details

Interview with Chad Peters, President and CEO, Ridgeline Minerals 

Our previous interview: https://www.cruxinvestor.com/posts/ridgeline-minerals-tsxvrdg-ngm-sale-funds-next-wave-of-nevada-exploration-11410

Recording date: 25th September 2026

Ridgeline Minerals (TSXV:RDG | OTC:RDGMF) is a Nevada-focused precious and base metals explorer. It has spent the past five years running a hybrid prospect generator model. Under that approach, major partners fund high-risk exploration while Ridgeline keeps interests carried through to production. In August 2026, the model produced its largest result so far. Ridgeline closed an all-cash sale of four early-stage gold projects (Swift, Black Ridge, Bell Creek and Atlas) to Nevada Gold Mines for US$23.15 million, or about C$32.7 million.

The sale came from a strategic judgement rather than a discovery. NGM had funded earn-ins at Swift and Black Ridge, and Peters said around US$16 million was spent over roughly four years. Drilling confirmed a large gold system at Swift, but NGM's attention was increasingly focused on Barrick's Fourmile deposit. Peters concluded that Swift could be shelved, so he negotiated a cash exit. The proceeds were non-dilutive and were paid for assets with no defined resource.

Ridgeline now trades close to its cash. Peters put cash at roughly C$30 million and market capitalisation at about C$33 million at the time of the interview. On that basis, investors are assigning little value to the Selena project, a carbonate replacement deposit (CRD) discovery made in 2025 and partnered with South32. The company also covers its overheads. Management fees and interest income total about US$200,000 a month, compared with G&A of roughly US$115,000.

Management's priority is capital allocation. Peters has ruled out simply scaling up the prospect generator model, which he considers slow and costly. He is instead looking for an acquisition or merger with exposure to copper, gold or silver. The preference is for the western US, with Canada and Mexico also considered. The target must have grade, scale and room for Ridgeline's technical team to add value through drilling. Small, incremental resources are excluded. Deal flow has been strong since the sale, helped by Peters' network after eight years as CEO.

Selena is the nearer-term catalyst. A three-to-four-hole programme is testing continuity with 100-metre step-outs, including a directional hole from discovery hole 53 aimed at higher copper and silver grades to the south. South32 plans to release all results together. Peters hopes to show continuity across a large footprint and has cited around 250 metres of strike and 50 metres of thickness as the kind of geometry he aims to demonstrate. Under the earn-in, South32 has spent US$8.5 million of its US$10 million first phase for 60%. It can then elect to spend a further US$10 million for 80%, leaving Ridgeline with a 20% free carry. Peters compares this with South32's Taylor deposit, whose build cost he put at around US$3 billion.

The 100%-owned Big Blue project adds further upside after a 2025 maiden intercept of 0.6 metres grading more than 3,200 g/t silver.

Learn more: https://www.cruxinvestor.com/companies/ridgeline-minerals

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