Episode Details

Interview with Peter Wilson Tagliamonte, CEO of QGold Resources

Recording date: 29th September 2026

Q-Gold Resources Ltd. (TSXV:QGR, OTCQB:QGLDF) is a junior gold developer whose principal asset is the Quartz Mountain Gold Project in eastern Oregon. The company acquired the project from Alamos Gold, which held it for more than a decade without advancing it to a mining study. Alamos now holds 10% of QGold. According to CEO Peter Tagliamonte, the deal includes annual anniversary payments of around C$4 million.

The resource stands at 2.01 million ounces Indicated and 494,000 ounces Inferred. In April 2026, QGold published the project's first mining study, a PEA prepared by Kappes, Cassiday & Associates. At a 24-month trailing average gold price of US$3,265 per ounce, the PEA estimates an after-tax NPV(5%) of US$1.71 billion and an after-tax IRR of 55.2%. Initial capex is US$290 million and payback is 1.8 years. Production averages 135,400 ounces a year over a 14-year mine life, at cash costs of US$1,010 per ounce and AISC of US$1,216 per ounce.

The project's strongest physical feature is its geometry. The deposit sits under low rolling hills, giving a life-of-mine strip ratio of 0.65:1. The CEO describes the strip ratio in the early years as near zero. That compares with ratios of three to five, or higher, at many open-pit gold mines.

Development will be staged. An oxide cap, which the CEO says contains about 45% of the ounces, will be mined first through a heap leach operation lasting four to five years. Cash flow from that phase is intended to fund the grinding and flotation circuit needed for the deeper sulphide material. That sulphide phase would run for roughly nine more years.

Management intends to skip a feasibility study for the oxide phase. It plans to move directly into basic and detailed engineering, relying on decades of metallurgical test work. Off-the-shelf equipment, including track-mounted Sandvik crushers and standard ADR plant designs, is meant to compress the timeline. Tagliamonte sees a path to oxide production within two to three years. The sulphide phase will go through a full feasibility study.

Tagliamonte's record is central to the investment case. He led companies that built Jacobina in Brazil, advanced Sulliden's Peruvian project, and built three mines in Nicaragua that helped found B2Gold. His technical team has worked with him since the 1990s.

On permitting, the company reports good engagement with Oregon's DOGAMI and the US Forest Service. It has hired a retired 30-year Forest Service veteran as environmental and permitting manager. Tagliamonte expects the project to join the federal FAST-41 programme soon, but this has not been confirmed. The Forest Service approved the Angel's Camp exploration programme in April 2026, and work began this summer. QGold also holds the Mine Centre project in Ontario. Grab samples there returned up to 600 g/t gold, and channel assays are pending.

Key watch-items are the financing plan for the US$290 million build, progress on detailed engineering, any FAST-41 designation and Angel's Camp results. Skipping feasibility for phase one could save time. It also concentrates execution risk on the engineering team.

Learn more: https://www.cruxinvestor.com/companies/q-gold-resources-ltd

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