Company
SLAM Exploration Ltd. is a publicly listed resource company with a 40,000-hectare portfolio of mineral claim holdings in the mineral-rich province of New Brunswick. This portfolio is built around the Goodwin Copper Nickel Cobalt project in the Bathurst Mining Camp of New Brunswick. The Company has drilled 10 holes in the 2025 diamond drilling campaign on the Goodwin copper-nickel-cobalt project to demonstrate significant copper, nickel and cobalt intercepts that complemented 15 other diamond drill holes reported by the Company in 2024. These results and their asset portfolio was enough for me to share.
Mining Assets
- Goodwin has significant copper, nickel, and cobalt intercepts noted thus far, it remains their main target at the moment as they’d like to put far more holes into it.
- The Jake Lee project is located 25 kilometers southeast of the Clarence Stream gold deposit operated by Galway Metals Inc. in New Brunswick, Canada. Clarence Stream is host to a 12.4M tonne indicated resource of 922,000 ounces at a grade of 2.31 g/t gold plus an inferred resource of 16.1m tonnes with 1,334,000 ounces at a grade of 2.60 g/t gold. (Referenced by: “Updated Mineral Resource Statement, Clarence Stream Deposits, New Brunswick, Canada, by SLR Consulting (Canada) Ltd., March 31, 2022”).
- Menneval Gold — Located in northwestern New Brunswick, Menneval is one of SLAM’s core gold projects, home to the Maisie vein and a broader swarm of quartz veins across a soil-anomaly zone roughly 3,000m x 2,500m. Highlight drill intercepts include 162.5 g/t gold over 0.2 meters and 121.00 g/t gold over 0.31 meters, and a historic hole on the No. 18 vein returned an exceptionally high-grade 3,955 g/t gold over 0.1m. SLAM drilled two holes cutting multiple gold-bearing veins in 2024 and has since expanded soil sampling to trace the vein system further, though intervals remain narrow so far. They have yet to understand the full system.
- Mine Road — A 100%-owned, roughly 8,230-hectare zinc-lead-copper-silver project in the Bathurst Mining Camp, situated right next to the historic Heath Steele Mine. SLAM acquired it via option in September 2023 (closed later that month) and has since expanded it with additional staked claims; it hosts 7 VMS mineral occurrences, notably the Railroad Zone, where a historic hole intersected 14.51% zinc, 5.86% lead, 0.67% copper and 139.9 g/t silver over a 9-meter interval. It’s largely a “drill-ready” project built on historical data and untested geophysical targets rather than SLAM’s own new drilling to date.
- Harry Brook — SLAM’s newest addition, acquired by staking in January 2026, a gold-antimony project covering roughly 4,415 hectares near Antimony Resources Corp.’s Bald Hill antimony project in southern New Brunswick. It hosts a high-grade quartz float occurrence grading 1,320 g/t gold, a bedrock occurrence grading 0.965 g/t gold, and an antimony float occurrence grading 24.25% antimony. These key occurrences derive from older historical reports (1927 and 2005), meaning it’s an early-stage, largely unexplored target with no SLAM drilling reported there yet
Neighborhood is strong
Notwithstanding the above findings of their various projects, there is other historical output that is very promising.
BMC Mineral Resources with a Total Resource Estimate at 496.9 Mt
In the BMS No. 12 deposit, they mined 136M tonnes over 50 years at a grade of 8.74% Zn, 102.2 g/t Ag, 3.44% Pb
Heath Steele Mines is another company that mined 21M tonnes at 4.98% Zn, 0.36% Pb, 0.54% Cu, and 69.66 g/t Ag.
The Location is in strategic proximity to the Port of Belledune (15km), providing immediate global access should the company look to revamp past operations in the future, too.
Recent News
June 17, 2026 — Reported drilling over 30 meters of massive sulphide mineralization at Goodwin, including a 26.10m massive sulfide core interval, following up on VTEM survey targets.
June 1, 2026 — Used a new VTEM geophysical survey to generate copper-nickel-cobalt drill targets at Goodwin ahead of a planned 7,000-meter 2026 drilling program.
May 27, 2026 — Drilled quartz/quartz-calcite veining with pyrite, arsenopyrite and chalcopyrite mineralization in all 5 holes at the Jake Lee gold project.
April 29, 2026 — Hired a P.Geo Exploration Manager to expand its team
April 20, 2026 — Gained DTC eligibility, improving US investor access and settlement for its OTCQB-listed shares (SXLXF)
January 12, 2026 — Acquired the Harry Brook gold-antimony project (~4,415 hectares) by staking, featuring a high-grade quartz float sample grading 1,320 g/t gold and an antimony float grading 24.25% antimony (a critical mineral)
The Company has signed a contract for 7,000 meters of diamond drilling with Lantech Drilling Ltd. The Company has begun mobilizing the drill to the Goodwin copper-nickel-cobalt project since completion of the initial phase of drilling at Jake Lee.
Geology
Benjamin River is geologically analogous to “Kiruna-type” Iron-Oxide-Apatite deposits. These terrains are prized because it is common to find rare earth elements (REE) hosted within Apatite, which is often easier to process than complex silicates found in other deposits.
As it happens, the Benjamin River is loaded with materials–this much we know so far. Records from the New Brunswick Department of Natural Resources are impressive.
1. Rare Earths: Up to 11% TREO in localized zones, enriched in high-value Neodymium and Dysprosium.
2. Phosphate: Grades up to 18%. With global fertilizer demand rising, this provides a stable “floor” for project economics.
3. Iron: Grades up to 39%. The high magnetite content allows for low-cost magnetic separation.
The project is located in one of Canada’s most mining-friendly jurisdictions, and a province that is increasingly mining hot. New Brunswick offers a 15% refundable exploration tax credit and is currently prioritizing “Critical Minerals” for federal grants (these have been cut already).
SLAM Exploration Ltd. (TSXV: SXL) strikes gold at Jake Lee, NB with grab samples grading 18.50–75.90 g/t! Newly uncovered quartz veins and breccia zones show strong sulphide mineralization–in 2025
Income Situation
Non-operating income has been a genuine offset to losses. The company reported $0.48M in non-operating income for FY2026 and $0.19M in the trailing twelve months, versus operating losses of roughly $0.89M and $0.99M respectively. That non-operating income is largely explained by cash and share payments SLAM has received from partners who’ve optioned pieces of its property portfolio — cash and shares from Nine Mile Metals under the Wedge project agreement, and an option payment from Lode Gold Resources on the Ramsay gold project. For all intents and purposes, it would be safe to say that they do not have streams of income as a result of their mining moving forward.
Balance Sheet
It’s strong by being virtually debt free with enough cash and small amounts of revenue to support drill expansions
Assets have grown roughly 4x in two years — from $1.46M at FY2024 year-end to $3.78M at FY2026 year-end to $5.84M in the most recent trailing twelve months.
Cash position small but growing. Cash & short-term investments went from $0.12M (FY2024) to $0.51M (FY2026) to roughly $2.09M in the TTM period. This tracks with a string of financings, including an oversubscribed private placement that raised $2,072,750 in March 2026 (upsized from an original $1M target) and eligibility for OTCQB trading and DTC services that opened up US investor access in April 2026.
Total debt is just $0.03M (essentially lease obligations), against total liabilities of only $0.39M. That’s a very clean balance sheet for a junior miner — no term loans, no convertible debentures dragging on the equity story.
Big Picture
• Strategic HREE Source: North America is desperate for non-Chinese sources of Heavy REEs and creating massive government programs in effort to sustain their own source of these minerals.
• Infrastructure Ready: Compared to some Canadian stocks that are super high grade, but never have the legs to develop into a producing mine such remote projects in the Arctic or Labrador, Benjamin River is road-accessible and minutes from a deep-water port.
• Exploration Upside: Recent magnetic surveys show a 2,000m aeromagnetic trend that remains largely untested, suggesting the current 800m zone is only the “tip of the iceberg.”
Bullish
Multiple concurrent discoveries across a diversified commodity mix — active gold veins at Jake Lee and Menneval, copper-nickel-cobalt massive sulphide hits at Goodwin, plus antimony exposure at Harry Brook, reduces single-project/single-commodity risk and gives multiple catalysts through 2026.
Improving capital markets access and treasury — the recent oversubscribed $2.07M placement and DTC/OTCQB eligibility signal both investor demand and better US liquidity/visibility, funding an ambitious ~7,000m 2026 drill program.
Project-generator royalty income for some cash for buoyancy — SLAM already received cash and share payments from third parties on the Wedge and Ramsay projects and holds NSR royalties, giving it non-dilutive cash flow uncommon for a company this size
Thus far, SLAM received 300,000 shares plus $40,000 from Nine Mile Metals Inc. (NINE) in 2026 pursuant to the Wedge project agreement. $NINE is a company I am very fond of and I believe that this (Nine Mile Metals) could materialize into some great balance sheet support relative to their current assets at the moment.
People
John Dinan, P.Geo. for the position of Exploration Manager to beef up its exploration team in the search for copper, nickel, cobalt, antimony and gold in the mineral-rich province of New Brunswick. SLAM is a Canadian resource company with 11 projects in a 40,000 hectare portfolio of gold and critical minerals in New Brunswick, Canada.
Having worked across Canada, Mr. Dinan brings 2 decades of experience to our exploration team. He held the position of Senior Geologist with Teck Resources Limited and Syncrude Canada prior to moving back to New Brunswick to work with the New Brunswick Department of Natural Resources. He is a member of the Association of Professional Engineers and Geoscientists of New Brunswick (APEGNB).
Reality Check
We’re still looking at a sub 15M market cap company with a history of shareholder dilution (shares outstanding roughly doubled from FY2024 to the TTM period) to fund growth. Free cash flow has been consistently negative as they are around -$1M to -$1.7M cash burn, annually. Given no significant revenue in the near term, they will need to raise more capital with fantastic drill holes or investor presentations.
Classic micro-cap junior explorer risk — no revenue, no resource estimate, sub-C$12M market cap, and a share price that’s ranged 5x (C$0.03–0.15) over the past year; results depend entirely on continued equity financing (i.e., dilution risk).
Grades can be high but narrow/high-variance — some of the touted high-grade hits are very narrow (e.g., 162.5 g/t Au over just 0.2m). It’s worth reminding ourselves that several key occurrences are drawn from decades-old historical reports (1927, 2005), meaning headline grades may not translate into a scalable, mineable resource today.
No resource/economic study yet — despite years of drilling news, there’s no NI 43-101 resource estimate or economic study mentioned; the company remains firmly in the early-stage exploration/discovery phase, so a path to production (or takeout) is still speculative.
Closing
This is a company to put on your watchlist. It remains early days with no MRE completed to prove their deposit to be something more economically meaningful, a tiny market cap and a likelihood of having to finance their exploration as their shares and cash payments won’t cut it. It seems to me they have too many projects that could once again give life to production again. Higher commodity processes should help them, but to bring all 5 projects to fruition will cost too much capital (capital they simply don’t possess now) and cloud what investors are buying exactly.
With this said, they’re definitely in the right neighborhood with some impressive inferred findings (some VERY high grade in nearby), growing cash and assets on their books and a multi-commodity portfolio developing. Namely, the exposure to rare earth minerals and most recently antimony is in line with demand for critical minerals from Western sources.
My suggestion is to wait for the Mineral Resource Estimate to be released before jumping into this opportunity that has been mostly forgotten about, or at least is behind other opportunities that exist. Much more drilling must be conducted first.
I will return back to this company in time so make sure to follow me on Twitter (X), on Soapbox and Substack too for updates!
