We Researched 217 Companies and Only One Stood Out
There are approximately 218 publicly traded gold, silver, copper, nickel, and/or zinc natural resource companies with market capitalizations between CAD $3–$10 million, listed on the TSX, TSXV, or CSE.
One of these companies is GSP Resource (TSXV: GSPR), which NIA introduced to subscribers on December 22nd at $0.10 per share (click here to read our initial report).
Over the weekend, NIA conducted a comprehensive review of the other 217 companies in this market-cap range to determine whether any are structurally comparable to GSPR.
Our findings were striking.
Only 24 of the 217 companies have an NI 43-101 mineral resource estimate.
Of those 24 companies, only 16 own 100% of their projects. The remaining 8 rely on option or earn-in agreements, which typically require significant future share issuance and capital commitments… meaning their fully diluted share counts and market capitalizations are likely to be substantially higher by the time full ownership is achieved.
Among the 16 companies that both own 100% of their projects and have NI 43-101 resources, only 5 have resources derived from reasonably recent technical reports filed between 2019 and 2025. The remaining 11 rely on older, effectively stale resource estimates from 2014–2018 or earlier, which would require significant capital and updated drilling to bring current.
The narrowing continues.
Of the 5 companies with 100% project ownership and relatively recent NI 43-101 resources, only 2 have conducted any meaningful drilling since establishing their resource estimates. Importantly, neither has reported successful step-out drilling outside their existing resource areas… meaning neither has yet demonstrated clear potential for meaningful resource expansion.
By contrast, GSP Resource (TSXV: GSPR) stands alone.
GSPR is the only publicly traded company in the CAD $3–$10 million market-cap range that:
- owns 100% of its project,
- has a recent NI 43-101 mineral resource, and
- has conducted post-resource drilling that returned high-grade intercepts outside the existing resource footprint, indicating potential for meaningful resource growth.
GSPR established its maiden NI 43-101 Mineral Resource Estimate for the Alwin Mine Project in late 2024 and subsequently completed step-out drilling. Notably, hole AM-24-06, drilled outside the current resource envelope, intersected 5.04 g/t gold and 1.01% copper over 7.90 meters, representing a new high-grade discovery with clear implications for future resource expansion.
Past performance is not an indicator of future returns. NIA is not an investment advisor. Always do your own research. NIA has received compensation from GSPR of US$60,000 cash for a six-month marketing contract. This message is for informational and educational purposes only.