Current Valuations = 2008 Financial Crisis Levels
Gold exploration stocks are currently trading at 2008 Financial Crisis valuations. Exclusive must-read NIA report!
NIA Alert
Gold Exploration Stocks at
2008 Crisis Valuations
MAJOR OPPORTUNITY ALERT
First Mining Gold (TSX: FF)
| NIA SuggestionJune 1st | 2026 HighJan 28th | Yesterday’sClose | |
|---|---|---|---|
| Share Price | $0.155 | $0.86 | $0.43 |
| Market Cap | US$122.34M | US$858.43M | US$433.22M |
| Per Oz (M+I+I) | US$10.15 | US$71.24 | US$35.95 |
| % of Gold Price | 0.3059%@ $3,318/oz | 1.3264%@ $5,371/oz | 0.8250%@ $4,358/oz |
Lahontan Gold (TSXV: LG)
| NIA SuggestionJuly 30th | 2026 HighMar 10th | Yesterday’sClose | |
|---|---|---|---|
| Share Price | $0.10 | $0.52 | $0.34 |
| Market Cap | US$20.68M | US$139.85M | US$99.96M |
| Per Oz (M+I+I) | US$10.60 | US$71.72 | US$51.26 |
| % of Gold Price | 0.3187%@ $3,326/oz | 1.3806%@ $5,195/oz | 1.1762%@ $4,358/oz |
Viva Gold (TSXV: VAU)
| NIA SuggestionAug 7th | 2026 HighJan 13th | Yesterday’sClose | |
|---|---|---|---|
| Share Price | $0.085 | $0.21 | $0.13 |
| Market Cap | US$9M | US$25.99M | US$16.3M |
| Per Oz (M+I+I) | US$15.33 | US$44.28 | US$27.77 |
| % of Gold Price | 0.455%@ $3,369/oz | 0.9655%@ $4,586/oz | 0.6374%@ $4,358/oz |
NIA Research — Sep 23rd
The Most Important Chart of 2025:
Historical Enterprise Value Benchmarks
NIA’s Most Important Chart of 2025 • Published September 23rd
2002–2007 • TSX Venture Bull Market Peak
North American gold exploration & development companies peaked at a median enterprise value per oz of gold resources equal to 10.02% of the gold price.
At today’s $4,358/oz gold = equivalent of US$436.67/oz
2008 • Global Financial Crisis Crash
Crashed to a median enterprise value per oz of gold resources equal to 0.93% of the gold price.
At today’s $4,358/oz gold = equivalent of US$40.53/oz
2009–2011 • Recovery
Rebounded to a median enterprise value per oz of gold resources equal to 7.82% of the gold price.
At today’s $4,358/oz gold = equivalent of US$340.79/oz
25-Year Long-Term Median
Almost every company remained below the long-term 25-year median enterprise value per oz equal to 2.77% of the gold price.
At today’s $4,358/oz gold = equivalent of US$120.72/oz
⚠ Market Warning
Current valuations for North American gold exploration & development companies are equivalent to 2008 Financial Crisis levels!
Why Are Valuations So Low?
Following NIA’s May 2016 suggestion of Bitcoin at $530 and March 2017 suggestion of Ethereum at $18.50, investors began to recklessly invest into every newly printed altcoin, meme coin, and worst of all… NFTs pushed by con artists like Gary Vee. With every “social media influencer” and “YouTuber” creating their own NFT rug pull — like the NELK Boys Full Send Metacard and Logan Paul’s Crypto Zoo — capital got diverted away from TSX Venture listed gold exploration & development companies. Investors were 100% convinced they would discover the next Bitcoin or Ethereum, causing gold exploration & development stocks to become the most hated in the entire market.
🚨 Breaking Acquisition Alert
Heliostar (TSXV: HSTR) Acquires
Goldstrike Project, Utah
|
Indicated Resource 975,000 oz grading 0.46 g/t |
|
Inferred Resource 90,000 oz grading 0.31 g/t |
|
Total Acquisition Price US$72.5M |
|
Price Per Oz US$68.08 = 1.54% of gold price |
★ THIS IS AN ABSOLUTE STEAL! ★
Never again in the future will it be possible to acquire North American gold development projects at a valuation of only US$68.08/oz of gold resources. This is absolute insanity!
💎 Hidden Gem — Antimony Upside
Perhaps the most exciting thing about Heliostar’s Goldstrike acquisition is that it contains an undrilled antimony prospect with rocks on the surface containing high-grade antimony!
NIA #1 Favorite Commodity • Antimony
NevGold (TSXV: NAU)
NevGold is about to establish its maiden antimony resource at Limo Butte in Nevada — making it only the second company to establish a current U.S. antimony resource.
Current U.S. Antimony Resource Holder
Perpetua Resources (TSX: PPTA)
CAD$4.29 Billion market cap
NevGold is about to become only the second company to establish a current U.S. antimony resource after PPTA!
Important Disclosures & Disclaimer
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA has received compensation from FF of US$100,000 cash for a twelve-month marketing contract and previously received US$50,000 cash for a six-month marketing contract which has since expired. NIA has received compensation from LG of US$50,000 cash for a six-month marketing contract. NIA’s President has purchased 200,000 shares of LG in the open market and intends to buy more shares. NIA’s President has purchased 100,000 shares of VAU and can buy or sell shares at any time. NIA has received compensation from HSTR of US$30,000 cash for a three-month marketing contract and previously received US$30,000 cash for a three-month marketing contract which has since expired. NIA has received compensation from NAU of US$100,000 cash for a twelve-month marketing contract. This message is for informational and educational purposes only and does not provide investment advice.