Quimbaya Gold (QIM.C) is a Colombia-focused exploration company in the Segovia district in Antioquia. Segovia is known for its high-grade gold vein systems (which is also the main reason why Quimbaya entered the district) but the story changed completely when it discovered a porphyry system (copper-molybdenum-gold) within walking distance from its high-grade veins.
That changed the picture completely as suddenly Quimbaya Gold has two irons in the fire. Two meaningful irons, which will both be drilled this year with the porphyry target being prepared for its maiden drill program in the second quarter of this year.
Add the fact that Quimbaya has approximately C$11M in cash on the bank (which allows it to pursue its drill targets more aggressively, focusing on efficiency and targeting rather than being constrained by a budget that’s too tight) and 2026 could be very interesting for this company. CEO Alexandre P. Boivin appears to be genuinely interested in ensuring the company advances on both fronts, and this should mean we will see the company being very active in 2026.
Earlier this week, Quimbaya also announced the appointment of Mark Cruise as technical advisor to the company. Cruise is the former CEO of Trevali Mining and has plenty of experience in the base metals sector. And it’s not the high-grade gold veins but the porphyry target that attracted him to take up the role as technical advisor. 2026 will be an important year for the porphyry discovery, and hopefully the initial encouraging data can be confirmed.
Successfully intersecting the Aris veins onto its own property
Earlier this quarter, Quimbaya Gold released the assay results from a twelve hole drill program completed on Tahami South. This initial drill program consisted of 12 holes, for a total of 5,569 meters, and the company has published the results of the four best holes so far. According to the company, eight holes confirmed the presence and continuity of the targeted vein structures at depth and along strike, and although not all holes intersected very high-grade mineralization, the data from the initial twelve holes will go a long way to plan a follow-up drill program at Tahami South.
The intersected veins were relatively narrow (as expected, as this is the same vein system Aris Mining (ARIS.TO, ARIS) is currently producing from, on the other side of the claim borders where rock from its four mines is processed at a central processing plant), but the grades are very robust, with the highlights shown below.
The assay results allowed the company to divide the system in two separate vein systems. The Vein S structure is a NNE/SSW vein structure with dominant silver mineralization. Therefore, it’s not surprising to see hole TSDH_007, which encountered the highest silver grades in the twelve hole program, was drilled into this structure.
The second vein system that was identified in the maiden drill program is the V Vein which runs from the southwest to the northeast and carries a more polymetallic signature.
Ricardo Sierra, the company’s VP Exploration, also sounded upbeat about the silver values. In the Segovia district vein systems, silver is often considered a pathfinder element for gold mineralization. Silver and base metals form a halo around the zones that carry higher gold grades.
The exploration plans for 2026
The company recently also released an update on its almost 25,000 hectare Tahami project in Colombia’s Segovia Gold District. The company plans to advance the asset using a three-pronged approach, highlighted in the bullet points here below.
Although the company has been successful in encountering the mineralized zone that Aris Mining is mining across the property boundary, we are very interested in seeing the more details on the copper porphyry target at Tahami Center. Past exploration programs have outlined a 2000 by 1400 meter mineralized footprint at surface with copper, molybdenum and gold as primary metals.
With 15,000 meters of drilling planned for 2026, which will include a first-ever drill program on the porphyry zone, Quimbaya is gearing up for a very active year. By the end of 2026, the company should have a much better understanding of where it stands. And fortunately there is no financial pressure: Quimbaya Gold currently has approximately C$11M in cash on its balance sheet, which should be more than sufficient to cover the planned 15,000 meters of drilling.
& Upcoming Catalysts
What caught our attention: the porphyry target
While chasing a high-grade gold system is interesting, our initial interest in Quimbaya Gold is not related to the vein system at Tahami South but by the discovery of a porphyry-style target at Tahami Center.
While large open pit type deposits are currently frowned upon in Colombia, the current left-wing president is finishing up the final year of his sole term (presidents cannot get re-elected for a second term in Colombia), and perhaps a new political wind will change the perception for large open pits. So while we can’t really describe any value to an early stage porphyry project, it is an interesting target. Additionally, this porphyry-type footprint is located less than 3 kilometers from Tahami South, which makes it easy to continue to advance the asset on two fronts.
The company initially announced the discovery at the beginning of Q4 2025 as it announces a 2,000 by 1,400 meter footprint that contained all the characteristics of a porphyry target (as the bullet points below show). Add the presence of multiple artisanal gold workings (confirming the presence of gold mineralization close to surface), and it’s understandable why the company’s technical team got excited.
This interpretation was subsequently confirmed by Dr Stewart Redwood, an economic geologist with in excess of four decades of experience with porphyry copper systems across South America. Redwood confirmed the 2,000 meter by 1,400 meter initial footprint (this footprint was recently expanded, see later), claiming it ‘exhibits complete alteration zonation from potassic core through phyllic envelope to advanced argillic lithocap – the classic textbook porphyry model’.
Redwood also mentioned this discovery changes the picture of the Segovia district in Colombia, which until now was only known for its high-grade gold veins rather than porphyry targets. And that’s important, as this means Quimbaya now has two genuine yet completely different exploration and drill targets at Tahami.
As mentioned before, the total footprint of the porphyry target was recently expanded to 3,100 meters by 1,300 meters, with a dominant northwest-southeast orientation. This updated interpretation comes on the back of drone-based magnetic and radiometric surveys that covered approximately 800 hectares of the concession.
The company is currently working on the completion and interpretation of a soil, rock and stream sediment geochemical program. Those activities should be completed later this month, which means Quimbaya Gold remains on track to get a maiden drill program underway in the second quarter of this year. The locations for the drilling pads will be determined based on the interpretation of the aforementioned geochemical program.
As shown above, the geochemical survey indicates the presence of a large and coherent subsurface magnetic system that, as per CEO Boivin, aligns with the mapped surface mineralization and alteration.
So we should definitely see a drill program this year at Tahami Center and although we shouldn’t expect miracles, we are hoping for at least a technical success.
Quimbaya Gold is cashed up
One of the worst things that could happen to a non-revenue exploration company is to not take advantage of a financing window. It’s pretty common to see CEO’s think they can always raise money at higher prices and ‘the stock has more room to run’. But in the end, the exploration sector remains a sector with an uncertain outcome and we are firm believers of ‘taking the money when it’s available to you (at reasonable terms)’.
That’s exactly what Quimbaya Gold did in November. The company closed a C$14.4M bought deal financing priced at C$0.70 per unit with each unit consisting of one common share and half a warrant. Each full warrant allows the warrant holder to purchase an additional share of Quimbaya at C$1.00 during a 36 month period.
The timing of this financing was spot on. And not only was the company able to raise the cash after its share price doubled (mind you, this was before the gold price really started to run), it also raised a meaningful amount. C$3M would have kept the lights on, C$7M would have allowed for meaningful exploration, but by raising C$14.4M (with C$13.6M in net proceeds), Quimbaya is [more than] fully funded for all of its plans for this year.
There are currently 83.4M shares outstanding, resulting in a market capitalization of C$27.5M. But with approximately C$11M in cash, roughly 40% of the company’s market capitalization is currently backed by cash. We are of course assuming the cash will be spent on drilling further down the road, but it also means that right now, the value of the exploration assets is just under C$20M.
And with some drill success, some of the warrants shown below may end up in the money. The 11.5M C$0.40 warrants expiring between December 2026 and February/March 2027 have the best odds of expiring in the money, which would result in a C$4.4M cash inflow into the treasury. While we are not banking on this to happen, it could provide a somewhat continuous cash inflow to keep the treasury at an acceptable level.
But the bottom line is of course that Quimbaya Gold is fully funded for its planned activities this year.
Management
Alexandre P. Boivin – CEO & Director
- Over a decade of specialized experience in Colombian mining and corporate finance, with a proven track record of raising more than $15 million.
- Founded Quimbaya Gold in 2020, assembling a high-quality portfolio of assets, an experienced team, and strong partners.
Sebastian Wahl – VP Corporate Development & Director
- 15+ years in metals trading and capital markets; co-founded Silver X Mining, growing it from exploration to silver production in Peru.
- Key executive in Latin American precious metals projects raising over $20 million, building strategic networks across European and North American mining finance communities.
Ricardo Sierra – VP Exploration
- Over 20 years of geological experience in South America and Caribbean, with extensive work in Colombia for companies including Anglo American, Continental Gold, and Collective Mining.
- Served as Exploration Superintendent for Continental Gold’s Buriticá Project, a multi-million-ounce gold deposit acquired for CA$1.9 billion by Zijin.
Conclusion
Quimbaya Gold will be advancing the Greater Tahami District on two fronts this year. While the company will continue to work on its high-grade gold vein system, it will also drill its porphyry target at Tahami Center, located just three kilometers north from the Tahami South vein system.
We are looking forward to seeing the porphyry target being drilled, as that would put the spotlight on the Segovia mining district, a district that’s currently only known for its high-grade gold systems. Additionally, a changing political wind in Colombia could make open pit type projects more appealing
With approximately C$11M in cash on the bank, Quimbaya is well-capitalized. And while there are never any guarantees in exploration stories, it’s good to see Quimbaya can advance two exploration targets at the same time while being able to tackle these targets with plenty of firepower.
Disclosure: The author has no position in Quimbaya Gold. Quimbaya is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read our full disclosure.