Blue Jay Gold (TSXV: JAY | OTCQB: JAYGF | FSE: JAY)
TFIC Family Office hosted Blue Jay Gold Corp. for a private investor lunch in New York City on October 14, 2026, the company’s second presentation to our network and its first since listing on the TSX Venture Exchange in June. The company owns 100% of the Steller Gold Project in southern Yukon, a 170 square kilometre land package roughly an hour from Whitehorse on an all-weather road, and it acquired the core of that package from Tincorp Metals for stated consideration of C$575,000 in shares, deferred payment and warrants. What that bought was not a greenfield claim block. It was a past-producing mine with a 270 tonne per day mill, a 50-person camp, a workshop and more than 7.5 kilometres of underground workings still on site, royalty-free. Mount Skukum produced approximately 80,000 ounces of gold at around 13 grams per tonne between 1986 and 1988, which is the kind of grade that tells you what the system is capable of before a single modern hole is collared. A P&E Mining Consultants resource estimate effective October 31, 2025 puts Steller at 400,000 ounces AuEq indicated at 9.06 g/t and 450,000 ounces AuEq inferred at 6.45 g/t. Blue Jay is a 2025 spin-out of Riverside Resources, it listed on the TSXV on June 4, 2026, added an OTCQB listing in August, and had drills turning at Steller inside a week of going public. At roughly C$38 million of market capitalisation against 47.6 million shares outstanding, the company is being valued at something close to C$45 per contained equivalent ounce, before any of this year’s drilling is counted and before the antimony work is counted at all.
Market Focus
Two commodity stories run through this company and they do not usually run through the same one.
The first is high-grade gold in a tier-one jurisdiction. The Yukon has the geology, the road access in the southern belt, and a permitting path that is slow but navigable. What it does not have much of is grade at this level inside an existing mine envelope. Most Yukon gold stories are large, low-grade and remote; Steller is small-footprint, high-grade and an hour from a city with an airport.
The second is antimony, and the reason it matters is not metallurgy. Antimony is on the United States and Canadian critical minerals lists, Western supply is close to non-existent, and the price environment of the last two years has been driven by export restrictions rather than by demand growth. A junior gold company with a stibnite occurrence on its own ground is suddenly holding something a government procurement office cares about. That optionality is not in the resource estimate and is not in the valuation.
Platform and Strategy
The strategy is unusually legible for a junior, and rests on three things.
One, buy the infrastructure rather than build it. The acquisition cost of Steller is a rounding error against what the mill, camp and underground development would cost to replicate. The company did not pay for ounces in the ground; it paid for a head start, and the ounces came with it.
Two, drill the grade that is already proven to exist. The 2026 programme is not a conceptual hunt across 170 square kilometres. It is targeted at Skukum Creek and Mount Skukum, where mineralisation is known, where there is historical production, and where the company can test continuity rather than existence.
Three, convert the antimony occurrence into something with a buyer attached. Blue Jay is not stopping at an assay. It has produced concentrate and sent it to processors to be turned into finished metal. That is a deliberately different move from the usual critical-minerals press release.
Asset Base and Development
Steller Gold Project, southern Yukon. 100% owned, royalty-free, approximately 170 km², roughly one hour from Whitehorse on an all-weather road.
Mineral resource. P&E Mining Consultants, effective October 31, 2025: 400,000 oz AuEq indicated at 9.06 g/t AuEq, and 450,000 oz AuEq inferred at 6.45 g/t AuEq. Reported at a 3.0 g/t AuEq cut-off using US$2,850/oz gold, US$34.20/oz silver and an 85.6:1 gold-to-silver ratio.
Existing infrastructure. A 270 tonne per day mill, a 50-person camp, a workshop, and more than 7.5 kilometres of underground workings.
Historical production. Mount Skukum produced approximately 80,000 ounces of gold at approximately 13 g/t between 1986 and 1988.
Becker-Cochran antimony occurrence. On the Steller package, a stibnite-bearing vein system documented in the historical record since the 1960s and not included in the current resource estimate.
Ontario portfolio. The Pichette-Clist, Oakes and Duc properties in northwestern Ontario, near the Greenstone gold mine. Secondary to Steller and not the subject of current spending.
Operational Advancement
Blue Jay listed on June 4, 2026 and began drilling at Steller on June 11, which is a faster turn from listing to rig than most newly public juniors manage.
The first assays landed on September 14, 2026 and they were good. Hole SC-26-003 returned 14.0 metres of 6.15 g/t gold and 124 g/t silver from 495 metres, including 10.5 metres of 7.84 g/t gold and 154 g/t silver, and within that a core interval of 4.40 metres at 12.00 g/t gold and 258 g/t silver. On an equivalent basis the included interval runs above 10 g/t AuEq. The hole sits approximately 32 metres down-plunge of SC-21-027, drilled in 2021, which returned 14.8 metres of 5.79 g/t gold and 100.9 g/t silver. The significance is continuity. A single high-grade hole is a result; a high-grade hole that repeats a previous high-grade hole down-plunge, at similar width and similar tenor, is the beginning of a mineable shape.
The same release reported SC-26-001 at 4.33 metres of 4.63 g/t gold and 74 g/t silver, and, at Mount Skukum, MS-26-001 at 0.50 metres of 57.40 g/t gold. One hole, SC-26-004, deviated from plan and failed to reach its target; the company intends to re-drill it. Five holes and roughly 200 samples have been reported. Assays on further completed holes are pending and drilling is ongoing.
Two technical details are worth noting because they speak to how the company works rather than to any single result. Blue Jay has put approximately 18,000 metres of archived core through hyperspectral logging, which is a cheap way to extract new structural information from drilling someone else already paid for. And it is using oriented core at the property for the first time, which is what makes down-plunge geometry resolvable rather than inferred.
Exploration and Growth Pipeline
The antimony work is the part of this company that has moved fastest. On September 21, 2026 Blue Jay reported flotation results on a composite of more than 400 kilograms of stibnite-bearing material collected from a single trench at Becker-Cochran and tested at ALS Metallurgy in Kamloops. The bulk concentrate graded 66.9% antimony at 93.9% recovery, with a cleaner concentrate at 65.9% antimony and 94.7% recovery. For scale, pure stibnite is approximately 71.7% antimony, so the concentrate is close to the theoretical ceiling, from a conventional flowsheet using standard reagents.
The company then did the thing that distinguishes this from a metallurgical press release: it sent approximately 50 kilograms of that concentrate to three North American processing groups, each using a different approach, to be converted into finished antimony metal products. First products are expected within weeks. The company is explicit that this is not an offtake arrangement and not a commercial negotiation. It is a demonstration that the material can reach a saleable form in a Western supply chain, which is the question an end user actually asks.
A ten-hole drill programme at Becker-Cochran, announced on August 31, 2026, is testing the down-dip continuation of the mineralised shear zone. If it establishes continuity at depth, the company moves to variability and locked-cycle testing on drill core composites. Gold-focused drilling at Steller continues, with results expected to run into 2027.
Partnerships and Strategic Positioning
The three processing groups now holding Blue Jay concentrate are unnamed, and the company states that they are seeking long-term supply access. Nothing is signed. But the structure of the arrangement is the point: rather than negotiating from a resource statement, Blue Jay will be negotiating from a finished product in a counterparty’s hands. For a company of this size, that is a materially stronger starting position, and it is the kind of step that tends to precede a strategic investor rather than follow one.
The Riverside Resources lineage also matters. A spin-out arrives with a technical team, a data room and a board that has already worked together, which is not what a newly incorporated shell brings to a property of this complexity.
Leadership and Capital Strategy
Geordie Mark is Chief Executive Officer. Freeman Smith is VP Exploration, Rob Scott is Chief Financial Officer and a director, and Scott Hicks is Chairman. At the annual general meeting held on October 15, 2026 shareholders fixed the board at five and elected Geordie Mark, John-Mark Staude, Colin Healey, Scott Hicks and Ashley Kates, with Ashley Kates joining for the first time. Davidson & Company LLP was appointed auditor and an omnibus equity incentive plan was ratified.
On capital, the company raised C$14.7 million during 2026, with Beacon Securities leading the financing around the listing. There were 47,583,734 common shares outstanding as of the August 31, 2026 record date, against a fully diluted count of approximately 67.8 million, and the company reports a treasury of approximately C$12 million. That is a tight share count for a junior holding 850,000 equivalent ounces and an operating-scale mill. It also means the current programme is funded without a near-term raise, which is the condition under which drill results are allowed to matter.
Risks
The best hole of the season was drilled between 495 and 509 metres. High-grade at depth is still high-grade, but it is not the same proposition as high-grade at the portal, and investors treating the standing mill as a short path to production should be clear that the 2026 drilling is not, so far, defining ounces where the old workings already reach. The mill itself has been idle since the 1980s and the company is explicit that existing infrastructure does not establish restart readiness; refurbishment capital, permitting and a modern study all sit between here and any restart. On the resource, more than half the 850,000 equivalent ounces are in the inferred category, which carries no demonstrated economic viability and will require infill before it carries weight in a study.
The antimony result deserves the same discipline that makes it exciting. It is a single flotation test on a single trench composite, no variability work has been done, mineral deportment studies are incomplete, and a concentrate aliquot carried mercury at up to 1,100 ppm, which is a real impurity question for a smelter. Antimony at Becker-Cochran is not in the mineral resource estimate, there is no offtake, and the company itself cautions that historical 1965 results should not be relied upon.
Beyond the asset: the Yukon field season is short and the drill window closes; permitting in the territory is workable but not fast; trading liquidity on all three listings is thin, so position sizing matters more than conviction; and the stock has spent its post-listing life in a band of roughly C$0.61 to C$1.00 while the drill has been turning, which tells you the market has not yet underwritten the thesis. Approximately 20 million shares of dilutive paper sit between the outstanding and fully diluted counts. A treasury of C$12 million funds exploration, not a mine.
Near Term Catalysts
Pending gold assays. Further completed holes at Skukum Creek and Mount Skukum are at the lab, with drilling ongoing and results running into 2027.
First finished antimony metal. Three North American processors are converting Blue Jay concentrate into finished product, with first results expected within weeks of the September 21 announcement.
Becker-Cochran drill results. Assays from the ten-hole programme announced August 31, testing down-dip continuity of the antimony-bearing shear zone.
Rainbow zone extension. Follow-up holes designed to test further down-plunge and along strike of SC-26-003, plus the re-drill of the deviated SC-26-004.
Resource update. An estimate incorporating the 2026 programme, which is the mechanism by which this year’s drilling reaches the valuation.
Conclusion
Blue Jay Gold is a company that bought its way past the expensive, slow part of a mining story and is now spending its money on the part that creates value. The infrastructure at Steller is real, it is paid for, and it was acquired for a sum that would not fund two months of drilling. The grade is real and has been produced from before. The first modern hole into the Rainbow zone repeated a 2021 intercept 32 metres down-plunge at better tenor, which is the specific thing a continuity thesis needs.
Against roughly C$38 million of market capitalisation, with 47.6 million shares out, C$12 million in treasury and no near-term financing requirement, the market is paying something in the order of C$45 per contained equivalent ounce and assigning nothing to an antimony occurrence that has already produced a 67% concentrate and is being walked through to finished metal by three processors. The stock has not moved while all of this has happened, which is either the market’s judgment or the opportunity.
What resolves it is not a narrative. It is the assays currently at the lab, the first antimony metal out of those three processors, and a resource update that puts the 2026 drilling on the page. All three land inside the next two quarters.
TFIC Family Office hosted Blue Jay Gold Corp. (TSXV: JAY | OTCQB: JAYGF | FSE: JAY) for a private investor lunch in New York City on October 14, 2026. The company owns 100% of the Steller Gold Project in southern Yukon, a past-producing, road-accessible gold-silver system acquired with its mill, camp and underground workings intact, carrying 400,000 ounces AuEq indicated at 9.06 g/t and 450,000 ounces AuEq inferred at 6.45 g/t. Its first modern drill results extended high-grade mineralisation down-plunge at Skukum Creek, and metallurgical work on the Becker-Cochran antimony occurrence has produced a 66.9% antimony concentrate now with three North American processors for conversion to finished metal.
This article was prepared by TFIC Family Office following its private investor lunch with Blue Jay Gold Corp. All financial, resource and operational figures are drawn from the company’s SEDAR+ filings and public news releases, not from marketing materials or statements made at the event. TFIC Family Office is not a registered investment adviser and nothing here is a recommendation to buy or sell any security. Readers should conduct their own due diligence.
