Quimbaya Gold (CSE: QIM | OTCQX: QIMGF | FSE: K05)
TFIC Family Office hosted Quimbaya Gold Inc. for a private investor dinner in New York City on September 10, 2026. President and CEO Alexandre P. Boivin presented the company's roughly 73,000 hectare land position in Antioquia, Colombia, held outright and sitting immediately adjacent to Aris Mining's producing Segovia operations. The centrepiece is Tahami Center, a copper, molybdenum and gold porphyry corridor that four independent datasets agree on, confirmed on the ground by one of the sector's more experienced porphyry geologists, and now being drilled for the first time in its history. The company has no debt, owns all of its assets, and is testing a target of genuine scale at an enterprise value of roughly C$22 million. The first holes are in the lab.
Quimbaya Gold Inc. (CSE: QIM | OTCQX: QIMGF | FSE: K05)
Quimbaya Gold Inc. is a gold and copper exploration company incorporated in 2020 under the CBCA and continued into British Columbia on May 1, 2025, with its registered office in Burnaby and all operations conducted in Antioquia, Colombia through eight wholly owned Colombian subsidiaries. The company holds roughly 73,000 hectares across three project areas in and around the Segovia and Remedios gold district, all of it 100 percent owned, with no outstanding property payment obligations. The flagship ground sits immediately adjacent to Aris Mining's producing Segovia operations, one of the higher grade underground gold complexes in the Americas. Three targets carry the story. Tahami South hosts the gold and silver vein systems Vein S, with 1.6 kilometres of strike, and Vein V, with 2.2 kilometres, where a maiden 5,000 metre program returned mineralisation in eight of nine holes. Tahami Center hosts the copper, molybdenum and gold porphyry, a corridor mapped at 2.4 by 1.3 kilometres and extending to 3.1 by 1.3 kilometres on drone magnetics, which entered drilling for the first time in its history in late May 2026. Tahami Southeast is a new gold target defined in July 2026 from surface grab samples grading up to 59.4 g/t gold, undrilled to date. Beyond the Tahami block, the company holds Berrio, a non core asset now under option to a third party, and Maitamac, roughly 30,570 hectares across nine applications carrying a 2 percent NSR to AngloGold Ashanti. As at June 30, 2026 Quimbaya reported 83,355,786 basic shares outstanding, C$7,360,738 in cash, C$7,931,423 in working capital and zero debt. The company is pre-resource. No NI 43-101 mineral resource has been filed on any asset.
Market Focus
Colombia sits on the northern extension of the Andean porphyry and epithermal belts, and Antioquia in particular has produced gold continuously for centuries while remaining substantially underexplored by modern methods. The Segovia and Remedios district is the clearest illustration. It has been mined by artisanal and formal operators for generations, and Aris Mining continues to produce there at head grades above 10 g/t gold, yet the ground surrounding the producing mines has seen comparatively little systematic drilling. That gap between historical production and modern exploration coverage is the structural reason a junior can assemble a district scale position adjacent to an operating mine at all.
The second thread is copper. Porphyry systems supply the large majority of global copper, they take a decade or more to move from discovery to production, and the discovery rate for new large systems has been falling for years while demand from electrification and grid buildout runs the other way. A genuinely untested porphyry target, in a jurisdiction with established mining law and infrastructure, sitting beside a producing gold operation, is a scarce thing. It is also an expensive thing to test, which is why most of them stay untested.
The relevant context for Quimbaya is therefore not the gold price on any given day. It is that the company is drilling a porphyry target for the first time in its history, at an enterprise value of roughly C$22 million, in a district where a major producer is already operating.
Platform and Strategy
Management has described a strategy resting on four pillars.
District scale consolidation. Roughly 73,000 hectares assembled in and around Segovia and Remedios, held outright, with no earn in structures on the core Tahami block.
Test the porphyry first. Capital is directed at Tahami Center ahead of further vein work, on the view that a porphyry discovery re-rates the company in a way incremental vein metres cannot.
Surface work before steel. Drone magnetics, radiometrics, soil geochemistry and channel sampling were used to define the Tahami Center corridor before the first hole was collared, and the same sequence produced the Tahami Southeast target in July 2026.
Non core divestment rather than dilution. The Berrio option, signed in August 2026, moves a non core asset off the balance sheet for consideration rather than selling equity to fund it.
Asset Base and Development
Tahami South. Gold and silver vein systems. Vein S, 1.6 km of strike; Vein V, 2.2 km. Maiden 5,000 metre program complete, with mineralisation intersected in eight of nine holes. Best reported intercepts include 1.0 m at 9.8 g/t gold equivalent and 0.9 m at 9.0 g/t gold equivalent. Both are sub metre widths and both are silver weighted, with the first carrying 0.77 g/t gold and 528 g/t silver and the second 2.57 g/t gold and 378 g/t silver.
Tahami Center. The copper, molybdenum and gold porphyry. Mapped at 2.4 by 1.3 kilometres, extending to 3.1 by 1.3 kilometres on magnetics. Four independent datasets converge on the same corridor. Dr. Stewart Redwood, a porphyry specialist with four decades in the field, walked the ground in November 2025 and confirmed complete alteration zonation from a potassic core through a phyllic envelope to an advanced argillic lithocap. First ever drilling commenced late May 2026.
Tahami Southeast. Defined July 2026 from grab samples grading up to 59.4 g/t gold. Surface only, undrilled.
Berrio. Non core. Under option to 37 Capital for up to US$3.75 million in cash and shares, with Quimbaya retaining approximately 19.9 percent of the purchaser.
Maitamac. Approximately 30,570 hectares across nine applications, carrying a 2 percent NSR to AngloGold Ashanti.
Operational Advancement
November 2025. Independent site visit by Dr. Stewart Redwood. Alteration zonation at Tahami Center confirmed.
January 14, 2026. Most recent drill assay release to date.
February 2026. Initial program guidance of approximately 15,000 metres.
May 1, 2025 to mid 2026. Continuation into British Columbia completed; Colombian subsidiary structure consolidated to eight entities.
Late May 2026. First ever drilling commences at Tahami Center.
June 23, 2026. Dr. Mark Cruise, formerly of Anglo American and a past public company chief executive, joins the board.
July 2026. Tahami Southeast defined from surface sampling, grab samples to 59.4 g/t gold.
August 18, 2026. Berrio option agreement signed.
August 31, 2026. Q2 2026 interim financial statements and MD&A filed.
Exploration and Growth Pipeline
The near term pipeline is narrow by design. The first assay batch from Tahami Center is the event that matters, and nothing else in the portfolio changes the company's valuation in the same way. Behind it sit the undrilled Tahami Southeast target, which has surface grades high enough to justify a program but no drilling behind it yet, and the balance of the Tahami South vein systems, where the maiden program established continuity across two structures but at widths that will need to improve materially to compete with what is being mined next door.
The Berrio option is the one non drilling item with defined milestones. It is structured as consideration in cash and shares up to US$3.75 million with a retained interest in the purchaser, which makes it a non dilutive source of value if the milestones are met, and a reminder that a junior with one funded priority has to find a home for everything else.
Partnerships and Strategic Positioning
The adjacency to Aris Mining's Segovia operations is geographic, not contractual. There is no agreement between the two companies. What the adjacency provides is a demonstrated mineralised district, established infrastructure, an experienced regional workforce, and a nearby operator for whom incremental feed has obvious value. Those are real advantages for an explorer and they are not the same thing as a partnership, and readers should hold the distinction.
On the corporate side, the AngloGold Ashanti royalty on Maitamac is the only major company interest attached to the portfolio, and it sits on the non core end of the asset base rather than on the flagship. Notably, the Tahami South royalty carries no buyback, while the other royalties across the portfolio carry buyback provisions at roughly US$1 to US$2 million per point.
Leadership and Capital Strategy
Alexandre P. Boivin is President, Chief Executive Officer and founder, and holds approximately 17 percent of the company. Olivier Berthiaume is Chief Financial Officer. Sebastian Wahl is Vice President, Corporate Development and a director, and co-founded Silver X Mining. Ricardo Sierra is Vice President, Exploration. Pietro JL Solari and Dr. Mark Cruise round out the board, Cruise having joined in June 2026 from a background at Anglo American and a prior public company chief executive role. Directors hold approximately 23 percent combined. MNP LLP in Calgary is the auditor.
The capital structure rewards a close read. Against 83,355,786 basic shares, the company carries 35,037,816 warrants at a weighted average exercise price of C$0.66, with an option and RSU stack bringing fully diluted shares to roughly 130 million. At the C$0.33 level the stock traded at in early September, the entire warrant book sits above the market, which means there is no near term selling overhang from exercise. It also means the roughly 10.9 million warrants struck at C$0.40 and expiring between December 2026 and March 2027, about C$4.4 million of potential proceeds, convert into treasury only on a sustained move higher. A successful drill result does double duty here: it re-rates the equity and it brings that money in the door.
On funding, the company reported C$7,360,738 in cash and C$7,931,423 in working capital at June 30, 2026, against no debt, with operating cash use of C$4,900,893 in the half as the drill program ramped. Management has said the current campaign is covered. The Q2 MD&A filed August 31, 2026 notes that liquidity through June 2027 contemplates access to the public equity markets, which is the ordinary position for a pre revenue explorer and a reasonable frame for how investors should think about timing: the assay results matter to the funding path as much as to the valuation. Notably, a meaningful portion of the maiden drilling was settled in equity rather than cash, through 3,994,934 units at C$0.30 with an attached C$0.40 warrant, which is why the cash drilling line for the half was only C$127,224. Cash was preserved for the porphyry.
On the credit side of the ledger, investor relations and shareholder communications spending fell from C$415,750 in the first half of 2025 to C$288,428 in the first half of 2026, with marketing effectively at zero. The promotional spending disclosed in September 2025 has genuinely rolled off.
Risks
The risks here are the ordinary risks of exploration, and they should be understood rather than discounted. Quimbaya is pre-resource: there is no NI 43-101 resource, no ounce count and no grade tonnage curve on any asset, so the enterprise value rests on a land package and a geological thesis until drilling says otherwise. The porphyry is untested, and a first pass into any new system can return alteration without economic grade. The vein results to date are narrow and silver weighted, a different asset than the grades being mined next door. Trading liquidity is thin across both the CSE and OTCQX listings, which constrains position sizing and makes the shares move on modest volume in either direction. And as with any pre revenue explorer, continued exploration beyond the current program will require access to capital. None of this is unusual for the stage. It is the reason the position size should be set to the binary rather than to the story.
Near Term Catalysts
First assay results from the Tahami Center porphyry. The single determinant of the company's valuation. Drilling began late May 2026 and the first batch has not printed.
A filed cash position after the drilling to date. The next interim financials will show what the program has consumed and what remains.
Berrio option milestones under the 37 Capital agreement signed August 18, 2026.
Any drill program at Tahami Southeast, which currently has surface grades to 59.4 g/t gold and no holes behind them.
The December 2026 to March 2027 warrant expiries, roughly 10.9 million at C$0.40, which resolve either into proceeds or into a cleaner share count.
Conclusion
Quimbaya Gold is a single question company, and it is worth being explicit about which question. The question is whether Tahami Center is a real, large, drillable copper, molybdenum and gold porphyry. Four independent datasets and a forty year porphyry specialist who walked the ground say the alteration architecture is there, complete from potassic core to lithocap. The drill is answering the rest of it now.
Against its peer set the company screens well on the things that are hard to manufacture. A district scale position of 73,000 hectares, held outright with no earn in obligations, next to a producing mine. A balance sheet with no debt. Insider ownership of roughly 17 percent for the chief executive and 23 percent for the board combined, which is high for a junior and means management is exposed to the same outcome as the shareholder. A board strengthened in June by a former Anglo American geologist and public company chief executive. Promotional spending that has genuinely rolled off, from C$415,750 to C$288,428 half on half with marketing effectively at zero. And a first ever drill test of a porphyry target of real scale, being conducted while the market capitalisation sits at roughly C$27.5 million.
That last point is the whole of it. The company is being valued at close to the cost of assembling the land, while the asset that would justify a different number is in the lab. A meaningful intercept at this market capitalisation makes it a different company. A disappointing one resets the story to the value of the ground, which is not zero. That is an asymmetry, and asymmetries of this shape do not stay available for long once the results are public.
For investors working in this part of the market, the discipline is the familiar one: size to the binary rather than to the narrative, and read the filings alongside the presentation. Quimbaya's disclosure record is complete and unusually easy to work with, which is not always the case at this end of the market. What it has not yet published is the number that decides the outcome, and that number is close.
This article was prepared by TFIC Family Office following its private investor dinner with Quimbaya Gold Inc. in New York City on September 10, 2026. All financial and operational figures are drawn from the company's filings on SEDAR+ and its public news releases. No figures in this article are sourced from marketing materials or from statements made at the event.
