Inventus Mining Corp. TSXV: IVS / OTC: GNGXF
Introduction
Inventus Mining is a Canadian gold explorer and developer focused on the Pardo “River of Gold” Project, approximately 65 km northeast of Sudbury, Ontario. Pardo is a shallow paleoplacer system, gold occurs in laterally extensive conglomerate and sandstone layers rather than a conventional steep vein. Inventus also owns the Sudbury 2.0 critical-minerals exploration project and has agreed to acquire the past-producing Golden Rose gold mine, 14 km from Pardo. The Golden Rose acquisition was still subject to TSX Venture Exchange acceptance in the announcement reviewed for this draft; it should not yet be described as a completed acquisition.
The investment case rests on converting Pardo’s drilling and bulk-sample results into a current mineral resource and, eventually, a permitted direct-shipping-ore operation. Inventus has already processed 20,480 tonnes through successive Pardo bulk-sample programs and recovered 1,549 oz of gold. Its most recently reported Trench 1 campaign processed 9,842 dry tonnes, recovered 564 oz, and generated C$3.49 million in gold sales. These results provide unusually useful operating evidence for a junior explorer, although bulk sampling is not the same as sustained commercial production.
The central uncertainty is scale and repeatability. Pardo does not yet have a published current mineral resource, reserve, PEA, PFS, mine-life estimate, initial capital estimate, AISC, NPV, or IRR. SRK Consulting is preparing a maiden resource estimate, which Inventus targets for Q4 2026. The September 23 drilling release also identified broader, lower-grade mineralization across four stacked layers, but its economic contribution remains to be demonstrated.
Projects / Location / MRE / Grades
Project 1: Pardo “River of Gold” Project, Ontario – Flagship Near-Surface Gold Asset
Pardo is Inventus’s principal asset and is 100% owned. It benefits from year-round road access and proximity to Sudbury’s mining workforce and services. Inventus describes a generally flat-lying gold-bearing conglomerate reef, with the higher-grade, near-surface part of the Main Layer forming the basis of its proposed direct-shipping-ore, or DSO, strategy. Under that approach, selected material would be mined and shipped to an existing mill rather than requiring Inventus to build its own processing plant at the outset.
Pardo Drilling and Grade Feel
Inventus’s September 23 update reported results from 100 holes in its completed Phase 2 program, with assays from 89 additional holes pending. The strongest reported Main Layer intercept included 4.96 g/t gold over 2.09 m, including 30.04 g/t over 0.33 m, beginning 2.72 m below surface. Another hole returned 2.48 g/t over 3.71 m. These are promising intersections for shallow, selective mining, but narrow high-grade portions should not be treated as representative of the entire deposit.
The same release described gold in four layers: the Main Conglomerate (MiBC), Matinenda Conglomerate (MaC), Upper Conglomerate (MiPC), and Upper Sandstone (MiBS). Some wider intersections returned lower grades, including 0.50 g/t over 5.92 m in the MiPC. This gives Inventus two questions to test separately: whether selective Main Layer material can support DSO mining, and whether larger volumes of lower-grade material can support a different processing route.
Bulk Sampling, Recovery, and Cost Structure
| Trench 1 result reported July 2026 | Value |
| Dry tonnes processed | 9,842 |
| Reconciled head grade | 2.05 g/t Au |
| Metallurgical recovery | 87.1% |
| Gold recovered | 564 oz |
| Gold sales | C$3,494,119 |
| Direct bulk-sample costs | C$2,281,108 |
| Sales less direct bulk-sample costs | Approximately C$1.21 million |
| Direct cost per dry tonne | Approximately C$232 |
| Direct cost per recovered ounce | Approximately C$4,042 |
The reconciled head grade was approximately 97% of the company’s 2.12 g/t block-model estimate for this sample. That comparison matters in a coarse-gold system, where small samples and individual high-grade intervals can misrepresent the grade eventually delivered to a mill. Across all reported Pardo bulk samples, Inventus states that it has recovered 1,549 oz from 20,480 tonnes processed.
Cost feel, Trench 1 gold sales exceeded its reported direct costs by 53%. That is encouraging evidence for this particular sample at the gold prices received. It is not an AISC figure or company free cash flow, the stated direct costs exclude corporate general and administrative expenses and Inventus personnel costs that overlap other activities. Nor does one sample establish the cost of a continuous mining operation.
Inventus is also testing alternatives for material that may not justify hauling to a distant mill. Laboratory column tests on a Trench 1 composite returned 66.9%–74.5% gold recovery after 78 days, depending on crush size. The company is considering ore sorting followed by milling of a higher-grade product and possible heap leaching of lower-grade material. The laboratory specifically cautioned that its tested higher-grade composite cannot predict how lower-grade feed will respond; the combined process has no completed economic study.
Inventus said in September that it intends to incorporate ore-sorting work into a preliminary economic assessment for the planned DSO strategy. That study, the maiden resource, permitting, and further reconciliation are the evidence needed before the sample results can support a credible full-production model.
Project 2: Golden Rose Mine / Belfast-Teck Mag Property, Ontario – Proposed High-Grade Acquisition
Inventus signed an agreement in August 2026 to acquire Conquest Resources’ interest in the Belfast-Teck Mag property package, which includes Golden Rose. The proposed transaction would add approximately 281 km² of claims and expand Inventus’s stated regional land position to 681 km². The historic mine lies about 14 km north of Pardo, connected by a provincial highway.
Golden Rose is an iron-formation-hosted gold system with historic underground workings. Company-disclosed records show approximately 52,000 oz of historical gold production across operating periods in 1937–1941 and 1987–1988. Inventus also cites a 1985 historical estimate equivalent to roughly 600,900 oz at 8.30 g/t Au. That estimate is not a current mineral resource or reserve; Inventus says a qualified person has not done sufficient work to classify it under current standards. It must not be added to Pardo’s resources or used as a verified valuation input. Historical drill highlights also require modern verification.
The agreed consideration is 8 million Inventus shares and a 2% net smelter return royalty on claims without an existing royalty. Inventus retains the right to buy back 0.5% of that royalty for C$1 million. Completion was subject to exchange acceptance when announced. If it closes, Golden Rose offers high-grade exploration upside and potential shared logistics with Pardo, confirmation drilling, a current resource, modern metallurgy, mine-access assessment, and permitting would still be needed to establish a development case.
Project 3: Sudbury 2.0, Ontario – Critical-Minerals Exploration Optionality
Inventus describes Sudbury 2.0 as a 100%-owned, approximately 240 km² claim package east-northeast of Sudbury. Its exploration thesis concerns the Temagami geophysical anomaly and possible Sudbury-type nickel, copper, and platinum-group-element mineralization. The company reports offset-dyke and breccia targets across the property. These geological ideas are interesting, but Sudbury 2.0 has no disclosed current resource or mine economic study. It should be treated as early-stage optionality rather than part of Pardo’s base-case value. Inventus also states that it holds approximately 6% of Conquest Resources’ issued shares.
Share Structure / Ownership / Insiders
Capital Structure
| Metric | Reported or calculated value |
| Shares outstanding, company website, September 2026 | 221,040,781 |
| Warrants | 11,081,460 |
| Options | 9,300,000 |
| Fully diluted shares, company website | 241,422,241 |
| Cash and cash equivalents, June 30, 2026 | C$2,601,496 |
| Working capital, June 30, 2026 | C$1,689,169 |
| Illustrative basic market capitalization at C$0.29/share | Approximately C$64.1 million |
| Illustrative fully diluted share count if the 8 million Golden Rose consideration shares are issued, before other changes | 249,422,241 |
The share counts come from Inventus’s September share-structure page. Cash and working capital come from its June 30 interim financial statements; they are historical balances, not a September cash estimate. The C$0.29 price is an illustrative input, not a verified live quote, so the market-cap figure must be refreshed before publication. The Golden Rose shares are excluded from the reported September count while the acquisition remains pending.
Ownership / Insiders
Inventus’s website reports 51% combined ownership by Rob McEwen, Eric Sprott, McEwen Inc., and insiders.
People / Management
Wesley Whymark, CEO and Director.
Whymark is a professional geoscientist with more than 15 years of Ontario precious- and base-metals experience. Inventus says he played a technical role in the Canadian Gold transaction with McEwen Mining. His geological familiarity is relevant to Pardo’s unusual deposit and its resource-definition work. The next test of management is turning that geology into independently assessed economics and a permit-ready plan.
Bill Fisher, Chairman.
Fisher has exploration, mine-development, and company leadership experience. Inventus lists his work at GlobeStar Mining, which developed the Cerro de Maimón mine, as well as his former chairmanship of Aurelian Resources. This background is useful as Inventus moves from exploration toward development decisions.
Carmelo Marrelli, CFO.
Marrelli brings long experience in accounting and regulatory compliance for Canadian public companies. Strong reporting and financing discipline will matter while Inventus funds technical work and manages its share structure.
Winston Whymark, Manager of Operations.
His experience includes drilling, bulk sampling, field logistics, and work at Pardo dating back to its earlier exploration years. Operational continuity is valuable because Pardo’s grade and cost assumptions depend on how material is selected, mined, transported, and reconciled.
Other board and technical depth.
Director Perry Ing has held senior mining-finance roles and is CFO of McEwen Mining; director Gary Nassif brings exploration and operating-sector experience. Technical adviser Bill Shaver has mine-design, construction, and operating experience. Collectively, the team has relevant skills, although Inventus has yet to demonstrate sustained commercial production at Pardo.
Risks / Catalysts / Timeline
Key Risks
| Risk | Why it matters |
| No current Pardo resource | Drill intercepts and bulk samples cannot yet establish total mineable tonnes or ounces. The maiden SRK estimate is a central investment milestone. |
| Coarse-gold and grade variability | High-grade intervals can be locally influential. More drilling and bulk-sample reconciliation are needed to test grade continuity across proposed mining areas. |
| No published PEA or commercial cost model | Positive direct margins from a sample do not establish commercial AISC, capital needs, mine life, NPV, or free cash flow. |
| Processing and haulage | The proposed DSO route relies on selective mining and access to third-party milling. Ore sorting and lower-grade heap leaching still require technical and economic validation. |
| Permitting and community engagement | Existing bulk-sample permissions do not establish permission for the larger commercial operation Inventus proposes. |
| Funding and dilution | June 2026 working capital was C$1.69 million; resource work, studies, and a production transition could require further capital. |
| Golden Rose completion and verification | The acquisition was conditional when announced, and its large historical estimate is not a current resource. The agreed shares and royalty also affect future economics. |
| Gold-price exposure | Bulk-sample margins benefited from realized gold sales. A lower price, weaker grade, lower recovery, or higher costs would reduce margins. |
| Early-stage Sudbury 2.0 upside | Its exploration thesis has no current resource or development economics and may require funding without producing a discovery. |
These risks follow from the company’s resource timetable, bulk-sample cost disclosure, financial statements, proposed processing routes, and Golden Rose transaction terms.
Catalysts
| Period | Milestone to watch |
| Remainder of 2026 | Assays from the 89 Phase 2 holes still pending in the September 23 release. |
| Mid-October 2026, planned | Start of Phase 3 drilling at Pardo. |
| Q4 2026, targeted | SRK’s maiden Pardo mineral resource estimate and updated technical report. |
| Following additional testwork | Ore-sorting results; representative testing of lower-grade material for possible heap leaching. |
| Following resource and engineering work | A PEA for the proposed Pardo DSO strategy, if completed. |
| Timing dependent on approvals and arrangements | Processing of further stockpiled or permitted bulk-sample material. |
| Timing dependent on exchange acceptance | Completion of the Golden Rose acquisition, followed by historical-data validation and confirmation drilling. |
Company target dates may change. The September drilling release is the source for the pending assays, planned Phase 3 work, Q4 resource target, and intended DSO economic assessment.
Expected Timeline to Full Production
| Period | Focus | What it would mean |
| 2026 | Complete Pardo resource drilling, assays, SRK estimate, bulk-sample reconciliation, and processing tests. | Establish the size and confidence of the initial resource and refine the material selected for possible DSO mining. |
| 2027, conditional | Advance Pardo engineering, economic assessment, production permitting, financing, and milling arrangements. | Inventus has discussed advancing permitting for a near-surface production operation, but a commercial start date is not established. |
| After studies and approvals | Potential transition from periodic bulk sampling to sustained DSO operations. | The company would need to demonstrate repeatable grade, recovery, throughput, costs, and corporate cash generation. |
| Longer term | Test Golden Rose and broader Pardo layers; assess Sudbury 2.0 as funding permits. | Possible resource growth or additional projects, contingent on acquisition completion and successful exploration. |
Full production cannot presently be assigned a reliable year. Inventus has reported a mid-2027 target for advancing Pardo production-permitting initiatives; that is a permitting goal, not a confirmed date for full-scale commercial production.
Valuation
Speculative Pardo FCF Valuation
Pardo does not yet have a published mineral resource, PEA, mine plan, commercial AISC, or defined annual production rate. Therefore, the following valuation is intentionally speculative and is designed only to illustrate what Inventus could potentially be worth if the Trench 1 operating characteristics can be replicated at a larger commercial scale.
The model assumes 100,000 dry tonnes of annual throughput, approximately ten times the 10,000-tonne sensitivity case shown above. It retains the reported Trench 1 reconciled head grade of 2.05 g/t Au, 87.1% recovery, and approximately C$232/t direct operating cost. At those assumptions, annual recovered gold would be approximately 5,740 oz. inventus-rearranged-like-final
Because the disclosed bulk-sample costs exclude several expenses that would exist in a commercial operation, apply an additional 25% haircut to the calculated operating margin to derive an illustrative free-cash-flow proxy. This is not company guidance and should not be interpreted as a PEA-level FCF estimate.
| Gold Price | Annual Revenue | Direct Cost | Direct Operating Margin | Illustrative FCF* |
| US$6,000/oz | ~C$46.5M | ~C$23.2M | ~C$23.3M | ~C$17.5M |
| US$7,000/oz | ~C$54.2M | ~C$23.2M | ~C$31.0M | ~C$23.3M |
FCF Multiple Valuation
Using the speculative FCF estimates above:
| Gold Scenario | Illustrative FCF | 10× FCF | 15× FCF | 20× FCF |
| US$6,000/oz | C$17.5M | C$175M | C$262M | C$349M |
| US$7,000/oz | C$23.3M | C$233M | C$349M | C$466M |
Using approximately 249.4 million fully diluted shares, including the proposed 8 million Golden Rose consideration shares.
| Gold Scenario | 10× FCF | 15× FCF | 20× FCF |
| US$6,000/oz | C$0.70/share | C$1.05/share | C$1.40/share |
| US$7,000/oz | C$0.93/share | C$1.40/share | C$1.87/share |
Summary & Quick Scorecard
| Category | Points | Overall |
| Company Overview | Stock ticker: TSXV: IVS / OTC: GNGXF Main metal: Gold Project phase: Bulk-sampling explorer / prospective DSO developer Projects country: Canada | — |
| 1. Management | Previous successful project, discovery, mine build, or company sale: Yes Exploration to development experience: Yes Big mining company experience: Yes Capital markets track record: Yes | Strong |
| 2. Projects | High grades: Yes in selected Pardo drill intervals and historical Golden Rose results; a deposit-wide grade is not established MRE size: Not established, Pardo’s maiden MRE is targeted for Q4 2026 Optionality: Yes, multiple Pardo layers, proposed Golden Rose acquisition, and Sudbury 2.0 | Good |
| 3. Cost Structure | Low AISC: Not established, no commercial AISC has been published Low capex / Existing infrastructure: Potential benefit from third-party milling and regional infrastructure; project capex has not been estimated in a published economic study | Good |
| 4. Share Structure Discipline | Fully diluted shares: 241,422,241 as reported in September 2026 Fully diluted market cap: Approximately C$70.0 million at an illustrative C$0.29 share price; approximately US$51.9 million if C$1.35 = US$1 Note: The proposed Golden Rose acquisition would add 8 million shares if completed. | Strong |
| 5. Insider / Ownership | Insider ownership: Separate current percentage not verified Rob McEwen, Eric Sprott, McEwen Inc., and insiders: 51% combined, as reported by Inventus Total insider aligned ownership: 51% combined strategic-holder-and-insider figure; not 51% insiders alone | Strong |
| 6. Location | Country: Canada Tier: Tier 1 jurisdiction Province: Ontario District: Sudbury region, including Pardo and Sudbury 2.0 | Strong |
The company reports the share structure and combined ownership figure, the market caps above are calculations using stated illustrative price and exchange-rate assumptions, not live quotations. Golden Rose was a proposed acquisition in the disclosure reviewed, and its historical estimate is not a current MRE.
RT Rating, Commentary
4 out of 5 stars, watchlist candidate.
Inventus has a distinctive gold story. Pardo’s shallow geometry, multiple gold-bearing layers, and actual mill-reconciled bulk samples give investors more evidence than drill headlines alone. The reported Trench 1 grade came close to its block-model prediction, and its gold sales exceeded the sample’s direct costs. Experienced mining investors’ reported combined ownership adds interest to the case.
The principal reason to keep the rating provisional is the gap between a successful sample and a durable mine. Inventus must still establish how many tonnes and ounces meet current resource standards, how much can be mined selectively, what a repeatable DSO operation costs after all expenses, and whether a larger operation can secure approvals. Golden Rose’s historical grade and ounces are intriguing, but its acquisition and modern validation are separate milestones.
Join RockeTeller
At RockeTeller, we look for mining stocks with a compelling asset, capable people, a workable development path, and a share structure that leaves room for investors to benefit. Each company must earn its place on our watchlist through evidence, not exciting drill headlines alone.
For Inventus, the questions are clear. How large and reliable is Pardo’s first resource? Can bulk-sample results translate into repeatable mine economics? Does Golden Rose become a verified second asset? Follow RockeTeller.com as we track those milestones and update the investment case when the evidence changes.
