Gold is currently benefiting not only from technical strength, but also from a macroeconomic environment that many investors view as favorable.
Geopolitical tensions, potential oil price shocks, structural debt problems and the ongoing debasement of currencies continue to strengthen gold’s role as a strategic store of value. In times of rising uncertainty around war, energy supply and currency stability, many investors increasingly turn to gold as a hedge and a form of long-term wealth protection.
In such a market environment, the attention increasingly turns to gold equities that not only offer exploration upside, but also demonstrate tangible operational progress toward development and potential pilot production.
This is the context in which Tocvan Ventures Corp. is currently advancing its strategy.
Against this market backdrop, this Rockstone Report examines 3 recent developments.
- The video interview with Tocvan CEO Brodie Sutherland, published by Kitco on Friday, March 13, from PDAC, is notable, as Kitco is one of the world’s leading portals in the precious metals and mining sector.
- The written interview with The Caesar’s Report, which includes information on the drill program, the pilot mine and the company’s next steps.
- Tocvan’s news-release from Friday, March 13, regarding its new partnership with VRIFY, through which AI is set to be used more strategically in the future to define the discovery potential at Gran Pilar even more efficiently.
Kitco Interview
You are currently viewing a placeholder content from YouTube. To access the actual content, click the button below. Please note that doing so will share data with third-party providers.
More InformationIn the interview with Kitco, one of the world’s best-known portals for precious metals and mining, Tocvan CEO Brodie Sutherland discusses several points related to the development of Gran Pilar, the pilot mine, the completed Stifel financing and the company’s strategic direction. The conversation not only addresses current progress, but also outlines how Tocvan says it intends to move from a pure exploration story toward potential production.
Summary of the interview:
- Gran Pilar was overlooked for a long time: The area was originally discovered by Lundin in 1996, when gold was trading at around 300 USD per ounce. Although there were already strong drill hits at the time, not only was the gold price too low, but the property was also too small to attract larger-scale capital. Tocvan was the first company to recognize the project’s potential, systematically consolidate the surrounding properties and expand the project over roughly 3 years to its current 22 km².
- Gran Pilar’s current scale is the result of targeted project development: It was only last year that Tocvan received approval to fully drill the now significantly enlarged project area, now referred to as Gran Pilar. This opens up the possibility for the first time to systematically evaluate the entire epithermal system for scale and continuity, with Brodie also noting that Gran Pilar may in fact host 2 separate epithermal systems (Main Zone plus North Block).
- Over the past 5 years, Tocvan has already drilled approximately 18,000 m and plans to add another 20,000 m in 2026 alone: This suggests the company is preparing for a more active phase of exploration. Importantly, these drill programs are no longer limited to the Main Zone, but extend across the broader system.
- Newsflow is expected to accelerate: A drill rig is already turning, a second is being added this week and a core rig is expected to be available by mid to late April. With 2-3 rigs operating on site, management expects a correspondingly steady stream of drill results.
- Gran Pilar has never been systematically and fully explored in the past: According to Brodie, that is exactly what makes it an unusual opportunity in today’s resource sector. There are numerous near-surface mineralized zones, historical mine workings and shafts, as well as many areas that have seen little or no testing to date.
- The South Block and North Block may provide additional room for expansion: In the South Block, 47 drill pads have already been approved, while 4 target areas have so far been defined in the North Block, 2 of which were drill tested for the first time at the end of 2025.
- According to management, Tocvan is aiming to publish a maiden resource estimate later this year: The next step would then be a PEA (Preliminary Economic Assessment) to showcase the project’s economic potential on a more rigorous basis.
- The pilot mine appears to be an important part of the company’s stated strategy: While many explorers focus exclusively on additional drill success, Tocvan is pursuing a dual-track approach that combines exploration upside with pilot operations. The pilot plant is intended to demonstrate that Sonora is attractive not only geologically, but also from a regulatory and infrastructure standpoint.
- According to Brodie, the rapid approval of the pilot plant was also a deliberate signal to the market: Tocvan wanted to show that the often-criticized uncertainty surrounding permitting in Mexico has now declined significantly. Management views this as a point of differentiation relative to many junior peers.
- The metallurgy has already been prepared in a targeted way: In 2023, Tocvan extracted a 1,500 tonne bulk sample from near-surface Main Zone material with a head grade of 1.9 g/t gold. In addition, metallurgical lab tests using gravity and agitated leach methods delivered gold recoveries of more than 95%.
- The pilot plant is intended not only to produce metal, but above all to optimize the process: Brodie emphasizes that Tocvan is deliberately not jumping straight into a larger production scale in order to avoid the typical startup issues seen at other projects. Instead, the pilot mine is meant to serve as a controlled intermediate step to better understand the metallurgy and prepare more effectively for future scale-up.
- For the initial 50,000 tonnes, Tocvan is targeting an average grade of 1 to 1.2 g/t gold and roughly 70% gold recovery: According to Brodie, that could yield around 1,000 ounces of gold as well as 5,000 to 8,000 ounces of silver. He puts total construction and processing costs at approximately 1.8 million USD. At current precious metals prices, the pilot plant could provide technical data and potentially generate operating proceeds.
- Strategically, Tocvan is already thinking beyond the next step: Brodie points out that smaller companies such as Minera Alamos, Heliostar or Luca Mining have shown that a move toward production can represent an important operational milestone for smaller companies.
- From an investor perspective, management appears to see 2 potential strategic paths: If Tocvan succeeds in materially expanding the resource, the project could become attractive to potential acquirers. At the same time, management appears to see an even greater opportunity for its shareholders in advancing toward production on its own.
- Over the longer term, Tocvan is already thinking on a much larger scale: Brodie outlines a vision of advancing toward a fully permitted mine within the next 2-3 years, with potential annual processing of 40,000 to 50,000 ounces of gold. That remains a forward-looking scenario, but it clearly shows the scale at which management is thinking.
- From a capital markets perspective, the development is also noteworthy: For a company at this stage, the recent institutional financing by Stifel is remarkable. According to Brodie, this is a strong signal that institutional investors are becoming increasingly positive on both the Sonora jurisdiction and Tocvan’s overall profile.
- At the same time, the share structure remains comparatively tight: Despite the progress made in recent years, the number of shares outstanding currently stands at about 78 million according to Brodie, including the recent 10 million CAD Stifel financing.
- Financially, Tocvan believes it is well positioned: The Stifel capital is expected to fund roughly a year and a half of aggressive drilling and pilot operations. In addition, there are potential proceeds from warrants of up to 8 million CAD as well as potential cash flow from the pilot mine itself.
The Kitco interview makes one thing very clear: Tocvan is no longer just a classic early-stage exploration story. Instead, the company is advancing several value drivers in parallel: Resource growth, accelerated drilling activity, metallurgical optimization, pilot production and the preparation of a later economic assessment. This combination helps explain why the company may be receiving closer attention in the current gold environment.
Caesar’s Report Interview
On Thursday, March 12, The Caesar’s Report published an interview with Tocvan CEO Brodie Sutherland.
Summary of the interview:
- Tocvan has already completed 9 drill holes across 6 new target zones in the South Block. The assay results expected in the coming weeks may be closely watched as the program is designed in part to define higher-grade material for the pilot mine.
- The current drill program is also intended to extend mineralization beyond the Main Zone, test new structural and geochemical corridors and at the same time provide the basis for a maiden resource estimate later this year.
- At Gran Pilar, approximately 20,000 drill meters are planned for 2026.
- A second drill rig is expected to arrive on the project as early as this week, which would further increase the pace of exploration.
- The high-resolution drone magnetic survey covering the entire Gran Pilar project area has been completed. The data is already being analyzed in order to define new drilling and trenching targets with even greater precision.
- Management continues to describe the pilot mine as an important milestone for 2026. It is intended not only to confirm the metallurgy on a larger scale, but also to provide real operating data, cost parameters and insight into the project’s cash flow potential.
- The permitted pilot mine is initially designed for 50,000 tonnes over a 10-year period, but it offers substantial expansion potential: Within the leaching pad, more than 250,000 tonnes could theoretically be stacked and according to Brodie, throughput could be increased at any time through an amendment application. Particularly noteworthy is the fact that the original permit took only about 32 days from filing to official approval, which gives the company confidence that future amendments could also be implemented quickly.
- Total construction and operating costs for the pilot mine are currently estimated at only about 1.5 million to 1.8 million USD.
- Following the Stifel financing, Tocvan is in a solid financial position, according to management. Brodie stated that the company has more than 11.5 million CAD in cash and considers itself fully funded to begin pilot production in 2026 while continuing to explore in parallel.
- According to the company, water supply for the pilot mine is secured. Tocvan has access to water from the local community and ranch owners and the wells are already part of the approved plan. In addition, 2 water monitoring wells have been completed for the environmental baseline.
- All material for the pilot mine is expected to come from Tocvan’s 100%-owned Gran Pilar claims, particularly from the South Block, where extensive drilling data and meaningful surface exposures are already available.
- Tocvan’s second project, El Picacho, will also remain an active part of the 2026 program. A total of 6,000 drill meters have been budgeted there and are fully permitted. While Gran Pilar remains the clear flagship, El Picacho is also being advanced in parallel. The project is located just 18 km from the San Francisco Gold Mine, which is expected to be brought back into production following its successful acquisition, placing it in a region with ongoing mining activity.
Tocvan is pursuing several key value drivers at the same time in 2026: Exploration, resource growth and the next step toward production. With a strong financial position, active drill programs, a second drill rig, completed geophysics and a permitted pilot mine, the company is now operating across a broader set of workstreams than before.
Tocvan News
Last Friday, Tocvan announced a strategic partnership with VRIFY, a well-known provider of AI software for mineral exploration.
Specifically, VRIFY Predict with DORA is set to be used at Gran Pilar going forward to identify new target areas and prioritize existing targets more effectively. In addition, VRIFY Present is expected to help present technical results more clearly and communicate them more clearly.
“Gran Pilar has delivered consistent positive results, and we’re excited to apply next-generation AI to unlock even greater potential. Our team has invested years in building a high-quality geological foundation. Partnering with VRIFY will help us extract maximum insight from that data, focus our resources on the strongest opportunities, and move the project forward more efficiently for the benefit of our shareholders.”
AI Meets Data-Rich Project
At first glance, the news-release may sound like a classic technology announcement. In the market, however, this news may carry more weight than the term “AI” alone might suggest.
That is because Tocvan is not applying AI to an early-stage greenfield project lacking data depth, but rather to a project that already rests on an extensive geological foundation: Built from drilling data, geochemistry, geophysics and ongoing target generation across a large, contiguous land package.
Gran Pilar now covers more than 22 km², while the North Block in particular, with its roughly 3.2 x 1.5 km alteration zone, is still considered largely untested.
That is where the practical relevance of this announcement may lie: AI does not replace discovery, but it can increase the probability of drilling in the right place first. And at Tocvan, the story is now about far more than pure exploration upside. At Gran Pilar, the company already holds the permits for a pilot mine, in addition to approved drilling and trenching programs across its 100% controlled land package.
This means Tocvan is advancing both ongoing exploration work and potential development milestones in parallel: The company can advance new discoveries while further defining its path toward production.
“Tocvan represents the ideal partner for VRIFY’s Exploration Intelligence Software — their team is technically strong, and coupled with a data-rich project in a premier jurisdiction, we expect our software will add massive value to their exploration approach. We look forward to supporting them as they leverage AI, through DORA, to drive meaningful new discoveries at Gran Pilar.”
You are currently viewing a placeholder content from YouTube. To access the actual content, click the button below. Please note that doing so will share data with third-party providers.
More InformationExploration Progress & Development Pathways
This combination helps explain the company’s current strategic profile. On the one hand, a number of operational elements are already in place. A permitted pilot mine, a direct path toward pilot production and metallurgical results that support further technical evaluation of the project.
On the other hand, the exploration potential remains meaningful, especially in areas that have so far seen only limited drilling or no drilling at all despite strong surface anomalies and newly defined target zones.
In addition, Gran Pilar has already demonstrated that the mineralization can be not only extensive, but also high grade. Highlights from 2025 include, among others:
- 106.8 m @ 0.6 g/t gold including 3.1 m @ 19.4 g/t gold
- 41.2 m @ 1 g/t gold including 6.1 m @ 5.4 g/t gold
- as well as several strong core drill intervals such as 83.5 m @ 1.3 g/t gold including 9.7 m @ 10.3 g/t gold.
Results like these provide exactly the kind of data foundation on which AI-assisted target modeling can create real value.
Strategic Relevance
The announcement comes at a stage when Tocvan is moving beyond a purely early-stage exploration profile, while not yet operating as a conventional producer.
The company is operating at a stage of the project cycle where additional technical progress and new exploration results can materially influence how the project is assessed: When a project is advancing technically while also continuing to generate new exploration targets.
That is why the VRIFY partnership fits strategically and precisely into the company’s current profile: Greater efficiency in exploration, better prioritization of new drill targets and ideally a faster demonstration that Gran Pilar may prove to be more extensive as additional work is completed.
The North Block is particularly interesting in this regard: New mineralized target areas with historical underground workings have been identified there, complemented by high-grade surface samples of up to 3.2 g/t gold and 1,225 g/t silver, as well as 5.6 g/t gold and 106 g/t silver in another target area.
At the same time, this part of the system continues to be described as large, altered and largely untested. It is precisely in setups like this where AI-assisted prioritization could help guide follow-up work more efficiently: Not as a replacement for geology, but as a tool applied to an already extensive dataset.
Bottom Line
The new partnership with VRIFY appears to have potential strategic relevance beyond a purely symbolic AI headline. It comes at a time when Tocvan has already laid important groundwork through permits, drill success, metallurgy and pilot mine preparations.
If AI helps identify higher-priority targets more quickly and convert them into drilling success, this announcement could ultimately prove to be a relevant part of the company’s broader technical and strategic development.
You are currently viewing a placeholder content from YouTube. To access the actual content, click the button below. Please note that doing so will share data with third-party providers.
More InformationCompany Details
Tocvan Ventures Corp.
Suite 1150 Iveagh House
707 – 7th Avenue S.W.
Calgary, Alberta, Canada T2P 3H6
Phone: +1 403 668 7855
Email: bsutherland@tocvan.ca (Brodie Sutherland)
www.tocvan.com
ISIN: CA88900N1050
Shares Issued & Outstanding: 78,108,954
Canada Symbol (CSE): TOC
Current Price: 0.86 CAD (03/13/2026)
Market Capitalization: 67 million CAD
Germany Symbol / WKN (Tradegate): TV3 / A2PE64
Current Price: 0.542 EUR (03/13/2026)
Market Capitalization: 42 million EUR
Contact
Rockstone News & Research
Stephan Bogner (Dipl. Kfm., FH)
Müligässli 1, 8598 Bottighofen
Switzerland
Phone: +41-71-5896911
Email: info@rockstone-news.com
Disclaimer and Forward-Looking Information: Rockstone and Tocvan Ventures Corp. (“Tocvan”; “the Company”) expressly point out that all forward-looking information contained in this report does not represent a guarantee of future results or performance. Actual results may differ materially from those projected. Readers are referred to Tocvan’s public filings, available on SEDAR+ at www.sedarplus.ca, for a more detailed discussion of risk factors and their potential impact. All statements in this report, other than statements of historical fact, constitute forward-looking statements. This report contains expectations, interpretations, projections and assumptions made by the author based on information available at the time of writing, including public statements by the Company and its representatives. Forward-looking statements include, but are not limited to, statements, expectations, assessments and assumptions regarding: The scope, timing, pace and execution of current and future exploration, drilling, trenching, geophysical, geochemical and target-generation programs at the Gran Pilar Gold-Silver Project in Sonora, Mexico, including activities at the Main Zone, South Block and North Block, as well as planned exploration at El Picacho; the anticipated mobilization, operation and effectiveness of additional drill rigs and the extent to which multiple rigs may accelerate drilling activity, assay flow or overall exploration progress; the timing, receipt, significance and interpretation of pending and future assay results and the extent to which such results may refine geological interpretations, confirm continuity, expand mineralized zones, support follow-up drilling or contribute to a maiden resource estimate; the geological prospectivity of Gran Pilar, including the possible presence, scale, continuity and economic significance of one or more epithermal gold-silver systems, including at the North Block; the significance of historical workings, surface anomalies, geophysical signatures, geochemical trends and drill results, and the extent to which these may translate into economically meaningful mineralization; the Company’s stated objective of publishing a maiden mineral resource estimate and the possibility of a subsequent Preliminary Economic Assessment; the anticipated timing, scope, conclusions and significance of any such studies or technical milestones; the advancement, construction, installation, commissioning, ramp-up and operation of the pilot mine and pilot-scale processing activities, including assumptions regarding timing, throughput, recoveries, metallurgy, operating parameters, costs, cash flow potential and future scalability; the extent to which pilot-scale work may provide technical validation, operating data, proof of concept or support future development decisions; the Company’s stated strategy of advancing both exploration and pilot-scale development in parallel and the extent to which such a strategy may support project advancement; the adequacy of currently available capital, including proceeds from the Stifel financing and any potential proceeds from warrant exercises, to fund planned exploration, pilot mine activities and related work programs; the significance of institutional investor participation and the extent to which it may support the Company’s development plans; the significance of the Company’s partnership with VRIFY and the extent to which VRIFY Predict, DORA, VRIFY Present or other AI-assisted tools may improve target identification, prioritization, validation, interpretation, technical communication or overall exploration efficiency; the extent to which AI-assisted targeting may help guide follow-up work, support geological decision-making or contribute to future discoveries at Gran Pilar; the potential importance of additional technical progress, new drill results and ongoing development milestones in shaping future project assessment; and the anticipated timing and impact of upcoming operational milestones, catalysts and project developments. Forward-looking statements are based on current expectations, assumptions and beliefs of management and the author as of the date of publication and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, developments or events to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to: The inherently speculative nature of mineral exploration, development and early-stage mining activities; the risk that planned drilling, trenching, geophysical surveys, target-generation work and related field activities may be delayed, modified, reduced or discontinued due to contractor performance, rig availability, equipment failure, weather, access limitations, road conditions, permitting requirements, land access issues, infrastructure constraints, supply chain problems, labor availability, security considerations or other logistical factors; the risk that exploration results may not confirm current geological interpretations, models, target concepts or management expectations and that surface anomalies, structural models, geochemical signatures, geophysical responses or AI-assisted target outputs may not translate into economically meaningful mineralization; geological uncertainties, including variability in grade, continuity, geometry, structural controls, oxidation profile, metallurgical behavior and the scale, orientation or economic significance of mineralized zones; risks related to sampling, assaying, QA/QC procedures, data quality, data integration, laboratory turnaround times and technical interpretation; the possibility that the maiden resource estimate, if completed, may differ materially from expectations or may not support subsequent technical or economic studies; the possibility that a PEA may be delayed, not completed or yield results that differ materially from management expectations; uncertainties related to pilot-scale execution, including equipment procurement, delivery, construction, installation, commissioning, ramp-up, throughput, recoveries, metallurgical variability, maintenance requirements, cost overruns and the risk that pilot-scale outcomes may not be indicative of future larger-scale or commercial performance; uncertainty regarding actual operating proceeds, if any, from pilot-scale activities; risks associated with water availability, water rights, environmental baseline work, monitoring obligations, community relations and operating conditions in Mexico; regulatory, legal, environmental, social and permitting risks, including changes to mining laws, tax rules, operating conditions, compliance obligations, land use requirements, water use restrictions, environmental standards or local expectations; financing and liquidity risks, including the possibility that available funds may prove insufficient for planned activities, that warrant proceeds may not materialize and that additional capital may not be available on acceptable terms or at all; risks associated with dependence on key personnel, advisors, contractors, suppliers, laboratories, software providers and other third-party service providers; risks that the VRIFY partnership or AI-assisted tools may not deliver the expected technical benefit, may produce incomplete or misleading outputs, may not improve exploration results or may not contribute to discovery success; uncertainty regarding future commodity prices, exchange rates, inflation, interest rates, capital market conditions and investor sentiment; and broader macroeconomic, geopolitical or industry conditions beyond the Company’s control. Statements in this report regarding potential operating proceeds, future development pathways, pilot-scale economics, project scale, exploration potential, acquisition interest, development scenarios or the possible significance of AI-assisted targeting are illustrative in nature and are based on limited information, management commentary and public disclosures available at the time of writing. Such statements should not be interpreted as a guarantee of future performance, an economic study, a production decision or an assurance that any particular technical or commercial outcome will be achieved. No assurance can be given that future work will result in the definition of a mineral resource, the completion of a positive economic assessment, successful pilot-scale operations or the advancement of Gran Pilar or El Picacho to any particular stage of development. Forward-looking statements are inherently subject to significant risks and uncertainties and there can be no assurance that such statements will prove to be accurate. Actual results and future events may differ materially from those expressed or implied by forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Neither Rockstone, the author nor Tocvan Ventures Corp. undertakes any obligation to update or revise forward-looking statements, except as required by applicable law.
Disclosure of Interests and Legal Notice: Nothing in this report should be construed as an invitation to buy or sell securities. Rockstone, its owners, and the author of this report are not registered broker-dealers or financial advisors. Before investing in securities, you should always consult your financial advisor and a registered broker-dealer. Never make an investment decision based solely on online or printed reports, including reports from Rockstone – particularly when it comes to small, thinly traded companies. The author of this report, Stephan Bogner, received compensation from Tocvan Ventures Corp. in the amount of 19,000 CAD for a period of 3 months. In addition, he holds securities of Tocvan and will therefore also benefit from increased trading volume and share price appreciation. This represents a significant conflict of interest that may affect the objectivity of this reporting. The author may buy or sell securities of Tocvan at any time without notice, which may give rise to additional conflicts of interest. This report should be understood as a promotional publication and does not replace individual investment advice. All information is current as of the date of publication and is subject to change without notice. Liability for financial losses resulting from investments made on the basis of this report is excluded. The views of Rockstone and the author regarding the companies presented in this report reflect solely their own assessments and are based on information from public sources deemed reliable. Rockstone and the author have not conducted independent due diligence. Neither Rockstone nor the author guarantees the accuracy, completeness, or usefulness of the content, nor its suitability for any particular purpose. There is likewise no guarantee that the companies mentioned will perform as expected, or that comparisons with other companies will prove valid. Please read the full disclaimer carefully. If you do not agree with it, do not use this website or report. By using the website or this report, you agree to the disclaimer, regardless of whether you have read it in full. The information provided is of a general and educational nature. Data, tables, figures, and images, unless otherwise indicated or linked, originate from Tradingview.com, Stockwatch.com, Tocvan Ventures Corp., and publicly available sources. The cover image of Darin Wagner comes from a YouTube video.
