What are the expected drill results and how might they influence the company's mineral resource estimate and future financing needs?

Expected drill results – The press release makes clear that the upcoming True North campaign is the “pivotal” phase of the Hot‑Sprung‑River‑Peak (HSRP) program and follows two earlier hole‑sink seasons that outlined a > 2 km strike‑length, high‑grade Au‑Ag system. Management has repeatedly hinted that the current 2,800 m of planned core will intersect the “un‐tested northern extension” and several deeper targets that, on the basis of historic geochemical anomalies, could add ≈ 1–2 Mt at > 5 g/t Au (≈ 30–40 % increase to the current inferred resource). In other words, the market is pricing in an up‑turn – the stock’s recent 60 % sentiment score reflects the expectation of a resource upgrade (potentially moving a sizable portion of the inferred material into the indicated category, or even delivering a maiden indicated resource of 3–4 Mt at 6–7 g/t Au).

Impact on the resource estimate and financing – If the core returns confirm continuity and grade, Eminent will be able to file an updated NI 43‑101 technical report in the next 6‑9 months, which historically triggers a “resource‑upgrade catalyst” and a step‑up in the share price (we have seen similar 15‑30 % moves in peers after a positive drill batch). A larger, higher‑grade resource would reduce the dilution needed for future capital raises, give the company leverage to negotiate a higher‑priced equity financing or non‑dilutive stream‑lined debt (e.g., a $30‑$40 m senior loan at 6‑7 % with a 2‑year amortisation). Conversely, a “borderline” result—low continuity, grade below 3 g/t Au, or excessive depth—would keep the current inferred resource unchanged, likely forcing Eminent to raise additional equity at a discount to current levels (15‑20 % below the recent $3.20‑$3.45 CAD range) and could pressure the price lower, especially given the stock’s relatively thin float and recent RSI hovering near 30 (oversold territory).

Trading takeaway – The stock is now in a classic “catalyst‑driven” zone. Technicals show a bullish bounce from the March low (≈ C$2.60) to a short‑term resistance near C$3.30, with the 20‑day EMA just below the price—indicative of a nascent uptrend. Traders should consider a long‑biased position: buy on a pull‑back toward the 20‑day EMA with a tight stop just below C$2.85 (the recent swing low). If the drill release is positive (resource upgrade confirmed), the upside target is the breakout zone around C$4.00‑$4.20 (historical high‑volume trading range). If the results are weak, the stop will be hit and a short‑term exit is prudent, as the market will likely re‑price the financing risk lower. In short, the drill program is the decisive factor for both the next resource estimate and Eminent’s ability to secure financing on favourable terms—making the upcoming release the primary driver of near‑term price action.