An interactive breakdown of the investment case, projects, directors, upcoming catalysts and risk factors for retail investors.
The Clontibret deposit hosts a JORC (2012) resource of 517,000 ounces of gold at 2.0 g/t (320,000 oz Indicated, 197,000 oz Inferred). This resource was defined on just 20% of the Clontibret target area, with the majority of drilling to date at depths under 200m. The deposit remains open in all directions and at depth. You rarely see JORC-confirmed ounces on this scale at this sort of market cap.
The Clontibret deposit exhibits key geological features analogous to the Fosterville Gold Mine in Victoria, Australia, which has a current endowment exceeding 10 million ounces. Shared characteristics include the Ordovician turbidite host rock sequence, gold intimately associated with acicular arsenopyrite, and late-stage antimony mineralisation. Visible gold discovered at nearby Creenkill (assaying 123 g/t) supports the possibility of high-grade gold at depth within the Clontibret system.
The "Discs of Gold" project spans two parallel district-scale gold trends across Ireland, 100% held under licence by the company. The Orlock Bridge trend extends for 65km and the Skullmartin trend for over 24km. Eight primary gold targets have been identified across the licence area, with Clay Lake and Creenkill being of particular interest alongside Clontibret. This is not a single deposit story. It is an emerging gold district.
Clontibret sits atop a historic antimony mine dating to the early 1800s. Antimony is classified as an EU critical raw material and a US critical mineral. Recent float samples returned 21.9 g/t Au with 26.4% Sb. As global demand for antimony rises due to its use in defence, flame retardants and battery technology, this adds a secondary strategic commodity to the gold story.
Conroy raised £1.73m through an oversubscribed private placement at 10p per share in late 2025, with additional funding from warrant exercises. The placement was led by North American long-term oriented investors. Director debt of over €3.3m has been restructured, with 20% written off and the remainder deferred for four years. The balance sheet is cleaner than it has been in years, and fresh capital is funding the current drilling programme.
Two parallel district-scale gold trends spanning over 95km across Ireland, anchored by the Clontibret deposit and supported by multiple additional targets with multi-million ounce potential.
County Monaghan, Ireland · 517,000 oz Au JORC resource · 2.0 g/t · Open in all directions
JORC (2012) resource of 320,000 oz Indicated and 197,000 oz Inferred at 2.0 g/t Au, defined on only 20% of the target area. Drilling to date has been predominantly above 200m depth with a previous maximum of 350m. Mineralisation occurs in two styles: high-grade lodes and a disseminated stockwork zone within Ordovician sedimentary rocks. Gold grades of up to 35.0 g/t over 2m and antimony grades of up to 14.5% over 1.2m have been recorded.
A 2,000m drilling programme is underway with three rigs on site. The programme is targeting gold and antimony plunge trends identified during a detailed re-logging of 30,000m+ of historic drill core. The first hole intersected sulphide zones at approximately 410m, representing the deepest gold mineralisation at Clontibret to date. Further assay results are pending from ALS Laboratories.
A preliminary economic assessment at a gold price of US$1,372/oz demonstrated financial and technical viability with an NPV(8) of US$72.3m, an IRR of 49.4%, and payback within year two. At current gold prices (significantly above that study price), the economics would look substantially different. BIOX biological oxidation has been identified as the appropriate processing technology, achieving approximately 85% gold recoveries.
Over 25 years of public markets investment experience as an equity analyst at J.P. Morgan Securities in New York and T Rowe Price Group in London and Baltimore, covering diverse sectors. Appointed Chairman in late 2024 following the passing of founder Professor Richard Conroy.
Over twenty years at senior level in the natural resource sector. Managing Director of Conroy Gold since 1998. Founding director of the company and Company Secretary. Previously at Conroy Petroleum/ARCON from 1980 to 1994.
Consulting Economic Geologist and Professor at University College Cork. Former Director of the Geological Survey of Northern Ireland. Part of the team that discovered the Curraghinalt gold deposit in Co. Tyrone. Board member and MD of both AIM and TSX listed companies.
Chartered accountant (PwC, 1999). Former Senior Manager and Director in Deloitte's Corporate Finance department, specialising in project finance, capital raising and M&A in the natural resources and renewable energy sectors.
Over 25 years in senior executive finance roles at public companies in the oil and gas and base metals sectors listed in London, Toronto and Dublin. Former CFO of Circle Oil plc (AIM listed, 2005 to 2015).
Experienced public company director bringing governance oversight and strategic input to the board as Conroy Gold advances through its current drilling programme and seeks new partnership opportunities.
A concentrated period of drilling activity with multiple assay results expected, supported by corporate initiatives to broaden the investor base.
The Fosterville comparison sets a high bar. If drilling fails to find high-grade gold at depth, the deposit may remain a lower-grade, refractory system that is harder to develop economically. The current resource is modest relative to what would be needed to justify a standalone mine at scale.
Conroy has historically struggled with funding and has relied on director loans (over €3.3m restructured). While the recent £1.73m placement and warrant exercises provide near-term capital, the company will need further funding to advance beyond the current drilling programme. Without a JV partner or substantial new investment, progress could stall.
The Clontibret ore is refractory, with the bulk of gold occurring as sub-microscopic inclusions within arsenopyrite. BIOX biological oxidation has been identified as the appropriate processing method, but this adds cost and complexity compared to a free-milling deposit. Recovery rates and processing economics remain key variables.
Even with positive drill results, moving from exploration to mine development in Ireland would involve environmental studies, planning applications and public consultation. The deposit has been known for decades without reaching production. Investors should have realistic expectations about the timeline to any cash flow.
As a small AIM-listed stock with a £12m market cap, CGNR shares can trade with wide spreads and low daily volumes. This creates friction for investors entering or exiting positions and can amplify price volatility around news events.
2 March 2026. Assay results from the first hole in the current drilling programme.
Assay results from the first drill hole in the 2,000m programme confirmed intersections of several gold zones and established further continuity to the gold mineralisation at Clontibret. The hole targeted higher-grade, structurally controlled mineralisation at depth, consistent with the Fosterville analogue model.
Three rigs are currently operating on site. Further holes are underway targeting the antimony zone, depth extensions, and the northwest corner of the deposit. The programme is expected to complete in Q2 2026 with analytical and assay results to follow. The company describes the geological analogies with Fosterville as indicating the potential for multi-million-ounce gold mineralisation at depth.