Key Points

• Upside Gold (CSE:UG) is advancing the Kena Gold-Copper Project with the goal of delivering an updated NI 43-101 mineral resource estimate in 2027.

• The company plans a 4,000-metre drill program in 2026, while incorporating approximately 5,000 metres of historical drilling and evaluating copper and silver data not included in the current gold-focused resource framework.

• The most followed Simply Wall St community narrative estimates a fair value of approximately CA$5.73 per share, implying the gold stock is approximately 80% undervalued, with the latest update supporting the view that Kena could evolve into a larger multi-million-ounce development asset.

Building Toward a Larger Resource at Kena

Upside Gold (CSE:UG) has provided an operational update on its Kena Gold-Copper Project in southeastern British Columbia, outlining the technical work underway to support an updated mineral resource estimate targeted for 2027.

The company recently completed a comprehensive compilation and interpretation program that integrated historical drilling, geological, geochemical and geophysical datasets into an updated digital 3D geological model. According to management, this work has identified multiple priority drill targets that will guide exploration activities through 2026 and 2027.

As part of its resource advancement strategy, Upside Gold plans to incorporate roughly 5,000 metres of historical drilling completed since the 2021 historical resource estimate. The company also intends to commence a 4,000-metre diamond drilling program in June 2026, focused on both resource expansion and emerging copper-gold targets.

Expanding the Scope Beyond a Gold-Only Resource

A notable aspect of the update is the company's effort to assess historical copper and silver analyses that were not included in the existing gold-only resource estimate. Management is also evaluating metallurgical characteristics that could help inform future resource and economic studies.

This work builds on earlier findings highlighted in the community narrative, which noted that Kena appears to host a broader mineralized system extending across a seven-kilometre trend. The narrative suggested that the currently defined resource footprint may represent only part of a larger gold-copper system.

If future drilling confirms additional mineralization and supports the inclusion of copper and silver credits, it could enhance the overall scale and economic profile of the project.

Why Resource Growth Matters for Investors

For exploration-stage mining companies, valuation often depends heavily on resource size, confidence levels and development potential.

While this operational update does not change the current resource estimate, it provides a clearer roadmap for how Upside Gold intends to expand and refine its understanding of Kena. The planned drilling program, incorporation of additional historical data and continued exploration outside the existing resource footprint are all aimed at supporting future resource growth.

Investors will likely be focused on whether the upcoming drilling can expand mineralization, upgrade resource categories and demonstrate continuity across the broader district-scale system. Success on these fronts could improve geological confidence and strengthen the project's attractiveness as a potential development asset.

At the same time, exploration risk remains. The company's geological interpretation and resource growth ambitions will need to be validated through drilling results, updated resource modelling and eventually economic studies.

A Broader Trend Toward District-Scale Gold-Copper Discoveries

Across the mining sector, projects that combine large-scale gold resources with copper exposure have attracted increasing attention. Copper's growing importance in electrification and infrastructure development has elevated the strategic appeal of deposits that contain both metals.

In this context, Upside Gold's efforts to evaluate copper and silver mineralization alongside its gold resource may broaden the investment case for Kena. Larger, multi-metal projects in stable jurisdictions such as Canada often command greater strategic interest from producers seeking long-term growth opportunities.

Most followed narrative

The most followed Simply Wall St community narrative argues that Kena represents an undervalued large-scale gold project with meaningful exploration upside. The narrative estimates a fair value of approximately CA$5.73 per share, implying around 400% upside from recent trading levels.

The author summarizes the thesis as follows:

“We see exploration progress through 2026 leading to a resource upgrade in early 2027. By 2027 Upside can potentially be working on scoping studies ahead of a future mine.”

Key assumptions behind the valuation include continued resource growth, the advancement of Kena's existing historical gold resource, and additional value from copper and silver mineralization that may not yet be fully reflected in the market's assessment of the project.

The latest operational update appears to align with that thesis. By incorporating historical drilling completed since 2021, advancing a new drill campaign, evaluating copper and silver data, and targeting a 2027 resource update, the company is progressing along the timeline outlined in the narrative. Whether these initiatives ultimately support a larger resource base remains a key milestone for investors to watch.

Read the full investment case for Upside Gold.

What investors may watch next

As Upside Gold advances its technical and exploration programs, investors will likely be focused on several milestones over the next 12 to 18 months.

• Results from the company's planned 2026 drilling program.

• Progress incorporating historical drilling into future resource estimates.

• Findings from the evaluation of historical copper and silver data.

• Outcomes from ongoing metallurgical studies across the Kena system.

• Updates on the path toward a targeted 2027 resource estimate.

Together, these milestones may provide a clearer indication of Kena's resource growth potential and long-term development prospects.

About Upside Gold

Upside Gold (CSE:UG) is a Canadian gold-copper exploration company focused on advancing the Kena Gold-Copper Project in southeastern British Columbia. The company is working to earn a 100% interest in the project and is pursuing systematic exploration and drilling programs aimed at expanding and upgrading its resource base.

Simply Wall St analyst Bailey and Simply Wall St have no position in any of the companies mentioned. This article is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.