At PDAC 2026, Glenn Mullan outlined how Val-D’Or Mining (TSXV: VZZ | OTC: VDOMF) approaches exploration. The company operates as a prospect generator. It acquires grassroots projects, advances early work, then brings in partners to fund drilling.
Mullan says the aim is simple. Create royalties from discoveries while limiting shareholder dilution. Val-D’Or Mining keeps net smelter return royalties when partners earn project interests. Over time, those royalties can form the base of a royalty portfolio.
The company controls roughly fifty exploration properties across Quebec and Ontario. Many were assembled over decades of prospecting around Val-D’Or and the Abitibi belt.
Eldorado Gold funds drilling programs
Eldorado Gold (TSX: ELD) currently leads the largest exploration partnership with Val-D’Or Mining. The agreement covers twelve properties. Ten sit in Ontario. Two lie in Quebec.
Eldorado plans to spend about $36.5 million to earn its interests. Several projects have already advanced through soil sampling, geophysics, and initial drilling.
Mullan highlighted the Perestroika prospect north of Val-D’Or. Eldorado drilled about 9,400 metres over two programs. A new 8,000-metre campaign began recently.
The target follows a mineralized corridor roughly one to two kilometres long and about 150 metres wide.
More drilling across the portfolio
Other partners also drive exploration activity. Kirkland Lake Discoveries (TSXV: KLDC) raised roughly $12 million and now drills a Val-D’Or Mining property near Kirkland Lake. Two rigs operate on the project.
Juno Corp. (private) also holds an option on properties tied to the Ring of Fire region. The company continues drilling on ground that includes Val-D’Or Mining interests.
Mullan expects drilling results to shape the company’s news flow in 2026. Exploration updates should come from several projects throughout the year.
