Alma Gold Inc.

Name: ALMA Verdict Framework Scorecard — AVOID
Item: Alma Gold Inc.
Rating: 10
Author: Mining Stock Report

OTHER:ALMA · Gold · Guinea

AVOID

Composite Score 10/25

Scored May 3, 2026 View dated scorecard →

Verdict Framework Breakdown

Management Skin-in-the-Game

2/5

Management claims 20+ years of West African gold exploration experience with multiple discoveries later acquired by majors including IAMGOLD. Director Jean-Marc Gagnon has 35+ years in mining including West African project development. Director Paul Ténière (M.Sc., P.Geo.) is QP. However, company is micro-cap (~C$3-5M market cap) and Guinea presents significant political and operational risk. IAMGOLD's adjacent Karita discovery validates the geological neighborhood but not Alma's own ground.

Project Geology Quality

2/5

Flagship Karita West Project is 392.1 km² in Guinea, immediately adjacent to IAMGOLD's Karita permit (where IAMGOLD drilled 34m @ 5.81 g/t Au). Geological setting (Birimian-aged rocks, near Senegal-Mali Shear Zone) is highly prospective for gold. Alma has no NI 43-101 resource — only early-stage sampling (termite mound programs, planned air core drilling). Clarence Stream North in New Brunswick also held. All projects are grass-roots.

Capital Structure Health

3/5

Share consolidation on 10:1 basis resulted in approximately 6,774,562 post-consolidated shares initially; CSE listing shows 57,745,285 shares issued and outstanding (reflects post-consolidation and subsequent issuances). Market cap approximately C$3-8M. No significant warrant or option data confirmed publicly. Micro-cap structure limits financing options.

Catalyst Proximity

2/5

No drilling program announced as imminent. Company completing preliminary work (termite mound sampling, aeromagnetics) at Karita West in preparation for a maiden drill program. No resource estimate timeline disclosed. Guinea political environment (military government since 2021 coup) adds permitting uncertainty. Nearest material catalyst is a maiden drill program announcement and results — timeline uncertain.

Comparable Acquisition Value

1/5

No resource estimate means no NAV or P/NAV calculation possible. Adjacency to IAMGOLD's Karita deposit provides geological optionality but no monetizable value until drilling proves up a resource. Guinea jurisdiction risk (military junta, nationalization history) significantly discounts any acquisition premium. Very high-risk, no comparables applicable.

Analyst Summary

Alma Gold is a micro-cap (C$3-8M) early-stage explorer in Guinea with zero NI 43-101 resources and a dependency on proximity to IAMGOLD's nearby Karita gold discovery as its primary geological thesis. While the Birimian gold belt of West Africa is genuinely prospective and management has relevant regional experience, Guinea's political risk (military government since 2021) and the complete absence of a drill-defined resource make this uninvestable for most retail investors at this stage. Revisit only after maiden drilling confirms continuity with IAMGOLD's mineralization.

Share Structure

Issued & Outstanding 57,745,285

Company Details

Exchange / Ticker: OTHER:ALMA
Jurisdiction: Guinea
Primary Commodity: Gold
Report Date: May 3, 2026
About: Alma Gold Inc. is a Bedford, Nova Scotia-based junior exploration company with two primary assets: the Karita Gold Project in northern Guinea, West Africa, and the Clarence Stream North Gold Project in southwest New Brunswick, Canada. The management team has a track record of gold discoveries in West Africa, with prior projects acquired by major producers including IAMGOLD. Alma Gold is at the early exploration stage on both properties.
Website: https://almagoldinc.ca

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