Benz Mining Corp.

Name: BZ Verdict Framework Scorecard — WATCH
Item: Benz Mining Corp.
Rating: 19
Author: Mining Stock Report

WATCH

TSXV · Gold · Scored May 6, 2026

Composite Score 19/25

Management Skin-in-the-Game

4/5

Management demonstrated strong market credibility by closing an A$75 million placement in February 2026, providing a full year's exploration treasury for >250,000 m of drilling. Dual-listing on TSXV and ASX (as BNZ) broadens the investor base and adds liquidity. The aggressive multi-camp drilling strategy across Glenburgh, Mt Egerton and other WA Goldfields targets signals operational ambition and execution capability. Insider ownership not extracted from filings cache.

Project Geology Quality

3/5

Glenburgh Gold Project (Western Australia) hosts a historical (non-NI 43-101 compliant) resource of approximately 16.3 Mt at 1.0 g/t Au (510,100 oz contained gold) — the primary valuation anchor but requiring upgrade to 43-101/JORC compliant status. The March 2026 discovery of the Kilkenny Zone at Mt Egerton (ultra-high-grade gold beneath the historic Hibernian Gold Mine) adds a high-grade exploration target. No 43-101 in SEDAR+ cache, so no resource data extracted from filings. Multiple exploration camps (Hurricane, Icon, Thunderbolt) at Glenburgh provide district-scale upside.

Capital Structure Health

4/5

258,836,364 shares issued and outstanding; 288,540,392 fully diluted, with approximately 2,777,778 warrants and 26,926,250 options (no strike/expiry extracted from MD&A summary). The dilution multiple is modest at 1.11x basic shares — a clean structure for an exploration-stage company with this scale of program. The A$75M raise in February 2026 funds >250,000 m of 2026 drilling without requiring additional equity. No flow-through financing noted in extracted data.

Catalyst Proximity

5/5

>250,000 m of drilling planned across Glenburgh (Hurricane, Icon, Thunderbolt camps) and Mt Egerton in 2026. The Kilkenny Zone high-grade discovery announced March 2026 is an immediate follow-up target. Multiple active drill programs create high-frequency assay news flow. Potential for a 43-101/JORC compliant resource update at Glenburgh during 2026 would be a major re-rating catalyst. Fresh treasury from A$75M raise eliminates financing risk for the program.

Comparable Acquisition Value

3/5

Glenburgh's ~510,000 oz historical gold resource at current spot prices (~US$3,300/oz) represents meaningful in-situ value, though the non-compliant status warrants a discount. Comparable WA gold explorers with compliant 43-101/JORC resources typically trade at 3–6x EV per in-situ ounce once resource-defined. P/NAV analysis cannot be completed until a compliant resource is published. Acquisition premium would be contingent on Kilkenny Zone high-grade results and Glenburgh resource upgrade.

Analyst Summary

Benz Mining is the highest-velocity name in this batch: a dual-listed (TSXV/ASX) gold explorer with A$75M in fresh capital, >250,000 m of drilling planned for 2026, and a newly discovered ultra-high-grade zone (Kilkenny, Mt Egerton) announced in March 2026. The share structure is clean, the treasury is full, and the news flow through 2026 should be frequent. The watch call reflects the absence of a 43-101 compliant resource — the Glenburgh historical estimate (510k oz at 1.0 g/t) needs upgrading before a BUY is justified. Watch for the Glenburgh resource update and Kilkenny Zone drill-hole follow-up; either catalyst could move this to BUY.

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Cap Table & Overhang Analysis at C$1.9300

Basic Shares

258,836,364

TSM Diluted (at scoring)

258,836,364

Net New Shares

Dilution %

0.0%

Warrants outstanding	2,777,778
Options outstanding	26,926,250

ITM at scoring price	0
Cash from full ITM exercise	C$0
Reported fully diluted	288,540,392

Dilution Sensitivity

Scenario	Price	TSM Diluted	Dilution %
0.5x	C$0.9650	258,836,364	0.0%
1.0x scoring	C$1.9300	258,836,364	0.0%
1.5x	C$2.8950	258,836,364	0.0%
2.0x	C$3.8600	258,836,364	0.0%
3.0x	C$5.7900	258,836,364	0.0%

Treasury Stock Method: at each scenario price, in-the-money warrants and options are assumed exercised, with proceeds applied to repurchase shares at that same price. Net new shares = ITM count minus repurchased shares. Dilution % is net new shares as a percent of basic. Near-expiry threshold is 12 months from the scoring date.

Share Structure

Issued & Outstanding 258,836,364

Fully Diluted 288,540,392

Warrants & Options

Type	Count	Strike	Expiry
Option	26,926,250	—	—
Summary count only — strike/expiry not extracted from MD&A summary table
Warrant	2,777,778	—	—
Summary count only — strike/expiry not extracted from MD&A summary table

Company

Exchange / Ticker: TSXV:BZ
Jurisdiction: Western Australia
Primary Commodity: Gold
Website: https://benzmining.com

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