OLYMPIO METALS LTD (OLY) - Why Bousquet And Jacknife Are Becoming The Company’s Core Growth Drivers Artwork

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OLYMPIO METALS LTD (OLY) - Why Bousquet And Jacknife Are Becoming The Company’s Core Growth Drivers

August 17, 2026 • Andrew Musgrave

0:00 | 12:47

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A single assay can spark attention, but patterns are what build conviction. We sit down with Sean Delaney, Managing Director of Olympio Metals Limited, to unpack how the company has evolved into a high grade-focused explorer chasing gold and silver across North America, and why its two key assets are starting to look like complementary growth engines rather than side quests.

We start in Quebec at the Bousquet Gold Project on the Cadillac Break near Val-d’Or, where Olympio has already earned 51% and is working towards 80% through a staged earn-in that balances flexibility with committed exploration spend. Sean explains what the Phase 3 drilling at Paquin is showing so far, why consistent gold across holes matters as much as the headline numbers, and how the team thinks about the moment a project begins to feel like resource definition rather than pure exploration. We also talk sequencing: pending assays, structural mapping, surface geochemistry, and the practical push to generate new drill targets while the weather window is open.

Then we head to Idaho for the newly acquired Jacknife Silver Project, a high grade polymetallic opportunity with patented mining claims at its core. Sean shares why that detail can change the approvals and execution pathway, how an old pre-43-101 silver figure and historic underground development adds confidence, and why having a local partner with rigs and core facilities helps speed up the path to drilling. We close on the Dufay divestment uplift, what it does for the balance sheet, and the key catalysts to watch over the next 12 months, including the company’s view on silver price upside.

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Andrew Musgrave

Welcome again to ASX Briefs, and I'm joined again by Sean Delaney, the Managing Director at Olympio Metals Limited, an Australian exploration company focused on building value through discovery and development of gold and critical minerals projects in Canada and the USA. Sean, great to have you with me again and welcome back to the ASX Briefs podcast.

Sean Delaney

Thanks for having me on, Andrew.

Andrew Musgrave

Now, Sean, Olympia looks quite different today to what it did a few years back. So, can you give the listeners a quick overview of the portfolio as it stands and where Bousquet sits within that?

Sean Delaney

We've got the Bousquet gold project in in Quebec, which we've had for just a year and a bit. We acquired last year. And that's a tremendous project. We love it, we love the location. It's on the Cadillac Break, you know, just out of the town of Val d'Or. The geology is amazing. You know, it's got you know multi-million-ounce deposits east and west of the boundary there and a couple of processing plants within 15 sort of kilometres, including Agnico Eagles plant. That's a brilliant project, and we've been working away and then getting some very nice results. And we just we just announced the acquisition of the Jacknife project in Idaho, which is a high grade polymetallic, very similar to the Silver Valley region, which is a famous mining area in Idaho, famous silver mining area. And so yeah, we just announced the acquisition of 80% of that Jacknife project from a local company called Scout Discoveries. So, our major focus now is, I guess, high grade silver and gold in North America.

Andrew Musgrave

Okay, we'll touch on Jacknife shortly, but first of all, you reached the milestone commitment to earn 51% of the Bousquet Gold project this quarter. Can you walk us through that earning structure? What's left to get it to the full 80%, and what's Bullion Gold's remaining position?

Sean Delaney

Yeah, we did announce that. Yeah, we structured the deal over sort of a long-term just really just to give us flexibility, but we've got the flexibility to sort of squash it up. So, we have another 500,000 in payments and 250,000 in sort of share payments and a million dollars in the ground over five years. But we can, it was an eight-year sort of option payment, if you like, you know, because you never know when winter comes. So, we've got the flexibility to sort of squash that up, as you say, we've already achieved the first 51% in a year and a half. Yeah, we're well on track to get to 80%, and then Bullion is free carried for the remaining 20% through to production if we ever get to that point.

Andrew Musgrave

Okay, and if we look at what the news everyone's talking about, the first assay from phase three at Paquin, what does an intercept like that tell you about the system?

Sean Delaney

We've had sort of you know we've drilled 10,000 meters, yes, sort of 10,000 meters there. So, it's yeah, that intercept was you know, we had a 23 grammar in there, which is always nice, always sort of nice to see. But yeah, we're really just sort of putting some holes in some of the gaps at Paquin. Paquin is just one of the prospects, which is in the southern part of the Bousquet project. And that's really sort of the more advanced, I guess, because that was where the gold was found originally. But yeah, look, we've had sort of you know gold in almost every hole we've drilled there. So, it just gives us great confidence that we're in a big, you know, big mineralized system there.

Andrew Musgrave

And with that drilling, at what point does the project like this stop feeling like exploration and start feeling like resource definition?

Sean Delaney

I think we sort of set ourselves an aspirational target that we could find that we could find a million ounces there. There's three sort of different types of, you know, I suppose mineralization there. And look, I'm not a geologist, so I'm not going to you know pretend to be able to explain it, but we've got the geology sort of team. I've got a very experienced geologist on the ground there who's worked for sort of 30 years in the region. We'll just continue to build his what Martin Demos is his name, and he says that you build a deposit in the Abitibi region, and that's sort of what we're doing with us this sort of chipping away at Paquin mainly. And now I think you know we're just going to spread out and do some wider exploration. But yeah, so there was some sort of talk at Diggers last week about the Canadians don't necessarily like to put a resource, a resource around their drilling in the early stages, which is which is maybe a focus of what we often do here. So yeah, a bit more drilling to go yet before we start putting a resource around it.

Andrew Musgrave

And there are still four phase three holes with assays pending, and you're about to kick off a fresh surface geochemical sampling program. So, what's going to be the sequencing there?

Sean Delaney

Still four more holes, so they'll be coming in over the next you know few weeks, and then yeah, we just we just you know got to get back out on the ground. It's summertime there and we can work all year round, but obviously, you know, get out on the ground and do some sort of more structural mapping and maybe some sort of channel sampling on the surface and just see if we can extend out from Paquin and generate sort of new, you know, new drilling targets. As I said, you know, we've drilled, you know, 10,000 odd meters there, sort of, you know, 44 holes. We've had, best intercept of 19 meters at 17 so grams per ton, which is incredible. The highest grade of a meter at you know 143. So, look, we've had some fabulous results. So, you're always we didn't see any visible gold in this, in this, in this program that we did, but you know, you're always hoping for some very nice numbers from these next holes to come. But we'll just we'll just keep sort of chipping away at the project there. Drill some more holes once we once we get these results in, just work it into the model and then just go again.

Andrew Musgrave

Okay, and you touched on the Jacknife silver project in Idaho earlier. What attracted Olympio to that deal and how quickly can you get a rig on site?

Sean Delaney

To be honest, that attracted us. We raised some money in February this year on the acquisition of the Raven, very high-grade sulphur and copper project sort of next door in Montana. And then when I was over there looking at the project, I met these guys from Scout Discoveries, so local company there, very large landholders in Idaho run by Curtis Johnson, real up-and-coming entrepreneur. And they've got their own exploration company, but they've also got four rigs of their own, their own geologists, the core shed, core scanning machine, cutting. So, they're sort of like a fully integrated, a vertically integrated exploration company almost. And his guys took me out to see Raven, and we were you know reviewing the trip, you know, over a few beers as you do at the at the end of the field trip, and we and he said, Look, we've got this project called the Jacknife Silver Project, which is just pretty much down the road, you know, 35 Ks away. And the core of it's on these patented mining claims. And I was like, that sounds interesting. But patented mining claims, you know, first were introduced in the 1870s when the mining law was introduced in the US. And but what it allowed you to do was that if you'd surveyed mineralization on a claim that you staked, you could apply to the federal government for this patented mining claim. And they basically transferred the land, so the surface and the mineral rights to you for a pittance in effect, right? So, some of these patented mining claims that we've got in the Jacknife Project have been around since the late 1800s and 1915. So, the core of sort of the mineralization is within these patented mining claims. And look, it's the gold standard for approvals in the world, I'm going to say, because you pretty much, you own the land, you own the mineral rights, and you basically don't need federal approvals to get to work on the ground. You can drill, you can go out there and start drilling, and you can even do underground mining there with very little sort of approval. So, when he told me about this this project, and that's the core of them, they've consolidated the area around this very high-grade silver, it's polymetallic like the silver valley, like the silver valley deposit. But there's you know, those 8.2 million ounces in an old resource there, pre-JORC pre-43101. That was at you know 13 ounces of ton, 13 ounces per ton of silver, so not grams, but ounces, right? So, they, you know, back in the 50s, they developed a 600-meter shaft, this company called Federal Uranium, and they'd driven along the ore body, basically sampled on the backs, and so they put this resource together based on actual development on the ground, you know, down to 600 meters. So that sort of gave me great confidence. And that's just in 500 meters of strike, it was seven kilometres of strike. And you know, just as I say, Scout was prepared to do the work and be our local partner there. So, it was you know, it was it was a whole host of things. But I just looked at that project and I thought, geez, this looks like a great opportunity to just get a more advanced, critical sort of minerals, you know, project in Idaho and then you know, Idaho is really sort of, you know, they say Idaho is where Nevada was, you know, 40 years ago. It's been underexplored, but it really is an opportunity, and encourage us had to sort of recognize that. And also, you know, we've got this opportunity for federal funding. You know, we've seen some announcements sort of this week that there really is a lot of money from the current administration to get critical mineral sort of production in the US. So well, all those things combined, Andrew, you know, I just thought it was a great opportunity. So, it took us a few months to get it done, but yeah, we got it done and that would that was sort of the attraction of it.

Andrew Musgrave

Yeah, and with that Jacknife project, is it fair to say that that's now shaping up as a genuine second pillar for the company?

Sean Delaney

Oh, absolutely, 100%, yeah, yeah, for sure. It's an advanced project. And look, my geologists here have been looking, you know, going through the data for a few months saying absolutely love the exploration potential, very little drilling, you know, these sort of structures that are mineralizing or intersecting and inside the patented claims. So yeah, we think it's a great opportunity.

Andrew Musgrave

Okay, and in the recent quarter, you completed the Dufay divestment and then picked up some unexpected uplift when the acquirer Focus was it itself taken over, bumping up your consideration to over 600,000 Canadian dollars all cash. So how did that play out and what does it do for the balance sheet?

Sean Delaney

The Dufay project was the second project we had in Quebec, and yeah, we just wanted to concentrate on Bousquet. We had some very sort of low-grade copper intercepts, but yeah, our focus are were sort of surrounding us. So yeah, they we did a deal for 500 Canadian, and they ended up yeah being subject to so it ended up getting bumped up because we only got a portion of that cash because there's withholding taxes, so we have to go through and do our tax returns and stuff to get to get the remainder, but obviously that'll be nice. It's always nice to get some extra funds in when that comes in in the next couple of months or whenever the tax returns are processed.

Andrew Musgrave

And how is the funding looking like over the next 12 months as the activity accelerates?

Sean Delaney

Yeah, as you say we're at 2.6 million at the end of the quarter, you know, we'll have that some of the Dufay, the Dufay funding coming in the next couple of months. But yeah, we you know, we want to drill some holes in the ground, you know. So only way we’re going to make progress on any of these projects. So, you always need always need money to drill you know, to drill more holes, Andrew. So, you know, we're obviously always looking at opportunities and we'll need funding at some stage, depending on the sort of the amount of drilling that we do. You know, we're hoping to get to work drilling at Jacknife as soon as we can.

Andrew Musgrave

And finally, Sean, for someone that hasn't looked at Olympio, what are some of the key catalysts that they should keep an eye out for over the next 12 months?

Sean Delaney: 14:02

We're a high grade focused on high grade silver and gold in North America, but Bousquet, in Quebec and in Idaho, you know, grade is king. We used to always say that when prices were low, but you know, I think grade is still king. So, silver prices, you know, it seems like it's come off its bottom, it's back above 60. And you know, if you look at the ratios of silver price towards gold over you know over its history, it's always been sort of 30 or 40. You know, so at 4400 US price of gold, you know, silver could be back above 100 very easily. So, we just think there's great upside in the silver price, and obviously anyone who's got exposure to silver, you know, should perhaps will enjoy some of that upside as well. So yeah, high grade gold and silver, tight share structure, and we love you know putting holes in the ground. So you know, I think we've sort of leveraged to exploration success.

Andrew Musgrave

Okay, Sean. Well, that's great. Thanks for the update, and we look forward to further announcements in the upcoming months.

Sean Delaney

Thanks, Andrew.

Andrew Musgrave

That concludes this episode of ASX Briefs. Don't forget to subscribe, and we look forward to catching you on our next episode.