Stellar AfricaGold is a Canadian junior exploration company focused on gold projects in Africa, with primary operations in Morocco and Côte d’Ivoire. Its flagship asset is Tichka Est in Morocco, an 82 km² project comprising seven permits under an earn-in agreement with the country’s National Office for Hydrocarbons and Mines (ONYHM). Stellar also maintains early-stage exposure in Côte d’Ivoire through its Zuénoula permit.
Key Recent Developments
- In August 2025, Stellar announced completion of its first drill hole (TCK-001) at Tichka Est, reaching 225 m depth. Geological logging revealed diorite sills with quartz-arsenopyrite-pyrite veining, intersecting multiple horizons between ~82 m and 176 m depth.
- While assay results were pending at the time, the structures confirmed the company’s geological model, built on surface trenching.
- Stellar granted 650,000 Performance Share Units (PSUs) to Dr. Paul Kitto, vesting based on achieving up to 600,000 oz of Inferred + Indicated gold resources.
- The earn-in terms allow Stellar to earn an 85% interest in Tichka Est by spending US$2.39M (C$3.5M) on exploration over three years.
Geological & Project Potential
Tichka Est (Morocco)
- Covers 82 km² with three known gold-bearing zones (Zones A, B, C), with strike lengths from 0.45 km to 2 km.
- Regional sampling identified additional anomalies for gold, silver, copper, lead, and zinc.
- Early drilling intersected expected structural assemblages, encouraging for continuity at depth.
- The project’s upside hinges on assay results confirming grade and economic potential.
Zuénoula (Côte d’Ivoire)
- A large 395.8 km² permit in one of West Africa’s prolific gold belts.
- Less advanced than Tichka Est, but provides strategic diversification and future discovery optionality.
Investment Thesis
Upside Drivers
- Exploration Leverage – Significant upside if drilling delivers meaningful grades and thickness.
- Geological Validation – Structural intersections align with models, suggesting potential continuity.
- Earn-In Structure – Limits upfront capital burden and aligns interests with ONYHM.
- Aligned Incentives – Performance-based share units tie management rewards to resource growth.
- Jurisdictional Diversification – Presence in both Morocco and Côte d’Ivoire.
- Speculative Optionality – Positive assay news could drive a substantial re-rating.
Valuation & Market Metrics
- Stellar trades on the TSX Venture under ticker SPX.
- The 52-week trading range has been highly volatile, between CAD 0.05 and 0.30.
- Market capitalization remains low, typical of early-stage explorers.
- A maiden resource estimate at Tichka Est would be a major valuation catalyst.
Catalysts to Watch
- Assay results from TCK-001 and follow-up drill holes.
- Step-out and infill drilling to confirm continuity and grade.
- Updates on Morocco earn-in agreements.
- Exploration progress at Zuénoula.
- Financing rounds and dilution risk.
- Gold price trends and macro-economic developments.
Conclusion
Stellar AfricaGold offers high-risk, high-reward exposure to African gold exploration. With drilling underway at Tichka Est and a large land position in Côte d’Ivoire, the company is positioned for speculative upside if assays confirm economic grades. However, investors must weigh the risks of exploration failure, dilution, and geopolitical uncertainty. For those with risk capital and a tolerance for volatility, Stellar could represent an intriguing bet on the next African gold discovery.
