What Has Upside Gold Achieved Since Its IPO?

For many companies, listing on a stock exchange is a pivotal moment.

It not only raises a company's profile but, more importantly, taps into an efficient market for new capital when a business needs it so that it can try to achieve its future goals and reward its loyal shareholders.

Canadian gold stock, Upside Gold (CNSX:UG), which entered the Canadian Securities Exchange in January 2026, was no exception.

What is Upside Gold?

Founded in 2021, and currently run by chief executive Sophy Cesar, Upside Gold is a gold and copper exploration company headquartered in Calgary, Alberta, Canada.

Its chief asset is the Kena Gold-Copper project, which spans over 10,000 hectares in the Kootenay Volcanic Arc in British Columbia. This area has a long history of gold and silver mining, with activity dating back to the 1900s.

An estimate taken in 2021, known as a historic mineral resource estimate, calculated that around 3.3 million ounces of gold were present on site. Of this, 561,000 ounces were classified as being indicated (which means the estimate was made with a high degree of confidence), and another 2.77 million ounces were inferred (which means the estimate has a lower degree of confidence).

Importantly, the mine's location places it close to existing critical infrastructure.

What has Upside Gold achieved since listing?

The reason Upside Gold had for listing was clear. The aim was to raise the funds required to begin their exploration activities.

And it didn’t take long for this to happen with a preliminary exploration taking place in early February where multiple high grade gold, silver and copper showings were confirmed and 22 drill targets were identified.

In April, another update was provided about the potential of its Kena project which identified a larger mineralized system extending beyond the previously identified resource and potentially meaning that Kena could turn into a multi-million ounce development.

In May, Upside further showed its confidence in the area’s potential, acquiring 100% ownership in several adjacent mines totalling approximately 273 hectares. Later that month, and through to July, Upside began planning a 4,000-metre drilling program with aims to evaluate copper and silver data. This was not included in the initial historical study in 2021, with potential to add further scale and value to its mine if results were promising.

By the time this program was over, Upside had surpassed its own plans, drilling a total of 5,180 metres across 19 holes compared to the 4,000 metres initially planned. This was further enhanced in September by what Upside called its field exploration program, which included gaining an understanding of other areas of its site that could be used to support further drilling programs .

All of these activities continue to point towards Upside potentially turning Kena into a more diverse project.

What’s next for Upside Gold?

So far, 2026 has been a productive year, but what is it leading to?

Some key events investors will be waiting for will be further results of its ongoing, and extended, drilling programs. All of which will lead to the results of its updated mineral resource estimate which is due around the first quarter of 2027.

If the new estimate shows an improvement compared to the historical estimate performed in 2021, it could indicate a significantly more valuable mine than investors initially believed. This could provide further options to extract value, make it easier to attract partners, and potentially increase certainty in the existence and quality of the ore which lends to an assessment of the mine being more economically viable than previously considered.

With drilling continuing, and with some results regarding what they have found so far in their exploration, it appears to be an exciting time ahead for Upside Gold.

What is the Simply Wall St community saying about Upside Gold?

One of the most-followed narratives on the SImply Wall St community echoes the focus on the upcoming technical report due to be released in the first quarter of 2027.

It calls Upside Gold a speculative Canadian explorer whose Kena Gold-Copper Project hosts a historical estimate of 3.33 million ounces of gold. It points to the upcoming NI 43-101 resource estimate and technical report expected in Q1 2027 as a key catalyst for the company.

The updated NI 43-101 resource estimate and technical report expected in Q1 2027 will incorporate more recent drilling and assessing copper and silver alongside gold. Changes in gold prices should also play a part with the 2021 estimate using a gold price of $2,000 an ounce compared with more than $4,000 an ounce at the time of writing, although the author notes that higher prices do not guarantee a larger or economically viable resource.

The author sees potential for a substantial revaluation if the report validates or expands the resource, valuing the shares at CA$1.50 compared to its current share price of CA$0.63, but stresses ongoing risks and uncertainty.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Simply Wall St analyst Andrew Legget and Simply Wall St have no position in any of the companies mentioned. This article is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.