CBG.V spiked 20% two days in a row on zero news. We dug into why, and the drill results everyone is front-running are optioned to a different company (LOT.V)
Our EOD volume scanner flagged **Chibougamau Independent Mines (CBG.V) two days running:** 57x its median volume today, +20% to $0.30, roughly $19M market cap, 61.8M shares out.
No news release either day. That pattern usually means one of two things: a paid promo, or somebody positioning ahead of a known catalyst. We checked for promo first (that’s our rule after passing on another top scorer for exactly that reason last week) and found no campaign.
The known catalyst does exist though: **TomaGold (LOT.V)** finished an extension drilling program in May at Berrigan, the historic mine asset 4 km from town, and assays are pending. Here is the part the tape seems to be skipping. Berrigan is under OPTION. TomaGold can earn 100% of it for $2.65M in cash, $1.35M in shares and $5.6M in exploration spending over about five years. Those terms are public (September 2025 release).
So if the assays are great, the discovery torque belongs mostly to TomaGold, and CBG’s take is a contracted payment stream plus LOT shares. **Buying CBG to play those drill results is buying the landlord to bet on the tenant’s lottery ticket.**
**What CBG actually is:** the land bank of the Chibougamau camp, about 12 properties, most still 100% owned, in a tier-1 Quebec district that is clearly waking up (three Quebec gold names lit up together on our scan yesterday). At $19M that optionality is cheap. But cheap optionality and a 2-day no-news spike are different trades. We put it on our watchlist and we are not chasing.
**What would change our mind**: a strong TomaGold assay reading through to the camp, or real news on the ground CBG still owns outright.
**Honest caveat:** this thing is illiquid, old-school slow, and the spike can deflate as fast as it inflated.
Anyone here following the Chibougamau camp revival more closely — what do you think is driving the volume?
Not financial advice. We publish our process, wins and losses included. Do your own DD.