John Fenwick

Aya Gold & Silver ($AYA): From Updated PEA to Development at Boumadine

• Top takeaway Fenwick anchors the bullish Aya thesis by reading out Boumadine's headline economics - $1,100 AISC, ~$500M capex, ~175,000 oz of gold and 15M oz of silver starting up around 2029-2030 - and calling the company the number one quality gold-silver project globally.
• He presses management on the no-dilution message and on the rationale for selling silver at ~$68/oz rather than holding it, forcing the discussion that ultimately confirms Boumadine funding will come from cash, debt and offtake prepayments.

Aya's Boumadine PEA shows a $3.5B base-case NPV and 93% IRR on $463M of capex, with no equity dilution needed. An AISC of $1,100/oz in years one to five keeps Boumadine robust even if silver stays in the low $60s. Full permits plus $200M cash and up to $300M in off-take prepayments leave the project fully funded through construction. The guest calls Boumadine the best gold-silver project globally; the analyst host sees 10x potential as Wall Street ignores the build.

Eastport Critical Metals ($EVI.V | $EVIIF): Targeting a Large-Scale Copper Opportunity in Botswana

• Top takeaway John argues that Eastport offers several ways to succeed, led by copper but supplemented by a new uranium discovery and recent rare-earth results.
• He sees polymetallic deposits as attractive because their combined metal content can produce large equivalent resources and says governments and major miners are increasingly supporting or investing in such projects.
• He highlights valuation opportunities among the discussed juniors, including PTX after its steep decline and Honey Badger relative to Blackrock.
• John argues that copper remains critical to economic infrastructure, that exchange inventories are scarce and that new supply cannot be brought online quickly.

Eastport's flagship Matsitama spans 1,854 square kilometres, with a 30-kilometre copper soil anomaly guiding geophysics and initial drilling. Semarule's first assay returned 330 metres of continuous rare-earth mineralization, while a central anomaly hole remains pending. Management prioritizes copper while advancing early-stage nickel, uranium, and rare-earth targets, using portfolio flexibility to allocate limited exploration capital. Botswana offers year-round access, established infrastructure, relatively straightforward permitting, and mining laws rooted in English law, according to Major. Major says Eastport holds $2.5 million cash and plans about 5,000 metres across projects, including 2,000 metres at Matsitama.

Rua Gold ($RUA | $NZAUF): Unlocking Reefton’s Historic Goldfield

• Top takeaway John argues tungsten is a top 'pocket of strength' in commodities, citing China's supply restriction and the recent ~$450M US Department of War grant to an unnamed company (with a 35-40% stock pop), framing it as evidence the US is fixing a broken critical supply chain.
• John positions Toyota's upcoming lithium-ion high-density batteries (1,000 km/charge, 90% charge in 20 minutes) as a multi-metal demand story, naming Aftermath Silver (manganese), Stillwater (nickel/copper), Power Metallic (copper), and First Phosphate (LFP) as beneficiaries.
• John says his own tungsten exposure is ~22% of his portfolio (up from 17% in June), with Western Star Resources as his second-largest US position and Skyline Builders Group as a NASDAQ-listed alternative with higher share price and liquidity.
• John frames Canada as the 'Holy grail' uranium jurisdiction and highlights Canadian Uranium (just-funded, three Canadian projects, ~17M shares out) and Eastport Critical Metals (May 2026 uranium discovery near Lotus, plus same-day rare-earths pop) as juniors to watch.
• John argues the election risk around RUA is overstated because the October 2026 fast-track application locks the project into a pre-election permitting path, with the six-month clock making the project largely insensitive to the November 2026 election outcome.

Reefton's Old Creek targets first antimony-gold concentrate by mid-2028 from a 25,000 oz/year starter mine with $130M CapEx. Nine undrilled historic mines at Reefton support a hub-and-spoke expansion that could roughly double throughput. Antimony co-product (25% antimony, 80 g/t gold) drew metal trader Mercuria into a $5M strategic investment. New Zealand's fast-track permitting compresses mine approvals to about six months; application is due October. Three oversubscribed, warrant-free raises let Rua Gold fund the permitting path with minimal dilution overhang.

Emperor Metals ($AUOZ | $EMAUF): Growing Duquesne West & Moving Lac Pelletier Toward Production

• Top takeaway Argues for a 'final battle' between gold and the S&P at S&P 7,000, expecting gold to win before the 2026 U.S. midterms and trigger 'leg two' of the gold uptrend.
• Warns the mid-August to mid-October 2026 window is high risk, expecting a possible S&P 'whoosh down' (roughly 5% in a week) if the index breaks its 100-day moving average, with Michael Oliver's momentum level flagged as a key threshold.
• Holds a Fed-cut view despite hot CPI/PCE, citing 80-85% implied odds as of mid-September 2026 and political pressure; he expects further bond-market intervention and notes the 10-year just hit a 5% handle.
• Frames pullbacks as buying opportunities: $4,150 as an entry zone, possible retest of $4,000, and views sub-$4,500 gold as a generational 'last time' level if gold closes November 2026 above $4,500.
• Highlights juniors as oversold as of the September 14, 2026 tape, citing Andean Silver and 1911 Gold while gold was down ~1.4% and individual juniors fell 5-12% that day.

Emperor Metals CEO John Florek outlines a path to 3-5 million ounces at the Quebec Duquesne West project, with a PEA (preliminary economic assessment) targeted in 2027. Already-permitted Lac Pelletier could produce about 40,000 ounces per year and roughly $200 million in annual revenue at $5,000 gold, acting as a cash-flow bridge. Six nearby underused mills let Emperor skip building its own plant, a savings Florek pegs at $500 million to $1 billion in capex (capital expenditure). Insiders and high-net-worth holders appear to control more than 30% of a 32% public float, signaling tight supply and management alignment. Hosts frame juniors broadly as deep-value buys, expecting a decisive S&P-gold break around S&P 7,000 to reignite the gold leg higher.

Stillwater Critical Minerals ($PGE | $PGEZF): Updated Polymetallic Resource Sets the Stage for a PEA

• Top takeaway John argues the asset could realistically be shopped by 2028, with a PEA in roughly a year to be marketed through the seasonally strong Q4/Q1 of 2028 to majors like Glencore, Rio Tinto, or Freeport.
• John presses Mike on the gap between US administration rhetoric on critical-mineral funding and the actual disbursements, despite engagement with Congress since at least 2024.
• John highlights that large US polymetallic projects of this type are scarce, with comparable assets mostly in less investor-friendly jurisdictions like Russia or South Africa.

Stillwater Critical Minerals released its third, largest MRE: 4.82 billion pounds of nickel-copper-cobalt and 7.43 million ounces of PGMs (platinum-group metals) and gold. Stillwater's Montana project applies South Africa's Platte Reef bulk-mining model, targeting AISC (all-in sustaining cost) near $600 per 4E ounce. CEO Rowley plans a PEA in about a year but skips a full PFS, aiming to upgrade resources and attract a major's bid. Hosts frame Stillwater as a 'buy-and-forget' optionality play: buy ounces cheap, let the PEA re-rate them, then wait for Glencore or another major to bid. The U.S. has only one small nickel mine and no nickel processing capacity; Rowley is engaging D.C. on funding but says grants take time.

Revival Gold ($RVG.V | $RVLGF): Building a Path Toward U.S. Gold Production

• Top takeaway John frames the episode as part of a deliberate US gold revival theme he has been developing since 2025 (citing Trump's executive order), urging investors to look beyond Nevada into Utah, Idaho, Oregon, and Wyoming for the next wave of US production.
• He notes that US-focused gold developers with multiple projects and low price-to-NAV — Revival Gold being a prime example — trade at a fraction of more advanced peers because they remain one to two years from production, and frames that valuation gap as a re-rating opportunity.

Hugh Agro pitches Revival Gold as a US-focused developer with two multi-million-ounce brownfield gold assets — Mercur (Utah) and Beartrack-Arnett (Idaho). Mercur's PEA targets 90-100k ounces a year over a decade at about $208M capex, supported by existing roads, water, and a 30-minute drive to labor. Beartrack-Arnett's underground Joss zone recently returned a roughly 500 gram-meter intercept, with miles of untested strike still ahead. Junior developers are re-rating as gold holds $4,000+; Mercur's Q1 PFS and 2028 construction decision are the next triggers. Trading near US$200M with ~$28M-Canadian cash, Revival is about $25 per ounce in the ground — well below the ~$100/oz junior average.

Power Metallic Mines ($PNPN | $PNPNF): Maiden MRE & Exploration Updates

• Top takeaway Highlights Power Metallic as one of three or four names (with Western Star and Rua) that held support through the March sell-off, flagging the chart as cheap with downside risk he sees as smaller than 20%.
• Argues the post-March 5 drawdown left mining stocks asymmetric versus AI/tech names and notes macro US funds (Fidelity, Franklin, Blackstone) are moving down-cap into $200M-plus miners for exposure.

Power Metallic's maiden MRE for Lion and Nisk slipped to end of August; management argues it implies $1B+ NPV against a ~$200M market cap. Lion's roughly 5% Cu grade is an order of magnitude above the average operating copper mine, framing the project's unusual economics. Management plans to skip PFS and move Lion straight from maiden MRE to feasibility, with a PEA follow-up targeted by mid-November 2026. Muon-based geophysics is being deployed across the 5.5 km gap between Lion and Nisk to vector deeper drilling more cost-effectively.

Metalsource Mining's ($MSM | $MSMMF) Silver Hill Project: Drill Results & What's Next

• Top takeaway John introduces the Metalsource Mining interview as a discovery story with a dense news pipeline of pending assays, framing it as the kind of early-stage project his audience follows.
• He highlights several junior mining names — Power Metallic, Rua Gold, Sidney Resources, and iMetal Resources — that he argues have held up technically during a roughly four-month selloff since early March.
• On Sidney Resources, John points to the appointment of a former three-time Idaho governor as chairman and a planned ramp from 50 TPD to 450 TPD in Idaho as catalysts.
• John suggests seasonal Q1 strength and the US government's critical-minerals push are supportive backdrops for the juniors he discusses, and announces a September 18-20 conference in Phoenix.

Metalsource Mining's Silver Hill project has produced a standout drill hole grading 48 g/t gold over 12.6 meters within its first 21,000 feet of drilling. Lead-zinc base metals at Silver Hill act as the project's economic backbone while gold and silver are by-product credits — a mix the CEO says institutional investors prefer. Property-wide IP survey suggests Silver Hill's mineralized trend may extend along roughly 2.4 kilometers of strike beyond the original mine footprint. Both Silver Hill and Bird Pilot sit on private land in mining-friendly North Carolina, removing the permitting risk that has stalled other junior explorers. Cullen says Metalsource has $4 million in cash, Eric Sprott as its largest shareholder, and no need to raise before seasonal strength in Q1.

Deep Sea Minerals ($SEAS | $DSEAF): Potential NASDAQ Uplisting & Exploration Strategy

• Top takeaway He argues equities are in a huge euphoric bubble that has run from March 2009 to July 2026, pointing to broken charts in Tesla, IBM, MicroStrategy and the semiconductors, and expects further downside.
• He urges investors in beaten-down LaSonde-curve names to hold conviction: recheck the original thesis and, if nothing has changed, buy more, noting many of these stocks remain about 50% below their highs despite gold above $5,000.
• He makes the case that exchange uplistings are major catalysts for juniors, since institutions often cannot buy OTC tickers and ETFs such as GDX and GDXJ apply strict inclusion criteria.
• On the Mexico permit names, he notes management teams are not sitting idle: they keep raising money and drilling, so a strong drill result could drive a rerating while permits are pending.

Deep Sea Minerals received BCSC final receipt for its C$50 million shelf prospectus on July 28, advancing its planned NASDAQ uplisting. Polymetallic nodules lie loose on the seafloor; explorers map them with AUV and ROV video and sample with box cores — no drilling or blasting. The guest argues no commercial-scale nodule production exists yet, so proving harvesting machines run reliably is the industry's central risk, not discovery. Deep-sea licenses span several regulators (NOAA, BOEM, Cook Islands, ISA); the CEO says spreading applications across them mitigates jurisdiction risk. The hosts argue permit-ready Mexico silver developers such as GoGold and Silver Tiger trade depressed and could rerate as construction nears.

Gold & Silver Miners, Macro Risks, and Investing Strategy | Don Durrett and John Feneck

• Top takeaway John Fenwick hosts the Investor TV interview and frames the conversation around four beaten-up names — NexGold, Western Exploration, Excellon, and Blackrock Silver — before pivoting to macro.
• He notes the HUI is down ~36-40% from earlier highs and pitches the current setup as a contrarian moment to load up on miners ahead of the September Arizona conference.

Don Durrett calls junior gold and silver miners a once-in-a-generation asymmetric trade — entry prices vanish once gold crosses $5,500–$6,000. He values juniors on a 36-month forward gold/silver price ($7,000 and $200 today) instead of spot, capturing leverage before the metal moves. Build a portfolio pyramid — ETFs and majors form the foundation, junior miners sit on top with capped position sizes near 1% of capital. When the original thesis survives a 40% drawdown, add to the position — averaging down improves blended cost basis and removes emotion. The macro case rests on Fed intervention history from Greenspan through today and ongoing de-dollarization — both push investors into gold.

Silver47 Exploration ($AGA | $AAGAF) on Red Mountain's Critical Mineral Potential & Path to 2027 PEA

• Top takeaway John argues 1911 Gold, Denarius, and Lahontan are three undervalued gold names close to production within about a year, framing them as the core of a near-term gold thesis
• John says he toured both Denarius projects in Colombia and Spain this year and visited ARIS's producing mine in Colombia, an unusually high level of site due diligence for him
• John argues Denarius's Colombian permits are secure because Serafino Iacono has known the incoming president for 25 years
• John promotes Silver 47 as one of his favorite US silver plays, citing three projects that allow year-round drilling
• John argues that as Iran tensions resolve and silver prices mean-revert, beaten-down names like Silver 47 and Blackrock are attractive accumulation candidates

A 22-cent EV per ounce on Silver47 Exploration's 246M silver-equivalent ounces screens 2-10x below peers like Blackrock Silver, framing a clear valuation gap. The CEO argues most ounces are inferred, but three high-grade US projects (Red Mountain, Hughes, Mogollon) underpin a 1B-oz aspiration and a 2027 PEA. With $45M Canadian in working capital and four rigs running, Silver47 plans roughly 20,000 meters of 2026 drilling across Alaska, Nevada, and New Mexico. Co-hosts Don Duret and John Fenwick frame a deep correction in US silver developers as a contrarian bottom-fishing setup before a potential second leg up. Near-term producers like 1911 Gold, Denarius, and LaHontan anchor a broader US silver thesis alongside Silver47, all riding a bipartisan critical-mineral policy tailwind.

GoGold Resources ($GGD | $GLGDF): CEO Bradley Langille on Building the Los Ricos Property in Mexico

• Top takeaway John argues a Q4 relief rally in gold and silver is likely unless the AI trade reignites, and he flags 1911 Gold plus several other junior names he and Don consider deeply discounted.

Los Ricos South targets first pour in 2028, fully funded with $284M cash against $227M capex and no major equity raise. At roughly $12/oz AISC — what it really costs to produce an ounce — Los Ricos South sits in the top decile of global silver developers. CEO Bradley Langille plans parallel tracks: Los Ricos South into production by 2028, Los Ricos North from PEA to permit by Q1 next year. Langille expects Mexico's open-pit permitting to accelerate under President Scheinbaum, who is methodically clearing the inherited backlog of about 100 operational permits. The Parral operating mine plus copper and zinc byproduct sales generate roughly $60M/yr free cashflow to internally fund Los Ricos development.

Delta Gold Technologies ($DGQ | $DGQTF) CEO on Gold's Role in Quantum Computing

• Top takeaway Opens with sector triage after the painful mining sell-off (from March 1, or late January by Don's count): investors must do the homework and decide how much they can afford to lose, with many clients unhappy since 'the war.'
• Uses Americas Gold & Silver's move from about $1 to over $10 and back to around $4 to illustrate why chasing momentum in the sector ends badly.
• Relays Rick Rule's framework — two winners in a basket of 10 carry the whole portfolio, and investors should expect to lose 50% on any position — as the mindset needed here.
• Promotes a jointly run mining and energy conference in Tempe, Arizona on September 18-20 near the Phoenix airport, and drives the interview's questions on the US listing path and takeover defense.

Delta Gold's CEO argues gold's electron spins could enable a new qubit design, with patents filed by University of Toronto and Penn State. The company holds exclusive licenses to university patents, funds one million dollars per university yearly, and targets 2028 for partnership talks. Qubit error rates remain the bottleneck: today's best run one error per 6.5 million operations, a billion times less stable than a laptop. Hosts urge junior-mining investors to expect losing half on any stock, diversify broadly, and judge holdings over years, not single quarters. Don Durrett calls the venture a roll-your-dice bet: the R&D and patents are done, but whether it becomes a computer is unproven.

Mineros ($MSA | $MNSAF) CEO on Growth Story, Investments & 2030 Gold Production Goals

• Top takeaway Hosts the interview and frames Mineros as a larger-cap producer that looks undervalued versus peers — a name Don Durrett brought to the show.
• Promotes the September 18-20 Arizona conference he is co-headlining with Don Durrett, citing the 18,000 first-day views on their Jesse Day interview as a sign of building investor interest.
• Warns that even high-quality producers have been taken down since March 1, so every stock needs research, and highlights Colombia's incoming regime change — which Denarius Metals has told him on and off camera will be good for the country — as a coming benefit to Mineros.
• Points to Americas Gold & Silver's move from about $1 to over $10 within one calendar year as evidence that a quality multi-bagger can double quickly in a mania market.

Mineros S.A. trades at 0.47 times net asset value (what its mines and cash are worth) despite a tenfold share-price re-rating under Sun Valley control. Sun Valley Investments deployed about $200 million to take control, then doubled silver recovery and lifted gold output 22% through operational fixes. Guidance rose to 240,000 ounces with costs tracking below plan, and the CEO targets 500,000 ounces by 2030 via the Porvenir project and acquisitions. An upsized $175 million buyback and $30 million dividend program return cash, while a strategic gold reserve keeps bullion in company vaults. Analyst Don Durrett argues quality mid-tier gold producers are the sweet spot, and Mineros still offers tenfold upside on his $7,000 gold assumption.

Deep Sea Minerals ($SEAS | $DSEAF) CEO on the Opportunity in Seabed Critical Minerals

• Top takeaway He discloses on air that he bought Deep Sea Minerals stock after meeting CEO James Deckelman at his Fort Lauderdale conference, saying he liked how clearly the CEO articulates a non-mainstream story.
• He frames Deep Sea Minerals as a catch-up trade, contrasting its roughly $57M market cap with TMC's ~$1.75B and the ~$1B AOMC-Odyssey merger while noting all three pursue the same CCZ and Cook Islands jurisdictions.

Deep Sea Minerals plans to harvest polymetallic nodules, seafloor rocks bearing nickel, copper, cobalt and manganese, in the CCZ and Cook Islands. A 1980 US law, revived by a 2025 executive order, gives NOAA a commercial licensing path in international waters outside the ISA. At about a $56 million market cap, the CEO positions the company far below multi-billion-dollar seabed peers TMC and the Odyssey Marine merger. Hosts see gold support at $3,500-$3,850 and silver at $50-$55, with the HUI (gold miners index) down 37% creating buying setups. Near-term catalysts include a NASDAQ uplisting, a Cook Islands license submission, NOAA full compliance, a $50 million shelf, and the Impossible Metals partnership.

Western Star Resources ($WSR | $WSRIF): Building a U.S. Tungsten Platform

• Top takeaway Opens the show framing the tungsten setup: China controls about 80% of the market, the US last produced tungsten in 2015, and spot has climbed from roughly $920 to over $3,000 year-to-date as of the July 2026 taping.
• Argues US officials increasingly recognize tungsten's importance to defense and technology and are starting to act on it — his stated reason for featuring a US-focused tungsten company.
• Runs through his own gold-stock watchlist: Alkane's record earnings and chart round-trip, Western Exploration's run from 45 to 85 cents with 32% of shares in escrow, and 1911 Gold's pulled-then-redone $30 million June financing.
• Draws the Guardian Metal parallel — a $6.2 million US grant became the springboard for a $21 million financing and a doubled stock — while noting tungsten has no futures market or ETF and arguing now is the time for US companies to push since permitting must expand.
• Says Spartan Metals' PDAC presentation in March drew him to the tungsten theme, and presses Blake Morgan on grade confidence at Roland and the 2-3 km proximity of Roland and White Star for a future combined low-tonnage operation.

Tungsten prices have multiplied this year while China controls roughly 80% of supply, drawing US government funding toward domestic producers. Western Star consolidated twelve past-producing tungsten mines into three brownfield (previously mined) packages across Nevada and New Mexico. The Rowland property historically graded 3.38% tungsten, over ten times the national average, with surface sampling running 1-5%. Eagle Point carries a non-compliant (pre-modern standard) USGS resource of 200,000 tons at 0.6% tungsten, exposed at surface and never drilled. With about 46 million shares and a C$15 million market cap, the CEO argues the stock is deeply undervalued against ore value.

A New Copper Discovery: Visionary Copper and Gold ($VCG | $VCGMF) on the Kraken Zone

• Top takeaway He argues the SOX semiconductor index — which led the broad market down in 2000-2001 and again in 2008 — showed problems this week, so the market is vulnerable if it breaks down and this summer may not follow the usual no-correction pattern.
• He says China cut off tungsten supply to Japan on January 1 and Japan's semiconductor industry runs out around July-August 2026, a major story beyond defense with downside risk for names like Micron.
• He prescribes seasonality: July-August for finding values, September-October as rally months, tax-loss selling from about November 15, and Q1 as the best quarter — a buy-in-November, sell-in-Q1 approach he says paid off 8 of 10 years.
• On Visionary, he says timing matters, reveals he bought stock after meeting the CEO two years ago, and likes the tight share structure with over 30% of shares in friendly hands — his 'magic number'.
• He frames the macro backdrop: unusually heavy inbound questions after the June 12 MOU and the June 17 Fed meeting amid the chaos in gold and silver.

Visionary Copper and Gold's Kraken discovery — a copper stringer zone in Point Leamington's footwall — anchors a plan to more than double its pit-constrained resource. The CEO argues VMS (volcanogenic massive sulfide — seafloor-formed metal deposits) endowment often sits in the footwall stringer zone, not the lens. A roughly 20,000-meter phase two campaign aims to grow Point Leamington from 20 million toward 40-plus million tons while upgrading inferred material to indicated. Management defers economic studies until resource growth and metallurgical work finish, arguing fixed infrastructure should never sit over a future pit extension. The hosts frame the sharp gold and silver correction as a buying opportunity, citing a historical buy-in-November, sell-in-Q1 seasonal pattern.

Sitka Gold ($SIG | $SITKF): Advancing a 5+ Million-Ounce Gold Project in Yukon

• Top takeaway Hosts the interview, which he says is disseminated on behalf of Sitka Gold, introducing director Mike Burke and setting up the RC Gold story with Don Durrett and John Feneck.
• Handles the housekeeping questions: when the first results from the 60,000-metre program landed, whether news flow will stay regular, and confirming the $40 million treasury has the program fully paid for.

Don Durrett argues the gold and silver correction is cyclical, not the end of the bull market, and expects higher highs eventually. Sitka Gold's RC Gold project in the Yukon hosts over 5 million ounces across granite-hosted intrusion-related deposits being expanded by drilling. A 2.25-million-ounce inferred resource at the Rosgobel discovery also carries tungsten and silver byproducts, opening potential non-dilutive financing options. Sitka is fully funded with $40 million in the bank for its 60,000-metre drill program, releasing results every couple of weeks. Don Durrett frames Sitka as an optionality play, valued around $50 an ounce in the ground against a $1.2 billion takeover estimate.

Honey Badger Silver ($TUF.V | $HBEIF) Acquires Prairie Creek | Don Durrett & John Feneck Interview

• Top takeaway Fenwick opens as host of the Fenwick Report podcast and notes Durrett had just returned from two of his conferences, in Washington DC and Florida, plus a Europe road show that included a mine visit in Spain.
• He sets the sector question for the interview, what the temporary US-Iran de-escalation means for gold and silver after a sharp one-day response in mining stocks, and introduces Chad Williams as the company's executive chairman and CEO.

Chad Williams says Prairie Creek anchors a 650 million ounce silver-equivalent portfolio bought at a deep discount to peers. Prairie Creek is a 1982 mine restart, roughly 95% built, with three miles of underground development and an existing mill. Byproduct credits from zinc, lead, germanium and tungsten could hold Prairie Creek's cash costs far below the silver price. Don Durrett frames the sector as washed out: the HUI gold-miner index sits 26% below its high, yet quality developers trade at fractions of peers. Durrett stays cautious until the company publishes an updated resource estimate, a PEA and a capital cost plan.

Triumph Gold ($TIG) Advances Projects in Yukon and Utah | Interview with Don Durrett and John Feneck

• Top takeaway He criticises junior explorers for drilling in 2022, 2023 and 2024 when they should not have been so aggressive, saying they blew up their share structures and now the stocks do not move — and contrasts that with Triumph, which he calls still a tight structure that raised $5 million the Friday before the recording.
• He runs the jurisdiction screens, picking three Mexican names he thinks are in line for Mexican government attention this year or next, calling Discovery Silver the largest of the three, and dismissing the current anti-Mexico mood on the grounds that mining runs on political and geopolitical cycles as well as commodity cycles.
• He backs Nevada on history, citing Barrick's 4-mile discovery — which he calls probably the best gold discovery in the world, at 15 million ounces and growing — as evidence that Nevada is one of the top mining jurisdictions on earth.
• He discloses his own buying, adding to Western Exploration that day at 48 cents against the 44-45 cent level at which he interviewed them in January, and says he has held Triumph Gold for about 15 years.
• He presses the guest on insider alignment, noting Triumph's insiders at about 35%, asking for a 50% premium to new investors, and asking outright whether he would sell the company for $150 million — which he calls 'peanuts'.

Triumph Gold's CEO argues the company stayed deliberately idle through the bear market and is now spending. A $5.4 million raise funds three drill rigs, a 45-person camp, and re-logging all 150,000 metres of historic core. The CEO says old drill logs plus 30,000 soil samples are being reassessed with AI to define a major discovery target. A Utah silver project carries a 12-tonne bulk sample grading 45 ounces per tonne, with drilling targeted for late summer. The analysts frame both assets as undervalued versus what they estimate the ground is worth per ounce.