John Fenwick

Arizona Eagle Mining ($AZEM) Targets Gold Expansion in Arizona | Don Durrett & John Feneck Interview

• Top takeaway Hosts the interview, framing Arizona Eagle Mining as a new name in the gold space and prompting Kevin Reid's company overview.
• Asks about the share structure (shares outstanding, options and warrants), the timeline to a 43-101 and PEA, and how much of the land package is private ground.

Don Durrett stays near-term negative on gold, silver, and the S&P, calling the current rally a dead cat bounce that likely fades by mid-June. Copper's breakout lifts junior miners, and Durrett notes by-product copper lowers AISC (All-In Sustaining Cost — full production cost) for major gold miners. CEO Kevin Reid says Arizona Eagle Mining consolidated a past-producing Arizona district around an 877,000-ounce historic gold estimate at 11.7 grams per ton. Reid's team controls roughly ten times the historic mine's 800-meter strike on patented private ground, where a drill permit took 48 hours. Durrett values the near-million high-grade ounces far above the company's $65 million Canadian market cap, calling it an optionality play on discovery.

Lahontan Gold's ($LG | $LGCXF) Path to Production | Don Durrett and John Feneck Interview

• Top takeaway The host calls Lahontan one of his favorite stocks — the show covered it last year at "artificially cheap" prices — and praises CEO Kimberly Ann as a hard worker ahead of her interview.
• A long-time Paramount holder, he argues the stock trading below its January 30, 2026 Grassy Mountain news-day level of $1.74 (now about $1.47 after topping $3) is "nuts," leaving investors getting Sleeper for free.

Lahontan Gold's mineral resource estimate (MRE — the updated in-ground ounce tally) slipped from April to next month; a PEA (preliminary economic assessment) follows in September. CEO Kimberly Ann targets pouring gold next year: permit in Q1, a four-to-six-month contract build, and a plant sized for a 100,000-ounce-per-year operation. Legacy heap-leach pads still hold about 200,000 ounces of already-crushed gold; roughly 110 sonic holes aim to move those ounces into the mine plan. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) guidance of $1,000-$1,100 supports 9-14 month payback timelines in current models. The named risk is takeover: a major could pay roughly $600 million, about $300 per in-ground ounce, and still buy accretively.

Blue Lagoon Resources' ($BLLG | $BLAGF) Growth Potential | Interview with Don Durrett & John Feneck

• Top takeaway He hosts the interview for the Fenwick Commodities Report and introduces his podcast partner as the founder of goldstockdata.com, framing the episode around Blue Lagoon Resources and its CEO Rana Vig.
• He sets up the war and markets discussion that opens the show and weighs in on the damage, noting the HUI is down 25% from January while most non-producing juniors are down 30 to 50, and arguing the pressure stays until the war ends because it is driving gold and silver lower.
• He pushes on shareholder structure discipline, saying he wants to see at least 30% of a share structure tied up because that avoids a take-under like he saw at some companies in the prior two years; he makes the same point about Blue Lagoon after the CEO's cap table disclosure, combining the family's roughly 12% with Crescat at just under 10%.
• In the Q&A he asks how confident the CEO is that Nikola and Phoenix Gold Fund would be long-term holders and hears that both are waiting for a big exit, then asks what the company struggles with; he also challenges the CEO on being conservative about growth and closes the interview by pushing the company to drill the shadow target, describing it as something that sticks out like a sore thumb and that he would want geologists on immediately.

Blue Lagoon already sent $4.5 million from 5,000 tons milled off-site, and the guest says commercial production starts within 30 days. Grade carries the case: 9 grams per ton reconfirmed off-site, 95% gold recovery, and a claimed path to a million-plus ounces on one vein. At about $2,000 All-In Sustaining Cost, what an ounce really costs, the analyst models roughly $40 million of annual free cash flow. The open question is the kilometer-long "shadow" beside the mined vein, and the permits to drill it are already in hand. Gold is down 19% and silver 40% in a war-driven correction the analyst calls a buying chance, with a $4,100 to $4,400 target.

Don Durrett & John Feneck Explore First Tellurium’s ($FTEL | $FSTTF) PyroDelta Energy Stake

• Top takeaway In his closing take he argues one introduction from the DARPA event — with Amazon, Northrop and Boeing-type companies expected on site — would be a major catalyst for an 11-cent stock, since about 131 million shares are out with roughly 35% in friendly hands and the stock popped hard over two days last September on a single press release.
• He frames First Tellurium as a mineral-based way to diversify into technology — in his view it is now a tech or energy company — and says he entered tellurium in 2022 before building tungsten and antimony positions in 2023, noting tellurium production is heavily dominated by China.
• He runs the silver segment, teeing up five names for Don to assess — Excellon, Aftermath, Silver47, Silverco and Triumph — with specifics such as Aftermath's roughly 800 million silver-equivalent ounces at 53 cents US.
• He presses management on DARPA logistics (Dayton, Ohio on August 2, with big defense contractors and delivery players attending) and on share structure, praising the low 131-million count and insider ownership.
• He advises the company to pitch politicians directly on data-center noise rather than engineers — advice the CEO acknowledges — and invites investors to meet management at his conferences in DC (May 17-19) and Florida (May 20-22).

PyroDelta's thermoelectric generators (solid-state devices that turn waste heat into electricity) need only a 20°C differential and run 24/7. First Tellurium (CSE: FTEL), which management calls the world's only tellurium-focused company, owns 83% of PyroDelta plus a high-grade British Columbia project. Acceptance into DARPA's Lift Challenge (Dayton, Ohio, August 2) brings prize potential and introductions to defense primes and drone-delivery buyers. Durrett argues small silver producers gain huge margin above $200 silver, though he cautions developers take years and often disappoint before paying off. Co-hosts note 131 million shares out with roughly 35% in friendly hands, giving the 11-cent junior room to move on DARPA news.

Don Durrett and John Feneck Interview Scorpio Gold ($SGN | $SRCRF) CEO on 50,000 m Drill Program

• Top takeaway Hosts the interview and frames the setup for investors — a war-driven drawdown since February 28 with choppy trading — before turning to the Scorpio Gold story.
• Presses the CEO on investor-relevant specifics: the ~150 km distance to Lahontan's Santa Fe area, how much of the 3-5 Moz goal the 50,000 m program can reach (updated MRE in Q1), and the ~$450/m all-in drill cost.

Scorpio Gold is fully funded for a 50,000 m Nevada drill program, targeting growth from 740,000 oz toward 2 million oz this year. The CEO frames an eventual sale to a mid-tier as the goal, but says the company is not locked into any path. Grade is the differentiator: holding roughly 1.26 g/t against a 0.6 g/t Nevada open-pit average supports premium margins and strategic value. Durrett argues gold's pullback is a warning that the S&P is overextended, so he would buy junior dips rather than chase. The hosts frame junior mining returns as asymmetric: size positions small, buy capitulation, and only risk what you can afford to lose.

Don Durrett & John Feneck: Insights Into Pacific Ridge Exploration ($PEX | $PEXZF) & Stocks Round-Up

• Top takeaway He frames the segment as a check-in on the analyst's recent favourites: the two of them had just attended a dinner with a chief executive a few days earlier, and he had interviewed four other companies recently.
• He sets the bar for any deal on Pacific Ridge: the good offer would be 50 percent free carry, and if no one will pay that, his point is that the company is effectively for sale at that level.
• He presses the copper shortage argument — if the shortage is real, copper goes to $10 a pound against the roughly 1 cent a pound Pacific Ridge trades at, which he says could become 50 cents, or 25 cents if you own half of it.
• He questions why nobody is circling a growing billion-pound project with gold and silver offsets if there is a copper shortage, and expects consolidation among BC juniors to start once a senior moves in and acquires one of the smaller companies.
• He asks the operating questions — drill metres and rig count, how long results take, whether a PEA is planned and whether joint venture requests were turned down — and closes by promoting his two conferences in Washington DC and Fort Lauderdale in May 2026.

The episode opens by stating it is disseminated on behalf of Pacific Ridge Exploration, so company-supplied claims deserve independent verification. Pacific Ridge's British Columbia copper-gold portfolio is positioned for a widening copper supply-demand gap the CEO argues began with electrification. The shares trade near one cent per pound of copper in the ground, which the analyst frames as a wide discount against comparable British Columbia peers. Among junior gold names the analyst prefers 1911 Gold and Lahontan Gold on risk-reward, citing 1911's restart and Lahontan's straightforward open pit. Denarius Metals' Saudi interest and a bid for Emorita Resources signal expansion, while a Pacific Ridge financing announcement is flagged as likely.

Upside Gold ($UG | $UGODF): District-Scale Gold-Copper Project | Don Durrett & John Feneck Interview

• Top takeaway His central call is that they are in a gold bull market, where corrections do not last long and new highs follow; he expects gold and silver trending back up in May or June, while calling the period up to May 1 no man's land and a buy-the-dip opportunity.
• He lays out three outcomes for the Iran conflict, a ceasefire and negotiated resolution, US escalation with troops on the ground, or the US declaring victory and leaving, and warns that a US exit would leave Iran able to limit daily shipping through the strait, pushing oil and food prices up.
• He says gold fell from about $5,600 to $4,100, a 27% drop, and sits near $4,500 as of the recording, while the HUI dropped 31% and remains about 25% lower, so he thinks these stocks have room to retrace higher.
• He is the one flagging tungsten as the commodity bucking the trend, noting the price move from roughly $1,977 to $2,600 average in three weeks and that there is no ETF or stock package to buy, so exposure requires single names.
• He notes that he and his co-host ran a webinar on March 20, sharing his own top ten gold and silver holdings alongside the co-host's list of thirty, with the replay and a lower-cost transcript option available on his site.

Gold, silver and mining equities fell 25-50% during war-driven liquidation; both analysts call the sell-off a buying zone inside a bull market. Tungsten stands apart: prices rose from $1,977 to $2,600 in three weeks as munitions demand tightens a market with no ETF access. Upside Gold's CEO frames the Kena project as execution rather than discovery, growing a 3.31 million ounce historical gold-copper resource. An updated 43-101 is targeted for Q1 2027, adding 5,000 metres of legacy drilling plus copper and silver omitted from the 2021 estimate. Fenwick values the company near $15 per ounce in the ground and expects a re-rating while the gold bull market holds.

Don Durrett & John Feneck Interview Mayfair Gold ($MFG | $MINE) on Building a Mine in Ontario

• Top takeaway He frames gold and silver direction as a function of the war, positioning himself against Don Durrett's view that the HUI could drop to 650 in a deeper sell-off.
• He expects 6,000-6,500 gold within the next couple of years and therefore prefers companies reaching production within the next several years over those 7-9 years out, which is why Mayfair's approach interests him.
• He pushes junior miners to spend on marketing, citing SilverCrest's promotion-heavy path to its takeover and criticizing companies that assume investors will show up with silver above $70.
• He focuses on Ontario and Quebec as jurisdictions that attract investor interest and closes by saying Mayfair checks a lot of boxes: 40%-plus of shares in good hands guarding against take-unders, a 14-year mine life, strong first-six-year cash flows and sub-$1,200 AISC.

Mayfair Gold is permitting a 4,800 tonne-per-day starter pit at Fenn-Gib provincially, cutting years off the federal route to first production. Projects under 5,000 tonnes per day permit provincially in Ontario, avoiding a federal review where no new (greenfield) mine has won approval since 2019. Management guides to a sub-$1,200 AISC (All-In Sustaining Cost — the full cost to produce an ounce) and first gold in 2030. Staying small preserves optionality: regional high-grade and underground tonnes can sweeten mill feed (raise average grade) without expanding throughput or new federal permits. Don Durrett favors undervalued, leveraged silver producers while John Fenwick argues war headlines, not fundamentals, gate gold's next move.

Don Durrett & John Feneck Interview Earthwise Minerals ($WISE | $EWISF) on the Iron Range Project

• Top takeaway The host attributes part of Earthwise's run from about C$0.02 to C$0.08 — held for roughly three weeks — to the war announced February 28 and to a March financing priced around C$0.05.
• He structures the interview around the deal facts — the 87 historical holes, the $8 million of prior work, why earlier operators stepped away, and the earn-in terms — to frame the opportunity for viewers.
• He argues the four-year option gives Earthwise staying power: even if this year's holes disappoint, they are going to be back for more.
• In the wrap-up he calls the share structure decent (about 60 million shares out, the website slightly lower as it likely predates the raise) and notes the property is large and fully permitted per the fact sheet.

Earthwise Minerals plans about 1,200 metres of May drilling across three or four holes at the Iron Range Talon zone. CEO Mark Luchinski anchors the story on a 56.5-metre intercept grading 1.9 g/t (grams per tonne) gold from about 200 metres depth. Roughly $8 million of historical work across 87 holes, plus road, highway, and railway access, underpins the exploration plan. The four-year earn-in with Eagle Plains requires $4 million in exploration, $250,000 cash, and $1.5 million in shares. The hosts frame the sub-$2 million market cap junior as a dice-rolling speculation that could pay off quickly.

Americas Gold and Silver ($USA | $USAS): Silver and Antimony Opportunity in Idaho

• Top takeaway Fenwick argues the bull market is intact — silver has not broken $50 to the downside and gold has not broken $3,800 — and says the war could be the catalyst that finally rotates investors from growth and momentum into tangible assets like gold and silver, a sector he puts at only about 0.1% of the global economy in stocks.
• He notes that with gold a little over $4,600, no big bank except one has revised its 2026 gold outlook since the war began — Bank of America, Goldman Sachs and JPMorgan are holding estimates — which he reads as a confidence signal.
• He says mining equities (GDX, GDXJ, HUI) have been among the worst-performing sectors since the war began February 28, after an early-March rug pull left investors confused by choppy trading.
• On Denarius Metals he shares firsthand diligence: he visited the Colombia site three weeks earlier, points to the positive March 30-31 PEA with under-one-year payback at $4,000 gold, and says the 2026 warrant overhang ended April 4.
• He says he has followed defense metals such as antimony and tungsten heavily since 2023, was quoted in Rick Rule's newsletter calling US critical-minerals funding a joke, and tallies over $112 billion committed to the space in the four months through the April 6 recording.

CEO Paul Andre Huet says the turnaround is on track: silver output stepped up 50% and targets a 3.6 million ounce run rate by year end. Huet reports Galena's measured and indicated resource — the higher-confidence categories — rose 19%, with grades up 21%, past 200 million silver ounces. Huet describes a US Antimony joint venture that turns previously penalized antimony into revenue, with an Idaho plant backed by price protection. Don Durrett frames gold and the S&P 500 as a 'final battle' gold will win, urging investors to stay invested and buy dips. With about $130 million US in cash and no planned equity raise, management says drilling at Galena, Crescent, and Cosala will be funded from operations.