Mickey Fulp

A $15 Million Silver Bet: Silver Pony Resources (CSE: PONY, OTC: PONIF)

• Top takeaway Calls out the absence of systematic chip-channel sampling: grab samples are selective and biased, and he has seen many programs with spectacular grabs and disappointing drill results.
• Challenges the IP/resistivity plan: CRDs typically have low pyrite and massive sulfides that do not respond well to IP, and he finds the stated reason for wanting it - essentially having done it before - unconvincing; he has run the surveys and owned an IP company.
• Widths matter more than grades: more than a metre of these grades and the company is off and running, less than a metre is likely unmineable regardless of grade.
• Still sees a trade: worth a punt around C$0.18 for the assay news - get in, get out, take the money and run - though he found the geologist less prepared than ideal and notes the regional-belt question went unanswered.

Silver Pony's C$15-million market cap is a low-priced way to trade first drill assays from the underdrilled Lardeau silver district, due early October. Panelists flag selection bias: 3,500 to 12,000 gram-per-ton grab samples — selectively picked rocks — guided drilling, so assay widths matter more than grades. CEO Morgan Good points to about C$1.25 million in Roxmore Resources shares free-trading soon as non-dilutive funding flexibility. Geologist Chris Furey moved the drill 18 kilometers mid-season to Revelstoke after a 455 gram-per-ton surface sample, drilling through fold hinges for architecture. Panelists would buy it personally as a short-term drill-hole trade but won't recommend it, noting the paid presentation, warrants, and thin liquidity.

A Gold Miner That Could Earn Its Market Cap Every Year: Scottie Resources (TSXV: SCOT | OTC: SCTSF)

• Top takeaway Mickey Fulp challenges the PEA on the basis it rests on 100% inferred resources and Mumford responds that the 2025 program (27,000 m, ~80% infill) plus this year's 50,000 m are designed to convert those ounces to indicated ahead of the feasibility study
• Fulp bets Lawrence Roulston a $100 bottle of wine that Scottie will miss the two-year production timeline; Lawrence takes the over

Scottie Resources plans 2028 production from a BC Golden Triangle gold project using DSO, shipping crushed ore directly to a Taiwan offtake buyer with no mill or tailings facility. A 2025 bulk sample pulled $9 million from 4,600 tons at ~14.5 g/t over nine days, validating the road-to-port shipping model ahead of a Q1 feasibility study. Management targets roughly $150 million in annual free cash flow at $2,600 gold, with average production near 65,000 ounces per year over a seven-year mine life. Eleven commentators split on the plan: a few endorsed the team, while others flagged the $225 million valuation and tight two-year timeline as key risks. Indicated-versus-inferred resource conversion, project financing, and a joint IBA with the Nisga'a are the milestones Thomas pointed to as the path from PEA to first pour.

A $95 Million Company Sitting On a $340 Million Mine

• Top takeaway Says the PEA economics look good but tests the metallurgical basis before accepting it — column leach tests at McClellan Labs in Reno, the 72% recovery used in the PEA, and the three-stage crush.
• Questions the grade and pit plan, noting such low grades have run profitably at North American mines but worrying about several small pits, and confirms a 1.6:1 strip ratio that runs closer to 2 in the first 18 months.

Sonoro Gold's PEA (Preliminary Economic Assessment) for Cerro Caliche shows a $360 million after-tax NPV at $3,500 gold, versus a $95 million market value. Management argues the Mexico discount reflects permitting paralysis under the prior administration, with approvals now accelerating under new leadership and stricter standards. A 50,000-meter, two-rig drill program targets higher-grade zones at Batamote, Diana and newly acquired Acuna Landia, aiming to lift grades and resources. PEA economics rest on 72% heap-leach recovery, $83 million initial capex and $1,900 AISC (All-In Sustaining Cost — the full cost per ounce), which panelists questioned. Panel debate weighed warrant overhang, thin institutional ownership and Mexico risk against management's track record, production-first plan and recent $51 million raise.