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

Experts Roundtable Sep 22, 2026 1:43:12

Summary

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.

Key points on Amarc Resources Ltd

  • The CEO says the Newton project he bought from Bob Dickinson and later sold to Roxmore sits within Amarc Resources, one of Dickinson and Diane Nicholson's companies.
  • A shareholder on the call recalls Newton carrying roughly 860,000 ounces from about 40,000 metres of drilling before the exit.

Steve Hyland's takeaways

  • Top takeaway Reveals he was a shareholder of Silver Pony's predecessor (Carlisle) and presses the CEO to justify walking away from the Newton project; he hears it was a five-year permitting battle and the exit brought more than twice the cost.
  • Asks what Chris would have done with more time and money (extensive mapping, modeling, airborne geophysics before drilling) and digs into program size - about 5,000 metres planned, closer to 3,000 drilled - plus core handling and assay timing.

Lawrence Roulston's takeaways

  • Top takeaway Calls the project's carbonate trend highly prospective and under-appreciated - part of a broad geological package running through BC into Idaho and Montana that has produced very significant deposits.
  • Presses Chris to relate the property to that broader continental-margin belt, a question the geologist largely leaves unanswered on the call.

Brien Lundin's takeaways

  • Top takeaway Likes the aggressive approach - low market cap, decent share structure, drilling historic targets now rather than waiting a season for soil surveys and geophysics - and admits he is tempted to buy on that basis.
  • Asks what underpins the drill targeting given selective rock sampling and limited pre-drill work, calling it a drill-hole play priced accordingly.
  • Wrap-up verdict: he would buy it personally but not necessarily recommend it to his readers; he finds Chris impressive and honest, and notes that drilling under the old high-grade workings and getting the same material is genuinely good information despite grab-sample bias.

Doug Casey's takeaways

  • Top takeaway Impressed overall: says the presentation holds together, compliments Chris for approaching the project rationally and realistically, and concludes the company seems to have something really good.
  • Owns a large block of Roxmore himself and says he is pleased Silver Pony wound up with that equity.
  • Calls it a perfectly positioned drill-hole play and asks whether the C$4 million raise came from brokers or sophisticated investors, hearing about six-figure checks from major Vancouver and Toronto desks and an allocation request tied to a large silver investor.

Dominic Frisby's takeaways

  • Top takeaway Forensically probes the financing: C$0.20 units with a half warrant at C$0.30 on an C$8 million pre-money valuation, a stock now trading around C$0.12-0.18, and IPO buyers under water.
  • Highlights the warrant overhang - roughly 22 million warrants, about 10 million inherited at C$0.10 - as a likely cap on the stock.
  • Asks why the ground sat idle from the 1940s to 2016 and hears the claims were locked up by Thompson Oil & Gas for tax purposes for over 65 years.
  • Confirms management bought only about C$400,000-500,000 (about 10%) of the C$4 million placement, while noting the disgruntled IPO shareholders.

Byron King's takeaways

  • Top takeaway Worries about selection bias - the drills appear placed where old maps marked X's and where spectacular grab samples came from - and asks for the theory of victory behind each drill site.
  • Wants the rest of the story: what geological model and follow-up exploration program will come out of this season, since buying the stock is one thing and hanging on is another.
  • Wrap-up: calls it interesting science as a geology play and has no doubt the core is probably good (they drilled beside the old X's), but says prep geology was thin and he would buy a few shares personally without publishing it to readers.
  • Feels Chris distanced himself from the rushed targeting while Morgan's market-timing rationale made sense, and is surprised the team started without a regional overview.

EB Tucker's takeaways

  • Top takeaway Did homework on the historic work: cites 1980s-90s mapping and geophysics by companies like Joe Peck Resources and Mineral Mountain's 2011 Black Warrior hole of about 1 metre at roughly 47 g/t silver and 1 g/t gold, and asks what they missed.
  • Probes the economics - helicopter-supported drilling at roughly C$300 or more per metre, only a few hundred thousand dollars left after the program, and whether Bob Dickinson owns shares (he does not).

John Hunt's takeaways

  • Top takeaway Asks about the valley of despair: even with good intervals, short drill seasons mean years of work, so he wants to know how hard a mine would be to build; he hears the nearby town has an existing mill and old mining roads needing repair rather than new construction.
  • On the call he calls the marketing program very substantial for a company of this size, while allowing he understands the purpose of building an audience ahead of the results.

Mickey Fulp's takeaways

  • 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.

Morgan Good's takeaways

  • Top takeaway Frames the early-October assays as the truth-machine moment: holes 5-7 hit, the last 9 metres of hole 8 excited the founder, and a nice interval with a friendly silver price could transform the funding picture.
  • Lays out the structure: CSE listing on July 24, about 77 million shares and a roughly C$15 million cap, insiders at 30-35% escrowed for three years, and more than a million shares he has bought personally in the open market.
  • Argues the roughly C$1.25 million Roxmore stake, free-trading within weeks and potentially worth around C$6 million, gives non-dilutive funding optionality through Q4 without diluting early.
  • Defends walking away from the Newton project after five years of First Nation permitting battles: it sold for more than twice what they paid, and the exit seeded Silver Pony.
  • Details the audience-building effort - 50-plus calls a day, German and US marketing programs, and roughly C$30,000 three-month YouTube influencer contracts, with one recent video near 4,000 views in three days.

Chris Furey's takeaways

  • Top takeaway Explains the CRD strategy: instead of fan-drilling from the apex like Mineral Mountain in 2011, Silver Pony drilled through the daylighting limestone fold to test whether mineralization is continuous and stratigraphically confined rather than a fold-hinge vein knot.
  • At Revelstoke the drill collared into surface galena and pyrite after a 455 g/t silver surface sample from 11 rush-assayed candidates; holes 5-7 hit the same bed over several-metre widths, justifying the 18 km drill move over three mountain passes.
  • Maps 11 trends and about 45 areas of interest across the 37,000-hectare property, with several CRD-experienced geologist groups visiting site and endorsing the ground.
  • Concedes that with more money he would have run 100 mappers, airborne geophysics and a year of modeling before drilling - this season was a deliberately compressed architecture-proving gamble.
  • Winter plan: model the season's data and weigh geophysics (IP chargeability versus conductivity to see past graphitic schist, possibly gravity and borehole EM); he also notes infrastructure positives like a mill at Trout Lake and old mining roads needing repair.