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Erik Wetterling–Value Proposition: Revival Gold, Westward Gold, Miata Metals, & Red Canyon Resources

The KE Report Aug 5, 2026

Summary

Wetterling argues that Revival Gold offers developer exposure alongside exploration upside at Beartrack-Arnett, where a recent wide, high-grade intercept renewed interest in underground potential.

Westward Gold's Nevada trenching supports a Carlin-style exploration thesis, but Wetterling stresses that technical indicators still require drilling to establish a meaningful discovery.

Miata Metals' expanded La Mancha investment provides third-party validation, while its Suriname exploration story remains dependent on continued drill results and geological interpretation.

Red Canyon's Osiris targets show early porphyry potential, but Wetterling cautions that the company still needs assays, funding and follow-up drilling to test it.

Key points on Revival Gold

  • Wetterling argues Revival Gold is unusually cheap because the market mainly values the Mercur flagship while assigning little value to its other assets.
  • He highlights BearTrack-Arnett drilling of 6.6 grams per tonne over 42.5 metres, noting the estimated true width is about half the reported interval.
  • He says the underground BearTrack-Arnett component may represent a third potential mine and does not appear to be included in the company's NAV or an economic study.
  • He expects Mercur could be in production within two to three years if metal prices remain supportive and studies perform roughly as expected.
  • He sees a potential multi-year growth path from Mercur production, BearTrack-Arnett open-pit development, and further exploration at depth.

Erik Wetterling's takeaways

  • Top takeaway Wetterling favors junior developers with multiple assets where he believes the market is valuing only the flagship and leaving secondary assets unrecognized.
  • He repeatedly frames his selections as high-risk opportunities that need drilling or development confirmation rather than established discoveries.
  • He places weight on third-party validation, particularly strategic investors with regional expertise and capital.
  • He says he increased his positions in Westward Gold and Red Canyon after their recent updates, while describing both as speculative holdings.
  • He discloses that he owns shares in all companies discussed and that some are banner sponsors, calling himself twice biased.

Shad Markowitz's takeaways

  • Top takeaway Markowitz emphasizes that strong trench results at Westward Gold still require confirmation from core and RC drilling.
  • He argues that La Mancha's investment in Miata Metals represents a meaningful external due-diligence signal for investors.