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Pete Speaks 10/1/26 12PM ET

Peter Grandich Oct 1, 2026 14:58

Summary

Grandich calls the roughly 20% slide in gold miners since August a normal correction, and blames nervous retail hands — not fundamentals — for the weakness.

He would buy Radisson Mining at a dollar or less, betting Agnico Eagle's reported $1.07 stake signals its appetite for a takeover.

His largest holding, North Island, needs no outside funding, still holds $90 million, and has a preliminary feasibility study due in about five months.

He is watching the next US employment report: a weak print could pull bond rates down and hand gold a rally.

He flags uranium stocks as a yellow alert — back to fair value, not yet cheap enough to buy.

Key points on Agnico Eagle Mines

  • He calls Agnico Eagle, in his view, the greatest North American mining company in the world if not the world, after it took a large stake in Radisson Mining at $1.07 a share.
  • He says Agnico has around a hundred billion dollars in the bank and does not need to go back to the equity market.
  • He expects Agnico to be the buyer that takes Radisson out if the drilling there returns three, four or five million, given how close the project sits to Agnico's own.
  • He argues Agnico would not put 57 million dollars into a neighbour's project unless it was prepared to buy the company, which is why he wants exposure below Agnico's entry price.

Key points on Radisson Mining

  • He says he likes Radisson Mining but has not bought it, and would pay $1.06 or less, under the $1.07 Agnico Eagle just paid for a large stake.
  • He calls the chief executive at Radisson, Matt Manson, every bit as good as Sam Lee and says he has done a phenomenal job running the company.
  • He says the next step for Radisson is drilling, and expects a large find to leave Agnico Eagle as the buyer.
  • On his own arithmetic a find of that size implies roughly a one billion dollar valuation, or about two dollars US a share, against roughly 70 cents where the stock was on 1 October 2026.
  • He says he is a definite buyer at a dollar Canadian or less, and would rather see sidelined investors sell into weakness first.

Matt Manson's takeaways

  • Top takeaway He says Matt Manson, who runs Radisson Mining, is every bit as good as Sam Lee and has done a phenomenal job at the company.
  • He credits Manson's record as the reason he wants exposure to Radisson at or below what Agnico Eagle just paid, and says he is a definite buyer at a dollar Canadian or less.

Sam Lee's takeaways

  • Top takeaway He says he owns more Northisle shares than he ever has, is down seven figures on paper, and is not panicking because nothing has changed on what originally had him in the stock.
  • He is sharply critical of the chief executive for selling 500,000 shares and the CFO for selling as well, noting the executive took options rather than pay when he first joined the company.
  • He says the drill results he and others were expecting had not been released, suggests a second drill programme may be about confirming what the company already has, and says he has a call with the chief executive that afternoon.
  • He tells viewers to ignore chat-board claims that the insider sale means something is wrong with Northisle, saying the anonymous posters are the problem rather than the stock.
  • He says Northisle was sold at a dollar and a quarter and bought back around 40-something cents, and that he would buy the shares again at the lows.

Peter Grandich's takeaways

  • Top takeaway He argues that the roughly 20% fall in gold-miner equities from their August highs is a normal correction and consolidation, and says he is not selling or panicking.
  • He says he is hoping gold corrects further toward 4,000 and that weak US employment data on 1 October produces more selling, calling those the prices he wants to buy.
  • He expects many people who thought they could trade juniors to find out they cannot, but says sentiment has not yet reached capitulation.
  • He says he turned down an offer to come back into the junior market in a big way because clients had become too short-term oriented.
  • He puts uranium stocks on a yellow alert, back to a reasonably priced level but not yet undervalued, and says the gold-miner ETFs can correct another 20%.