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Twenty 20-baggers (10-15-2026)

Don Durrett Oct 16, 2026 25:23

Summary

Don Durrett screens twenty small gold and silver producers against his targets of $7,000 gold and $200 silver within three years.

He argues silver's floor is about 2% of gold's price, so $8,000 gold implies roughly $150 to $160 silver, versus about $58 now.

Most upside comes from ramping what already exists — filling mills, adding a second mine, finishing permits — not from new discoveries.

Growth carries a dilution bill: he expects 30% to 50% raises at several names, and heavier, to fund mill construction.

The cheapest names holding the biggest undeveloped ounces — Talisker, Andean, Santa Cruz — are also the most exposed to takeover.

Key points on Coeur Mining

  • The host pairs Coeur with Hecla, describing the two as 'twins' that he would like to see merge.
  • He advises owning both rather than choosing between them, and says it is too early to tell which will perform better.

Key points on Hecla Mining Company

  • The host calls Hecla and Coeur 'twins' and says he would like to see the two companies merge.
  • He offers no valuation, production or asset view on Hecla specifically, only that you should own both.

Key points on Aya Gold & Silver

  • Aya is the host's number-one name on the list, and he says the 16-bagger valuation shown could still be beaten.
  • He models roughly $3 billion of projected free cash flow, and says the outcome depends on silver prices and the multiple the market awards.
  • He expects a 'really solid 10 bagger' if the company's second project is built and gold reaches his $7,000-plus target.
  • Aya and Honey Badger are the two names he calls the most solid risk-reward of the group, while still warning the sector could fall further.

Key points on Denarius Metals

  • The Zancudo mill in Colombia is under construction and looks on schedule, with only about $20 million of spend left on it.
  • It is a 1,000 ton per day mill that he does not expect to be filled next year, maybe 500 tons per day, with a fuller ramp in 2028.
  • The Lomero project in Spain is the other leg of the story, and he expects the mill to be filled as development catches up.
  • Denarius is expected to start trading in Toronto by the end of Q4 2026, which the host says was the point of the earlier dilution that cleared the convertible debt.
  • He expects the Toronto listing to open up index and ETF ownership, and still rates the risk-reward as solid.

Key points on Gogold Resources

  • The host calls Gogold a 'really solid play' built on a simple two-step build: Los Ricos South is already under construction and Los Ricos North is next.
  • He praises the management team and expects Gogold to execute well.
  • He rates Gogold as the smoother of the two 'twin' silver developers he covers, alongside Silver Tiger.
  • On his screen Gogold works out to roughly a 25-bagger at his gold and silver assumptions.

Key points on Guanajuato Silver

  • Guanajuato Silver is, in the host's words, 'a very simple story': roughly 2.8 million ounces of current production with a path to 4 million ounces a year.
  • He says reaching 4 million needs no new mill, only filling four existing mills that run at 60-70% capacity up toward 90%, all organically.
  • He calls the leverage to higher silver prices huge, and the second key to the story is that the company does not dilute its shareholders.
  • His math assumes both higher silver prices and no dilution, and he says the combination is what creates the leverage.

Key points on Santacruz Silver Mining Ltd

  • The host calls Santacruz 'very, very solid' and notes it has sold off sharply since January 2026 while the Soricaia mine is due to come online in 2028.
  • He puts the valuation near a 25-bagger and calls that 'silly, silly cheap' given how thoroughly the stock is being ignored.
  • He thinks nobody is actually interested in taking Santacruz out, but concedes that if someone did move against it, the stock could be taken out.

Key points on Talisker Resources Ltd

  • Talisker is the first name on the list he worries could be taken out, calling the stock 'a bit vulnerable' to an aggressive attack.
  • The reason is scale: it is a small producer today, and he expects it to head into the mid-tier producer tier in 2028-2029.
  • He says the Pralorn mine, at a targeted 200,000 ounces a year, is exactly the kind of asset mid-tier acquirers would want.
  • He describes Talisker as much like 1911 Gold, an overlooked name he regards as underpriced.

Key points on 1911 Gold

  • The host calls 1911 Gold one of the stocks the market is completely ignoring, and says the valuation is very cheap at around US$0.40.
  • The mill is scheduled to be turned on in Q4 2026, with production ramping through 2027 to only about 25,000 ounces.
  • He expects output above 50,000 ounces in 2028 and heading toward 80,000-100,000 ounces in the years after that.
  • He attributes the lack of market excitement to that small first-year production number.
  • He sizes the resource at about 1.7 million ounces including a second deposit, and rates the risk-reward outstanding.

Key points on Chesapeake Gold

  • The host is 'excited' about Chesapeake, calling it solid with huge upside over a longer time frame.
  • He treats the heap-leach question as settled, citing a 70% recovery rate as proof the technology is not the constraint.
  • Three catalysts remain: regaining the San Vicente lease, running a PFS, and obtaining the permit.
  • He sizes the resource at roughly 15 million ounces of gold and 400 million ounces of silver, plus additional offsets.

Key points on Liberty Gold

  • Liberty Gold appears only as the source of the Utah project that Heliostar is building as its third mine.

Key points on Outcrop Silver & Gold

  • The host says Outcrop released a report on the day of the video saying it will mine next year at just 40 tons per day, worth less than half a million ounces a year.
  • His point is that permitting is the hard part, and once the permits are in hand, expanding production is much easier.
  • If Outcrop can add permits and scale to about 3 million ounces a year, he puts the resource at 50 million ounces.
  • He calls it a high-grade silver project, which he says are rare, and thinks the stock is more interesting now that it has pivoted to production.

Key points on Silver Mountain Resources

  • Silver Mountain has just entered production and is growing output, and the host is unsure whether the operation is in Peru or Chile.
  • The whole case rests on execution: whether the company hits its targets of 4-5 million ounces a year, which he thinks it can.
  • He ranks it fourth of the four new silver developers but says the order could easily change and it could end up number one.
  • He treats it as the first of a cluster of new silver plays he is working through in this video.

Key points on Silver Storm Mining

  • The host ranks Silver Storm second of the four new silver developers, and says its 48-bagger upside is the largest of that group.
  • He says the stock is cheap only because the market gives no value to the San Diego project.
  • He puts San Diego at roughly 100 million ounces and says it needs no new mill, because the ore can be trucked to existing capacity.
  • He says a PEA on San Diego is needed and that the project already 'looks fantastic' without one.

Key points on Silver Tiger Metals

  • The host calls Silver Tiger a twin of Gogold and says he cannot tell which of the two will pay off better.
  • He rates Silver Tiger as the riskier of the pair because of its open pit plus two separate underground mining areas.
  • Exploration is unproven for both names, as he notes neither has really been drilled to speak of.
  • He would like to see Silver Tiger and Gogold merge, but says owning both is the way to play it.

Don Durrett's takeaways

  • Top takeaway His core argument is that after the recent selloff these gold and silver stocks are 'on sale' and represent good entry prices, while conceding they could still fall further.
  • His 20-bagger targets assume $7,000 gold and $200 silver; he calls $7,000 conservative and expects gold toward $8,000 within roughly three years.
  • On silver he treats 2% of the gold price as a floor, about $160 at $8,000 gold, and expects north of $200 with $180-$220 a reasonable ballpark.
  • He is targeting 8 out of 10 on this list, above the 7-out-of-10 bar he applies to his own high-quality portfolio, on the view that finding a 20-bagger probably means finding a 25-bagger.
  • He discloses that he owns every stock in the list, is not looking to add to any of them, and is slightly underweight one name.