Cory Fleck

KER Market QuickTake - Post-Conference Chaos: Analyzing the Massive Gold & Silver Reversal

• Top takeaway Cory argues the Vancouver conference season (Metals Investor Forum and VRIC) may have top-ticked the precious metals market, pointing to the euphoric "high fives and hugs" mood, returning family offices and promoters, and a TSX Venture session on the Thursday before the crash that traded over $1.1B in shares — 35% above any prior session.
• He says gold/silver stocks have still not priced in the underlying metals move despite gold in the $4,900–$5,000 range and silver in the mid-$80s as of the 2026-02-04 recording, leaving producer and developer valuations attractive relative to spot.
• Cory sees an active rotation trade underway, noting copper (COPX near all-time highs), lithium, rare earths, tungsten, antimony, and oil/gas have held up better than gold and silver stocks, and says he has personally rotated some precious metals profits into uranium and energy names.
• He is watching Barrick's upcoming earnings as a potential "aha moment," expecting analysts to price in the delta between Q4 averages (~$4,200 gold, ~$55 silver) and current spot levels now that the corrective move is underway.
• Cory frames the long-term commodity thesis as intact, citing Trump's $12 billion Project Vault critical-minerals stockpile as evidence that governments in the US, Canada, Europe, Australia, and Asia are all moving to secure resource supply chains.

Silver's 30%+ single-day drop on Jan 30, 2026 reset momentum after the metal briefly traded above $100 and gold approached $5,000. The hosts argue the rally showed blow-off-top traits — standing-room-only Vancouver conferences, returning family offices, and chat-group FOMO. Investors are rotating precious-metals profits into copper, lithium, uranium, and oil-and-gas; copper developers and energy equities held up best. The hosts cite U.S. critical-minerals moves — Project Vault ($12B) and USA Rare Earth's $1.8B deal — as pulling generalist investors back into resource equities.

Great Pacific Gold- Wild Dog Project Update: Expanding High-Grade Gold Hits & 2026 Exploration Plans

• Top takeaway Frames 2026 as a bigger drilling year at Wild Dog with two rigs turning and a steady cadence of drill results expected throughout the year, citing 2025's tally of 15 holes and multiple intercepts over 100 gram-meters
• Highlights that the company spent late 2025 consolidating historical data, flying mobile MT and LIDAR surveys, and doing groundwork to build the 2026 drill pipeline

Hole 15 extended the Northern Sulfide zone at Sinivit 50m deeper — at 13.5m of 8.1 g/t AuEq, grade held up below prior drilling. Sinivit sits on just 1.5km of Wild Dog's 15km structural corridor; 2026's 10,000–20,000m program tests the remaining 90%. A second rig moves to Kasie Ridge (a never-drilled high-sulfidation epithermal target), then Kavasuki and Mengmu — each a district-scale play. Mobile MT and LIDAR surveys built a 25-target pipeline; reinterpreted vein dip means Mengmu's historic holes were drilled from the wrong side. The guest projects the Wild Dog corridor could host a 5–10 million ounce district, anchored by Sinivit's roughly one-million-ounce target.

Aztec Minerals - Drill Results At Tombstone Expand Gold-Silver Mineralization To Over 1KM

• Top takeaway Frames the headline — strike extending past 1 kilometer in the southern extension — as the central takeaway and presses the CEO on whether the property should now be treated as one continuous mineralized system rather than separate zones.
• Highlights the gold-to-silver tenor change across the property, asking whether silver-dominant intersections like Hole 2416 (1.5m at 3,700 g/t Ag) could reframe Tombstone back toward its historic silver-district identity.
• Pursues consistency and high-grade questions, probing for any high-grade zones within the >1km trend while the CEO describes pinch-and-swell behavior along the QFP dikes.
• Pushes on western step-outs and the resource ambition, asking whether the current drilling is aimed at building a resource over the full 1km strike and how the steep topography is being handled with rig access.
• Closes by noting that most of the program is still expansion drilling following the 2024 discovery in the southern extension, with roughly 15 holes at the assay lab and results expected over the next few weeks.

Aztec's Tombstone drill results now tie the North Pit and Southern Extension into a single 1+ kilometer mineralized system. Mineralization shifts from gold-dominant in the north to silver-dominant in the south, suggesting Tombstone's silver district roots. CEO Simon Dyakowski says the 12,000-meter drill program plus a deep conductor test (hole TC2504) will run through end of March. The team is using 3D modeling to target historic high-grade stopes on the west side and grow east-west width. Past pre-stripping from the 70s and 80s mining may give Aztec a low strip ratio - less waste rock to move per tonne of ore.

Goliath Resources–70 Gold Drill Assays, 100% Golddigger Ownership, NSR Buydown & Strategic Investors

Goliath's 2025 drill program intersected gold in 100% of 110 holes, with 92% of holes showing visible gold across five mineralized zones at Golddigger. The company fast-tracked 100% ownership of Golddigger and cut the NSR royalty from 3% to 2%, opening takeover optionality for any future suitor. Management pushed the maiden resource estimate deadline to June 2030, preferring aggressive exploration over fencing in ounces too early. Cornerstone holders Rob McEwen and Crescat Capital increased stakes; McEwen Mining (MUX) shares held by Goliath have roughly tripled on paper. A ~$60M cash position, plus $6.5M from McEwen warrants, fully funds a 50,000-meter-plus 2026 drill program focused on Surebet.

Vizsla Silver - 2026 Roadmap: Construction Decisions, Drilling Growth & Cash Flow Vision

• Top takeaway Frames 2025 as an inflection year — 'share price went up over 200%' alongside an updated mineral resource, feasibility study, test-mining start and additional project acquisitions — then pivots to interrogating 2026 catalysts around construction, drilling and growth.
• Presses the CEO on whether a formal construction decision is even necessary given Vizsla is already cashed up and ordering long-lead items, and later on the realistic pace of moving Project #2 (Santa Fe) toward a second production centre.

Vizsla's $400M raise lets it bypass conditional project debt and trigger Panuco construction as soon as the MIA permit arrives, targeted mid-2026. A 60,000-meter 2026 drill program will convert inferred resources at Napoleon and La Luisa and test new targets like Santa Fe and Animas. Feasibility study economics — a 9.4-year mine life at $10.60 AISC with rapid capex payback — underwrite a 50Moz silver-equivalent production target by 2035. Bringing Fresnillo onto the share register via the year-end property deal deepens Vizsla's Mexican stakeholder base and validates district consolidation. Three future production centers across the Panuco district are planned to grow the project beyond its initial nine-year mine life.

Valkea Resources - New President Thomas Credland’s Vision for The 5 Finnish Gold Projects

• Top takeaway Frames the interview around Credland's Rupert track record, expected near-term news flow, and capital allocation, asking specifically how far the recent raise will stretch
• Notes for viewers that Valkea trades on the TSX Venture (OZ), OTCQB (OZBKF) and Frankfurt (S600) exchanges

New President Thomas Credland (ex-Rupert) joins to lead systematic grassroots exploration across Valkea's five Finnish gold projects, funded by a recent $2.5M raise. Paana stays the priority, but the team plans to re-evaluate all five Finnish projects via low-cost base-of-till sampling to build a drill-ready target pipeline. Valkea applies a disciplined drilling approach, capping initial programs at roughly 1,500 meters before re-ranking targets based on results. Targeting a plus 2 million ounce deposit capable of producing roughly 200,000 ounces a year, a scale that should clear permitting in Finland. The Lapland Greenstone Belt hosts majors including Agnico, Kinross, B2, Rupert and Orion, opening regional consolidation and partnership opportunities as work advances.

Sitka Gold - Expands RC Gold With New Discoveries, 2026 Major Drilling Plans

Blackjack resource more than doubled to over 2M oz at ~1 g/t in 2025 — 1M indicated (drill-defined), 1.2M inferred (early estimate); stock returned 169%. Rhosgobel discovery defines ~1.1 km of mineralized strike at surface with tungsten alongside gold; an initial resource estimate is the next near-term catalyst. Sitka is doubling 2026 drilling to ~60,000 m, with 10-15k metres earmarked for the new Bearpaw, Contact, and Pukelman zones. Treasury of $45M+ covers the program; metallurgical, environmental baseline, and water/wildlife work runs in parallel toward future economic studies. Low drill costs of $350/m CAD reflect the project's two-hour drive from Dawson City's paved-runway airport.

Banyan Gold - Multiple High-Grade Silver Drill Results At AurMac

Banyan Gold hit high-grade silver across three AurMac zones spanning roughly 3 km, potentially layering onto its 7.7 Moz gold resource. Near-surface, steeply dipping silver veins could allow Banyan to deliver a separate silver resource alongside its gold MRE. Backed by ~$38M in cash, Banyan plans ~40,000 m of 2026 drilling, opening camp in February with four rigs by March. Management views silver as a future co-product or standalone concentrate, with Hecla nearby mill offering a processing option.

Thor Explorations – Q4 2025 Operations - Exploration At Segilola, Douta, Guitry, & Marahui Projects

• Top takeaway Frames the interview around two growth pillars: Douta as the #2 project (Senegal) and Côte d'Ivoire exploration (Guitry, Marahui) as the area generating the most incoming listener interest, separate from the steady-state Segilola production story.

KER Market QuickTake - Silver at $90! Why Aren’t the Stocks Exploding?

• Top takeaway Argues the silver stock lag is not a disappointment, saying the gap between metal prices and equities should set up a longer bull run once stocks play catch-up
• Says he would actually prefer silver to correct toward around $70 to establish a technical level, because historical silver spikes have tended to mark market tops
• Favors the gold market here, noting GDX is up over 11% and GDXJ just under 10% this month versus gold up about 6%, and draws a parallel to 2014 when majors led before money trickled down
• Calls the lack of M&A the biggest missing piece for the sector and wants to see majors use cash to acquire mid-tiers and developers the way large tech firms absorb smaller companies
• Has been buying silver financings of smaller companies priced pre-breakout since November and doubts outside manufacturers will start taking mining assets private

Silver has surged above $90 yet mining equities lag sharply — the SIL ETF-to-silver ratio sits at 2020-crash and 2015-bottom levels. Q4 average silver and gold prices will likely set records, leaving even a sharp Q1 correction unlikely to drag averages below Q4's high bar. Silver producer margins expand faster than the metal — a 7% rise in silver can mean 20-30% margin growth thanks to largely fixed operating costs. Major miners are not buying mid-tiers despite record metals, leaving M&A unusually quiet — except for juniors acquiring producing assets from seniors. Capital is rotating from precious-metal equities into copper, lithium, and uranium — sectors that were unloved last year and are now leading.

District Metals - 2026 Uranium Advancement Plans After Sweden’s Moratorium Lift: Drilling, PEA, EIS

• Top takeaway Frames 2026 as District Metals' first full work year after Sweden's uranium moratorium was fully lifted at the start of the year
• Presses Garrett on the goal and target count behind the 5,000–7,000 m program and on follow-up economics across the non-alum-shale uranium properties

District Metals advances its Viken flagship into a Preliminary Economic Assessment (PEA) targeted for Q2 2026, with Mets Engineering Group handling Alum Shale metallurgy. A 5,000 to 7,000-meter 2026 drill program will test MobileMT conductive anomalies across the company's 150,000-hectare Alum Shale portfolio in Sweden. District retained BDO Canada to quantify tax revenue and job creation, a step to secure the social license for long-term project development. Drilling will start in the less populated northern woodlands and move south toward Viken, refining the drill system before reaching populated farmland areas. District enters 2026 with about C$9 million in cash against a C$5 to 6 million budget, supplemented by potential warrant exercises through early 2027.

Snowline Gold - 2026 Outlook: Development, Drilling & District Scale Potential

• Top takeaway Host Cory Fleck frames Snowline as a standout in the sector, recapping 2025 milestones of about 30,000 meters drilled, a PEA on the Rogue project, leadership and board additions, a $122 million Canadian raise, community and environmental awards, and a 240% share-price gain.
• Fleck presses for near-term news flow, drawing out the disclosure that about 14,000 meters of 2025 drill results are still outstanding, and suggests Snowline's 2026 task is to keep showing the market how much value the Valley project can generate.

Snowline Gold is shifting from explorer toward developer in 2026 — its pre-feasibility study is underway alongside initial Yukon permitting on Valley. About 14,000 metres of 2025 drilling awaits assay results — 11,000 metres at Valley plus 2,900 metres spread across five regional RIRGS targets on Rogue. A $105 million treasury gives Snowline runway through to the feasibility study; 2025 spend was roughly $45 million, suggesting comparable 2026 outlays. Regional targets Gracie, Aurelius, and Jupiter — reduced intrusion-related gold systems within roughly 12 kilometres of Valley — offer district-scale upside. Key 2026 milestones are PFS delivery, a project description for Yukon permitting, and the remaining assays that could reshape the 2026 drill plan.

Aztec Minerals - 2025 Drilling Success, Resource Potential & 2026 Growth Plans

• Top takeaway Frames the broader macro backdrop — notes silver has run significantly and gold sits at all-time highs, and argues precious metals equities are responding very positively across the board.
• Highlights a sector trend in which recent acquisitions have materially changed other juniors, signaling appetite for Aztec to consider similar bulk-tonnage gold/silver M&A.

Aztec closed 2025 with record Tombstone drill hits — highest-ever silver (~26m of ~550 g/t silver-equivalent) and gold (~57-58m of >5 g/t gold, ~1 oz silver). Drill program grew from 5,000m to 8,500m and may expand further; a $10M institutional bought-deal raise and ~$9M cash back 2026 work. A maiden resource estimate is targeted for end of Q1 2026 from 22,500m+ of drilling — framed as a starting point, not a definition. Deep CRD-style drilling (TC4 hole nearing 500m) tests historic high-grade lead-zinc-copper-silver mineralization; success could materially re-rate the project. Mineralization trends gold-rich to the north, silver-dominant south/west; a follow-up drill program is slated at the Cervantes gold-copper porphyry in Mexico.

Banyan Gold - Continuing To Define The High Grade Areas At The Powerline & Airstrip Deposits

• Top takeaway Frames the discussion around three Banyan growth vectors: known high-grade expansion, the gap zone between Powerline and Airstrip, and step-out areas from the existing deposits

CEO Tara Christie describes the eight-hole release as a validation of Banyan's geological model and high-grade projections. Step-out drilling at Powerline (300 m) and Airstrip (~800 m) has extended mineralization past the current 7.7 Moz resource boundary. About 120 of the 178 holes from last year's 43,000-metre program are still pending — Christie expects continued drill news into 2026. A resource update is targeted for Q2 2026 and a PEA in H2 2026, framing the value proposition around the planned studies. Six pending silver-focused holes at Powerline point to a separate high-grade silver trend Banyan plans to follow up.

Sitka Gold - Drill Results and 60,000 Meters of Drilling In 2026: Expanding Gold Area By 400 Meters

• Top takeaway Frames the update as a recap of fresh Rosgobel drill results and a preview of a 60,000m 2026 Yukon drill program at Sitka Gold.
• Notes Sitka trades on TSX Venture (SIG), OTCQB (SITKF), and Frankfurt (1RF), and invites viewers to email follow-up questions to pass to the Sitka team.

Rhosgobel now spans ~975m along strike and stays open in every direction after 11 holes added 400m to the mineralized footprint. Sitka plans a fully funded 60,000m 2026 drill program backed by $45M in cash, with all-in drilling near $350/m. Visible scheelite (tungsten) in core hints at a critical-mineral byproduct alongside gold, though assays are still being optimized. Blackjack and Eiger already host ~2.8M oz; the 2026 priority is a maiden mineral resource estimate on Rhosgobel.