Don Durrett

Honey Badger Silver ($TUF.V | $HBEIF) Acquires Prairie Creek | Don Durrett & John Feneck Interview

• Top takeaway Durrett says he is more bullish on gold and silver miners than at any point in his career now that the US-Iran standoff has temporarily eased, noting his portfolio rose 6.5% in that session, silver rebounded from about $61 to about $70, and the HUI sits about 26% below its 975 high as of mid-June 2026.
• He argues the conflict is not resolved, reading the leaked memorandum as Iran keeping control of the Strait of Hormuz with 60 days to negotiate, and says a flat equity market would stall his gold target, leaving him waiting for a fear-driven move into precious metals.
• He points to a Morgan Stanley survey of 300 family offices in which only about 30% held any gold miners at all and roughly 1% of those held more than a token position, arguing sentiment rather than asset quality is why quality developers with free cash flow are ignored.
• He now targets $200 silver, saying his earlier $100 call proved conservative, and screens the sector for names with 15x or better at that price, listing Aftermath and Silverco from his roughly 25-name buy-the-dip list.
• For Prairie Creek he models four million ounces a year at about $50 all-in with byproduct credits, giving roughly $150 per ounce of margin in Canada and about $600 million of free cash flow, which at a 10x multiple implies roughly $6 billion against a $188 million market cap, though he wants to see the PEA, updated resource and path to production first.

Chad Williams says Prairie Creek anchors a 650 million ounce silver-equivalent portfolio bought at a deep discount to peers. Prairie Creek is a 1982 mine restart, roughly 95% built, with three miles of underground development and an existing mill. Byproduct credits from zinc, lead, germanium and tungsten could hold Prairie Creek's cash costs far below the silver price. Don Durrett frames the sector as washed out: the HUI gold-miner index sits 26% below its high, yet quality developers trade at fractions of peers. Durrett stays cautious until the company publishes an updated resource estimate, a PEA and a capital cost plan.

Triumph Gold ($TIG) Advances Projects in Yukon and Utah | Interview with Don Durrett and John Feneck

• Top takeaway His Mexico thesis is that the reward is too high to ignore despite high country risk, and he ranks the risks explicitly: first the government demanding more profit, royalties or ownership, second unions, and only third cartel risk.
• He argues the silver pipeline is running out of candidates — no real new discoveries are being drilled, so what remains is existing deposits and permitting of developments — and points to GoGold and Silver Tiger as permits already landed, with Sonoro or Discovery as the next tests.
• His jurisdictional argument is valuation ceiling: a Nevada project's free cash flow multiple can reach 30 or higher, and the US, Canada and Australia have no ceiling, while South America and Africa are 'lucky if you get a 20'.
• On Triumph Gold he says he first bought in 2011, sees a $3 million-plus ounce deposit, values it at about $200 an ounce in the ground, and frames it as an optionality play worth 'three to 10 baggers' — explicitly not the kind of early drill story he normally avoids.
• He says he has bought in 2011, 2012, 2013, 2014, 2015, 2020, 2022 and 2025 to keep lowering his cost basis, plans to add again in 2026, and that the company at roughly $50 million is about $10 an ounce if it reaches 5 million ounces.

Triumph Gold's CEO argues the company stayed deliberately idle through the bear market and is now spending. A $5.4 million raise funds three drill rigs, a 45-person camp, and re-logging all 150,000 metres of historic core. The CEO says old drill logs plus 30,000 soil samples are being reassessed with AI to define a major discovery target. A Utah silver project carries a 12-tonne bulk sample grading 45 ounces per tonne, with drilling targeted for late summer. The analysts frame both assets as undervalued versus what they estimate the ground is worth per ounce.

Gold/Silver Miner Buy The Dip List (June 2026)

• Top takeaway Durrett argues the mid-June 2026 pullback, with gold down about 25% and silver down nearly 50% from their peaks, is a routine bull-market correction that should be bought.
• His central thesis is that the gold to S&P 500 ratio, around 0.6 as of mid-June 2026 and sitting at the bottom of its long-term channel, is entering stage one of a major gold outperformance cycle, with 0.8 to 1.0 as the target zone.
• He is positioning for a second, lower dip before the end of 2026, likely alongside a falling S&P 500, and says investors should already be holding three to seven names ready to buy into it.
• He treats his roughly 25-name buy-the-dip list as a newsletter favourites book, owns every name on it, and pairs related stories such as Lahontan with P2 Gold and Honey Badger with BMC.
• He uses $200 silver in his company math while arguing silver is headed for roughly $175 to $190, and frames the whole thesis around gold reaching $7,000 and staying there.

Gold and silver broke below their 200-day moving averages, and the host calls the 25% to 47% drop a buyable correction in a bull market. His trigger is the gold-to-S&P 500 ratio — gold's price divided by the index — near 0.6 today; 0.8–0.9 signals gold outperforming stocks. The watchlist spans producers, developers and explorers, with price assumptions of $7,000 gold and roughly $175 to $190 silver. Producers adding ounces rank above one-off development stories, since incremental production flows straight to free cash flow and lifts valuations quickly. He expects another, deeper dip before year-end tied to an S&P selloff, so he is assembling names to buy at lower prices.

Liquidity Can’t Stop Inflation

Don Durrett argues that government reliance on liquidity injections and monetary expansion makes inflation increasingly dangerous. Inflation eventually becomes the limiting factor that destabilizes both the currency and the broader financial system. Investors should consider hard assets like gold and silver as a hedge against systemic financial destabilization.

Gold Bull Market Continues

Don Durrett maintains a strong bullish outlook on gold and silver over the next several years based on current market behavior. Precious metals are acting as long-term "buy the dip" assets, suggesting investors should accumulate on price pullbacks. He warns of increasing caution towards the broader stock market, which may be entering a larger topping process.

BUY THE DIP: Gold & Silver Are Nearing Floors Before Next Huge Climbs

Gold and silver are experiencing short-term pullbacks that represent buying opportunities before the next major price surge higher. Massive government debt, inflation, and money supply growth are creating a doom loop that will eventually trigger a financial reset. Specific mining equities like Vizsla Silver, Coeur Mining, and Endeavour Silver offer asymmetric upside for investors.

Arizona Eagle Mining ($AZEM) Targets Gold Expansion in Arizona | Don Durrett & John Feneck Interview

• Top takeaway Values Arizona Eagle Mining's gold at a minimum $300 per ounce in the ground at $7,000 gold — about $300 million at 1 million ounces and $600 million at 2 million — sees a billion-dollar combined gold-and-silver target, calls the stock an optionality play at roughly $6 per ounce in the ground, and asks to join the next private placement.
• Says he is negative on gold, silver and the S&P in the near term as of the interview: he expects the S&P to fall sometime between now and mid-June and calls the rally a dead cat bounce, even as silver breaks through $82 and $84 toward $86.
• Argues the war ends messily because Iran cannot reopen the Strait without surrendering, and he dismisses Wall Street's optimism about a quick resolution even with the S&P at 7,400 and record highs.
• Sees copper above $6 as the new normal and as an offset metal that keeps AISC low for big gold miners such as Barrick, Agnico Eagle and Newmont.
• Presses on permitting and calls the roughly 24-month path on private patented ground a major value advantage over federal ground, which he says makes the company's value attractive.

Don Durrett stays near-term negative on gold, silver, and the S&P, calling the current rally a dead cat bounce that likely fades by mid-June. Copper's breakout lifts junior miners, and Durrett notes by-product copper lowers AISC (All-In Sustaining Cost — full production cost) for major gold miners. CEO Kevin Reid says Arizona Eagle Mining consolidated a past-producing Arizona district around an 877,000-ounce historic gold estimate at 11.7 grams per ton. Reid's team controls roughly ten times the historic mine's 800-meter strike on patented private ground, where a drill permit took 48 hours. Durrett values the near-million high-grade ounces far above the company's $65 million Canadian market cap, calling it an optionality play on discovery.

Lahontan Gold's ($LG | $LGCXF) Path to Production | Don Durrett and John Feneck Interview

• Top takeaway Lays out a hundred-bagger case for Lahontan: he bought at 2 cents when the market cap bottomed near $7M, the stock is now about $0.27 US, and his model of ~$350M annual free cash flow (80k oz/year at $1,300 AISC and $7,000 gold) on a conservative 10x Nevada multiple implies ~$3.5B.
• Contends the biggest risk to that thesis is a takeover before the re-rating — someone could pay $500-600M and still be hugely accretive — and says a bid from AngloGold Ashanti would be his "worst nightmare."
• Argues juniors get no valuation while Newmont trades at a $10 multiple, citing 1911 Gold under $1 US and NexGold getting zero value for Goliath as ignored development stories worth buying early and holding patiently.
• Reads the macro as choppy since the war started around March 1 but bullish after last week's news across commodities, and advises companies not to raise money in this correction and instead wait for July-August when gold trends up.
• Sees Rua Gold as a minimum 50,000 oz/year producer once permitted, with the November New Zealand election a catalyst but growth likely regardless.

Lahontan Gold's mineral resource estimate (MRE — the updated in-ground ounce tally) slipped from April to next month; a PEA (preliminary economic assessment) follows in September. CEO Kimberly Ann targets pouring gold next year: permit in Q1, a four-to-six-month contract build, and a plant sized for a 100,000-ounce-per-year operation. Legacy heap-leach pads still hold about 200,000 ounces of already-crushed gold; roughly 110 sonic holes aim to move those ounces into the mine plan. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) guidance of $1,000-$1,100 supports 9-14 month payback timelines in current models. The named risk is takeover: a major could pay roughly $600 million, about $300 per in-ground ounce, and still buy accretively.

Blue Lagoon Resources' ($BLLG | $BLAGF) Growth Potential | Interview with Don Durrett & John Feneck

• Top takeaway His top screen for the company is valuation: he says an undervalued producer with growth potential is number one on his list, notes the market cap is under $100 million as of the May 2026 interview, values producers at $7,000 gold because banks already use those numbers, and argues that at 50,000 ounces a year free cash flow would be $175 to $200 million, roughly twice the current market cap.
• On the sector he is cautious near term: he puts his gold target at $4,100 to $4,400 and hopes $4,100 holds rather than breaking $4,000, notes Garrett Soloway sees $3,500 as in play as a kind of floor, and says he is waiting for a better entry over the next one to six weeks.
• He says mining share prices need three things — a clean balance sheet, high free cash flow and a high dividend — where he puts a high dividend at 4%, and criticizes major and mid-tier miners for borrowing at zero rates, not paying that debt down and doing buybacks instead, arguing one of them will eventually work it out and become the sector's first industry darling.
• He says he normally avoids small gold projects and only became interested after meeting the CEO at PDAC, where the drill database, high grade of 7 to 9 grams per ton, location roughly 50 minutes by road from town and a 50,000-acre property convinced him the company checks all the boxes and could be one to two million ounces or more.
• His one red flag is that there is no mill and the company toll mills, which he sees as a constraint on expansion, but he offsets it by stressing that growth is organic and non-dilutive because cash from production funds the drilling; he says the un-drilled shadow target shown on the company's slides looks like a vein extension over a kilometer at high grade, said he added to his position during the interview, and wants three holes drilled into it immediately.

Blue Lagoon already sent $4.5 million from 5,000 tons milled off-site, and the guest says commercial production starts within 30 days. Grade carries the case: 9 grams per ton reconfirmed off-site, 95% gold recovery, and a claimed path to a million-plus ounces on one vein. At about $2,000 All-In Sustaining Cost, what an ounce really costs, the analyst models roughly $40 million of annual free cash flow. The open question is the kilometer-long "shadow" beside the mined vein, and the permits to drill it are already in hand. Gold is down 19% and silver 40% in a war-driven correction the analyst calls a buying chance, with a $4,100 to $4,400 target.

Don Durrett & John Feneck Explore First Tellurium’s ($FTEL | $FSTTF) PyroDelta Energy Stake

• Top takeaway His core math: at $200-plus silver a miner with $100 costs keeps a $100 per ounce margin, so a million ounces of production implies about $100 million of free cash flow and roughly a $1 billion company at a 10x multiple — the reason he favors small silver producers.
• He tells viewers to own his nine 'Mormon' silver producers now and buy any dip, arguing the group is near a bottom — maybe 10% lower, and 20% lower would be a gift — with silver down about 60% and the HUI down 25% from their peaks.
• He added to Aftermath Silver on the recording day and frames Silver47 and Triumph Gold as optionality plays, since large gold takeouts have happened at $400-500 an ounce but no big silver takeouts yet.
• On First Tellurium he concludes it is really an energy-device company rather than a mining story, notes the mine is about five years from production, and says a data-center proof of concept on energy, water and noise is the key test ahead of the August 2 DARPA event, where he likes their confidence about lifting twice the drone's weight.
• He argues the data-center opportunity is even bigger than drones — citing roughly $1 trillion of data-center spending this year and a square-mile-scale project planned in Utah — while agreeing the company is smart to lead with drones for the attention.

PyroDelta's thermoelectric generators (solid-state devices that turn waste heat into electricity) need only a 20°C differential and run 24/7. First Tellurium (CSE: FTEL), which management calls the world's only tellurium-focused company, owns 83% of PyroDelta plus a high-grade British Columbia project. Acceptance into DARPA's Lift Challenge (Dayton, Ohio, August 2) brings prize potential and introductions to defense primes and drone-delivery buyers. Durrett argues small silver producers gain huge margin above $200 silver, though he cautions developers take years and often disappoint before paying off. Co-hosts note 131 million shares out with roughly 35% in friendly hands, giving the 11-cent junior room to move on DARPA news.

Silver ALERT: This One Risk Could Crash Prices | Don Durrett

Silver and gold may remain in a volatile consolidation phase due to ongoing war uncertainty and shifting macroeconomic conditions, delaying an immediate breakout. A potential stock market doom loop, driven by narrow AI leadership and rising debt pressures, could trigger a long-term shift toward gold outperforming equities. Investors should exercise patience with mining stocks, strategically buying on dips rather than assuming an immediate all-time high breakout is underway.

Don Durrett & John Feneck Interview Blackrock Silver ($BRC | $BKRRF) & Discuss Stock Insights

• Top takeaway Durrett's top call is Blackrock Silver as the most attractive silver development takeout target: at $200 silver in 2030 he estimates $750 million to $1.2 billion of free cash flow, and a 20x multiple against the current ~$380 million fully diluted market cap implies large upside — though he expects the big re-rating only around early 2029.
• He argues market sentiment is weak right now: investors pay for only one to two years out, so near-construction names like P2 Gold get no value until they finance and start building.
• He bought Honey Badger Silver before its ~30% jump and walks through why the Prairie Creek deal at roughly two cents an ounce is a bargain with high free-cash-flow potential despite heavy permitting and build risk.
• He owns Western Exploration and frames it as an early-stage Nevada developer that must add ounces toward ~2 million and reach production, in a jurisdiction where permitting rarely exceeds three years.
• He applies a 10-step red-flag checklist to every company and says Blackrock is the rare project that clears it — high recoveries, no base-metal dependence, no weather or political risk in Nevada — and that he would like to own 50 projects like it.

Blackrock Silver's updated PEA (Preliminary Economic Assessment — an early mine study) extends mine life 42% to 11.2 years with $190 million capex. The Nevada project plans 7.1 million silver-equivalent ounces a year at AISC (All-In Sustaining Cost — what it really costs to produce an ounce) near $1,744. Sitting entirely on private land skips federal review; one of three key permits is secured, with groundbreaking targeted for the second half of 2027. Guest Don Durrett sizes potential free cash flow at $750 million to $1.2 billion on $200 silver and calls Blackrock a top takeover target. Hosts also highlight Honey Badger's $11 million purchase of the 400-million-ounce Prairie Creek project from Canadian Zinc, calling it an unusual bargain.

Don Durrett: When Gold Will Bottom | Going 'Much Higher' For Gold & Silver Miners

Durrett argues current gold correction is a buying opportunity, forecasting prices will go 'much higher' due to unsustainable monetary policies. Discusses Modern Monetary Theory (MMT) origins and a 'doom loop' connecting fiat currency debasement to long-term precious metals bull markets. Evaluates investment approaches for mining stocks, including diversification strategies and the relative value of royalty and streaming companies.

Don Durrett and John Feneck Interview Scorpio Gold ($SGN | $SRCRF) CEO on 50,000 m Drill Program

• Top takeaway Argues gold's ~$925 drop from $5,600 is the signal that the S&P (~7,150) is ahead of itself: he expects gold to bottom around $4,100-4,400 as the S&P corrects, with the two crossing in a 'death cross' near S&P 5,500 — the only chart he says he will watch for the next six months.
• Puts about 70% odds on no war resolution and 30% on a bad deal that leaves the strait blocked; both outcomes he calls good for gold and bad for the economy, and he expects a messy ending rather than the good deal Wall Street is betting on.
• On Scorpio Gold, sees a minimum 2-3 bagger from the current ~$89 million fully diluted US market cap, flags a $75-80 million market-cap dip as a good entry, and says he would buy immediately if the company pivoted to production.
• Frames the long term as $7,000 gold and $200 silver, under which he says 5- and 10-baggers are everywhere; his illustrative math on a built 3 Moz Nevada project — 150,000 oz annual production at $3,500 margins — reaches $500 million of free cash flow and a $10 billion valuation at a $20 multiple.
• Describes his method: hunt asymmetric 10-baggers, size positions below a personal 'pain point,' expect 10-15 bankruptcies per 20 years, and replace losers — he swapped a Victoria Gold loss for Lahontan and came out ahead.

Scorpio Gold is fully funded for a 50,000 m Nevada drill program, targeting growth from 740,000 oz toward 2 million oz this year. The CEO frames an eventual sale to a mid-tier as the goal, but says the company is not locked into any path. Grade is the differentiator: holding roughly 1.26 g/t against a 0.6 g/t Nevada open-pit average supports premium margins and strategic value. Durrett argues gold's pullback is a warning that the S&P is overextended, so he would buy junior dips rather than chase. The hosts frame junior mining returns as asymmetric: size positions small, buy capitulation, and only risk what you can afford to lose.

Interview with Upside Gold CEO (April 29, 2026)

• Top takeaway He prices the company at about $20 per ounce in the ground fully diluted against recent Canadian deals nearer $400-500 per ounce, and argues it could rerate above $200 per ounce on roughly 5 Moz — a company he values near $1 billion.
• He notes the shares rose from about C$0.50 to C$1.60 at all-time highs while gold fell roughly $1,000 from $5,600 to $4,600, and credits the low per-ounce valuation for that relative strength.
• He expects the gold correction to run through May and turn back up around June or July, and warns that companies financing into a downtrend get punished.
• He sizes the next raise at roughly $6 million US as more than enough and prefers dilution of about 10% at a time.
• He argues that with about 20 Canadian development projects of 2 Moz or more in the market and few mid-tier producers, stronger sentiment should push explorers toward development-project multiples once margins expand.

Upside Gold is drilling toward a 2021 resource of 3.31 million gold ounces in southern British Columbia, targeting 30-40% growth. Growth rests on three pillars: historical drilling, 10,000 meters of new drilling, and adding never-credited copper and silver. Low-grade bulk mineralization near surface, with roughly 95% gold recovery in testing, underpins the open-pit optionality case. The host frames the shares at about $20 per ounce in the ground, far below recent Canadian and Guyana exploration deal prices. Management argues a refreshed resource estimate by early 2027 could revalue the project toward development-stage multiples.

Don Durrett & John Feneck: Insights Into Pacific Ridge Exploration ($PEX | $PEXZF) & Stocks Round-Up

• Top takeaway He opens the round-up saying he likes all five names but puts Lahontan and 1911 ahead of the rest, calling their risk-reward really strong while the other three are not slam dunks and carry more risk.
• He calls Denarius one of the highest-leverage gold miners right now, pointing to a projection of 150,000 ounces in 2028 against about 30,000 ounces being mined today, and says it is not priced close to that.
• He reports from a visit to Denarius's Colombian mine about three to four weeks before this recording that the Emorita approach was announced the day before, and frames both the Saudi interest and the bid as additions to the story.
• On Pacific Ridge he says he would buy it if he liked copper: with 63 million common and 114 million fully diluted shares worth about $17 million US, under a penny a pound of copper equivalent and under two dollars an ounce of gold equivalent, against peers he values at 6 to 10 cents in the ground.
• He argues copper has been under the radar while silver ran higher and gold reached an all-time high of $5,500, and that these juniors are mispriced — what he calls a value investor's dream if you believe in higher metal prices.

The episode opens by stating it is disseminated on behalf of Pacific Ridge Exploration, so company-supplied claims deserve independent verification. Pacific Ridge's British Columbia copper-gold portfolio is positioned for a widening copper supply-demand gap the CEO argues began with electrification. The shares trade near one cent per pound of copper in the ground, which the analyst frames as a wide discount against comparable British Columbia peers. Among junior gold names the analyst prefers 1911 Gold and Lahontan Gold on risk-reward, citing 1911's restart and Lahontan's straightforward open pit. Denarius Metals' Saudi interest and a bid for Emorita Resources signal expansion, while a Pacific Ridge financing announcement is flagged as likely.

Newsletter Favorites Sorted by Quality (April 2026)

• Top takeaway Don Durrett walks through the three-part rating system behind his 89-stock Premium Newsletter Favorites list: upside (baggers at $7,000 gold and $200 silver), downside as risk-reward (3.5 excellent, 3 very good, 2.5 marginal) and a newly added quality grade.
• He says he owns all 89 stocks on the list, that he now works through it sorted by quality, and that only four names are rated A with about ten at A-minus.
• He dropped the 'low' risk label in favour of 'some' because he does not believe there is any such thing as a low-risk mining stock.
• He says the point of the video is that a striking number of his holdings screen as cheap, with many names carrying 3.5 and 4 ratings.
• He sold one position this week and is removing it from the list, arguing Burkina Faso could take roughly 25% of revenue from a company that paid only about $65 an ounce in the ground.

Durrett ranks the 89 gold and silver stocks he owns on upside, downside risk, and company quality — a system investors can copy. His 'three-five' score marks a likely five-bagger — a stock he expects could multiply roughly five times from current levels. Only four holdings earn an A, reserved for low costs, clean balance sheets, and consistent execution — Australian mid-tier producers dominate the top. Country risk caps otherwise strong names: West African, Mexican, and Colombian exposure keeps ratings below top marks. He flags likely takeover targets among focused developers and producers still generating free cash flow.

Upside Gold ($UG | $UGODF): District-Scale Gold-Copper Project | Don Durrett & John Feneck Interview

• Top takeaway His top call is Upside Gold as an optionality play: he values it at roughly $15 per ounce in the ground on a fully diluted basis and argues a quality project of this scale should be worth at least $100 an ounce, with $200 plausible if gold runs toward $7,000.
• He says the odds of the stock going lower are very low, so buying gold in the ground at this valuation substantially improves risk-reward and lets investors wait to get paid.
• He advises adding to positions on 30% to 50% drawdowns if conviction holds, citing March 2020 as the precedent where being long stocks through an unknown crisis turned out extremely well.
• His screening process groups companies into producer, developer and explorer with a checklist, and he argues investors without a process end up holding stocks down 30-50% while selling without knowing volatility, share count or upcoming catalysts.
• On the round-up names he says Denarius should report positively because its assessment does not yet reflect throughput growth, Silverco's US ticker is already live, and 1911 Gold is on track for production next year; he puts Upside Gold's internal estimate at about 4.5 million ounces, which he calls elite class.

Gold, silver and mining equities fell 25-50% during war-driven liquidation; both analysts call the sell-off a buying zone inside a bull market. Tungsten stands apart: prices rose from $1,977 to $2,600 in three weeks as munitions demand tightens a market with no ETF access. Upside Gold's CEO frames the Kena project as execution rather than discovery, growing a 3.31 million ounce historical gold-copper resource. An updated 43-101 is targeted for Q1 2027, adding 5,000 metres of legacy drilling plus copper and silver omitted from the 2021 estimate. Fenwick values the company near $15 per ounce in the ground and expects a re-rating while the gold bull market holds.

🚨 Gold & Silver Mining Stocks: Development vs Exploration - Don Durrett #shorts

Development-stage mining projects offer higher success probabilities and stronger investment edges than exploration plays. Investors should utilize strict checklists to identify mining projects with clear advantages and fewer variables. Undervalued producers with significant upside potential present the best current opportunities in the mining sector.

🚨 Gold vs S&P500: Who Wins This Battle? - Don Durrett #shorts

Gold and the S&P 500 simultaneously reaching all-time highs is a highly unusual market anomaly signaling a potential major shift. Historically, gold serves as a safe haven during economic struggles, making its current correlation with equities unsustainable. Despite repeated corrections, gold's resilience suggests it may ultimately outperform equities in the impending final battle.