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

Investor TV May 8, 2026

Summary

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.

Key points on Coeur Mining

  • Don includes Coeur Mining in his nine-stock 'Mormon' group of silver producers he tells viewers to own now, arguing the whole group prints strong cash flow at $200 silver.
  • He cites Coeur trading under $18 as of the recording (early May 2026) and argues the group is near a bottom, maybe 10% lower at worst.

Key points on First Majestic Silver

  • Don names First Majestic Silver among his nine 'Mormon' silver producers — the stocks he calls the prettiest in the group — which he says should be bought at current prices and on any dip because they print at $200 silver.

Key points on Fresnillo

  • Don lists Fresnillo among his nine 'Mormon' silver producers that he expects to be highly profitable at $200 silver and urges viewers to buy now.

Key points on Hecla Mining Company

  • Don lists Hecla Mining among his nine 'Mormon' silver producers that he expects to be highly profitable at $200 silver and urges viewers to buy now.

Key points on Pan American Silver

  • Don lists Pan American Silver among his nine 'Mormon' silver producers that he expects to be highly profitable at $200 silver and urges viewers to buy now.

Key points on Americas Gold & Silver Corp

  • Don says he added Americas Gold & Silver to his nine-stock silver producer list over the weekend before the recording, noting it has grown to about a $2 billion market cap and is now big enough for the group.
  • The host points to CEO Paul Hewitt's conviction, saying 93% of Hewitt's personal money is invested in USAS stock.

Key points on Aya Gold & Silver

  • Don lists Aya Gold & Silver among his nine 'Mormon' silver producers that he expects to be highly profitable at $200 silver and urges viewers to buy now.

Key points on Hochschild Mining Plc

  • Don lists Hochschild Mining among his nine 'Mormon' silver producers that he expects to be highly profitable at $200 silver and urges viewers to buy now.

Key points on Aftermath Silver

  • Don says he bought more Aftermath Silver shares on the day of recording because he felt underweight relative to what the company owns, adding that he likes the stock a lot.
  • The host cites roughly 800 million silver-equivalent ounces and a share price of about 53 cents US at recording, down from a peak near $1.10, calling the story 'clicking on all cylinders.'
  • The host notes a longtime contact named Michael holds a huge position in the stock.

Key points on Silver47 Exploration Corp

  • Don owns Silver47 and groups it with Triumph Gold as optionality plays on rising in-ground silver value, noting big gold takeouts at $400-500 an ounce but no large silver takeouts yet.
  • The host cites 250-300 million silver-equivalent ounces across three mine sites in the US.
  • He says the company is drilling 24/7 year-round and substantially strengthened its cash position in the six months before the recording.

Don Durrett's takeaways

  • 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.

Michael Oliver's takeaways

  • Top takeaway Don cites Michael Oliver's silver forecast of $300-500 an ounce as an even more bullish scenario than his own $200-plus case.

Mark Carney's takeaways

  • Top takeaway First Tellurium's CEO says he wrote to Prime Minister Carney in January, copying his defense and AI ministers, to pitch the company's tubular thermoelectric technology for Canada's AI data centers.
  • In the letter he cited Microsoft's reported $7.5 billion commitment to Canadian AI data centers and warned that the company could otherwise be acquired or pushed to relocate to the United States.

Michael Abdelmaseh's takeaways

  • Top takeaway He explains the core technology: solid-state thermoelectric generators that turn a heat differential into voltage with no moving parts, using a patented process that produces durable modules able to withstand high heat for years without degradation.
  • He claims 12% thermoelectric efficiency running 24/7 from a differential starting at about 20 degrees Celsius (roughly 40 Fahrenheit) up to 600, arguing consistent output matters more than solar's 27% daylight-only efficiency.
  • He says PyroDelta is the only company in the world with a tubular thermoelectric device — Panasonic built one about 16 years ago — that can be integrated into existing AI data-center cooling loops without modification, with bismuth telluride crystals grown in-house in custom shapes.
  • On a 15-foot-wingspan test drone, modules on the exhaust manifold harvested enough waste heat to power all onboard electronics and the autopilot, eliminating a heavy battery with no net weight penalty.
  • He stresses PyroDelta is a thermoelectric module maker rather than a drone manufacturer and argues autonomous heavy-lift VTOL platforms could counter drone threats more cheaply and safely than helicopters, with the DARPA contest offering public proof of the technology.

John Fenwick's takeaways

  • Top takeaway In his closing take he argues one introduction from the DARPA event — with Amazon, Northrop and Boeing-type companies expected on site — would be a major catalyst for an 11-cent stock, since about 131 million shares are out with roughly 35% in friendly hands and the stock popped hard over two days last September on a single press release.
  • He frames First Tellurium as a mineral-based way to diversify into technology — in his view it is now a tech or energy company — and says he entered tellurium in 2022 before building tungsten and antimony positions in 2023, noting tellurium production is heavily dominated by China.
  • He runs the silver segment, teeing up five names for Don to assess — Excellon, Aftermath, Silver47, Silverco and Triumph — with specifics such as Aftermath's roughly 800 million silver-equivalent ounces at 53 cents US.
  • He presses management on DARPA logistics (Dayton, Ohio on August 2, with big defense contractors and delivery players attending) and on share structure, praising the low 131-million count and insider ownership.
  • He advises the company to pitch politicians directly on data-center noise rather than engineers — advice the CEO acknowledges — and invites investors to meet management at his conferences in DC (May 17-19) and Florida (May 20-22).