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

Investor TV May 1, 2026

Summary

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.

The Scorpio CEO describes Kinross's neighboring Round Mountain as the largest mine in southern Nevada and one of Kinross's largest in North America, with mine life recently extended to 2038 and a new decline meant to add 1.4 million ounces between 2030 and 2038.
Per the CEO, Kinross holds a 2% NSR royalty on half of Scorpio's resource, while much of Scorpio's expansion blue sky is royalty-free.

John Feneck says he bought Avino at 53 cents US about a year ago on Don Durrett's recommendation and watched it run to roughly $10 over the following 12-18 months.

CEO Zayn Kalyan says Scorpio is fully financed for a 50,000-meter drill program running January through December 2026, aiming to grow its 740,000 oz resource at 1.26 g/t to 2 million ounces by year-end, with 3-5 million ounces as longer-term guidance he is comfortable discussing.
Three drills are active: roughly 20,000 m drilled over the past 12 months and 8,000+ m since January, results released every 2-3 weeks, with mineralization hit in all but about four of nearly 80 holes since mid-2024; an updated resource estimate is targeted for Q1 of next year.
Financially, the CEO cites just over $8 million cash against ~$1 million monthly burn, Ross Beatty and Eric Sprott in a 25-cent placement (September 2025), warrants fully exercised by end-February, and a NASDAQ cross-list via MJDS he says is close to completion.
Pressed by Don Durrett, the CEO says the company is not locked into drill-and-sell: a sale to a mid-tier (his stated endgame, serious M&A talk ~18 months out), a JV with a free carry, or building the mine are all live options as gold margins expand.
Don Durrett's verdict: worst case a 2-3 bagger from the current ~$89 million fully diluted US market cap, with a dip to a $75-80 million market cap a good entry — though he expects drill-only progress for about two years and stays on the sidelines until any pivot to production.

Don Durrett lists Scottie Resources among exploration companies increasingly pivoting to production after 'doing the math' on the value left on the table.

Don Durrett names White Gold among development-stage companies pivoting to production as the build-versus-sell math improves.

Don Durrett argues Blackrock Silver's valuation would be a multiple of today's if it gets its mill under construction by Q1 2029 with gold near $7,000 and silver above $150 in his long-term scenario.
The hosts note they recently interviewed Blackrock Silver, which operates in Nevada not far from Scorpio Gold's project.

Don Durrett names Vista Gold among companies pivoting to production after realizing how much value they were leaving on the table.

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.

Top takeaway Don Durrett notes Rick Rule participated in Honey Badger Silver's low-priced financing following the Prairie Creek acquisition.

Top takeaway The Scorpio CEO names Eric Sprott, alongside Ross Beatty, as a strategic shareholder from the 25-cent placement done in September 2025, right after the initial resource was released.

Top takeaway Described by the CEO as his partner and the technical force behind the playbook — 25 years working with Ross Beatty and 10-plus exits with the Lumina group — building a large resource aggressively, then de-risking infrastructure and permitting.

Top takeaway Hosts the interview and frames the setup for investors — a war-driven drawdown since February 28 with choppy trading — before turning to the Scorpio Gold story.
Presses the CEO on investor-relevant specifics: the ~150 km distance to Lahontan's Santa Fe area, how much of the 3-5 Moz goal the 50,000 m program can reach (updated MRE in Q1), and the ~$450/m all-in drill cost.

Top takeaway Named by the CEO, alongside Eric Sprott, as a strategic shareholder via the September 2025 25-cent placement; the CEO adds that partner Leo Hathaway has worked with Beatty for 25 years.

Top takeaway Pitches Scorpio as positioned for rapid growth: fully financed for a 50,000 m program through December 2026, expanding the 740,000 oz resource at 1.26 g/t toward 2 million ounces by year-end, with 3-5 million ounces as guidance he is comfortable discussing for the larger system.
Reports just over $8 million cash against ~$1 million monthly burn, Beatty and Sprott behind a September 2025 25-cent placement, warrants fully exercised by end-February, and a NASDAQ cross-list via MJDS very close to completion.
Positions Manhattan as the closest large-scale project to Kinross's Round Mountain (mine life extended to 2038, a mill it cannot fill), arguing Scorpio becomes strategic as Round Mountain matures; Kinross holds a 2% NSR on half the resource while much of the blue sky is royalty-free.
Concedes under questioning that the company is not locked into drill-and-sell: a mid-tier sale remains the stated endgame (~18 months out), but a JV with a free carry or building the mine are open as margins widen, with district mill-consolidation talks underway and large shareholders valuing the company above even a 100% premium.
Details the 'Scorpio 2.0' reset he led from the beginning of 2024 — new board and investor group, sale of the mined-out Mineral Ridge — plus de-risking: water rights for a 6,000-8,000 tpd mill, a permitted 400 tpd mill and decline at Gold Wedge, ~92% historical CIL recoveries, and drilling at ~$450/m all-in toward an updated MRE in Q1 of next year.