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

Investor TV May 14, 2026

Summary

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.

Key points on Anglogold Ashanti

  • Don Durrett says AngloGold Ashanti has been buying mines in Arizona while already mining in Nevada and diversifying out of Africa — making it, in his view, the most likely suitor to go after Lahontan, with "Anglo Gold out there on the prowl."
  • He says an AngloGold takeover of Lahontan would be his "worst nightmare" because he does not want to own AngloGold shares.

Key points on Barrick Mining

  • Kimberly Ann cites Barrick as an example of acquirer paper she does not want — "Barrick's great," but holders would not get the valuations Lahontan can offer — and says her strategic investor choices are designed to block deals paid in that kind of paper.

Key points on Newmont

  • Don Durrett cites Newmont trading at a $10 multiple as proof that no junior developer is getting fair value in the current market.

Key points on West Red Lake Gold Mines

  • Don Durrett says West Red Lake has had a hard time ramping up production — he expected a full ramp by Q1 2026, but it now looks stretched beyond that — which makes the market demand proof from other developers.
  • He argues those struggles are why stocks like 1911 Gold and Lahontan trade below value, with investors saying "show me that you can do it."

Key points on 1911 Gold

  • Don Durrett calls 1911 Gold one of his favorite companies and is surprised it trades under $1 US, arguing the market ignores the free cash flow it could produce at higher gold prices.
  • Both hosts say it is getting close to production next year, and its CEO Sean is scheduled to speak at Feneck's May 2026 conference.

Key points on NexGold Mining

  • Don Durrett says the market is giving NexGold zero value for Goliath while Goldboro is undervalued — Goldboro alone is a 5-10 bagger, so investors effectively get Goliath for free.
  • He calls Goldboro an easy-to-mine open-pit project and sees no problems with it.
  • John Fenwick describes it as a much more established stock with about 7 million ounces in Canada and an easy pivot between either project, though the chart has been slammed off the top; CEO Kevin speaks at his conference.

Key points on Rua Gold

  • Don Durrett says once permitted — targeted in the second half of 2026 — Rua should be a minimum 50,000 oz/year producer with room to grow, and he views it as a growth story.
  • He flags November's New Zealand election as a catalyst but argues production growth is likely even without a favorable outcome.
  • John Fenwick says the market sold the stock off after the PEA because it misunderstood: Rob had pre-warned that few ounces were included in the study.

Don Durrett's takeaways

  • 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.

Kimberly Ann's takeaways

  • Top takeaway Lays out the execution path: MRE out in June 2026 (delayed from April, with numbers she calls strong), PEA in early September 2026 as the final document for the mine permit application, permit expected Q1 2027, and gold pouring in 2027 after a 4-6 month contract-mining build.
  • Argues the PEA is deliberately engineered for the shortest payback — roughly 9-14 months at $4,000 gold on the prior model — to secure the cheapest debt from a fund she expects to lend $80-100M, with no PFS or bankable study and no royalties or streams.
  • Says the company is fully funded until construction — 10 million warrants called in, no new raise needed until the mine build — and puts current AISC at $1,000-1,100 with a goal of staying under $1,200.
  • Dismisses the war-driven pullback as "a distraction" that changes nothing for the end game, and sets personal goals of a multi-billion-dollar market cap next year, an NYSE uplisting, and becoming a Nevada consolidator.
  • Acknowledges any takeover offer must go to shareholders, but says deliberately chosen European strategic backers let her block a fair amount of unwanted bids while she keeps making progress on the assets.

John Fenwick's takeaways

  • Top takeaway The host calls Lahontan one of his favorite stocks — the show covered it last year at "artificially cheap" prices — and praises CEO Kimberly Ann as a hard worker ahead of her interview.
  • A long-time Paramount holder, he argues the stock trading below its January 30, 2026 Grassy Mountain news-day level of $1.74 (now about $1.47 after topping $3) is "nuts," leaving investors getting Sleeper for free.

Rachel Goldman's takeaways

  • Top takeaway Identified as the Oregon-based leader of Paramount whom the hosts have known for years; they credit her with taking the stock from 25 cents to $1.47 (after a run above $3) and call her "a very diligent worker, like Kimberly."
  • She had told them years ago that Sleeper felt "a little bit too big" for Paramount, though the company is now preparing Sleeper news for this year.