Newsletter Favorites Overview (Feb 2026)

Don Durrett Feb 15, 2026

Summary

Durrett argues there is limited time left to buy gold and silver producers while they are still cheap, expecting one more significant dip.

His Newsletter Favorites list leans on quality Canadian and Australian mid-tier producers, which he expects to re-rate as the bull market warms up.

Companies whose second and third projects get no market value offer free upside — you pay for the first asset and get the rest for nothing.

Cheap forward free-cash-flow multiples persist in West Africa and among silver producers, where weak sentiment discounts heavy leverage to metal prices.

Australian producers like Ramelius reaching major-sized valuations is, in his view, the first sign the junior gold bull market is broadening.

Key points on Anglogold Ashanti

Don says AngloGold Ashanti is one of the large companies he hopes will NOT be the acquirer of IAMGOLD, since a big owner might have to sell assets.

Key points on Artemis Gold

Don's tool prints Artemis as only a 2.5-bagger at his $6,000 gold assumption, but he argues it definitely has five-bagger potential and wants to own as many quality producers as he can.
He frames Artemis as exactly the kind of quality producer he wants to accumulate while stocks are still cheap.
He notes his upside numbers use conservative gold price assumptions, so the printed multiple understates what he expects.

Key points on B2Gold

Don calls B2Gold crazy cheap: it prints under a 3 multiple on roughly $2.5-2.7 billion of free cash flow against a $7 billion market cap.
He says nobody wants to own it because about half of production comes from Mali, which he sees as a sign of very weak sentiment.
He argues the stock is ridiculously cheap relative to the cash it generates as of February 2026.

Key points on Barrick Mining

Don mentions Barrick among the majors he hopes will not acquire IAMGOLD, because the larger buyer might have to divest assets.

Key points on Coeur Mining

Don says Coeur's silver share drops from about 35% to 25% or less after its new gold deal, effectively turning it into something like Pan American Silver.
He claims Coeur will now produce more gold than Pan American - about 900,000 ounces versus 750,000 - with both producing roughly 20 million ounces of silver.
He notes the company's valuation is based on the gold deal closing, which still needs court approval expected late March or early April 2026.
He points out that with Coeur moving toward gold, few pure silver producers remain, opening space for Hecla and First Majestic with silver investors.

Key points on DPM Metals

Don calls DPM a shark that likes to grow through acquisitions while generating a lot of cash, and he wants to own the sharks.
He notes it is a $9 billion quality producer that he expects to participate in a big way in the bull market.
He says he bought it earlier, which is why it stays on his favorites list despite only a modest upside rating.

Key points on Endeavour Mining

Don rates Endeavour Mining A minus and calls it the elite West African miner, number one ahead of Perseus with Montage coming up.
He notes its roughly $15 billion market cap and says its rating depends on what values investors give West African producers.
He observes that, like Perseus, it is still cheap and it remains to be seen if these companies ever get full value.

Key points on Equinox Gold

Don calls Equinox a solid 3.5-bagger, top 25, A minus rated stock.
He explains it sold its Brazil properties, taking production from a 1 million ounce goal down to 750,000, and now has to grow back to a million.
He likes the management team, properties, and growth, calling it a pretty solid major.

Key points on First Majestic Silver

Don says First Majestic was stuck under $10 and now trades around $23 at an $11 billion market cap, and he thinks it doubles and doubles again toward $80-$100 or even $125 depending on the multiple.
He argues multiples will go nuts in a mania phase, which he expects, and that few pure silver producers remain now that Coeur and Pan American have shifted toward gold.
He sees First Majestic as a prime beneficiary if silver goes over $200, and mentions the Jared Canyon deal as something still to be learned about.

Key points on Fresnillo

Don says Fresnillo is starting to get pricey - he recommended it under $10 and it now trades around $52 at a $38 billion market cap.
He still thinks it has legs, showing as roughly a 3-bagger with potential for 4 or 5.
He calls it a shark that will keep growing by acquisition - he expects it to acquire neighbor Cabral - and he wants to own the sharks.

Key points on Gold Fields

Don names Gold Fields among the majors he hopes will not acquire IAMGOLD, since a bigger buyer might have to sell assets afterward.

Key points on Hecla Mining Company

Don says Hecla prints as a 2.5-bagger now but as a 5-bagger at $175 silver, and around $22 a share he calls this the last chance to buy it under $20-30 before it runs toward $100.
He argues Coeur's shift toward gold creates an opening for Hecla and First Majestic to attract silver investors.
He positions Hecla as one of the few remaining silver-leverage names in his list.

Key points on IAMGOLD

Don says IAMGOLD has done really well as a turnaround story, now at $12 billion, and he thinks it is one of the companies most likely to be acquired this year.
He hopes it is not acquired by Gold Fields, AngloGold, Newmont or Barrick, and thinks Eldorado would be a good fit as an acquirer.
He would prefer IAMGOLD acquire someone else, but expects it will probably get acquired.

Key points on Newmont

Don mentions Newmont among the large companies he hopes will not be the one to acquire IAMGOLD.

Key points on Pan American Silver

Don calls Pan American Silver a solid 3.5-bagger that is absolutely solid as a rock.
He says it has basically become a gold producer, expected to produce about 750,000 ounces of gold and around 20 million ounces of silver, now behind Coeur on gold.
He notes this shrinking pure-silver group leaves few silver producers left for investors.

Key points on Perseus Mining

Don ranks Perseus the number two West African miner behind Endeavour, saying it just generates free cash flow and builds mines.
He says it is still cheap and it remains to be seen whether the market ever gives it full value.

Key points on Ramelius Resources

Don says Ramelius now prints only as a 3-bagger and is up to an $8 billion market cap, calling it a former mid-tier that is now a major.
He finds that rise from $1.5 billion stunning and sees it as the first sign the bull market is warming up, with Australian stocks starting to get pricey.

Key points on SSR Mining

Don briefly describes SSR Mining as a solid mid-tier producer on his favorites list.

Key points on Alkane Resources Ltd

Don says Alkane did an acquisition that made it a bigger producer, now around $1.5 billion, producing in Australia and Finland with a mine being built, making it a developer-producer.
He is not as excited about Alkane as others - it is not on his Aussie eight list and not top 25 - but he has high hopes and owns it.

Key points on Americas Gold & Silver Corp

Don is really excited about Americas Gold and Silver as a growth story: it has three shafts in Idaho and is only using one, plus the Crescent mine.
He argues you want to own producers that are growth stories, and says this one definitely is.

Key points on Andean Precious Metals Corp

Don says Andean Precious Metals has been a really good performer, sits on his top 25 as a billion-dollar company, and he wonders if it can keep it up.
He points to operations including a mine in Bolivia (which he calls Tollmiller) and one in California as the reason it deserves its list spot.

Key points on Aris Mining Corp

Don says Aris Mining has been a really good performer and prints as a solid 5-bagger with high quality.
He notes it is expanding production this year at the Marmato mine and has two more mines to build, including one in Guyana.

Key points on Asante Gold Corp

Don says Asante trades in West Africa at a forward multiple of about two and, together with Thor, is a producer he thinks will do well even though nobody wants West Africa exposure right now.
He argues Asante has a ton of leverage and is going to generate a lot of free cash flow, so it deserves a look if you like West Africa.

Key points on Bellevue Gold

Don says Bellevue has been a bit of a disappointment even at about a $2 billion market cap, and he expects it to get acquired.
He likes its exploration potential and its leverage to the gold price, and thinks it will probably make the top 25 soon.

Key points on Denarius Metals

Don calls Denarius very undervalued at $135 million, with its Colombian mill going into production in Q4 and potential to expand if it finds more gold.
He rates it B minus while ramping up, but says it could turn B plus green by the end of the year with a little execution.

Key points on Discovery Silver Corp

Don says he absolutely loves Discovery Silver: he expects the Cordero project to be permitted, and claims the market is valuing the company as if you get Cordero for free.
He describes it as roughly a $6 billion company where, if it reaches the roughly 500,000 ounce production discussed in Canada, it is a two-bagger on that alone.

Key points on Eldorado Gold

Don says Eldorado is a little disappointing because it acquired a copper project when he wished it had bought a gold one, but it remains a solid performer at nearly $10 billion.
He argues that at $7,000 gold it is probably a 5-bagger, and separately says Eldorado would be a good fit to acquire IAMGOLD.

Key points on Endeavour Silver Corp

Don calls Endeavour Silver really cheap for what it has, with a roughly $4 billion market cap by his figures, but holds it at B plus because of uncertainty around building its big new project (which he calls Piterilla) - capex and ramp-up risk.
He expects it will probably end up an A minus once that project's path is clearer.

Key points on Fortuna Mining

Don says Fortuna has been a bit of a laggard but has a good management team growing production in West Africa with good drill holes, and Diamba Sud as its next mine looks pretty solid.
He would like to see it acquire in South or Central America or Mexico to diversify out of Africa, but calls it a solid mid-tier and a borderline 5-bagger.

Key points on Galiano Gold Inc

Don calls Galiano really cheap and highly undervalued at $800 million in West Africa - a top pick expected 5-bagger printing under a 3 forward multiple.
He compares it to Asante: very similar, just not getting any value yet, and he thinks at some point it will.

Key points on Gogold Resources

Don says he absolutely loves GoGold's Los Ricos projects: Los Ricos South is an 8 million ounce project he values at $4 billion while the market pays about $1 billion, and Los Ricos North is even bigger - so you get the north project for free.
He expects the permit soon and says at B plus you can't go wrong with it.

Key points on Greatland Resources Ltd

Don is a big fan of Greatland's Havieron project in Australia and says Telfer keeps generating cash so the company will not need to borrow much to build it.
He notes the combined Havieron-Telfer story is already up to a $6 billion market cap and he really likes what Greatland has.

Key points on Guanajuato Silver

Don says Guanajuato Silver is all about leverage to the silver price, but rising costs and share dilution have been issues, so he wants it to prove itself.
He calls the Balenitos deal acquired from Endeavour Silver a game changer: it should add at least 2 million ounces, taking production toward 5-6 million ounces, where he sees a $3 billion valuation versus the current $400 million.

Key points on Hochschild Mining Plc

Don says Hochschild has been a bit of a laggard at $5 billion but has a ton of leverage, printing as roughly a 5-plus bagger in his view.
He praises the Vulcan spin-out (keeping 50% or more of an 8-million-ounce, low-grade Chilean silver project he thinks is worth a couple billion) as smart, expecting a spin back in once it is construction-ready.

Key points on Impact Silver Corp

Don is not excited about Impact Silver: B minus, not a top pick, with no clear path to growing production and apparently unable to expand either of its two mills.
He sees the stock going from $120 million toward $500-700 million but then hitting a wall - about a 3-bagger unless production grows - and warns Impact is going to disappoint, though he hopes he is wrong.

Key points on Integra Resources

Don likes Integra a lot: it has three projects with Florida Canyon producing, plus two to build - one in northern Nevada and the Delamar project in Idaho.
He says he is excited about the Delamar project in particular.

Key points on Jaguar Mining Inc

Don is absolutely excited about Jaguar Mining, calling it one of the better plays at $500 million.
He expects production to grow first to 90-100 thousand ounces, then 120, possibly 150, making it a possible 10-bagger, and he likes the management team.

Key points on K92 Mining Inc

Don says K92 is all about valuation: a $5 billion valuation without much production growth makes a 5-bagger uncertain, and it has never shown an inclination to grow via acquisitions.
It is basically a single property that could itself get acquired, but he wants to own these quality mid-tiers, so it makes his list.

Key points on Mako Mining Corp

Don says Mako (which he pronounces 'Monero's') trades at a very low free cash flow multiple of about 3 while generating a lot of free cash, at a $1.6 billion valuation.
It operates in Nicaragua and Colombia with a new management team, and he does like it.

Key points on Regis Resources Ltd

Don says Regis, like Ramelius, is starting to get pricey and prints only as a 3-bagger, at a $4.5 billion market cap as a solid Australian mid-tier producer.
He reads the pricing of Aussie names like Regis as a sign the bull market is warming up.

Key points on Resolute Mining Ltd

Don says Resolute is an Australian-based but West African company with a lot of risk - not a top pick - but also a lot of leverage, somewhat like Thor or Asante.

Key points on Silver X Mining

Don says Silver X has a very similar story with a lot of gold and silver in the ground, and he thinks it is actually going to get acquired.
He sees it moving from about 200 million to 300 million silver-equivalent ounces, citing Coeur's purchase of a neighboring operation as the perfect example of that pattern.

Key points on Silvercorp Metals Inc

Don says Silvercorp just keeps having really good quarters, including another one recently, and looks really solid with a good balance sheet.
He calls it one of the few pure silver plays, going into gold in Ecuador, while noting all of its current production is in China.

Key points on Talisker Resources Ltd

Don really likes Talisker as a growth story in Canada: production is small this year but increases next year and the year after.
He does not yet rate it B plus, and compares it to Stellar - a development story in Canada (formerly called Benchmark) with a lot of gold, in a rising-tide situation.

Key points on Vault Minerals

Don calls Vault Minerals cheap - one of the few cheap projects left - a $4 billion Australian mid-tier close to being a major.
He says Vault and Westgold are basically emerging majors and are his two favorite Australian mid-tiers.

Key points on West Red Lake Gold Mines

Don rates West Red Lake Gold pretty high - green 4 with B plus - but says it will take time for the company to expand production.
He stresses it is all about location: he wants to own Australian and Canadian mid-tier producers and quality developers.

Key points on Westgold Resources Ltd

Don says Westgold, like Vault, is a $4 billion Australian producer that is basically an emerging major.
He calls Vault and Westgold his two favorite mid-tiers among the emerging Australian majors.

Key points on 1911 Gold

Don says 1911 Gold came out with a PEA and goes into production in the first half of next year, at a $242 million market cap with really good risk-reward and 10-bagger potential.
He loves the Canadian location - it will be one of very few new Canadian producers next year - and the key question is how fast production grows.

Key points on Aftermath Silver

Don says Aftermath Silver is coming out with a PFS that everyone has been waiting for, which will show how fast it can get its project into production.

Key points on Amex Exploration

Don says the key for Amex is that it is a developer in Canada and how it gets valued is unknown, but quality Canadian developers can really rip in a mania phase.
He notes it has a lot of exploration potential, is roughly four years from production, and that is why it is on the list.

Key points on Argenta Silver

Don considers Argenta more of a drill story than a developer - it has not even started scoping and is just drilling.
He thinks it is a pretty good silver project and is excited because there are not many big silver projects, though it is not a top pick.

Key points on Cabral Gold

Don expects Cabral Gold to get acquired by its neighboring shark company, which he says just buys and builds, so he wants to own the acquirer.

Key points on Chesapeake Gold

Don is a big fan of Chesapeake Gold, which he expects to do a PFS this year, and he sees it getting closer to a B plus.
He points to roughly 15 million ounces of gold plus a big chunk of silver getting no value at about $2 billion market cap, and says Chesapeake could be the next Highcroft - an overnight 10-bagger once it takes off.

Key points on Montage Gold

Don notes Montage goes into production this year and, while not currently top 25, says 'man, probably could be' - he plans to move it onto the top 25.
He groups it with Asante as under-owned West African names with a ton of leverage that will generate a lot of free cash flow, calling it a borderline 5-bagger turning into a 10-bagger since he bought early.

Key points on New Found Gold

Don sees New Found Gold as a long-term bet: a small 35-50 thousand ounce producer with a billion-dollar market cap that has to expand production.
He wants to own it because he is a big fan of how big the property is and how many ounces it can add and produce.

Key points on NexGold Mining

Don is a big fan of NexGold, a Canadian developer building Goldboro now, with Goliath next once Goldboro is built.
He says investors give Goliath no value - at a $450 million market cap with Goldboro a 100-thousand-ounce-plus producer worth far more, you are getting Goliath for free.

Key points on P2 Gold

Don calls P2 Gold a Lahontan twin with a slightly bigger, more experienced management team, at $193 million versus Lahontan's roughly $70 million.
He groups the two as really solid, undervalued Nevada projects.

Key points on Revival Gold

Don calls Revival Gold one of the better development plays, very cheap at $190 million.
He expects it to benefit in a big way if the market gets into a mania.

Key points on Rua Gold

Don describes Rua Gold as a very early development story in New Zealand at $100 million.
He notes New Zealand is one of the better places to mine with some of the fastest permitting anywhere in the world.

Key points on Silver Storm Mining

Don says Silver Storm looks really, really strong, going into production in the first half of the year.
It will then drill San Diego, which he says you are basically getting for free - a setup like Paramount Gold Nevada where secondary projects come free.

Key points on Silver Tiger Metals

Don puts Silver Tiger in the same boat as other names where you get the second and third mine for free and are only paying for the first.

Key points on Skeena Resources

Don calls Skeena one of the better development plays in Canada, with two projects to build - the underground beneath its open pit plus the Eskay (which he calls Smith) project - so production growth is coming.
He thinks Skeena, like IAMGOLD, is vulnerable to getting taken out.

Key points on Tudor Gold

Don calls Tudor Gold a lot like New Found Gold - a long-term development play in Canada.
He hopes the rising tide lifts all these quality Canadian development stories, though he cautions they might not.

Key points on Highlander Silver Corp

Don is a big fan of Highlander Silver and really likes its deal with Bear Creek, saying it helps both companies, with a $1.1 billion market cap he thinks is really low.
He rates it a green 4 with B plus - about the best risk-reward you will find - citing a strong team and insiders, and expects the Karani project from Bear Creek to get into construction next year.

Don Durrett's takeaways

Top takeaway Don argues there is only a little time left to buy these stocks while they are still cheap, and he expects one more significant dip that investors should prepare a buy list for.
He says he uses $6,500 gold and $175 silver in his share-price tool - above his stated $6,000/$150 baseline, which he calls conservative - and those assumptions drive his upside multiples.
He states he owns around 160 stocks and his Newsletter Favorites list is the 86 he would keep if forced to choose, ranked on best risk-reward.
He predicts a mania phase is coming in which multiples go nuts, and he wants to own Australian and Canadian mid-tier producers, quality developers, and the acquisitive 'sharks' that can grow regardless.
He reads Australian names like Ramelius reaching $8 billion as the first sign the bull market is warming up and Aussie stocks are starting to get pricey.