Skip to main content

Optionality Update - April 2026

Don Durrett Apr 10, 2026

Summary

G Mining Ventures' $2 billion acquisition of G2 Goldfields implies roughly $500 per ounce, resetting valuation benchmarks for Canadian gold developers.

A 72% premium for an exploration-stage project lifts per-ounce benchmarks, creating optionality across junior gold and silver names.

Durrett screens about 60 juniors by future ounces against market cap, applying $250-$450 gold and $5 silver in-ground price assumptions.

Names like Freegold, Triumph, Falco and Cabral show multi-bagger optionality if further deals clear at $300-$450 an ounce.

He expects development-stage stocks to re-rate together if upcoming acquisitions keep pricing gold in the ground near $400 per ounce.

Key points on G Mining Ventures

  • Durrett centers the video on G Mining Ventures' acquisition of G2 Goldfields for $2 billion, a 72% premium at $10.92 per share.
  • He calculates the deal at roughly $400-500 per ounce in the ground for a PEA-stage exploration asset (3.5 million ounces, 280,000 oz/year, $664 million capex), a benchmark he calls unusually high for an exploration company.
  • He argues the price resets valuations for Canadian development and exploration projects, which may now fetch $300-450 per ounce.
  • He predicts G Mining Ventures will eventually come for Cabral Gold, which sits next door, but likely not until 2028 since it just spent its money on G2 Goldfields.

Key points on Aftermath Silver

  • Durrett owns Aftermath Silver and projects it reaches $5 per ounce as a silver developer.
  • He notes the market is waiting for a PEA on the Berenguela project, which he expects to be a catalyst.

Key points on Cabral Gold

  • Durrett believes G Mining Ventures has Cabral Gold in its sights because it is right next door to their operations, though a takeover probably would not come until 2028.
  • He says the stock has started to rip at a $244 million market cap and could easily grow to 4 million ounces, while he models it at 2 million.
  • He suggests Cabral may get a break in the near term because G Mining just spent its money on G2 Goldfields.

Key points on Chesapeake Gold

  • Durrett expects Chesapeake Gold to receive its permit, possibly this year, which he says would completely change the stock's dynamic and make it very much in demand.
  • He describes it as two open-pit projects that are very cheap.

Key points on Falco Resources

  • Durrett calls Falco Resources' valuation absolutely insane: a $127 million market cap for 5 million ounces works out to about $25 per ounce in the ground.
  • He says at deal prices of $300 per ounce the stock becomes an eight-bagger on optionality alone if it sells, and even better if it builds the mine.

Key points on First Mining Gold

  • Durrett notes First Mining Gold holds 11 million ounces across two projects with a market cap up to $600 million, but he does not rate either project highly.

Key points on Mayfair Gold

  • Durrett says he has thought about buying Mayfair Gold a few times but has not pulled the trigger.

Key points on NexGold Mining

  • Durrett says he loves NexGold Mining, estimating the resource at 5 million ounces growing to 6 million.
  • He notes the market cap has jumped to about $68 million recently from roughly $250 million (per ounce) not long ago.

Key points on Nova Minerals

  • Durrett says Nova Minerals has made slow progress in Alaska but holds a lot of gold, with the flagship a roughly 5-million-ounce open pit across three projects.
  • He values it at $5 per ounce against gold priced around $8 per ounce, meaning buyers pay about $50 in the ground.
  • He calls it a long-termer that a rising tide of acquisitions would lift along with the rest of the cohort.

Key points on P2 Gold

  • Durrett describes P2 Gold in Nevada as a Lahontan twin, possibly slightly bigger, with both showing about the same metrics.

Key points on Revival Gold

  • Durrett likes Revival Gold, which has three projects and trades at about $36 per ounce in the ground, and he expects the resource to grow.

Key points on Scottie Resources

  • Durrett says he bought Scottie Resources immediately once it moved to development and expects the small resource to grow to 2.5 million ounces.
  • He likes the British Columbia location and thinks the company is in good shape.

Key points on Seabridge Gold

  • Durrett says Seabridge Gold is tough to value and is in talks right now, but he expects a joint venture rather than an outright sale.

Key points on Spanish Mountain Gold

  • Durrett sold Spanish Mountain Gold, worried about its capex, then came back in because he thinks it can be financed.
  • He notes the company says it will be construction-ready by the end of 2027, which he views positively.

Key points on Tudor Gold

  • Durrett calls Tudor Gold a long-termer that will take a few years to permit, with 20 million ounces and efforts to acquire the remaining 20% owned by the other stakeholder.

Key points on Wallbridge Mining Company

  • Durrett says Wallbridge Mining has not made much progress but sits on a 5-million-ounce deposit worth about $21 per ounce even at only 4 million ounces of reserves.
  • He argues the stock looked unexciting before the G2 deal but looks pretty good now that deals are being done at $400 per ounce.

Key points on Banyan Gold Corp

  • Durrett says Banyan Gold has ripped from about $8 per ounce to $40 per ounce, roughly a four-bagger off the bottom.
  • He argues it still has another two-to-four-bagger left and that he owns the stock.
  • He holds it as an example of the exploration names he got into early that are working.

Key points on Cartier Resources Inc

  • Durrett says he has looked at Cartier Resources and finds it interesting, but he never pulled the trigger on buying it.

Key points on Kootenay Silver Inc

  • Durrett counts Kootenay Silver among silver explorers he could see pivoting to development rather than staying an exploration play.

Key points on Maple Gold Mines Ltd

  • Durrett says Maple Gold is one of the exploration stocks he owns that has ripped, though it has a little further to go.

Key points on Silver47 Exploration Corp

  • Durrett notes Silver47 has three projects and will probably not sell them all, and he does not expect the company to pivot to development.

Key points on Southern Silver Exploration Corp

  • Durrett questions how patient Southern Silver will be as a single-project explorer and whether it will wait for $5-per-ounce valuations, which is why he does not get really excited about it.

Key points on Vista Gold Corp

  • Durrett says Vista Gold has decided to build the mine, which made him a buyer.
  • He models 9 million ounces with 7 million to be mined at about $44 per ounce, thinks his $250 (per ounce) assumption may be conservative, and hopes the company builds rather than sells.

Don Durrett's takeaways

  • Top takeaway Durrett's core thesis as of April 2026 is that G Mining Ventures' $2 billion takeover of G2 Goldfields at roughly $400-500 per ounce in the ground reprices the entire junior development cohort.
  • He argues that if more deals close at $300-450 per ounce, optionality stocks across his 60-name list are four-baggers or better, with a rising tide lifting all of them.
  • He presents a spreadsheet framework scoring each name on upside, risk/reward, quality, ounces, and upside at $5-per-ounce (silver) or roughly $300-per-ounce (gold) takeover assumptions, adjusted for 25% dilution.
  • He discloses that he personally owns many of the names, including most silver developers and several gold explorers he entered early.
  • He favors names with permitting or growth catalysts, notably Chesapeake's expected permit, Paramount's Sleeper project, and Freegold's 29-million-ounce resource.