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Silver47 Exploration ($AGA | $AAGAF) on Red Mountain's Critical Mineral Potential & Path to 2027 PEA

Investor TV Jul 30, 2026

Summary

A 22-cent EV per ounce on Silver47 Exploration's 246M silver-equivalent ounces screens 2-10x below peers like Blackrock Silver, framing a clear valuation gap.

The CEO argues most ounces are inferred, but three high-grade US projects (Red Mountain, Hughes, Mogollon) underpin a 1B-oz aspiration and a 2027 PEA.

With $45M Canadian in working capital and four rigs running, Silver47 plans roughly 20,000 meters of 2026 drilling across Alaska, Nevada, and New Mexico.

Co-hosts Don Duret and John Fenwick frame a deep correction in US silver developers as a contrarian bottom-fishing setup before a potential second leg up.

Near-term producers like 1911 Gold, Denarius, and LaHontan anchor a broader US silver thesis alongside Silver47, all riding a bipartisan critical-mineral policy tailwind.

Key points on Americas Gold & Silver Corp

  • John tells Silver 47 to talk to Paul Hewitt at America's Gold and Silver, noting the company started crediting antimony in its model as of January 2026
  • Don argues USAS's antimony and copper credits helped propel the stock from roughly $1 to about $10 last year

Key points on Borealis Mining Company Ltd

  • Don groups Borealis with Talisker and Blue Lagoon as small producers of roughly 10,000 to 20,000 ounces per year
  • Don argues these small producers hold the resources to grow into mid-tier producers

Key points on Denarius Metals

  • John argues Denarius is undervalued and led by Serafino Iacono, a 40-year mining veteran who co-founded ARIS
  • John says Denarius's Colombia mill should be completed in Q3 2025, with ramp-up through Q4 2025 and Q1 2026
  • John claims Denarius's Spanish project, bought for $20M five years ago, is now worth over $300M CAD in replacement value
  • John argues the incoming Colombian president, whom Iacono has known for 25 years, will grant the permits Denarius needs
  • John notes he toured Denarius's Colombia and Spain projects this year, calling Spain a pristine-looking asset bought from a billionaire

Key points on Gogold Resources

  • Don says GoGold begins construction in Q3 2025 on a 22-month build
  • Don expects GoGold's first production in H1 2028

Key points on Talisker Resources Ltd

  • Don groups Talisker with Blue Lagoon and Borealis as small producers of roughly 10,000 to 20,000 ounces per year
  • Don argues these small producers hold the resources to grow into mid-tier producers

Key points on 1911 Gold

  • John argues 1911 Gold is a very undervalued gold stock entering production Q4 2025
  • John notes 1911 recently completed a raise and is in a good cash position
  • John says 1911's stock has fallen from $1 to 42-43 cents US, a typical pattern as companies near production
  • Don confirms 1911 enters production Q4 2025 and ramps through Q1 2026

Key points on Outcrop Silver & Gold

  • Galen uses Outcrop Silver as a peer comparable, arguing it trades at 2 to 10 times Silver 47's EV per ounce
  • Galen frames Outcrop's higher multiple as evidence that Silver 47 is undervalued on that metric

Key points on Silver Mountain Resources

  • Don says Silver Mountain in Peru has substantial exploration potential across a 60-kilometer-long belt that has barely been drilled
  • Don expects Silver Mountain to enter production in Q3 2025

Key points on Silver Storm Mining

  • Don says Silver Storm just completed its first pour and is currently ramping up in Q3 2025

Key points on Skeena Resources

  • Don says Skeena is currently in construction but doubts it will be in production next year
  • Don suggests Skeena's first production could slip to early 2028

Key points on Blackrock Silver

  • Don argues Blackrock is very undervalued, noting its stock hit $1.70 after a strong PEA before falling to 66 cents US
  • Don predicts Blackrock and Silver 47's Hughes projects will ultimately be developed together, calling it a waste to build two mills side-by-side
  • Galen notes Blackrock sits adjacent to Silver 47's Hughes project with roughly 120M silver equivalent ounces drilled out
  • John says Blackrock's Tonopah project is mostly on private land, a key differentiator
  • Don proposes a 50/50 JV at Hughes-Tonopah where Blackrock's mill removes capex for Silver 47

Key points on Silver47 Exploration Corp

  • Galen argues Silver 47 trades at roughly 22 cents USD per ounce in the ground, 2 to 10 times below peers, framing the company as deeply undervalued on EV per ounce
  • Galen outlines roughly 246M silver equivalent ounces across three US projects with a stated goal of reaching 1 billion ounces
  • Galen says Silver 47 holds $45M CAD in working capital after raising $55M since September 2025, with four rigs turning and about 20,000 meters of drilling budgeted across the three projects in 2025
  • Galen describes Red Mountain in Alaska as an underexplored 60-km VMS belt with critical minerals including antimony, gallium, indium, and tin, targeting an updated resource end-2025 or early 2026 and a PEA in 2027
  • Galen notes Hughes in Nevada hosts 43-44M silver equivalent ounces with about 2M oz on private land, plus tailings grading 66 g/t that could be reprocessed within 2 to 3 years as a near-term cash flow option

Key points on Southern Silver Exploration Corp

  • Galen uses Southern Silver as a peer comparable, arguing it trades at roughly 7 times Silver 47's EV per ounce

Don Durrett's takeaways

  • Top takeaway Don argues Red Mountain alone could be a $1.5B optionality play at $200 silver if Silver 47 reaches 400-500M ounces, with potential 5-10x upside if the company pivots from exploration to development
  • Don values silver producers using a 10x multiple on $50 margins, equating every 1 million ounces to a $500M market cap
  • Don predicts silver's 'second leg up' will raise the price floor above $100, framing the current correction as comparable in depth and duration to 2008
  • Don argues the market is missing that 42M of Hughes's 44M ounces sit on private land, a key valuation point also used by Blackrock
  • Don says he bought Silver 47 at listing for its Red Mountain exploration potential, calling the project very valuable on its own

Galen McNamara's takeaways

  • Top takeaway Galen argues Silver 47 trades at roughly 22 cents USD per ounce in the ground, far below peers, and should be worth substantially more on that metric alone
  • Galen positions Silver 47 as a US-focused silver and critical minerals developer with three projects and a stated goal of reaching 1 billion silver equivalent ounces
  • Galen describes Red Mountain in Alaska as a 60-km VMS belt with critical minerals including antimony, gallium, indium, and tin, targeting a PEA in 2027
  • Galen says Silver 47 has $45M CAD in working capital, four rigs running, and roughly 20,000 meters of drilling budgeted across the three projects in 2025
  • Galen frames Silver 47 as both explorer and developer, ready to build tailings reprocessing capacity at Hughes while keeping open the option of being acquired as silver prices rise

Gary Thompson's takeaways

  • Top takeaway Galen notes Gary Thompson stayed on as chairman of Silver 47 after the merger that brought the Alaska project into the company

John Fenwick's takeaways

  • Top takeaway John argues 1911 Gold, Denarius, and Lahontan are three undervalued gold names close to production within about a year, framing them as the core of a near-term gold thesis
  • John says he toured both Denarius projects in Colombia and Spain this year and visited ARIS's producing mine in Colombia, an unusually high level of site due diligence for him
  • John argues Denarius's Colombian permits are secure because Serafino Iacono has known the incoming president for 25 years
  • John promotes Silver 47 as one of his favorite US silver plays, citing three projects that allow year-round drilling
  • John argues that as Iran tensions resolve and silver prices mean-revert, beaten-down names like Silver 47 and Blackrock are attractive accumulation candidates