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Triumph Gold ($TIG) Advances Projects in Yukon and Utah | Interview with Don Durrett and John Feneck

Investor TV Jun 17, 2026

Summary

Triumph Gold's CEO argues the company stayed deliberately idle through the bear market and is now spending.

A $5.4 million raise funds three drill rigs, a 45-person camp, and re-logging all 150,000 metres of historic core.

The CEO says old drill logs plus 30,000 soil samples are being reassessed with AI to define a major discovery target.

A Utah silver project carries a 12-tonne bulk sample grading 45 ounces per tonne, with drilling targeted for late summer.

The analysts frame both assets as undervalued versus what they estimate the ground is worth per ounce.

Key points on Discovery Silver Corp

  • The host picked Discovery Silver as one of three Mexican stocks he thinks are in line for attention from the Mexican government this year or next, and says it is by far the largest of the three (DSVSF in the US).
  • The analyst has Discovery on the same three-name watchlist of unpermitted greenfield open pits, alongside Sonoro and Chesapeake, and says he needs Sonoro or Discovery to get theirs before the sequence is complete.
  • He frames the sector backdrop as scarcity — he argues there is essentially nothing new being discovered and that existing deposits plus permitted developments are what is left to invest in.

Key points on Gogold Resources

  • The analyst says he was 'very excited' that GoGold secured its underground mine permit, calls himself a long-time shareholder and 'a big fan of the project and the team', and points to the underground operation's free cash flow potential at a time when few new large silver discoveries are being drilled.
  • The host flagged GoGold's news 7 to 10 days before the June 2026 recording but said the stock moved 'a little bit' and that he expected a bigger reaction.
  • The analyst reads the greenfield underground permit as the second of a coming sequence — he counts Silver Tiger's add-on open-pit permit last year as the first and an omen, and expects Sonoro or Discovery to get theirs next.

Key points on Integra Resources

  • The analyst describes Integra as a Nevada producer that also has a second mine it plans to build there.

Key points on Chesapeake Gold

  • The analyst has Chesapeake as the third of three Mexican greenfield open pits he is watching, and argues that a permit going through for Discovery or Sonora would open the door for Chesapeake too.
  • The host notes Chesapeake has not yet submitted its application — 'they're down the road' — making it the furthest behind of the group.
  • The analyst counts Chesapeake among the best gold and silver projects in Mexico, which he calls the world's top-three silver producer and too important to ignore despite country risk.

Key points on P2 Gold

  • The analyst calls P2 Gold 'a kind of a clone of Lahontan' — similar projects of about the same size — and says owning the pair is a favourite way to play Nevada development.
  • He says the two 'look absolutely fantastic' and that he owns both.

Key points on Scorpio Gold

  • The analyst names Scorpio Gold as 'a beautiful drill story' he has already had on the show, listing it alongside Nevada King as one of the Nevada names he would consider in a bull market.

Key points on Silver Tiger Metals

  • The host corrects the record on Silver Tiger's permit, which came through last year: it was an add-on open-pit permit on an existing, fully permitted underground mine rather than the greenfield open pit he was looking for.
  • The analyst counts Silver Tiger among the Mexican names and says it is in construction right now.

Key points on Banyan Gold Corp

  • The analyst uses Banyan as the yardstick for what gold in the ground fetches — 'we'll see what Banyan gets, you know how much they get for their gold in the ground' — as he argues the sector's best projects should eventually be worth about $200 an ounce.

Don Durrett's takeaways

  • Top takeaway His Mexico thesis is that the reward is too high to ignore despite high country risk, and he ranks the risks explicitly: first the government demanding more profit, royalties or ownership, second unions, and only third cartel risk.
  • He argues the silver pipeline is running out of candidates — no real new discoveries are being drilled, so what remains is existing deposits and permitting of developments — and points to GoGold and Silver Tiger as permits already landed, with Sonoro or Discovery as the next tests.
  • His jurisdictional argument is valuation ceiling: a Nevada project's free cash flow multiple can reach 30 or higher, and the US, Canada and Australia have no ceiling, while South America and Africa are 'lucky if you get a 20'.
  • On Triumph Gold he says he first bought in 2011, sees a $3 million-plus ounce deposit, values it at about $200 an ounce in the ground, and frames it as an optionality play worth 'three to 10 baggers' — explicitly not the kind of early drill story he normally avoids.
  • He says he has bought in 2011, 2012, 2013, 2014, 2015, 2020, 2022 and 2025 to keep lowering his cost basis, plans to add again in 2026, and that the company at roughly $50 million is about $10 an ounce if it reaches 5 million ounces.

Kimberly Ann's takeaways

  • Top takeaway The analyst relays her description of Nevada as 'a renaissance' and 'like nothing we've seen before', which he treats as the bull case for the jurisdiction.
  • He says she did a great job presenting Lahontan at his DC conference.

John Anderson's takeaways

  • Top takeaway His core argument is a data reset rather than new drilling: re-log every one of the 150,000 metres drilled on the Yukon property with modern technology and AI to look for a world-class discovery rather than to rebuild the old resource, with 2027 as his stated goal.
  • He says the $5.4 million just raised goes to staff, a camp upgraded to 45 people, three drill rigs running full time from April until the money is gone, and the Utah silver drill-out, with a 9.9% investor coming in and more capital planned.
  • On Utah he says the high-grade silver target has 32 historical holes and a 12-tonne bulk sample that returned 45 ounces of silver on silver alone; old permits were judged unreliable, new ones were applied for, and drilling is targeted for August, definitely September.
  • He attributes the drop from a 5.2 million ounce 2013 study to the 2 million ounce 2020 report to regulation rather than disappearing ounces, and says he refused to spend until gold was above $2,200 and copper above $5.
  • On alignment he notes he was an investor in the IPO, says he put $250,000 of his own money in during the week before the June 2026 interview, points to insiders at about 35%, and says flatly he is not selling at $150 million — he calls the project his legacy and dates the start of a big bull market to 1972.

John Fenwick's takeaways

  • Top takeaway He criticises junior explorers for drilling in 2022, 2023 and 2024 when they should not have been so aggressive, saying they blew up their share structures and now the stocks do not move — and contrasts that with Triumph, which he calls still a tight structure that raised $5 million the Friday before the recording.
  • He runs the jurisdiction screens, picking three Mexican names he thinks are in line for Mexican government attention this year or next, calling Discovery Silver the largest of the three, and dismissing the current anti-Mexico mood on the grounds that mining runs on political and geopolitical cycles as well as commodity cycles.
  • He backs Nevada on history, citing Barrick's 4-mile discovery — which he calls probably the best gold discovery in the world, at 15 million ounces and growing — as evidence that Nevada is one of the top mining jurisdictions on earth.
  • He discloses his own buying, adding to Western Exploration that day at 48 cents against the 44-45 cent level at which he interviewed them in January, and says he has held Triumph Gold for about 15 years.
  • He presses the guest on insider alignment, noting Triumph's insiders at about 35%, asking for a 50% premium to new investors, and asking outright whether he would sell the company for $150 million — which he calls 'peanuts'.