Upside Gold ($UG | $UGODF): District-Scale Gold-Copper Project | Don Durrett & John Feneck Interview

Investor TV Apr 22, 2026

Summary

Gold, silver and mining equities fell 25-50% during war-driven liquidation; both analysts call the sell-off a buying zone inside a bull market.

Tungsten stands apart: prices rose from $1,977 to $2,600 in three weeks as munitions demand tightens a market with no ETF access.

Upside Gold's CEO frames the Kena project as execution rather than discovery, growing a 3.31 million ounce historical gold-copper resource.

An updated 43-101 is targeted for Q1 2027, adding 5,000 metres of legacy drilling plus copper and silver omitted from the 2021 estimate.

Fenwick values the company near $15 per ounce in the ground and expects a re-rating while the gold bull market holds.

The hosts say they like Denarius Metals and that it is planning to produce 150,000 ounces in 2028, with growth in the years leading up to that.
Don Durrett did a site visit in Colombia about three weeks before the recording and says the company told him a preliminary economic assessment is due in the first quarter.
He argues the existing assessment does not yet reflect the move from very low to a reasonable tonnes-per-day throughput within a year, so he expects the coming report to be positive and treats Denarius as a growth project rather than a value stock.

The host includes Talisker Resources among his buy-the-dip names, saying the company is expanding production.
He adds that he cannot believe how beaten down Talisker has become and calls the sell-off kind of ridiculous.

The host says 1911 Gold is moving into construction with a very short build, either later this year or early next year.
Don Durrett says he had just spoken with the team and that everything is on track.
He argues the market was wrong to fade the company's preliminary economic assessment, because the project goes into production next year with what he sees as significant upside in a hot Canadian gold market.

Both hosts cite Banyan Gold as a precedent for buying large gold projects at very low dollar-per-ounce valuations.
The host recalls Banyan trading around $8 to $9 an ounce in the ground last year and then exploding higher from that low base.

Top takeaway His top call is Upside Gold as an optionality play: he values it at roughly $15 per ounce in the ground on a fully diluted basis and argues a quality project of this scale should be worth at least $100 an ounce, with $200 plausible if gold runs toward $7,000.
He says the odds of the stock going lower are very low, so buying gold in the ground at this valuation substantially improves risk-reward and lets investors wait to get paid.
He advises adding to positions on 30% to 50% drawdowns if conviction holds, citing March 2020 as the precedent where being long stocks through an unknown crisis turned out extremely well.
His screening process groups companies into producer, developer and explorer with a checklist, and he argues investors without a process end up holding stocks down 30-50% while selling without knowing volatility, share count or upcoming catalysts.
On the round-up names he says Denarius should report positively because its assessment does not yet reflect throughput growth, Silverco's US ticker is already live, and 1911 Gold is on track for production next year; he puts Upside Gold's internal estimate at about 4.5 million ounces, which he calls elite class.

Top takeaway She argues Upside Gold is an execution story rather than a discovery story: an optioned, previously drilled gold-copper system she says they bought partly de-risked, with permits to drill 5,000 metres already in hand, mining claims good to 2027-2028 and an independent team that verified the historical data on site in April of last year.
She stresses the scale and continuity case for open-pit mining, citing broad zones of one gram per tonne or better over 50 to 100 metres in the historic drilling, with higher-grade sections inside them.
She sets an internal target of 30% to 40% resource growth, to be reached by combining 5,000 metres drilled by the previous owner, 5,000 metres of the company's own drilling and copper and silver values never included in the 2021 estimate.
She points to a permitting precedent next door: an underground high-grade gold project that took a little less than five years to obtain a small-mines permit, which she reads as encouraging for timing in the district.
She describes the asset as district-scale, over 10,000 hectares with a 20-kilometre property and a mineralized trend she believes runs about 11 kilometres, against roughly four kilometres of defined resource today.

Top takeaway The host names him as a billionaire investor holding 15% of Guardian Metal Resources' entire float, a stake the company announced or reannounced.
The host treats the holding as a puzzle, asking why a typically gold-focused investor is getting into tungsten, and reads it as part of a wider shift of gold investors into tungsten because there is no supply. Druckenmiller does not speak in this interview.

Top takeaway His central call is that they are in a gold bull market, where corrections do not last long and new highs follow; he expects gold and silver trending back up in May or June, while calling the period up to May 1 no man's land and a buy-the-dip opportunity.
He lays out three outcomes for the Iran conflict, a ceasefire and negotiated resolution, US escalation with troops on the ground, or the US declaring victory and leaving, and warns that a US exit would leave Iran able to limit daily shipping through the strait, pushing oil and food prices up.
He says gold fell from about $5,600 to $4,100, a 27% drop, and sits near $4,500 as of the recording, while the HUI dropped 31% and remains about 25% lower, so he thinks these stocks have room to retrace higher.
He is the one flagging tungsten as the commodity bucking the trend, noting the price move from roughly $1,977 to $2,600 average in three weeks and that there is no ETF or stock package to buy, so exposure requires single names.
He notes that he and his co-host ran a webinar on March 20, sharing his own top ten gold and silver holdings alongside the co-host's list of thirty, with the replay and a lower-cost transcript option available on his site.