July 23, 2026
Macro Musings - Nick and Gerardo opened with markets feeling a little better after several rough weeks for commodities and junior resource stocks. Gold, silver, copper, jobs, inflation, rates, Trump, Israel, ICE, and summer exploration were all on the table.
The major macro question was whether gold is starting to decouple from the pressure of higher yields and a stronger dollar. Gerardo noted that the 10-year Treasury had moved back toward 4.7%, oil prices were rising again, and the war appeared to be escalating, with public reports of U.S. soldiers injured and killed. Normally, that combination — higher oil, higher yields, and a firmer dollar — would be bad for gold. But gold had still put in a strong week before pulling back on the latest rate move.
Nick said the answer is not clean yet. The ceasefire has been on, off, and back again, just like the market correlations. Oil is rising again, yields are rising again, and the Fed probabilities are now pointing toward at least one hike by September. But that still runs against what Kevin Warsh has been signaling and what Trump clearly wants heading into the midterms.
The good news is that the gold chart looks better than it did a few weeks ago. Nick said the $3,900–$4,000 area appears to have held as a new floor, and the consolidation now looks healthier. He is not ready to say rates no longer matter, but he is less worried about gold breaking down than he was in recent weeks.
Copper still looks better than gold, and gold still looks better than silver. Copper remains the healthiest of the three charts, holding around the $6.30 area and looking bullish while gold and silver are still working through shorter-term consolidations. Nick also highlighted another Trump executive order tied to critical mineral supply chains, especially Department of Defense sourcing of strategic materials like magnets, tantalum, gallium, and germanium. His read is that more support is coming for domestic supply chains because the U.S. still cannot source many of these materials at home.
Market Takes - The key market tension remains the same: the U.S. should hike rates if it wants to fight inflation honestly, but mathematically it probably cannot without worsening the debt problem. Gerardo said history suggests policymakers will inflate away the debt rather than take the Volcker path. Central banks, funds, and investors still appear underweight gold, and bond-market stress is not just a U.S. issue.
Nick also pointed out that CPI can always be reframed. The inflation target can be changed, the calculation can be adjusted, and the official number often misses the costs households actually feel, including diesel, health care, and other unavoidable expenses. He noted that diesel near him was back close to $6 per gallon, a bad look heading into an election year.
The hosts also discussed how politics feeds into markets. Oil prices are rising partly because of an unnecessary war, but state-level taxes matter too. Nick called out Washington state’s gas tax increases, which make it hard for local politicians to blame Trump alone for higher prices at the pump. Gerardo added that politicians on both sides continue to protect their own interests, including the Democrats who voted against a ban on congressional stock trading.
The market section then turned back to the resource sector. Gerardo argued that gold and silver are still putting in higher lows, and while the bottoming process may not be finished, he expects the next move higher to be violent when it comes. The junior explorers are working, drill programs are active, and news flow should accelerate through the second half of the year.
The core message was the same one from last week: companies need to add value regardless of whether the market is bullish, bearish, quiet, or chaotic. Gerardo said several of his larger personal holdings are doing exactly that — drilling, releasing results, advancing projects, and positioning themselves for a better market. He expects assays, discoveries, and drill results to drive the rest of the year.
Bizarro Banter - The political section opened with the war, U.S.-Israel military integration, and the House vote to advance deeper technology and military ties with Israel. Gerardo remained firmly opposed to merging U.S. military capabilities with any foreign government and said the issue now moves to the Senate.
They also discussed reports of U.S. soldiers injured and killed, the strategic petroleum reserve, munitions, oil prices, and whether the repeated ceasefires and MOUs are simply being used as stalling tactics to reload and regroup. Nick joked that Trump is always claiming the other side is “begging for a deal,” but both hosts questioned whether de-escalation is actually happening.
Gerardo then tied political corruption back to congressional stock trading, FDA decisions, campaign donations, Taylor Farms lettuce and the cyclospora outbreak. Nick added that the market impact was real, pointing to Yum Brands and Sweetgreen as examples of stocks hit after food-related headlines.
The hosts also returned to the larger theme of institutional decay and grift. Nick brought up reports of a Trump speech aide making money by betting on words the president would say in speeches. That led into a discussion of prediction-market insider trading, government employees and officials profiting from privileged information, and the broader pattern of people using access to government for personal gain.
They also covered Sophie Cunningham and her comments on biological males competing in women’s sports. Gerardo said he loves the trans community but does not think biological males belong in female athletic leagues. Nick agreed and again criticized the media’s use of phrases like “assigned male at birth,” calling it Orwellian language that obscures plain biological reality. Both hosts framed the issue as common sense, not a fringe position.
The Bizarro section also included the story of armed men in Northern California taking Forest Service employees hostage, New York City TikTok lines for frozen yogurt and other food trends, and the absurdity of people paying line-holders $25 an hour to stand in line for them. Gerardo allowed one exception to the anti-line rule: Franklin Barbecue in Austin, where the wait is part of the experience.
Premium Portfolio Picks - Gerardo opened the premium section with Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF). He said the company remains one of the best values in the resource space, with a market cap around $35–$36 million, roughly $15 million in cash, and two precious metals districts. The latest news extended the high-grade Soledad system at depth, including a 1.4-meter intercept of 641 grams per tonne silver equivalent within a broader 5.2-meter interval of 257 grams per tonne silver equivalent.
Gerardo likes the continuity, the depth extension, and the fact that Kingsmen is only one hole into what should become regular batches of assay results. The company is reportedly on hole 19, with additional batches expected every week to week and a half. He also highlighted two holes testing roughly 2.5-kilometer step-outs at the Saddle target. If Kingsmen can prove continuity over multiple kilometers with these grades, he believes the project could have the potential for 200–300 million ounces of silver in just one district, before even getting to Almoloya.
Nick is also a large Kingsmen shareholder and noted that the company does not need to raise money. It completed a large financing at higher prices earlier this year and has warrants due in October that are significantly in the money. Nick’s AI geologist called the latest hole a solid and genuinely important follow-up result because it hit another substantial polymetallic interval beneath known high-grade mineralization in the expected structural position. That suggests Kingsmen may be identifying repeatable structural controls rather than disconnected sulfide pods.
Gerardo then turned to Hannan Metals (TSX-V: HAN)(OTC: HANNF). Hannan is up roughly 35% over the past month and 22% on the week, with seven drill holes from Sweden currently in the lab. The target is high-grade gold, with an analog to the Boliden system in Sweden, which Gerardo described as a 4.1-million-ounce gold mine at around 15 grams per tonne. The stock is already trading like the market thinks Hannan may have something.
Gerardo also emphasized the importance of Michael Hudson’s involvement. Hudson ran the playbook that led to Southern Cross Gold, and many of the same shareholders who made major money there participated in Hannan’s most recent financing at around C$0.75 with no warrants. If the Sweden assays confirm a discovery, Gerardo expects those investors to recognize the setup quickly and potentially buy aggressively in the market.
Hannan’s flagship remains Previsto in Peru, which also had important news this week. The company extended high-grade gold mineralization by another 300 meters, and Gerardo said the system continues to look massive. He sees Previsto as a Cripple Creek analog with the kind of district-scale potential that could ultimately host 25–30 million ounces of gold plus significant copper. Drilling there likely waits until next year after permitting and the wet season, but a Sweden discovery could create major momentum in the meantime.
Gerardo’s third name was Greenlight Metals (TSX-V: GRL)(OTC: GRLMF). He said the stock had been under pressure because a fund that held roughly 3 million shares had been liquidating, but he has been told that selling is now finished. The stock has since rebounded about 20% over the past month.
Greenlight also delivered two important pieces of news. First, it hit 52 meters of 1.12 grams per tonne gold and 10.8 meters of 2.49 grams per tonne gold at the Bend VMS deposit in Wisconsin. Second, the project was added to the U.S. federal permitting dashboard as a FAST-41 transparency project, which could help expedite future mining permits. With gold and copper strong, cash in the bank, a valuation around $28 million, and active drilling, Gerardo sees Greenlight as a compelling speculation.
Nick agreed that Greenlight has been slow to gain traction, partly because it took a while to go public and Wisconsin is only recently open to new mining stories after a long moratorium. That creates opportunity for contrarians. He also tied the FAST-41 designation back to the broader federal push around critical minerals and domestic mining.
Nick then highlighted Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF), which had strong drill results this week. The stock has pulled back from recent highs near C$3.80 to around C$3, but the company continues to add value. After closing a C$35 million financing with BlackRock, Gladiator expanded its drill campaign to roughly 50,000 meters. The latest results included 32 meters of 1.36% copper and 0.63 grams per tonne gold from Cub East. Nick said the company is quickly adding tonnes and building toward a resource later this year, while additional blue-sky targets remain to be tested.
Nick also said he bought more Energy Fuels (NYSE: UUUU)(TSX: EFR) this week. The stock has pulled back toward the $11–$12 range in the U.S. after trading above $20 before the resource selloff. In his view, Energy Fuels is one of the clearest beneficiaries of the critical minerals executive orders and the push to build domestic supply chains. The company has uranium, heavy rare earths, monazite sands, separation capability, and downstream magnet-related assets after recent acquisitions. Nick sees a lot of “meat on the bone” and thinks the signs keep pointing back to Energy Fuels.
Gerardo closed with two more names to watch: Sirios Resources (TSX-V: SOI)(OTC: SIREF) and Lux Metals (TSX-V: LXM)(OTC: BBBMF). Sirios is drilling the Cheechoo gold deposit with multiple rigs and is trying to grow a roughly 3-million-ounce gold deposit toward at least 5 million ounces. Lux remains very cheap despite controlling what Gerardo sees as one of the most exciting high-grade gold projects in James Bay. He is waiting on fieldwork assays, drill targets, and the start of drilling, and he continues to believe the broader James Bay region remains one of the most exciting districts in the market.
July 23, 2026
Macro Musings - Nick and Gerardo opened with markets feeling a little better after several rough weeks for commodities and junior resource stocks. Gold, silver, copper, jobs, inflation, rates, Trump, Israel, ICE, and summer exploration were all on the table.
The major macro question was whether gold is starting to decouple from the pressure of higher yields and a stronger dollar. Gerardo noted that the 10-year Treasury had moved back toward 4.7%, oil prices were rising again, and the war appeared to be escalating, with public reports of U.S. soldiers injured and killed. Normally, that combination — higher oil, higher yields, and a firmer dollar — would be bad for gold. But gold had still put in a strong week before pulling back on the latest rate move.
Nick said the answer is not clean yet. The ceasefire has been on, off, and back again, just like the market correlations. Oil is rising again, yields are rising again, and the Fed probabilities are now pointing toward at least one hike by September. But that still runs against what Kevin Warsh has been signaling and what Trump clearly wants heading into the midterms.
The good news is that the gold chart looks better than it did a few weeks ago. Nick said the $3,900–$4,000 area appears to have held as a new floor, and the consolidation now looks healthier. He is not ready to say rates no longer matter, but he is less worried about gold breaking down than he was in recent weeks.
Copper still looks better than gold, and gold still looks better than silver. Copper remains the healthiest of the three charts, holding around the $6.30 area and looking bullish while gold and silver are still working through shorter-term consolidations. Nick also highlighted another Trump executive order tied to critical mineral supply chains, especially Department of Defense sourcing of strategic materials like magnets, tantalum, gallium, and germanium. His read is that more support is coming for domestic supply chains because the U.S. still cannot source many of these materials at home.
Market Takes - The key market tension remains the same: the U.S. should hike rates if it wants to fight inflation honestly, but mathematically it probably cannot without worsening the debt problem. Gerardo said history suggests policymakers will inflate away the debt rather than take the Volcker path. Central banks, funds, and investors still appear underweight gold, and bond-market stress is not just a U.S. issue.
Nick also pointed out that CPI can always be reframed. The inflation target can be changed, the calculation can be adjusted, and the official number often misses the costs households actually feel, including diesel, health care, and other unavoidable expenses. He noted that diesel near him was back close to $6 per gallon, a bad look heading into an election year.
The hosts also discussed how politics feeds into markets. Oil prices are rising partly because of an unnecessary war, but state-level taxes matter too. Nick called out Washington state’s gas tax increases, which make it hard for local politicians to blame Trump alone for higher prices at the pump. Gerardo added that politicians on both sides continue to protect their own interests, including the Democrats who voted against a ban on congressional stock trading.
The market section then turned back to the resource sector. Gerardo argued that gold and silver are still putting in higher lows, and while the bottoming process may not be finished, he expects the next move higher to be violent when it comes. The junior explorers are working, drill programs are active, and news flow should accelerate through the second half of the year.
The core message was the same one from last week: companies need to add value regardless of whether the market is bullish, bearish, quiet, or chaotic. Gerardo said several of his larger personal holdings are doing exactly that — drilling, releasing results, advancing projects, and positioning themselves for a better market. He expects assays, discoveries, and drill results to drive the rest of the year.
Bizarro Banter - The political section opened with the war, U.S.-Israel military integration, and the House vote to advance deeper technology and military ties with Israel. Gerardo remained firmly opposed to merging U.S. military capabilities with any foreign government and said the issue now moves to the Senate.
They also discussed reports of U.S. soldiers injured and killed, the strategic petroleum reserve, munitions, oil prices, and whether the repeated ceasefires and MOUs are simply being used as stalling tactics to reload and regroup. Nick joked that Trump is always claiming the other side is “begging for a deal,” but both hosts questioned whether de-escalation is actually happening.
Gerardo then tied political corruption back to congressional stock trading, FDA decisions, campaign donations, Taylor Farms lettuce and the cyclospora outbreak. Nick added that the market impact was real, pointing to Yum Brands and Sweetgreen as examples of stocks hit after food-related headlines.
The hosts also returned to the larger theme of institutional decay and grift. Nick brought up reports of a Trump speech aide making money by betting on words the president would say in speeches. That led into a discussion of prediction-market insider trading, government employees and officials profiting from privileged information, and the broader pattern of people using access to government for personal gain.
They also covered Sophie Cunningham and her comments on biological males competing in women’s sports. Gerardo said he loves the trans community but does not think biological males belong in female athletic leagues. Nick agreed and again criticized the media’s use of phrases like “assigned male at birth,” calling it Orwellian language that obscures plain biological reality. Both hosts framed the issue as common sense, not a fringe position.
The Bizarro section also included the story of armed men in Northern California taking Forest Service employees hostage, New York City TikTok lines for frozen yogurt and other food trends, and the absurdity of people paying line-holders $25 an hour to stand in line for them. Gerardo allowed one exception to the anti-line rule: Franklin Barbecue in Austin, where the wait is part of the experience.
Premium Portfolio Picks - Gerardo opened the premium section with Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF). He said the company remains one of the best values in the resource space, with a market cap around $35–$36 million, roughly $15 million in cash, and two precious metals districts. The latest news extended the high-grade Soledad system at depth, including a 1.4-meter intercept of 641 grams per tonne silver equivalent within a broader 5.2-meter interval of 257 grams per tonne silver equivalent.
Gerardo likes the continuity, the depth extension, and the fact that Kingsmen is only one hole into what should become regular batches of assay results. The company is reportedly on hole 19, with additional batches expected every week to week and a half. He also highlighted two holes testing roughly 2.5-kilometer step-outs at the Saddle target. If Kingsmen can prove continuity over multiple kilometers with these grades, he believes the project could have the potential for 200–300 million ounces of silver in just one district, before even getting to Almoloya.
Nick is also a large Kingsmen shareholder and noted that the company does not need to raise money. It completed a large financing at higher prices earlier this year and has warrants due in October that are significantly in the money. Nick’s AI geologist called the latest hole a solid and genuinely important follow-up result because it hit another substantial polymetallic interval beneath known high-grade mineralization in the expected structural position. That suggests Kingsmen may be identifying repeatable structural controls rather than disconnected sulfide pods.
Gerardo then turned to Hannan Metals (TSX-V: HAN)(OTC: HANNF). Hannan is up roughly 35% over the past month and 22% on the week, with seven drill holes from Sweden currently in the lab. The target is high-grade gold, with an analog to the Boliden system in Sweden, which Gerardo described as a 4.1-million-ounce gold mine at around 15 grams per tonne. The stock is already trading like the market thinks Hannan may have something.
Gerardo also emphasized the importance of Michael Hudson’s involvement. Hudson ran the playbook that led to Southern Cross Gold, and many of the same shareholders who made major money there participated in Hannan’s most recent financing at around C$0.75 with no warrants. If the Sweden assays confirm a discovery, Gerardo expects those investors to recognize the setup quickly and potentially buy aggressively in the market.
Hannan’s flagship remains Previsto in Peru, which also had important news this week. The company extended high-grade gold mineralization by another 300 meters, and Gerardo said the system continues to look massive. He sees Previsto as a Cripple Creek analog with the kind of district-scale potential that could ultimately host 25–30 million ounces of gold plus significant copper. Drilling there likely waits until next year after permitting and the wet season, but a Sweden discovery could create major momentum in the meantime.
Gerardo’s third name was Greenlight Metals (TSX-V: GRL)(OTC: GRLMF). He said the stock had been under pressure because a fund that held roughly 3 million shares had been liquidating, but he has been told that selling is now finished. The stock has since rebounded about 20% over the past month.
Greenlight also delivered two important pieces of news. First, it hit 52 meters of 1.12 grams per tonne gold and 10.8 meters of 2.49 grams per tonne gold at the Bend VMS deposit in Wisconsin. Second, the project was added to the U.S. federal permitting dashboard as a FAST-41 transparency project, which could help expedite future mining permits. With gold and copper strong, cash in the bank, a valuation around $28 million, and active drilling, Gerardo sees Greenlight as a compelling speculation.
Nick agreed that Greenlight has been slow to gain traction, partly because it took a while to go public and Wisconsin is only recently open to new mining stories after a long moratorium. That creates opportunity for contrarians. He also tied the FAST-41 designation back to the broader federal push around critical minerals and domestic mining.
Nick then highlighted Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF), which had strong drill results this week. The stock has pulled back from recent highs near C$3.80 to around C$3, but the company continues to add value. After closing a C$35 million financing with BlackRock, Gladiator expanded its drill campaign to roughly 50,000 meters. The latest results included 32 meters of 1.36% copper and 0.63 grams per tonne gold from Cub East. Nick said the company is quickly adding tonnes and building toward a resource later this year, while additional blue-sky targets remain to be tested.
Nick also said he bought more Energy Fuels (NYSE: UUUU)(TSX: EFR) this week. The stock has pulled back toward the $11–$12 range in the U.S. after trading above $20 before the resource selloff. In his view, Energy Fuels is one of the clearest beneficiaries of the critical minerals executive orders and the push to build domestic supply chains. The company has uranium, heavy rare earths, monazite sands, separation capability, and downstream magnet-related assets after recent acquisitions. Nick sees a lot of “meat on the bone” and thinks the signs keep pointing back to Energy Fuels.
Gerardo closed with two more names to watch: Sirios Resources (TSX-V: SOI)(OTC: SIREF) and Lux Metals (TSX-V: LXM)(OTC: BBBMF). Sirios is drilling the Cheechoo gold deposit with multiple rigs and is trying to grow a roughly 3-million-ounce gold deposit toward at least 5 million ounces. Lux remains very cheap despite controlling what Gerardo sees as one of the most exciting high-grade gold projects in James Bay. He is waiting on fieldwork assays, drill targets, and the start of drilling, and he continues to believe the broader James Bay region remains one of the most exciting districts in the market.
July 23, 2026
Macro Musings - Nick and Gerardo opened with markets feeling a little better after several rough weeks for commodities and junior resource stocks. Gold, silver, copper, jobs, inflation, rates, Trump, Israel, ICE, and summer exploration were all on the table.
The major macro question was whether gold is starting to decouple from the pressure of higher yields and a stronger dollar. Gerardo noted that the 10-year Treasury had moved back toward 4.7%, oil prices were rising again, and the war appeared to be escalating, with public reports of U.S. soldiers injured and killed. Normally, that combination — higher oil, higher yields, and a firmer dollar — would be bad for gold. But gold had still put in a strong week before pulling back on the latest rate move.
Nick said the answer is not clean yet. The ceasefire has been on, off, and back again, just like the market correlations. Oil is rising again, yields are rising again, and the Fed probabilities are now pointing toward at least one hike by September. But that still runs against what Kevin Warsh has been signaling and what Trump clearly wants heading into the midterms.
The good news is that the gold chart looks better than it did a few weeks ago. Nick said the $3,900–$4,000 area appears to have held as a new floor, and the consolidation now looks healthier. He is not ready to say rates no longer matter, but he is less worried about gold breaking down than he was in recent weeks.
Copper still looks better than gold, and gold still looks better than silver. Copper remains the healthiest of the three charts, holding around the $6.30 area and looking bullish while gold and silver are still working through shorter-term consolidations. Nick also highlighted another Trump executive order tied to critical mineral supply chains, especially Department of Defense sourcing of strategic materials like magnets, tantalum, gallium, and germanium. His read is that more support is coming for domestic supply chains because the U.S. still cannot source many of these materials at home.
Market Takes - The key market tension remains the same: the U.S. should hike rates if it wants to fight inflation honestly, but mathematically it probably cannot without worsening the debt problem. Gerardo said history suggests policymakers will inflate away the debt rather than take the Volcker path. Central banks, funds, and investors still appear underweight gold, and bond-market stress is not just a U.S. issue.
Nick also pointed out that CPI can always be reframed. The inflation target can be changed, the calculation can be adjusted, and the official number often misses the costs households actually feel, including diesel, health care, and other unavoidable expenses. He noted that diesel near him was back close to $6 per gallon, a bad look heading into an election year.
The hosts also discussed how politics feeds into markets. Oil prices are rising partly because of an unnecessary war, but state-level taxes matter too. Nick called out Washington state’s gas tax increases, which make it hard for local politicians to blame Trump alone for higher prices at the pump. Gerardo added that politicians on both sides continue to protect their own interests, including the Democrats who voted against a ban on congressional stock trading.
The market section then turned back to the resource sector. Gerardo argued that gold and silver are still putting in higher lows, and while the bottoming process may not be finished, he expects the next move higher to be violent when it comes. The junior explorers are working, drill programs are active, and news flow should accelerate through the second half of the year.
The core message was the same one from last week: companies need to add value regardless of whether the market is bullish, bearish, quiet, or chaotic. Gerardo said several of his larger personal holdings are doing exactly that — drilling, releasing results, advancing projects, and positioning themselves for a better market. He expects assays, discoveries, and drill results to drive the rest of the year.
Bizarro Banter - The political section opened with the war, U.S.-Israel military integration, and the House vote to advance deeper technology and military ties with Israel. Gerardo remained firmly opposed to merging U.S. military capabilities with any foreign government and said the issue now moves to the Senate.
They also discussed reports of U.S. soldiers injured and killed, the strategic petroleum reserve, munitions, oil prices, and whether the repeated ceasefires and MOUs are simply being used as stalling tactics to reload and regroup. Nick joked that Trump is always claiming the other side is “begging for a deal,” but both hosts questioned whether de-escalation is actually happening.
Gerardo then tied political corruption back to congressional stock trading, FDA decisions, campaign donations, Taylor Farms lettuce and the cyclospora outbreak. Nick added that the market impact was real, pointing to Yum Brands and Sweetgreen as examples of stocks hit after food-related headlines.
The hosts also returned to the larger theme of institutional decay and grift. Nick brought up reports of a Trump speech aide making money by betting on words the president would say in speeches. That led into a discussion of prediction-market insider trading, government employees and officials profiting from privileged information, and the broader pattern of people using access to government for personal gain.
They also covered Sophie Cunningham and her comments on biological males competing in women’s sports. Gerardo said he loves the trans community but does not think biological males belong in female athletic leagues. Nick agreed and again criticized the media’s use of phrases like “assigned male at birth,” calling it Orwellian language that obscures plain biological reality. Both hosts framed the issue as common sense, not a fringe position.
The Bizarro section also included the story of armed men in Northern California taking Forest Service employees hostage, New York City TikTok lines for frozen yogurt and other food trends, and the absurdity of people paying line-holders $25 an hour to stand in line for them. Gerardo allowed one exception to the anti-line rule: Franklin Barbecue in Austin, where the wait is part of the experience.
Premium Portfolio Picks - Gerardo opened the premium section with Kingsmen Resources (TSX-V: KNG)(OTC: KNGRF). He said the company remains one of the best values in the resource space, with a market cap around $35–$36 million, roughly $15 million in cash, and two precious metals districts. The latest news extended the high-grade Soledad system at depth, including a 1.4-meter intercept of 641 grams per tonne silver equivalent within a broader 5.2-meter interval of 257 grams per tonne silver equivalent.
Gerardo likes the continuity, the depth extension, and the fact that Kingsmen is only one hole into what should become regular batches of assay results. The company is reportedly on hole 19, with additional batches expected every week to week and a half. He also highlighted two holes testing roughly 2.5-kilometer step-outs at the Saddle target. If Kingsmen can prove continuity over multiple kilometers with these grades, he believes the project could have the potential for 200–300 million ounces of silver in just one district, before even getting to Almoloya.
Nick is also a large Kingsmen shareholder and noted that the company does not need to raise money. It completed a large financing at higher prices earlier this year and has warrants due in October that are significantly in the money. Nick’s AI geologist called the latest hole a solid and genuinely important follow-up result because it hit another substantial polymetallic interval beneath known high-grade mineralization in the expected structural position. That suggests Kingsmen may be identifying repeatable structural controls rather than disconnected sulfide pods.
Gerardo then turned to Hannan Metals (TSX-V: HAN)(OTC: HANNF). Hannan is up roughly 35% over the past month and 22% on the week, with seven drill holes from Sweden currently in the lab. The target is high-grade gold, with an analog to the Boliden system in Sweden, which Gerardo described as a 4.1-million-ounce gold mine at around 15 grams per tonne. The stock is already trading like the market thinks Hannan may have something.
Gerardo also emphasized the importance of Michael Hudson’s involvement. Hudson ran the playbook that led to Southern Cross Gold, and many of the same shareholders who made major money there participated in Hannan’s most recent financing at around C$0.75 with no warrants. If the Sweden assays confirm a discovery, Gerardo expects those investors to recognize the setup quickly and potentially buy aggressively in the market.
Hannan’s flagship remains Previsto in Peru, which also had important news this week. The company extended high-grade gold mineralization by another 300 meters, and Gerardo said the system continues to look massive. He sees Previsto as a Cripple Creek analog with the kind of district-scale potential that could ultimately host 25–30 million ounces of gold plus significant copper. Drilling there likely waits until next year after permitting and the wet season, but a Sweden discovery could create major momentum in the meantime.
Gerardo’s third name was Greenlight Metals (TSX-V: GRL)(OTC: GRLMF). He said the stock had been under pressure because a fund that held roughly 3 million shares had been liquidating, but he has been told that selling is now finished. The stock has since rebounded about 20% over the past month.
Greenlight also delivered two important pieces of news. First, it hit 52 meters of 1.12 grams per tonne gold and 10.8 meters of 2.49 grams per tonne gold at the Bend VMS deposit in Wisconsin. Second, the project was added to the U.S. federal permitting dashboard as a FAST-41 transparency project, which could help expedite future mining permits. With gold and copper strong, cash in the bank, a valuation around $28 million, and active drilling, Gerardo sees Greenlight as a compelling speculation.
Nick agreed that Greenlight has been slow to gain traction, partly because it took a while to go public and Wisconsin is only recently open to new mining stories after a long moratorium. That creates opportunity for contrarians. He also tied the FAST-41 designation back to the broader federal push around critical minerals and domestic mining.
Nick then highlighted Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF), which had strong drill results this week. The stock has pulled back from recent highs near C$3.80 to around C$3, but the company continues to add value. After closing a C$35 million financing with BlackRock, Gladiator expanded its drill campaign to roughly 50,000 meters. The latest results included 32 meters of 1.36% copper and 0.63 grams per tonne gold from Cub East. Nick said the company is quickly adding tonnes and building toward a resource later this year, while additional blue-sky targets remain to be tested.
Nick also said he bought more Energy Fuels (NYSE: UUUU)(TSX: EFR) this week. The stock has pulled back toward the $11–$12 range in the U.S. after trading above $20 before the resource selloff. In his view, Energy Fuels is one of the clearest beneficiaries of the critical minerals executive orders and the push to build domestic supply chains. The company has uranium, heavy rare earths, monazite sands, separation capability, and downstream magnet-related assets after recent acquisitions. Nick sees a lot of “meat on the bone” and thinks the signs keep pointing back to Energy Fuels.
Gerardo closed with two more names to watch: Sirios Resources (TSX-V: SOI)(OTC: SIREF) and Lux Metals (TSX-V: LXM)(OTC: BBBMF). Sirios is drilling the Cheechoo gold deposit with multiple rigs and is trying to grow a roughly 3-million-ounce gold deposit toward at least 5 million ounces. Lux remains very cheap despite controlling what Gerardo sees as one of the most exciting high-grade gold projects in James Bay. He is waiting on fieldwork assays, drill targets, and the start of drilling, and he continues to believe the broader James Bay region remains one of the most exciting districts in the market.