February 26, 2026
Here’s what was covered in episode 354:
Macro Musings - The commodity bull market remains intact — and the tape is confirming it. Gold is back around $5,200, silver is near $89, copper is pushing $6, and uranium is hovering near $90. The macro backdrop continues to cooperate: growth is slowing but still positive (Q4 GDP around 1.4–1.5%), inflation continues to moderate, and markets are increasingly pricing rate cuts in the second half of the year. That mix — softer rates, a weaker dollar, and sticky structural deficits in real assets — keeps the bull case alive. Volatility remains elevated (gold volatility still running hot), which means sharp swings are normal: gold can move a few hundred dollars and silver can swing $15–$20 without breaking the bullish structure. The message is the same: don’t chase — use volatility and buy limits to accumulate quality.
Market Takes - China’s rare earth leverage is no longer theoretical. Supply constraints — particularly in heavy rare earths tied to aerospace, defense, and advanced semiconductor supply chains — are becoming more visible, and U.S. efforts to “solve” the problem with capital don’t change the underlying timeline: it takes years to find, permit, fund, and build real production. That’s why we continue to believe this is a multi-year commodity cycle with real staying power. The broader rotation we’ve discussed remains in motion as capital begins migrating toward hard assets and resource equities, and the opportunity set expands beyond precious metals into the wider critical minerals complex.
Bizarro Banter - The Epstein fallout continues widening, with more high-profile resignations and revelations reinforcing the larger point: institutional credibility is deteriorating in real time. That erosion matters because capital follows trust — and when trust breaks, investors gravitate toward assets outside institutional control. We also spent time on jurisdictional risk and why “Mexico risk” is not one-size-fits-all. The recent cartel leadership takedown and its aftermath is a reminder that conditions can change quickly, and that risk is intensely local. Investors need to differentiate between major operators with deep security protocols and juniors operating in higher-risk zones with thinner operational coverage. We also hit local politics — including Nick’s latest city council experience and why attempts to restrict public comment are rarely about “efficiency” and more often about insulating decision-makers from accountability.
Premium Portfolio Picks - We covered several actionable opportunities and why the “sell shares / keep the warrant” habit can be a bull-market footgun if the thesis is intact.
North Shore Uranium (TSX-V: NSU)(OTC: NSURF) remains one of the most compelling uranium speculations at current levels. We financed the company at $0.05 last August and shares recently traded as high as $0.25–$0.30 before free-trading pressure created weakness. The softness appears technical, not fundamental. The Rio Puerco project hosts an 11-million-pound historic uranium resource originally advanced by Kerr-McGee, with additional ground recently staked that carries roughly another million pounds of historic target potential. The company has capital in the treasury, permits submitted to drill, and meaningful rerating potential if ISR amenability is demonstrated. The weakness is an opportunity, not a thesis change.
Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF) released its first batch of lithium-only holes, confirming near-surface lithium mineralization with grades ranging roughly from 1% to 1.6% over meaningful widths. The market reaction appears to have misinterpreted the release. These were lithium-only holes designed to confirm continuity and grade. Separate lithium-plus-gold and gold-only results are still pending. With a market cap around $30 million, the company now offers compelling asymmetry if upcoming assays confirm near-surface gold to complement lithium and other critical metals already identified. The current pullback aligns closely with prior financing levels and appears driven by warrant-related selling rather than deterioration in the exploration thesis.
Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF) continues advancing the Whitehorse Copper Project in the Yukon with a substantial treasury and an aggressive drill program underway. The company is targeting a potential 100-million-tonne system at 1%–1.5% copper, with geophysical targets that may exceed the footprint of the historic deposit. Infrastructure, First Nations alignment, and scale potential position Gladiator as a leveraged copper exploration story in a tightening supply environment. Catalysts over the coming months include sustained drilling and follow-up targeting of newly identified anomalies.
Daura Gold (TSX-V: DGC)(OTC: DGCOF) remains deeply undervalued relative to its neighborhood. Trading at roughly a $30–35 million market cap, Daura sits adjacent to Highlander Silver’s billion-plus-dollar Bonita system. Recent re-assaying of historic core strengthened confidence that Antonella may be part of the same mineralized system. Meanwhile, drilling at Cerro Bayo is underway, providing near-term catalyst potential. The valuation disconnect remains significant given the geological setting and upcoming news flow.
February 26, 2026
Here’s what was covered in episode 354:
Macro Musings - The commodity bull market remains intact — and the tape is confirming it. Gold is back around $5,200, silver is near $89, copper is pushing $6, and uranium is hovering near $90. The macro backdrop continues to cooperate: growth is slowing but still positive (Q4 GDP around 1.4–1.5%), inflation continues to moderate, and markets are increasingly pricing rate cuts in the second half of the year. That mix — softer rates, a weaker dollar, and sticky structural deficits in real assets — keeps the bull case alive. Volatility remains elevated (gold volatility still running hot), which means sharp swings are normal: gold can move a few hundred dollars and silver can swing $15–$20 without breaking the bullish structure. The message is the same: don’t chase — use volatility and buy limits to accumulate quality.
Market Takes - China’s rare earth leverage is no longer theoretical. Supply constraints — particularly in heavy rare earths tied to aerospace, defense, and advanced semiconductor supply chains — are becoming more visible, and U.S. efforts to “solve” the problem with capital don’t change the underlying timeline: it takes years to find, permit, fund, and build real production. That’s why we continue to believe this is a multi-year commodity cycle with real staying power. The broader rotation we’ve discussed remains in motion as capital begins migrating toward hard assets and resource equities, and the opportunity set expands beyond precious metals into the wider critical minerals complex.
Bizarro Banter - The Epstein fallout continues widening, with more high-profile resignations and revelations reinforcing the larger point: institutional credibility is deteriorating in real time. That erosion matters because capital follows trust — and when trust breaks, investors gravitate toward assets outside institutional control. We also spent time on jurisdictional risk and why “Mexico risk” is not one-size-fits-all. The recent cartel leadership takedown and its aftermath is a reminder that conditions can change quickly, and that risk is intensely local. Investors need to differentiate between major operators with deep security protocols and juniors operating in higher-risk zones with thinner operational coverage. We also hit local politics — including Nick’s latest city council experience and why attempts to restrict public comment are rarely about “efficiency” and more often about insulating decision-makers from accountability.
Premium Portfolio Picks - We covered several actionable opportunities and why the “sell shares / keep the warrant” habit can be a bull-market footgun if the thesis is intact.
North Shore Uranium (TSX-V: NSU)(OTC: NSURF) remains one of the most compelling uranium speculations at current levels. We financed the company at $0.05 last August and shares recently traded as high as $0.25–$0.30 before free-trading pressure created weakness. The softness appears technical, not fundamental. The Rio Puerco project hosts an 11-million-pound historic uranium resource originally advanced by Kerr-McGee, with additional ground recently staked that carries roughly another million pounds of historic target potential. The company has capital in the treasury, permits submitted to drill, and meaningful rerating potential if ISR amenability is demonstrated. The weakness is an opportunity, not a thesis change.
Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF) released its first batch of lithium-only holes, confirming near-surface lithium mineralization with grades ranging roughly from 1% to 1.6% over meaningful widths. The market reaction appears to have misinterpreted the release. These were lithium-only holes designed to confirm continuity and grade. Separate lithium-plus-gold and gold-only results are still pending. With a market cap around $30 million, the company now offers compelling asymmetry if upcoming assays confirm near-surface gold to complement lithium and other critical metals already identified. The current pullback aligns closely with prior financing levels and appears driven by warrant-related selling rather than deterioration in the exploration thesis.
Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF) continues advancing the Whitehorse Copper Project in the Yukon with a substantial treasury and an aggressive drill program underway. The company is targeting a potential 100-million-tonne system at 1%–1.5% copper, with geophysical targets that may exceed the footprint of the historic deposit. Infrastructure, First Nations alignment, and scale potential position Gladiator as a leveraged copper exploration story in a tightening supply environment. Catalysts over the coming months include sustained drilling and follow-up targeting of newly identified anomalies.
Daura Gold (TSX-V: DGC)(OTC: DGCOF) remains deeply undervalued relative to its neighborhood. Trading at roughly a $30–35 million market cap, Daura sits adjacent to Highlander Silver’s billion-plus-dollar Bonita system. Recent re-assaying of historic core strengthened confidence that Antonella may be part of the same mineralized system. Meanwhile, drilling at Cerro Bayo is underway, providing near-term catalyst potential. The valuation disconnect remains significant given the geological setting and upcoming news flow.
February 26, 2026
Here’s what was covered in episode 354:
Macro Musings - The commodity bull market remains intact — and the tape is confirming it. Gold is back around $5,200, silver is near $89, copper is pushing $6, and uranium is hovering near $90. The macro backdrop continues to cooperate: growth is slowing but still positive (Q4 GDP around 1.4–1.5%), inflation continues to moderate, and markets are increasingly pricing rate cuts in the second half of the year. That mix — softer rates, a weaker dollar, and sticky structural deficits in real assets — keeps the bull case alive. Volatility remains elevated (gold volatility still running hot), which means sharp swings are normal: gold can move a few hundred dollars and silver can swing $15–$20 without breaking the bullish structure. The message is the same: don’t chase — use volatility and buy limits to accumulate quality.
Market Takes - China’s rare earth leverage is no longer theoretical. Supply constraints — particularly in heavy rare earths tied to aerospace, defense, and advanced semiconductor supply chains — are becoming more visible, and U.S. efforts to “solve” the problem with capital don’t change the underlying timeline: it takes years to find, permit, fund, and build real production. That’s why we continue to believe this is a multi-year commodity cycle with real staying power. The broader rotation we’ve discussed remains in motion as capital begins migrating toward hard assets and resource equities, and the opportunity set expands beyond precious metals into the wider critical minerals complex.
Bizarro Banter - The Epstein fallout continues widening, with more high-profile resignations and revelations reinforcing the larger point: institutional credibility is deteriorating in real time. That erosion matters because capital follows trust — and when trust breaks, investors gravitate toward assets outside institutional control. We also spent time on jurisdictional risk and why “Mexico risk” is not one-size-fits-all. The recent cartel leadership takedown and its aftermath is a reminder that conditions can change quickly, and that risk is intensely local. Investors need to differentiate between major operators with deep security protocols and juniors operating in higher-risk zones with thinner operational coverage. We also hit local politics — including Nick’s latest city council experience and why attempts to restrict public comment are rarely about “efficiency” and more often about insulating decision-makers from accountability.
Premium Portfolio Picks - We covered several actionable opportunities and why the “sell shares / keep the warrant” habit can be a bull-market footgun if the thesis is intact.
North Shore Uranium (TSX-V: NSU)(OTC: NSURF) remains one of the most compelling uranium speculations at current levels. We financed the company at $0.05 last August and shares recently traded as high as $0.25–$0.30 before free-trading pressure created weakness. The softness appears technical, not fundamental. The Rio Puerco project hosts an 11-million-pound historic uranium resource originally advanced by Kerr-McGee, with additional ground recently staked that carries roughly another million pounds of historic target potential. The company has capital in the treasury, permits submitted to drill, and meaningful rerating potential if ISR amenability is demonstrated. The weakness is an opportunity, not a thesis change.
Lion Rock Resources (TSX-V: ROAR)(OTC: LRRIF) released its first batch of lithium-only holes, confirming near-surface lithium mineralization with grades ranging roughly from 1% to 1.6% over meaningful widths. The market reaction appears to have misinterpreted the release. These were lithium-only holes designed to confirm continuity and grade. Separate lithium-plus-gold and gold-only results are still pending. With a market cap around $30 million, the company now offers compelling asymmetry if upcoming assays confirm near-surface gold to complement lithium and other critical metals already identified. The current pullback aligns closely with prior financing levels and appears driven by warrant-related selling rather than deterioration in the exploration thesis.
Gladiator Metals (TSX-V: GLAD)(OTC: GDTRF) continues advancing the Whitehorse Copper Project in the Yukon with a substantial treasury and an aggressive drill program underway. The company is targeting a potential 100-million-tonne system at 1%–1.5% copper, with geophysical targets that may exceed the footprint of the historic deposit. Infrastructure, First Nations alignment, and scale potential position Gladiator as a leveraged copper exploration story in a tightening supply environment. Catalysts over the coming months include sustained drilling and follow-up targeting of newly identified anomalies.
Daura Gold (TSX-V: DGC)(OTC: DGCOF) remains deeply undervalued relative to its neighborhood. Trading at roughly a $30–35 million market cap, Daura sits adjacent to Highlander Silver’s billion-plus-dollar Bonita system. Recent re-assaying of historic core strengthened confidence that Antonella may be part of the same mineralized system. Meanwhile, drilling at Cerro Bayo is underway, providing near-term catalyst potential. The valuation disconnect remains significant given the geological setting and upcoming news flow.