Episode Details

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the key takeaways from both the Commodities Global Expo Conferences we just attended in Washington D.C. and Fort Lauderdale. He also highlights the value proposition that has his attention from 4 of the gold and silver developers which he met with at the conferences, that have put out compelling news in the recent past and that have key growth catalysts on tap in the medium-term.

• The companies we discussed in the interview are:

Rua Gold Inc. (TSX: RUA) (NZX: RGI) (OTCQX: NZAUF) - On May 5, 2026, the Company announced the results of a positive Preliminary Economic Assessment (PEA) for its 100%-owned Auld Creek Gold-Antimony Project in the Reefton Goldfield, New Zealand.

• The PEA — prepared in accordance with NI 43-101 disclosure standards and effective April 25, 2026 — highlights the potential for robust economics from a high-grade, shallow underground starter mine, supported by access to established Reefton infrastructure for efficient transporting to port.

Excellon Resources Inc. (TSXV: EXN) (OTC Pink: EXNRF) (FSE: E4X2) – On May 27, 2026, the Company provided a market update on operational activities at its 100%-owned Mallay silver-lead-zinc mine in central Peru.

• Mill ready for pre-commissioning. All critical refurbishment and wet commissioning milestones completed; bulk-sample campaign targeted for June 2026.
• ~15,000 tonnes stockpiled from Isguiz vein and Footwall Zone. Surface stockpile provides representative feed for the pre-commissioning bulk-sample campaign.
• Infill drilling informing updated restart planning. Results from the ~2,500-metre program are being integrated into the geological model; the Company expects to have an updated restart plan and schedule in early Q3/26.

Highlander Silver Corp. (TSX, NYSE American: HSLV) – On April 07, 2026, the Company provides a portfolio update following the successful completion of its acquisition and combination with Bear Creek Mining.

Daniel Earle, President and CEO of Highlander Silver, commented:

• “Highlander Silver is well positioned to fast-track project advancement across its portfolio of high-quality silver assets. This includes a focus on high-impact exploration, project optimization, and site preparation for development of Corani, the largest fully permitted primary silver project in the world, as well as permitting at San Luis, one of the highest M&I resource grade projects in both the gold and silver sectors.
• As of March 31, the Company had an unaudited cash balance of approximately US$100 million and no debt.
• The Mercedes gold-silver mine also made a positive cash contribution in its first month of operations following restructuring under our stewardship. We provide a summary of our baseline plans below and forecast a year-end cash balance of approximately US$60 million.
• This reflects a disciplined approach to spending that delivers on our core objectives while preserving flexibility to scale up our exploration programs later in the year.”

Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) – On May 12, 2026, the Company announced that its wholly owned Mexican subsidiary, Minera Mar de Plata (“MMP”), has executed three binding Letters of Intent (the “LOIs”) with two residents of Sonora, Mexico to acquire a 100% interest in 24 mineral concessions, and up to a 51% interest in five additional mineral concessions, located adjacent to the Company’s Cerro Caliche gold project in Sonora, Mexico. The Vendors are at arm’s length to the Company and to its associates and affiliates.

• Sonoro believes the acquisition is a strategic opportunity to potentially demonstrate the Cerro Caliche project as being part of a larger gold epitherma