Erik Wetterling – Value Proposition In Goliath, Blackrock Silver, Valkea, and First Nordic
Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that has his attention in the corporate news and strategies from 4 gold and silver exploration companies that have also seen participation from large strategic investors in their most recent financings.
>> The companies we discussed in the interview are:
- Goliath Resources Ltd (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
- Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0)
- Valkea Resources Corp. (TSXV: OZ) (OTCQB: OZBKF)
- First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQB: FNMCF) (FRA: HEG0)
* In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
IPT pulled back from important resistance today but the week has just begun.
https://schrts.co/wAZrPhrV
Back into Impact today. It’s just starting again. Thanks for all the great posts you have been doing. Excellent.
Good luck to us all! Get a load of today’s close for IPT vs Silver: After blasting 11% above fork resistance it got stuffed right back below it, with no room to spare.
https://schrts.co/wAZrPhrV
Just about everything got stuffed back but Emo and IPT held some gains. Kind of a some up some down Monday which is kind of common. Tomorrow may be better. We still have lurking an overpriced general market with an unpayable debt with a bunch of Brics wanting to shove it in our ear. But thanks for keeping us up to speed with the real world at the moment. I have that investment philosophy of keep on keeping on that only works when it works. Pretty lame…
It just came to my attention that I posted the wrong chart for that last comment regarding IPT vs Silver. This should be it:
https://schrts.co/PFrdTYhT
IPT good start this morning.
Matthew, what do you think of AYASF, a silver miner in Morocco? It seems like a better jurisdiction than Mexico.
This is a bull market so it might have plenty of upside left but I wouldn’t own it since there are so many others with better charts. AYASF rose 20x from the covid low and almost 50x from its 2016/17 low and, as a result, it doesn’t look very appealing technically. I would bet that even if it goes significantly higher from here, it will underperform a lot of its peers, especially the smaller ones.
Another great day for juniors and silver stocks. I’ve been diversifying into lesser name explorers, many of which are starting to see volume. Rinse & repeat, my portfolio flirting at all time highs…
For example, bought the open on Westhaven Gold this morning. WTHVF: a recent Sprott private placement.
Bought at different times but Northisle in my USD purchase is up +155% and in Cad about 65%. It has been a sleeper but something to checkout. American Pacific is near a double and the Emo trial is wrapping up with the evidence favorable to Emo. It is also near double. The prize is AZN which has a large known resource. Do your own research.The above percentages mean nothing at this point other than they have started moving over the last couple of months and indicate positive momentum.
Opportunities With Mid-Tier And Junior Royalty Companies – Part 9
Excelsior Prosperity w/ Shad Marquitz – (07-08-2025)
Sandstorm Gold / Royal Gold merger, Orogen / Triple Flag acquisitions, Elemental Altus / Tether strategic transaction, Metalla turnaround, Wheaton PMs
https://excelsiorprosperity.substack.com/p/opportunities-with-mid-tier-and-junior-6a0
Thanks in advance. I will check those out this morning.
Thank you for your update on the Sandstorm -Royal Gold buyout. I agree with your perspective regarding Sandstorm selling too low-very surprised by this turn of events.
Much appreciated Badgermom. Yeah, it is crazy for Sandstorm to consider a 21% premium their share price to get absorbed by a sleep larger senior company with less torque at this point in the precious metals bull market, when they had so much more potential upside if they just kept paying down debt and stayed a stand alone company.
This news was very disappointing to most of the Sandstorm shareholders positioned in SAND specifically because they had such a huge rerating still in front of them. Oh well, there are plenty of other higher torque royalty companies to still rotate into, and some folks that may like the slow steady rerating inside of Royal Gold. If people wanted that though, they could have already been positioned in the big boys.
I own RGLD and SAND and after listening to Noah Watson I think this is a good deal for both companies and I am happy to get more RGLD for my SAND shares. I bought my RGLD@ 26 and love it.
It’s an excellent deal for Royal Gold shareholders, but robs the future upside torque from Sandstorm shareholders. Of course Nolan is going to say it is good, he is going to fare much better than the average longer-term Sandstorm shareholder, and he’s making out like a bandit on that simultaneous takeover of their spinout of Hod Maden to Horizon Copper, which was supposed to be future upside to Sandstorm shareholders, but he gets his golden parachute now rather than later.
Sorry, but this was not a great deal for SAND shareholders at all, and we could have had way more than a 21% premium just waiting for gold to ratchet back above $3,500 again as they paid down their debt. Their margins were $2,400 in Q4, then $2,500 in Q1, and likely even more in Q2 that just closed last week. Sandstorm was about to become a wild cashflow generating company and really rerate into 2026 and 2027, and now that is all going to be buried inside a boring senior streamer.
One Ceo.ca user with the handle @umunhum posted this today regarding the Sandstorm takeunder:
Horizon Copper was created with SAND’s assets
How do we as SAND shareholders benefit from the HUGE premium paid for Horizon?
How do we as SAND shareholders benefit from ALL THE ASSETS that went into Horizon?
The market cap and debt owed to SAND was over 250 million plus the 100 million premium paid represents about 10% of SAND’s market cap
SAND shareholders get a 25 cent bump in share price and now will own a company trading significantly above NAV relative to SAND?
We are suppose to be happy that our shares will be rerated at a higher multiple when we will only get 23% of the rerating of NAV instead of 100% because now we only own 23% of the growth potential of what we formerly owned minus all the value that was stolen from us with the Horizon Copper Hidey Hole?
Horizon only had a 100 million market cap (Canadian) and owed SAND 150 million plus SAND was the largest shareholder
All the premium paid for Horizon went to Horizon shareholders instead of the rightful owners whose assets were stolen
The only reason SAND increased 100% over the past few months is because the market started to recognize that SAND’s debt was not going to be an issue
SAND was trading so low because Owen bought back shares much higher than the secondary he did at $5.20 and so of course the market lost confidence in the management of this company
This transaction Disgusts me
— @umunhum
_______________________________________________________________________________
I’d agree with most of the points that user brought up, and think it is abundantly clear that this was not a “good transaction” for Sandstorm shareholders, but it was an excellent transaction for Nolan Watson as a key shareholder of Horizon Copper.
https://www.tradingview.com/x/9pMQ4me9/
NatGas : Bullish Gartley Forming?
(Final Three Drives)
Impressive: DT
NGEx Discovers High-Grade Gold Veins at Lunahuasi; Drills 14.74 g/t Gold (Uncut) over 104.80m Core Length, Including 504.00 g/t Gold (Uncut) over 1.55m Core Length and 142.27 g/t Gold (Uncut) over 2.20m Core Length
SLV:GLD is near the end of its month-long consolidation so hang onto your juniors, especially silver juniors.
https://schrts.co/muASKQGG
Bull markets fight a wall of worry if they’re healthy and more so if they’re young. So don’t let those last minute top-callers in IPT fool you. They’re short-sighted at best. The daily silver chart still shows H&S top potential like IPT did on Friday but IPT has now shown the most likely path from here.
https://schrts.co/azFDtPQf