Post-VRIC Update, 2026
I went to VRIC on Monday afternoon. I don’t have much uninvested cash right now and I’m not looking to sell any of my core holdings, so I wasn’t scouring the booths for new potential positions. Still, I spoke to a few companies. Here are the updates based on my recollection.
Disclaimer: This post contains forward-looking statements. These statements are based on my memory and rough notes, and as such, they may not accurately represent information about the relevant companies or the views of the interviewees. This content is provided for informational purposes only and is not intended as investment advice.
Enduro Metals – ENDR.V (no position)
Some background notes I had going into the conference:
- Golden Triangle Cu-Au porphyry explorer
- Renowned investor Alejandro Gubbins-Cox is an insider (10%)
- Merged with Commander Resources in May, 2025
- Did rollback (1:10) in Dec, 2024
- MCAP: 17M, Shares out (Non-F/D): 76M
Spoke with President Will Slack, who gave me some background. As Crystal Lake mining (under a previous management team), they made a porphyry discovery in 2021 called Burgundy. Results included intercepts like 330m of 0.7% CuEq. The mountainous location is challenging, at 6,000 ft, which is why it’s not the focus now.
Newmont Lake is the claim package they’re working currently. They’re preparing for a 3,000-meter maiden drill program in the summer on their Andrei Cu Au porphyry target, which is at a lower elevation (from 590m at the foot of the ridge).
Cash in bank: $1M.
They will need to raise about $4-5 million for the drill program. For catalysts in the interim, Seabridge Gold will put out their resource soon (on its North Snip target I assume), which is on Enduro’s border. This could bring some attention to Enduro.
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I like Cu-AU porphyry plays. The continuity of the mineralization appeals to me. With a 17M market cap, this could be a company to punt on. I’ve also been following Kingfisher for several years now, still from a distance, which is another Golden Triangle porphyry player with nearby land and a rollback done in 2024.
Surge Copper (SURG.V) (no position)
Some of my existing notes:
- Fav on Mintwit; People speak highly of CEO, Leif Nilsson.
- Two assets: Oosta & Berg. Berg was optioned from Centerra
- The North Coast Transmission Line (NCTL), which will benefit FPX Nickel, my largest holding, will also benefit Surge
- Nearly Huckleberry mine, owned by Imperial Metals, has historically had opposition from First Nation(s)
I spoke with Leif about the Berg deposit, which is at PFS stage. We spoke about the similarities with Berg and FPX Nickel’s Baptiste deposit (another bulk-tonnage play in central BC). FPX has just entered the Environmental Assessment (EA) while Surge hopes to enter in June. Berg is situated on a territory of three core First Nations that will need to provide social license.
I asked about government funding, since FPX has received funding provincially and federally, in addition to being designated BC’s first Critical Minerals Office (CMO) project. Leif responded that they had not received government funding and that it wasn’t a focus, noting that having government take a stake in your project has downsides as well. He’d prefer to keep the project within their hands.
Re: Smelting – no smelter will be needed; feed is trucked to the coast and shipped to Asia.
Cash in bank: $6M
Main risks to the project: Speaking generally, he said that technical challenges are always significant for projects like this, though he said the project has no novel tech required. Secondly, he spoke of social license and permitting also being hurdles to overcome, but again, he was speaking generally and not out of a specific concern for Berg.
The stock has recently jumped from .25c in October, when I began considering a stake, to .55c. I may look more closely at Surge if some cash frees up, but until then, I’m happy with holding FPX only. (Sitting through the Lassonde curve and following First Nations negotiations isn’t really that exciting.)
Regulus Resources (I have a position)
700 MCAP with 125M shares outstanding (non-fully diluted)
This has been a great stock for me, which I’ve owned since March 2024 (see original post.)
Regulus has been ripping higher on the hope that a sale is coming soon. Good things happening for the project:
- M&A starting for those watching the space
- Copper hitting $6. Anything about $5 is great for the economics of Regulus.
- Large companies are full of cash.
- Regulus market cap is now up to 700M
The market is waiting for the release of a consolidated resource estimate that includes ore from Coimolache’s Tantahuatay side + Regulus’s Antikori side of the deposit in Peru. (Complicating matters, the Coimolache mine is owned by three entities: Southern Copper, Bueno Ventura, and Espro.)
It sounded unlikely that the consolidated resource would be released to the public. Also, it wasn’t clear to me whether it is complete or still in progress. I didn’t push on this. Regardless, its benefits include the following:
- helping each party quantify what it has
- allowing them to find the center of gravity on the deposit
- providing vital data for interested parties (e.g., potential acquirers) who have signed confidentiality agreements
If the company decides to pursue a PEA, that would be the only public indication to the market that the MRE is complete. The indication I got from John is that a PEA would not likely be necessary.
As a satisfied investor, I was happy to continue to let them operate and have faith. I hope for an acquisition within the next year.
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The highlight of the conference might have been seeing 80-year-old silverbugs actually happy. It’s nice to see them get their day in the sun. Hope they enjoy it and save some cash for their grandkids.
MB
Disclaimer: This content is for informational purposes only and should not be construed as financial advice. The views expressed are those of the author, who is not liable for any losses or damages arising from any actions taken based on the information provided in this blog. Investing and trading involve risk; you are solely responsible for your decisions.