John Feneck — research hub

John Feneck · portfolio manager and consultant at Feneck Consulting Group (Arizona), in asset management since 1992 and formerly on Sprott's precious-metals team. He runs concentrated, relationship-driven positions in resource equities — gold and silver miners, and increasingly the critical minerals (tungsten, antimony, PGMs) that have no ETF and no futures market.

Sections: stock index · overall thesis · the product · transcripts. Last updated 2026-SEP-02.

Stock & name index

▲ Positive

Ticker	Name	Current thesis	Research	Seen in	Total $k
AEM	Agnico Eagle Mines	The second large-cap producer he owns directly, paired with Newmont as the operators that have "consistently been a leader over the years".	QT · SA · STK · FA	2026-SEP-02	20
DNRSF	Denarius Metals (OTCQX: DNRSF · Canada: DME)	Over-2% position: an unhedged, aggressively acquisitive Latin-America miner run by Serafino Iacono with Giustra and Friedland alongside — buy the future revenues, not the current ones.	QT · SA	2026-SEP-02	—
GDX	VanEck Gold Miners ETF	Core "hub" holding — he called the bottom at $70 and it was 97–98 by 2026-SEP-02; owns the sector rather than betting on which large-cap executes.	SA · STK	2026-SEP-02	—
GDXJ	VanEck Junior Gold Miners ETF	The junior half of the ETF hub, bought for leverage to a gold bull market and the route by which he holds names (like AG) he won't buy outright on valuation.	SA · STK	2026-SEP-02	—
GMTL	Guardian Metal Resources (NYSE: GMTL, formerly OTC GMTLF)	One of the biggest home runs of his career, held since 2023: Nevada tungsten with a June-30 PFS showing sub-one-year payback, now uplisted from OTC to the NYSE for institutional access.	QT · SA · STK · FA	2026-SEP-02	—
GO	Gold Group (post GoldMining / Gold Resource merger; NYSE American: GO)	Over-2% position bought into an artificial dislocation — a Russell 2000 add-then-delete around the GoldMining/Gold Resource merger cratered the stock 50% in two weeks with nothing changed underground.	QT · SA · STK · FA	2026-SEP-02	—
KAZR	Skyline Builders Group (Nasdaq: KAZR) — 70% owner of Cass Resources (tungsten)	The tungsten development story — Nasdaq shell Skyline Builders owns ~70% of Cass Resources, with $1.6bn committed by US EXIM and the DRC against $1.1bn capex and a $100–150/ton cash cost vs $2,800+ tungsten.	QT · SA · STK · FA	2026-SEP-02	—
NEM	Newmont Corporation	Owned outright as one of the two consistently well-run large caps; record $2.2bn quarterly free cash flow, and a prime recipient of the rotation out of AI into value.	QT · SA · STK · FA	2026-SEP-02	3.4
PGEZF	Stillwater Critical Minerals (OTCQB: PGEZF · TSXV: PGE)	A 29-cent Montana polymetallic junior with more rhodium than any US junior he can find; the MRE landed "lights out" and the spike fully retraced on macro headlines, not on the result.	QT · SA	2026-SEP-02	—
PNPNF	Power Metallic Mines (OTC: PNPNF · TSXV: PNPN)	His hottest copper play — 10–14% copper hits, an MRE coming, and a share register with 17 billionaires in it who won't sell into a bad print.	QT · SA	2026-SEP-02	—
TIGCF	Triumph Gold Corp. (OTC: TIGCF · TSXV: TIG)	A spec silver bet with a floor — a Utah silver project drilling this fall sits on top of 2Moz of Canadian gold plus tungsten and antimony at surface, so there are multiple ways to win.	QT · SA	2026-SEP-02	—
WSRIF	Western Star Resources (OTC: WSRIF · Canada: WSR)	The explorer leg of the tungsten book: over 4% tungsten in surface samples at the new Nevada Roland project (global average nearer 3%), a hard-charging CEO, and a rig moving to New Mexico.	QT · SA	2026-SEP-02	—

► Neutral / referenced

Ticker	Name	Current thesis	Research	Seen in	Total $k
AG	First Majestic Silver	Rates Keith Neumeyer and one of the few near-pure silver producers, but owns it only through GDX/GDXJ — the valuation loses to other things he sees.	QT · SA · STK · FA	2026-SEP-02	16
B	Barrick Mining (NYSE: B, formerly GOLD)	Not owned — "Barrick is executing worse" on the same gold price as Newmont, though cheap on the long-term chart and held indirectly as GDX's third weight.	QT · SA · STK · FA	2026-SEP-02	—

▼ Negative

Ticker	Name	Current thesis	Research	Seen in	Total $k
ANV	Allied Nevada Gold (delisted; predecessor of Hycroft Mining)	The worst stock he ever owned and the source of his two-strike honesty rule; he never again bought anything that CEO, IR person or board touched — including Hycroft, the successor to the same asset.	— · FA	2026-SEP-02	—

Overall thesis

In one line: A concentrated, relationship-driven resource-equity book run hub and spoke — the hub a huge silver position plus GDX and GDXJ, the spokes three buckets of critical minerals, gold equities and silver equities — where the biggest single conviction is that tungsten has no ETF and no futures market, so the only way to own it is the equities, now 17%+ of the portfolio.

Bull framework, intact. He called the bottom in gold equities in mid-August and has not retracted it through the Iran escalation: gold "held 3,900 like a champ", silver tested but never broke 50, and the Fed/war selling is temporary. A double test of 3,900 would not surprise him; a break to the downside would change the view.
Hub and spoke sizing. Core ETF holdings anchor the book and juniors are "sprinkled in" around them. Two questions decide the weight: conviction in the name, and whether he has any relationship with the company. No relationship caps the position — and triggers a sell of half or all at +100%.
Management first, always. His junior checklist is people → project → share structure and jurisdiction (tied third), an ordering he concedes is unusual. Behind it is a two-strike honesty rule: lied to twice and he never touches any company that person is involved with again, learned the hard way on Allied Nevada (ANV).
Tungsten is the headline. Three 2026 Zoom calls with the US government's SAFE division put the deficit at a year and a half to two years; the price has gone from $920 to over $2,800 a ton and is not giving it back. He owns the theme across three stages — GMTL (near-term producer), KAZR (developer, $1.6bn funded against $1.1bn capex) and WSRIF (explorer).
Silver is the largest single exposure, and it is priced. 18% of the book at end-December, trimmed ~20% between $100 and $120, now 11–12%, with a cost basis under $17/oz and a stated re-entry at $50–55. He will not chase a metal he has followed for years.
Large caps: own the good operators, or own the index. NEM and AEM outright as the consistent performers; B not owned — "Barrick is executing worse" — though cheap on the long chart and held indirectly inside GDX.
Buy artificial dislocations. Index reconstitutions, forced selling and merger mechanics that crater a price with nothing changed underground are his highest-conviction entries — the Russell 2000 add-then-delete that halved GO in two weeks being the worked example.
The macro that gets money into the sector. Only 0.1% of global investable capital sits in resources; he expects a rotation out of AI/tech/momentum into value between now and March, and a 15–20% drawdown in the S&P by Q1 2027. He also reads the Fed as constrained by a weak labour market rather than by inflation alone.

The product — Feneck Consulting Group

What it is: a subscription research and consulting business run by John Feneck out of Arizona, focused on resource equities. He and his team manage money against two published tracks — a retail account and a private account — and publish the results on a performance tab at feneckconsulting.com, which he invites listeners to check against anyone else in the industry. Around it sit a paid show on which he brings company CEOs on to explain events, and a conference business he started "begrudgingly about three years ago".

Grounded only in what he says on 2026-SEP-02 — this is the first appearance archived here, so the picture is necessarily partial and will be revised as more are processed.

Offering	What it is	How he runs it	Seen in the index
Managed accounts (retail & private)	Two distinct tracks with separately reported returns — "we were up 153% in our retail account, over 350% in our private account" in 2025.	Concentrated and unequally weighted by design: "I don't like equal weighting. I like taking bets." Positions are disclosed on air by size when he discusses them.	DNRSF and GO each >2%; silver + GDX + GDXJ the "hub"; tungsten equities 17%+
The performance tab	A public track record on feneckconsulting.com, offered as the reason to listen at all.	"Look at my track record on feneckconsulting.com and go to the performance tab. Put it up against anyone else in the industry." He pairs it with the admission that he is "still learning… I still have been wrong all year and last year."	—
The show (CEO interviews)	His own programme, used to put management on the record when something happens to a holding.	After the Russell 2000 deletion halved the stock, "we brought CEO Reyes on our show and just had him explain what happened."	GO
The conference business	Events he began running about three years ago, plus speaking engagements at the industry's own conferences.	He speaks at Beaver Creek (his opening topic: honesty) and attended PDAC. A Washington DC event in May put a US-government SAFE-division speaker on his stage — which is how the three 2026 tungsten Zooms began.	GMTL, KAZR, WSRIF (the tungsten book)
Direct CEO access as research	Not a saleable product but the input the rest depends on — repeated phone contact with the management of every large position.	"We've talked to these CEOs 30 or 40 times. This is a relationship." He cold-called the Stillwater CEO with no prior connection; the relationship is why he holds through drawdowns.	PGEZF, PNPNF, DNRSF, KAZR

How it serves retail investors:

A published, checkable record. Two separately reported account tracks and a performance tab he points at unprompted — rare in a sector full of unaudited claims.
Method taught alongside the names. The interview is more process than pitch: the checklist, the sizing rule, the two-strike rule and the leverage diagnostic are all stated so they can be rerun by someone who cannot phone a CEO.
Risk framing first. He leads the sizing discussion with "if you can't afford to do something, don't do it… you can't live on margin and cross your fingers", and repeatedly defers to the listener's own financial and tax advisor.
Access converted into disclosure. CEOs he talks to 30 or 40 times end up on his show explaining events to subscribers — the access is the product as much as the picks are.

Transcripts

One dated page per appearance — each has its stock table, talking points, and the saved transcript. Newest first.

Date	Title / analysis page	Show	Link	Transcript	Actionable insights
2026-SEP-02	No ETF, No Futures Market: Why 17% Of His Money Is In This Metal	Kitco NEWS	▶ YouTube	transcript	insights

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