In short: The silver junior he is "most interested in right now" — explicitly framed as a speculative bet with a floor under it. Two million ounces of gold in Canada with tungsten and antimony "literally at surface", plus a Utah silver project bought "for a song" last year that starts drilling this fall, 60–70 miles from an established camp. "It's a spec bet at this point on their silver, but they have very established critical minerals and gold. So, we like investing in companies like that that have multiple ways to win."
Triumph Gold is the silver-focused junior he is most interested in right now — but he is explicit that the silver part is a gamble, and equally explicit about why that gamble is acceptable.
The company already owns two million ounces of gold in Canada, with tungsten and antimony sitting literally at surface (surface mineralisation is cheap to test and cheap to mine relative to a deposit hundreds of metres down). That existing asset base is the floor. On top of it, they bought a Utah silver project "for a song" last year and start drilling it this fall, 60–70 miles from an established mining camp — so the open question is whether the same geological trend runs through their ground.
"It's a spec bet at this point on their silver, but they have very established critical minerals and gold. So, we like investing in companies like that that have multiple ways to win." That structure — a free option on a new discovery attached to assets that already have value — is the shape he is describing more generally.
31:28I don't own it outright right now just because of the valuation versus other things that I'm seeing. But I've known Keith since 2008 and he's done a great job and obviously comes on your show a lot. And on the silver side for juniors, the one that I'm most interested in right now is one that's going to start drilling in Utah which is called Triumph Gold.
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