Erik Wetterling – PDAC Review – Value Proposition In Cabral Gold, Sonoro Gold, and Cerro de Pasco

Mar 12, 2026

Erik Wetterling, founder of The Hedgeless Horseman and mining analyst, walks through PDAC takeaways and investor sentiment. He breaks down company newsflow timing and market reactions. He highlights Cabral Gold’s permitting milestone, Sonoro Gold’s updated PEA/MRE and low‑capex profile, and Cerro de Pasco’s DFC-linked tailings funding and strategic metal credits.

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INSIGHT

PDAC Showed Interest But Cautious Sentiment

PDAC attendance was high but sentiment remains cautious, described as "climbing a wall of worry".
Erik noticed record or strong attendance yet investors remain wary due to recent geopolitical volatility and mixed convictions about a sustained bull market.

INSIGHT

Higher Metals Prices Brought A Wave Of New Juniors

Many new juniors and spun-out assets have appeared as metal prices rose, creating a dilutive supply of companies.
Erik observed lots of projects resurfacing because higher gold/silver prices make previously dormant assets attractive despite limited capital for all of them.

INSIGHT

Financings Arrived Too Late For Big Winter Programs

Newsflow into PDAC was mixed; many northern juniors couldn't stage big programs due to winter timing.
Erik linked recent large financings to a timing mismatch where capital arrived too late to produce major pre-PDAC drill results.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the key takeaways he got from attending the recent PDAC conference in terms of attendance, investor sentiment, reaction to company newsflow before and during the event, and conversations with other investors and management teams.

In addition, he reviews the value proposition that has his attention in the corporate news and strategies from 3 advanced gold and silver developers looking to go into the 2nd wave of the Lassonde Curve on the pathway to production in the next 1-2 years

>> The companies we discussed in the interview are:

Cabral Gold Inc. (TSXV: CBR) (OTCQX: CBGZF) – On March 10, 2026, the Company announced that the Environmental Council (COEMA) for the state of Pará has issued the Licença Prévia ("LP") for the Full Mining License at Cuiú Cuiú Gold District, Brazil.

Sonoro Gold Corp. (TSXV: SGO) (OTCQB: SMOFF) (FRA: 23SP) – On Feb. 28, 2026 the Company announced the results of an independent updated Mineral Resource Estimate (“MRE”) and updated Preliminary Economic Assessment (“PEA”) on the Company’s Cerro Caliche gold project located in Sonora State, Mexico. The PEA demonstrates the potential viability for a ten-year life of mine (“LOM”), open pit, heap leach mining operation with an initial one-year ramp up production rate of 12,000 tonnes per day (“tpd”) and an increase to 16,000 tpd for the remaining LOM.

Cerro de Pasco Resources Inc. (TSXV: CDPR) (OTCQB: GPPRF) – On March 02, 2026 they announced entering into a Project Development Funding Agreement with the U.S. International Development Finance Corporation (“DFC”), the development finance institution of the United States Government. Under the Agreement, DFC will provide up to US$5 million in milestone-based project development funding to support defined project development activities for the Quiulacocha Tailings Reprocessing Project in Peru. In addition, the Agreement states that DFC is considering the possibility of providing up to US$300 million in long term direct loan financing to support construction of the Project.

* 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

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