John Feneck: Gold, Silver and More — 9 Stocks I'm Bullish on for 2026

I'm Charlotte McLeod with InvestingNews.com and here today with me is John Fennec, Portfolio Manager and Consultant at Fennec Consulting. Thank you so much for being here. Always great to have you. Yeah, likewise, Charlotte. Thank you. Of course. And we have a lot to get into today, but where I wanted to start is with you have a couple of events coming up in 2026. So if you could tell us the details, anything we should know about those events. Sure. Thank you. So if you're an My first mining conference was just about six and a half years ago as an investor. I haven't been attending them for like 20 to 30 years, like some people think, and it was life changing for me. I went to Beaver Creek in Colorado, and that's just an amazing conference itself. And I met 30 CEOs in three days. I mean, I pretty much pushed it pretty hard at that altitude, but not recommend that. But I think that the U.S. market for conferences in our sector is not great. So like three years ago, I started this concept of doing Florida. And Rick Rule and I both do events probably 20 minutes for each other, but different times of the year. So we hit a lot of it's a great market. I mean, South Florida is just booming right now. And so we can draw a lot of people to something like that. We chose the four seasons three years ago because it was a brand new hotel and it's right on the ocean. So I mean, that event's going to be May 20th through the 22nd. Right before that, we're doing Washington, D.C., which is where I spent 25 years. So I think we're going to draw a lot of interesting investors to that because I have a lot of relationships with financial advisors and other financial professionals that generally won't go to a conference like in Canada, like PDAC or BRIC, but they'll get in a cab and go to a conference to check out some names as a favor to me or just the fact that they see gold ripping and they're curious as to how do I get access to these stocks, John? You always talked about this stuff at BlackRock or wherever. But now I'm really getting the memo like I need to start learning how to buy these equities. And it's, as you know, Charlotte, a very volatile sector. So you can't just throw darts in mining. You have to be more tactical about it. And so I think these events are going to be lights out for investors. I just interviewed someone on my channel, Fennec Commodities Report, and the CEO unsolicited was just saying, hey, we attended your conference at $0.19. We were doing a $0.15 raise and other stocks at $1.60. And coming out of that conference, he said, John, we got a lot of love from your investors and followers. And so it made me feel good. It's like we're trying to create a conference environment, Charlotte, where investors and companies can thrive. It's not just one or the other. Well, thank you for sharing. Nice to get that positive feedback. And we'll have the details on both events in the video description if people want to check them out. Let's get into talking about gold and silver. Usually we start with gold. Today, I thought it makes more sense to start with silver because there's so much exciting price activity. So silver, the last time we talked back in October, I believe we were looking forward to 2026 and you were having a 66 to 70 dollar range in mind for 2026. And since then, we've seen the price really take off. So I'm wondering how you're seeing this move in silver if you're starting to adjust your next year price expectations. Yeah, great point. Silver is our largest holding. I think on our last interview in the first week of November, it was probably 12, 12 and a half percent. Now it's like 16 percent. We haven't sold an ounce of physical silver. It's been hard not to sell because seeing these prices every day, I'm like, what the heck is happening? So it's like all coming to fruition. Right. And it's awesome to see this unfold. But my price targets, you know, I usually hand them out in January, so I can't really give you too much. But I can say that 66 to 70 was sort of the range that Don Durant, my YouTube partner, and I had said that was inflation adjusted 50 from 2011, 2012 rally. Right. So like if you looked at 50 in that time frame and applied today, today's pricing, that's what we were getting close to 70. Right. So that's what you're seeing in pricing right now. So we're not really surprised by that. What I am surprised about is that 50 broke like butter. I mean, 50 was like a major number out there since 1980. Right. So that was pretty awesome. And then we broke to 54-ish. We failed at 54, went right back to the 50 level, went back to 54 and broke down again. And then that third run at $54 an ounce was huge because if we failed there, you're in the 40s for sure. But we didn't fail and we broke out to the 60s now. And this is really exciting for silver investors because you're starting to see shortages at the exchanges. You're seeing smart people go on shows like yours and talk about the consumption in India, China, the big boys, the big countries are buying hand over fist right now and holding with both hands when they have that metal. Right. So like there's, as Dondre and I say, there's only a handful of like real silver producers out there that are pure or silver. Like a lot of them have morphed into gold companies. If you look at Pan American, for example, we've talked about that on your show in the 20s, it's trading at like $49 now, PAAS. That stock is about 20 to 25% silver, but it's in all the silver ETFs like as a major holding. It's really morphed into more of a gold company. So you really have to look in under the hood. It's still a great stock, but you have to look under the hood to understand like what you own. So you get the kind of performance you're looking for. Well, and we will get into the silver companies you're following. I have a follow-up question before we start doing that. So silver, we know it's known for being volatile, but even for silver, this movement we've seen recently seems pretty extreme. So when you look at that, what is that telling us about the market, about where we are in the cycle right now? Well, you've been kind enough to have me on your show for three or four years now. And for those years, silver has been our largest holding the entire time. I just kept adding to it. And it's getting a little crazy now at 16%, I have to say. But that's the beauty of not having to work for like the Black Rocks and JP Morgans anymore, where I'd have to probably pull that down to 5% or lower. Like a lot of portfolio managers that work for large ETFs and mutual funds have to do that. That's called like size, position size. And they have other restrictions, like they have to be invested 80% at all times. I don't like that. Sometimes I'm heavy cash in years like 2022, 2023, COVID. I'm not going to be fully invested in COVID. You have to respect that things were like crazy, get out of the way, and then reposition. But to answer your question, this has been a tremendous move in silver. Part of it is a catch-up trade, as I was alluding to, where gold has been trending in this 4100 to 4300 range now for weeks and weeks. And silver is just ripping higher. So that gold to silver ratio that we talked about is getting lower, right? Because the gold to silver ratio is a helpful tool for people to kind of assess where things are. It's an ounce of gold divided by an ounce of silver. So right now, it's come down substantially. Like earlier this year, it was at 100 plus, which we were writing people and saying through our real-time service, this is absolutely crazy. Something's going to break here. And we think that gold will simply trend and silver will break higher eventually. And that's what we're seeing right now. And again, just a small follow-up. So you mentioned silver. Did you say it's around 16% of your portfolio right now, and it's getting a little bit tough not to sell some of it? At what level would you feel, all right, I need to reduce the amount of silver? Yeah, sorry, it was 16, not 60. Yeah, that's our biggest holding. I let things run until I see a reason to think differently about it. And what we look for, Charlotte, is RSI. We've talked about that on your show many times. Relative Strength Index, when that gets to 80 plus, you have to start thinking about selling anything, in my opinion. Barrick got to 91 recently. We sold all our Barrick because it just ripped higher. I mean, it's not just like Barrick, but I still think they have to work out some issues. And the RSI is at 91. You're like, okay, it's time to go. And yes, we'll revisit that at lower prices. But the same goes for silver. We'll sell some at a reasonable price. And now that we're over 50, we think we're in a reasonable zone, right? But we wouldn't sell it, we didn't sell it, 30s, 40s, et cetera. Okay, I think that helps me understand your thinking there a little bit better. And let's get over to the silver companies. You mentioned that it's pretty tough to find really silver-focused companies. So any updates from the silver companies that you're following? Yeah, sure. So one that's more of a pure play is BlackRock Silver. That one is BKRRF in the States. BlackRock Silver has got 108 million ounces of silver equivalent that they've identified in Nevada, which is the number one jurisdiction globally. They're a silver development play. When you look at the landscape, Charlotte, for silver development plays in the US, this is like a top three idea for us in terms of undeveloped US silver assets. And then you combine that with the fact that the Trump administration is obviously being very supportive of all types of mining right now, right, since March. They're actually positioned to be maybe the only player in pure silver that can actually get the benefits of the Trump dollars, the fast tracking, the permitting. They're probably 18 months away from a construction type decision. And I think the market's just missing this. Stocks at $0.60 or $0.61 US right now as we record this. And it got to about $69.70 here earlier this year. So we see a move back to that level. I don't see why it wouldn't retest that level at some point here in the next few weeks or months if silver just maintains its price because they're very well positioned. And the dollar amount of what their silver is in the ground right now is like $1.70 to $1.80 an ounce, which again, we're at $60 plus silver. So unbelievably undervalued in my opinion. Another one that I just interviewed a couple of days ago and had a very small position in, but we added to is Exelon Resources. That one is EXNRF in the States and EXN in Canada. Haven't talked about this on your show before because I really didn't know that they had acquired this silver project in Peru. That's amazing. Why is it amazing? Well, previously they had two projects. One is a gold project in Idaho, really interesting, million ounces, great state, decent amount of ounces. And a smaller project in Germany that really doesn't get any love for that in their share price, in my opinion. This situation though, where they bought this from Buena Ventura, which is symbol BVN. BVN has been doing this in Peru for many, many years. So the largest silver player in Peru. So sometimes Charlotte, what happens as a company, when you get to that size that Buena Ventura is, you can't do everything, right? You have too many projects and you start saying, well, hey, maybe I'll sell this for X or partner up with someone to help us push that project forward because we just have a lot going on ourselves right now. And that's a really good opportunity when you're buying juniors because some of these juniors, like Sean, decent presenter, decent negotiator probably to get this for the price they did is pretty amazing. So Don Durant, my YouTube partner and I were interviewing him and we were both like, wow, this is a lot of upside potential because their project in Peru is a restart. This isn't starting from scratch. This would be a restart of the project as early as next year and a 43-101 report coming out imminently. So there's a lot to look forward to, I think, with that stock. And it's trading right now right on the cusp of a breakout. You're at 28 cents US, probably 30 to 31 US would be a breakup. Well, thank you for going into those ones. And the second one, I think that's interesting because people might look at a larger company getting rid of a project and think it's not very good. But as you said, maybe they just don't have the capacity to deal with it at that moment. So that's pretty interesting. Yeah, it happens. I mean, I've seen this over and over again. And those are always interesting opportunities if you can get it for the right price. Another one was Guanajuato Silver, GSVRF in the States and GSVR in Canada. I've mentioned them on your show at like 15, 20 cents. It's trading at 43 cents right now. That also is right on the cusp of breakout. I actually was doing some research on the chart today and it looks pretty constructive. They bought Bolanitos from Endeavor, which is symbol EXK. And again, EXK just, I think, made a bad decision to sell it as cheaply as they did. So Guanajuato hurt shareholders, not deliberately, but they hurt them through dilution earlier this year twice. That was painful. The first one I understood. The second one I didn't understand. I was like, wow, why are you doing two financings in a couple of months? Now we know why. They needed the money to buy Bolanitos. And believe it or not, the stock really responded well. That announcement was around 23, 24 cents US. And the stock is trading now, as I mentioned, at 43 cents US. So we're seeing a different environment, Charlotte, where if we were interviewing about that two years ago, I guarantee you that stock would be down. Because people would see that as, oh, here we go again. We're buying another project, we have to endure this. Now investors are like, OK, that's accretive to the overall picture at Guanajuato and it adds to their production profile. Definitely. I think we can see times are changing. So good to get all those thoughts on silver. And it is stealing the spotlight a little bit from gold right now. But we'll take a look at gold as well, of course. And gold is pretty interesting. I think since we last talked, it's been a little bit in a holding pattern. And what my impression is that people saw gold go way up in October and were expecting a bigger correction, a longer correction. And we haven't really gotten that. So what's your sense on where gold goes from here? Is it headed up? Is it headed down or more sideways? Yeah. So it's been consolidating or trending, if you will, at this 4000 to 4300 level. We need to see it break above 4400 as a big round number because it got almost to there earlier this year. But to me, it's not important that we do that this year or next month. It's going to happen next year. Every bank out there, with the exception of Citi, that matters. The big boys are all at 4500 plus for next year. So many of them, Charlotte, are not at 4500 by December of next year, but by June. So like halfway through the year, a lot of companies that are very well known, Morgan Stanley, JP Morgan, Goldman Sachs, a number of names at 4500 to 5000 announced by next year. So what does that imply? It implies a really nice move in the gold price. So I think if you have your gold, you're pretty excited right now because you've made a tremendous return over the last months or years and you're seeing potential more upside for next year. But the way we look at it is we have 51% of our portfolio in gold stocks, things that have exposure to gold because we want the leverage that exists in gold equities. And if you wonder why, take a look at GDX. GDX is the big cap ETF in gold mining. It's been around for a long time. It's got a lot of assets under management. GDX hit an all-time high this year and it busted through it. It wasn't like, oh, a dollar or two higher. It's like 20 points higher right now than it was ever before. That's telling you something as an investor. The juniors are going to catch up to the majors. The majors are in GDX and we own a lot of that. But you also have to have smaller names as well because that's where your potential really exists. As a value manager, we just think that the market just hasn't figured certain things out or that they don't have proper analyst coverage. There's a myriad of reasons why the stock is still trending. And that's your opportunity. Call the company like we do. Ask the tough questions. Ask about their public news. Ask for a game plan. Don and I ask for this literally every time we interview someone. What's the plan for the next year and a half to two years? Not three months. We want to see something in writing, hopefully. Tell us as an investor where we're headed because some of these juniors are totally disorganized and you have to avoid companies that in a hot market can't get their marketing together. That's just unacceptable. If you're not marketing right now as a gold or silver company, you are doing yourself a disservice. Yeah, yeah, I agree. And I guess without further ado, let's take a look at some of the gold companies that you are watching right now that you want to share updates on. Hopefully companies that are doing a good job right now. Yeah, sure. Geez, let's see. I'm trying to think of some names that I may have not mentioned on previous interviews. So let's see. Well, we can talk first about Mexico. That's a theme that you and I have talked about twice earlier this year since we last interviewed Silver Viper. No, sorry, Silver Tiger. Gosh, there's so many silver stocks. SLVTF, they got their permits. So open pit permitting in Mexico is now not alive and well, but it's happening. And so investors need to look at that and say, wow, okay, the stuff that John and Don were talking about for two years has actually started now. So then you have to look, what's the next kind of companies that are in line for permits, right? There's a bunch of them and I'm not going to spend too much time on a lot of them. But one that literally just announced the financing today is Sonoro Gold and that one is SMOFF in the States and SGO in Canada. These guys have done a really nice job. They bootstrapped the company in tough times, both the chairman and the CEO. And by bootstrapping, I mean, they literally put up millions of dollars of their own capital. This was like a risk a couple of years ago for them. Now it's way less risky because gold's where it is, but you didn't know that back then. And so I really like that about John and Ken is that they put their neck on the line when a lot of other people wouldn't have done that. And they have a loyal shareholder basis of results. So the negative is that they have a lot of shares out. But when you actually ask John and Ken, okay, how much do you guys own? How much does the board own? Where are some funds that own your stock and how much do they own? It's over 60% of the float. So it's a really big number that's tied up in what we call good hands, strong hands that are not selling here at 15 cents like this thing is going to move a lot higher if they get their permit. So because Silver Tiger now has got their permit, you start saying, okay, what part of Mexico are these guys at? Oh, the same exact state. It's like this state is really close to the Arizona border. If anyone wants to take a look, it's not like way down in a deep part of Mexico and a bad part of Mexico. This is actually a really interesting part of the country. So we look for opportunities like that, Charlotte, that are misunderstood and are just plugging along right now. But the upside there is they could be in production within, I think, 16 months producing gold at a very reasonable cost. Another name in gold that you could take a look at, this one is kind of not as interesting to me, but also cheap, right? So we look for both and inflection resources is the name. It's AUCUF in the States, AUCU in Canada. The reason I say it's interesting is that they have a JV partner that's funding most of their drill work and that partner is Anglo. So AU is a huge name in gold, top 10 name, and they're just funding all of this stuff. So the stock hasn't really done much, but if you look under the hood, they have a number of different targets that are pretty interesting. And I love the jurisdiction being in Australia. So that's one that a lot of investors seem to miss, but we're looking for those kinds of opportunities like Sonoro or inflection where the market hasn't figured it out yet, but they will. And lastly, Denarius. I just spent two days with the chairman out in Europe, just really doing a huge onsite deep dive on the stock. That one's called DNRSF in the States and DMET in Canada. Look, at 44 cents US, I don't know how this thing is trading here. It's easily worth more than this. And it's got a low risk profile in that they're already producing in Colombia. So Colombia is a challenging country for some, like Anglo hasn't been able to get many things done in the country for a decade. However, the chairman has been in this area for 20 years. So he's got relationships that run very deep. And that's what you need in mining sometimes, Charlotte. It's like those relationships help you get permitted or help you build a path to permitting faster. And that's where I think Denarius is being overlooked. But they have a backup project in Spain that is going into production in May of next year. So six months from now, you don't just have Colombia producing, you've got Spain producing gold. And it's just like a hot market having two nice projects and a little stock like that is pretty attractive. Well, always good to get some gold names to look into. And I forgot to say this earlier, but we will have all the names and tickers in the video description if people are wanting to look into them further. And just to go back to gold itself a little bit. So you mentioned all these big name banks, they're looking for a higher price in 2026, many people in the sector as well are looking for higher prices next year. What do you think will be the trigger that sets off gold's next leg higher? There's so many factors we've talked about many times that are in gold's corner right now. Is there anything specific you'd pull out? Or is it more the confluence of everything continued to drive it higher? Well, you know how I feel about the Fed. I think the Fed is always an important part of your decision making as an investor. And I know a lot of people disagree with me, but I can show you reason after reason why that is. I'll just give you an easy one. Go back and look at 2020. When the Fed cut rates by a percent on a Sunday, for those of you that gamble, we pushed our chips in that Monday. We were like, whoa, they just cut like four quarter points in one day on a weekend. When you see weird stuff like that, you go all in because it doesn't happen much in a lifetime, really. But what I thought was interesting about the December 10th Fed meeting was that we went in with an 87% probability of a rate cut. So that wasn't really a surprise. What was interesting was Powell's comments where he was starting off very hawkish, talking about the fact that a couple of members dissented, which usually doesn't happen. He also commented on the fact that we're only going to cut one time right now next year. According to the dot plot, that's not positive. We want to see more rate cuts than one. But if you remember earlier this year, a lot of people were calling for one or two, and we got three. So I think that one is not going to happen based on what I saw today with nonfarm payrolls. Nonfarm payrolls in the US are a joke. August 1st, the numbers were terrible. We revised down 258,000 jobs that day. September read was pretty anemic. And then today, we got the data for October and November today, December 16th, when we're recording this. And those numbers were pretty darn awful. October's numbers were down negative 105,000 jobs. Negative. How are you saying this is a strong US economy when you can't grow any jobs in a month? Give me a break. And you're seeing Amazon, UPS, major layoffs at big companies. These aren't little microcaps like we're talking about on your show here. This is the biggest retailer and the biggest shipping company telling you we're laying off 60,000 people at Christmas. What the heck is going on? So we think the Fed is going to be more accommodative than the average person thinks next year, which is, to answer your question, going to help gold. It's going to help silver. And then you add in the factor that Trump is going to name a successor. Do you really think he's going to put someone in office that's going to raise rates? I don't think so. No, no, I don't think so either. And one more point from this Fed meeting, one thing that I've heard people really pull out is so quantitative tightening is over, and now the Fed is doing something that many people are looking at as quantitative easing. It's not quite that, but it's kind of that. Any thoughts you would share on that note? I don't really think it's relevant right now in the sense that Powell is not going to have a voice in a few months. We really need to see who is going to take that role, whether it's Hassett or someone else, because that person is going to have the power then. And I guarantee you, Trump is going to stack the deck like he did with the Supreme Court. I just have a feeling, meaning that he will get other members below Hassett or whoever else and make sure that they're on board with this narrative of lower rates. I mean, I just think that that's what's happening. We can call it whatever we want, but it's a very, very positive thing for gold and silver and gold and silver equities. Yeah, yeah, absolutely. It'll be so interesting to see how it starts to pan out when we don't have Powell any longer. Just one more point on the U.S. Last time, we also spoke about what was going on in the stock market. And you mentioned S&P 500 has been able to hang on longer than a lot of people thought. So I'm curious, we have all these things going on in the economy that are not looking so good. We've got the strength and the precious metals. Are we getting closer to a breaking point in the broader stock market, do you think? Yeah, we're getting closer, but I have to say I've been wrong. I mean, Don Durant, both he and I have been wrong about this year. We thought by October, you'd see a sell-off and we haven't. The S&P, the chart looks strong. If you didn't look at the name of the chart, QQQ, the NASDAQ looks strong. Everything looks good. But then you have to look under the hood as to why those ETFs are trading so well. And the majority of the gains have come from one area, tech and AI. This is a fact. Go look at NVIDIA as an investor, NVDA. This is the largest stock in the world. This is a powerful, powerful company. Look at that chart. I just looked at it today. It's trading between 176 and 177 as we record this. If this thing breaks above 181.80, it's a good thing for NVIDIA and that's probably going to send it higher because that's major resistance. But it's a very big resistance level. You'd have to break through there and close there a few times to get me excited about buying more NVIDIA. It has a higher probability, I think, of breaking down in Q1 because it's been figuring itself out here over the last few weeks and months. It's not ripping higher like it was. And we call that resistance in the technical world. When you hit a major resistance level, there's no bell ringing in the background to tell you. You have to watch this stuff closely. And when it breaks lower, it's not just NVIDIA breaking lower, it's the whole AI sector coming with it, in our opinion. So technology, AI, huge part of the S&P and ASIC right now. And that's the real risk to the average investor out there. Yeah, yeah. That's another one. We'll have to watch and see how that develops. Before I let you go, there are all fun parts of the interview, but this one is always extra fun, the special situations, because I never really know which companies you might bring up here. So what do you have that you're watching in that arena? Yeah, sure. I'll give you two. I have a background in energy as well. And I have only a few holdings in energy, but one is Angkor Resources. It's an oil and gas play predominantly, but they also explore for gold and copper. So I like that it has a two-pronged approach to metals and oil. That ticker is ANKOF in the States and ANK in Canada. They just announced this week that they're divesting of a unit that's going to bring in $4.8 million. And the market cap of the company is like $36 million. So you see news like this, and you're like, man, that's positive. And then they announced two things. One is they're going to deploy that capital into focus on oil production in Cambodia. They got a 30-year lease in Cambodia. Go back and look at the March news. It's a 30-year lease. That's the first bullet point of the highlights of their press release. And it's like, again, not everyone has time to look at this stuff. But we looked at that and said, man, back in March, this is going to crank because if they hit in Cambodia, they don't have any competition. They could really make a move as a really small stock here. And now in that same press release this week, they talked about their gold. And they really haven't talked much about that in months. So with gold at all-time highs, oil not doing very well, kind of a deep value play, you kind of have an interesting combination there in that stock. And I'll mention the CEO and the lead GO are amazing. They buy in the open market all the time, and they own a ton of the company. So when you look at the float, it's like 40% plus owned by the CEO, the GO, the board, and strong insiders, which we love. The next one would be Power Metallic. I've mentioned the SaveCanadianMining.com on your show before, Charlotte. And Eric Sprott and myself and Terry, the CEO of Power, are all very committed to exposing naked short sellers and weird stuff that happens in our sector. There's a lot of weird stuff. Go look at a chart of PNPNF as an investor coming out of this interview. You'll see some more weird stuff. The chart is in serious decline. And when I talked to Terry about this a few days ago, he said, John, I just bought 300,000 more shares. This was last Wednesday, December 10th. And I'm like, wow, okay. So you're buying in the open market alongside us as investors. That's really positive. I love seeing CEOs step up like that. But just like Anchor Resources, Power Metallic has a ton of strong hands in the stock. So when you look at Terry and about five key investors, it's maybe like 15% to 20% of the float. Then you've got Rob McEwan, who is a billionaire. He's invested three times in the company in the last couple of years. Robert Friedland came into the stock last year, who's a major player in the sector, another billionaire, who is the founder of Ivanhoe. I mean, when you have shareholders like this that are loyal, there's going to come a time when investors will just wake up to your story. And that's where I think Power Metallic is. They're approaching support on the chart. So it's been a tough couple of months, and Terry would say that. But you have to always look as an investor at what's the upside longer term. This thing's getting super cheap. It's under a 35 RSI right now. When you get to 30 on the RSI metric, it's almost always a buy in a strong market. So we really like that stock as well. Okay, well, thank you for sharing. And those are some really big names that I'm sure everybody will recognize. Before I let you go, I'm trying to ask this question to everyone I'm speaking to in December. If we look forward to 2026, do you have a pick for top performing asset of the year? Doesn't have to be a commodity, but it can be just what are you thinking? Oh, boy. Oh, that's tough. That's a good question. I think the dynamic with the Russia-Ukraine war resolving, which has not happened yet, but is getting closer, could bring in some interesting returns for investors, not only in the commodities that Russia dominates, which by the way, are nickel, platinum, and palladium, but the stocks that go out there to find this stuff, one of which is Power Metallic, PNPNF that I just mentioned. But another one is like Stillwater, PGEZF, which you've mentioned on your show a couple of times. These stocks are super cheap. Why are they so cheap? Go back and look at a five-year chart of either of those, when the Russia conflict started, it was February of 2022. We're approaching the four-year anniversary of that. That's a long suffering time for stocks like Power Metallic and Stillwater. They're underwater, not because of Mike or Terry's underperformance, it's because the metals that they're going out there to explore for and develop have been underwater because Russia is funding their war effort by selling this stuff to the Chinese. It's all connected. You have to really do your homework as to understanding why is my stock underperforming? Sometimes there's a good reason, and that's part of the reason in these stocks. I think that whole situation is a really interesting one to look for for investors next year. Yeah, that's a really good one. It is all connected. You can see it as you connect it to the companies and everything. Well, we can leave it there for now, unless you had any final thoughts. Just to say that I really appreciate everyone's following. Over the years, we're coming up on our 10-year anniversary of our portfolio, and I've got a lot of gray hairs as a result of that. We're getting close to the finish line on our 10-year number, which we're really proud of. I really appreciate all your listeners checking us out on your show and all the work that you do, Charlotte. Amazing. Well, thank you so much. As I said before, we'll have all the links to companies, the conferences coming up in the video description. Everybody can check them out. Thank you so much for coming on, and we will see you again in 2026. Sounds great. Thank you. Of course. Once again, I'm Charlotte McLeod with InvestingNews.com, and this is John Fenneck. you