Speaker 1: I'll be honest with you, I was a little nervous.
I was a little nervous because, you know, we were
setting the bar so high with the results we were
coming out with, and you want to you know, you
want to be increasing and increasing and increasing, and I thought,
how do we do this? And the results that we
put out yesterday, we're getting one ounce gold over twelve
thirteen meters, We're getting thirty meters of you know, a
third of an ounce. You know, it's it's just incredible numbers.
Speaker 2: The Financial Survival Network now more than network, the Financial
Survival Network.
Speaker 3: And welcome. This is Financial Survival Network. I am your host,
Kerrie Lutz. Major sponsor update from Sean kuon Kuhn, CEO
of Dolly Morden Silver. I mean, Sean, you've got you've
been like on a high for months here with these
drill results.
Speaker 1: Harry's it actually feels like four years really. You know,
it was in year one I thought, wow, fantastic, and
then there was this expectation to try to live up
to the first year's results. And then it was like
it was almost relief when year two's results were really good.
And then by year three, I thought, oh, there's no
way we can keep up on this trajectory. And we did,
and then and then this year, like you know, it
started in June, and I want to take you back
to the DROLL program. There was three.
Speaker 2: Goals of the DROLL program.
Speaker 1: Goal number one was to try to find new veins
outside of the resource right, and when we came out
of the gate, I thought, oh wow, here we are again.
You know, right in the beginning endings of the DROLL program,
we were having success. We came up with big numbers
at the Moose Vein, at the Chance Vein. So what
we were showing there Carrie is still he's got this
rich history, you know, rich production, richest silver mining in
the British Empire, Canada's third largest silver producer. And we
were really trying to show that this project could expand
into new discoveries. And that's what the June drill results
were all about. So I thought fantastic. And then when
we went into this wolf deposit, this is where we
used the directional drilling, and we were it looks like
this deposits getting wider, it's swelling as we get deeper,
and the grades are doubling. You know, we're seeing those
three four hundred grand per ten silver grades go to
five six even a kilo a kilo silver over ten meters,
So you know, we were hitting the new veins. We
were expanding Wolf and then Homesteak, and I, uh, I'll
be honest with you, I was a little nervous. I
was a little nervous because you know, again you know,
we were setting the buy so saying the bar so
high with the results we are coming out with, and
you want to keep you know, you want to be
increasing and increasing and increasing, And I thought, how do
we do this? And then boom the numbers that we
had exceeded my expectations. This is starting to run remind
me of New months Bruce jack Mine. You know, they're
percing three hundred thousand ounces of ten gram gold material
just north of our property. And the results that we
put out yesterday, we're getting one ounce gold over twelve
thirteen meters. We're getting thirty meters of you know, a
third of an ounce. You know, it's just incredible numbers.
And we've really identified now this super high grade corridor
of both silver and now silver gold and gold mineralization.
Speaker 3: So going back to home mistake that was an acquisition
that you did several years ago. And at the time,
you know, the market was in the doll drums. The
price of gold hadn't broken out yet, the price of
silver hadn't and yet there was still synergy there and
the share price held up even after the acquisition, which
showed the market was confident. So obviously you never know
till you drill there. But it's turning out that this
acquisition kind of a master stroke.
Speaker 1: Well, it's interesting. When I first got into Dolly, and
this is before I signed up a CEO, I actually
called the chairman of what was then called Orn Resources,
which is now called Fury Gold Mines, and I called
Ivan Bebick, who's now subsequently come on as an advisor
to Dolly, and I said, Ivan, you know, is there
a deal to be done here? Like you know, I
was an outsider look in at this this area in
northwest BC, and I was looking at this area, looking
at Bruce Jack sk Creek and Premier and I thought,
this Dolly of Arden, it looks like it could be
the next big one in the Golden Triangle. And I thought, well,
we don't even need to find it. It's already there.
We just need to put it together. We need to
marry it together with this homestake deposit. So I called
up Ivan, and it was October twenty nineteen, and I said, Ivan,
is there a deal to do here? And he goes, yeah,
there is. And it took us some time, and it
took us, you know, some negotiating. It actually carry it
took two years. It took two years for us to
get to know each other and to kurt, you know,
advance our businesses, and then we consummated the deal. I
want to say it was. We announced it December of
twenty twenty one. We completed it in the spring of
twenty twenty two. And I'm very conservative, So the approach
I took was, what if it's not there? Because these
are resource estimates, right, these are proven, improbable reserves that
you're mining. These are resource estimates. So I said to myself,
let's assume only twenty five percent of it's there. And
using that assumption, it was still wildly synergistic. And so
here we are a couple of years later, and today
I now have the confidence because of the drilling that
we've done. We now have the confidence that we believe
that both the grade and the continuity is there, and
the grades we think were understated. We think, and you
look at some of the results that we put up
from Homestake, they've been spectacular. The best drill results that
have come out of the Golden Triangle in twenty twenty
two and twenty twenty three have been Dolly Varden. And
if you look at the results that were posted in
the first half of twenty twenty four, Dolly Vard. So
three years in a row, Dolly Varden has reigned supreme
in the Golden Triangle. And it's why the share price
for the investors who got behind me on day one,
it's why they're up seven hundred percent despite the fact
that the majority of the last five years, four and
a half years, the majority that we've spent in a
bear market. Up until April of this year, you know,
silver was sub twenty five dollars.
Speaker 3: Right and now it hit thirty five. Gold just last
week hit twenty eight hundred and the economics and I
got to believe the outside interest in what you're doing
has got to be through the roof.
Speaker 1: Well, listen, it's I can't you know, comment too much
on what's happening in the m and A space. But
what I can say is I'll cite some other deals
that are happening, you know, whether it's silver quests being acquired,
Gatto's being acquired. You know, Carrie, there's only thirteen producing
silver companies that make up the industry, and those thirteen
companies are only valued at thirty seven billion dollars. And
you know, you look at the interest that's accumulating on
US debt every day, in thirteen days, it's the equivalent
to the entire silver mining industry. Every thirteen days, the
interest on the debt surpasses the silver mining industry. So
when people say, Sean, where do you think at price
of silver's going, Well, I'll answer that question when you
guys stop printing, right.
Speaker 3: Sure, the sure likelihood of that happening. I wonder if
in our lifetimes that'll ever occur. But story for another day. So,
now you found everything you were hoping for and more
in homestake, what do you do for the upcoming drill program?
Speaker 1: So we have a water result still to publish from
the drilling we've completed. So we completed about thirty two
thousand meters a drilling, and about half of those meters
went into the silver Rich all east side of the
project and then the other half went into the silver
gold Rich homestake part of the project. And so we
still have a lot and used to come out number one,
number two with Carrie thirty four million in the bank.
You know, we're in a position. We're armed with next
year's budget already in place, and I think that one
of the reasons the stock is done pretty good this year. Right,
it's twice the price it was in January. One of
the reasons for that is when positive things occur, when
those big discoveries come out of torbrit Or Wolf or
regionally or Homesteak, there's only one way for an investor
to get exposure to this name. We're not doing a
private placement, We're not doing a financing. You got to
come into the open market. And so, armed with thirty
four million in the bank, with drill results pending, with
next year's program fully funded, it's continued growth at dolly
Vart And I was doing an investor call this morning
and the investor asked me, Sean, when do you going
into production? And I said, with all due respect, that's
the wrong question. You know, ask me what my strategy is.
Ask me what my vision is for the company, and
it's it's been what it was a number of years
ago when I started, which is, how big can we
get this resource? You know, a resource that was valued
at pennies announced on the ground five years ago, that's
now being valued at dollars announced on the ground today.
How many hundreds of millions of ounces of silver can
we calculate against that in situ or enterprise value pronounce
on the ground. And today, you know, the market's giving
us about a four hundred million dollar valuation Canadian It's
that's twenty times higher from where we started. So that
strategy has paid. It's paid to drill, it's paid to
acquire an unloved, underappreciated metal that's now starting to get
some real price discovery.
Speaker 3: Yeah. Well, you know they say in the market, every
dog has its day. Not that I would ever view
silver as a dog, but obviously the market did for many,
many years. But when I bought my first ounce of
silver back in nineteen ninety nine, I think I paid
somewhere around five or six dollars. Now it's thirty five,
and really resistance kind of gone mid thirties, you know,
thirty two thirty three is support for sure. And then
we're not even talking about gold. So you know that
the name Dolly Varden silver doesn't really tell the full
story anymore.
Speaker 1: No, you're right, and listen, like I go back, I
look at where silver was one hundred years ago, and
you know, sent of the demand for silver was jewelry
or investment. You know today that that industrial side of
silver makes up about fifty five percent of the market.
So you know, I think silver in this environment where
you've got you know, the FED easing, you've got China
stimulating both the investment and growth side of silver's being.
You know that it's a two headed monster. It's it's money,
but it's also you know, a there is no substitute
for it. It's there's no substitute for it in solar.
You know, it's got a big component in evs. And
you know, the reality is, Carrie, we're not mining more
of the stuff. You know, we're we're we're losing two
percent a year on the production side, and we've lost
about fifty percent compared to where we were a decade
to go. So sober production is dropping off. We're down
to only producing eight hundred million ounces a year as
an industry, and we're only recycling another one hundred and
fifty on top of that. So it's it's a sub
billion ounce market that's got real demand, not the reported demand,
but the real demand is about fifty percent higher than that.
And that was during the dog days of silver, right,
that was what it was in a bear. I think
it's I think we're about we're on the verge of
an exponential move. I'm up here in Canada, so we
call these charts hockey stick charts because it starts here
and it goes there's and that's what I think.
Speaker 3: We're on the verge of sean. You know, I'm just
looking at my notes. When we talked last few months back,
gold was right around twenty four hundred, Silver was approaching
thirty bucks. It just couldn't get past that thirty dollars.
It go over and then it ammeds immediately would pull
back over the next couple of months into the upper twenties.
Now Here we are, like I said, twenty eight hundred
dollars and thirty five and it seems like the party's
just getting started.
Speaker 1: Yeah, and you know, like we've got a shareholder and
Eric Spratt that owns about ten percent of the company
that was instrumental and leading a couple of financings for US.
We raised about forty seven million dollars this year and
Eric led both those deals. And Eric talks about wanting
to be one of the first people to a party,
you know, not feeling uncomfortable being early, but making sure
that you're gone before it ends. And so you know,
Eric's got at one of his advisors, Bob Toombs, that
Raymond James has got something that he refers to as
the mining clock. And you know, you know the start,
you know at the clock at you know, one o'clock,
and you know the end of the party is about midnight.
You know, Bob thinks on the Rushes Metal side the
last time I talked to him that we're at maybe
six or seven o'clock. So we still got a long
ways to go. And you know, my experience in these
markets is most of the games occur in the last
few hours, and so you know, I just think we
haven't even seen a warm up. Wake me when Silver's
through fifty. I believe in triple digit solver and again,
and it's not that's not a crazy idea. When you've
got one central bank on a debt servicing. You know,
you had a government that's debt servicing at three billion
a day the interest it's insane.
Speaker 3: It's nuts. Yeah. Well, hey, in a market where there's
a lot of questionable companies out there, Dolly Varden definitely
shines shines through as the real deal. So appreciate you
coming on the show as Olie Shan and you want
to visit Dolly Vardensilver dot com. Sign up for notifications
because with half their drill results are so still pending,
I'm sure there's going to be a lot of the
interesting results being released in the coming weeks ahead. Ticker
symbols in the US, l l F and of course
in Canada, dv shot. Always a pleasure. Talk to you soon, Gerry.
Speaker 1: Thanks for having me on. All the best, especially tonight
with the election.
Speaker 2: The Financial Survival Network