[Recorded December 17th, 2025]: Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to update us on the value proposition he see in 3 gold exploration stocks, based around recent press releases and milestones. He sees this newsflow and fundamental catalysts as much more relevant for any changes to the company’s valuation (either up or down), rather than the improving sentiment within the backdrop of rising underlying precious metals price environment. The companies we discuss in this interview are: Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) – On December 16th announced the closing of its acquisition of a 100% undivided interest in the 324 non-contiguous mining claims comprising 8,392.92 hectares in the Abbotsford and Hepburn Townships in the province of Ontario. These adjacent Abbotsford and Hepburn Projects will compliment their land concessions at their flagship Perron Gold Project in Quebec. Additionally, on December 17th, Eric Sprott announced that, 2176423 Ontario Ltd., a corporation beneficially owned by him, sold 14,868,200 common shares of Amex Exploration Inc., through a private agreement, at $4.00 per Share for total consideration of $59,472,800. On the same day, Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) acquired ownership of 14,868,200 common shares of Amex Exploration Inc. at a price per Share of C$4.00, for total consideration of C$59,472,800, pursuant to a private agreement with a third party (which were Eric Sprott’s shares). First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQX: FNMCF) and Mawson Finland Limited (TSXV: MFL) (FRA: PM6) – On Dec. 16, 2025 announced the successful closing of the previously announced acquisition by First Nordic of all of the issued and outstanding common shares of Mawson by way of a court-approved plan of arrangement. The Transaction consolidates a large and prospective gold development and exploration portfolio in Sweden and Finland, including First Nordic's Barsele Project, a joint venture with Agnico Eagle Mines Limited and its Gold Line Belt projects in northern Sweden and Oijärvi Project in Finland, and Mawson's Rajapalot Project and surrounding Rompas-Rajapalot Property in northern Finland. In connection with the Transaction, the Company will change its name to Goldsky Resources Corp., subject to receipt of the approval of the TSX Venture Exchange. FireFox Gold Corp. (TSX.V:FFOX) (OTCQB:FFOXF) – On December 8, 2025 reported results from an additional four holes of its 2025/26 diamond drilling program at the Company's 100%-held Mustajärvi Gold Project in Lapland, Finland. Drill hole 25MJ005 is among the best holes yet drilled on the property, extending both shallow and deeper high-grade gold zones well to the west from previous drilling at the East Zone. We went on to speculate on how Agnico Eagle may be willing to negotiate turning over their JV interest on Barsele in Sweden with First Nordic, to focus on a regional consolidation in Finland of Firefox, Rupert, and Aurion into a district camp. Agnico already has a strategic position in both Rupert and Firefox. * In full disclosure, the 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 visit Erik’s site – The Hedgeless Horseman Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned. For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
