Jul 12, 2026 · 58 min
A 75% portfolio gain meets tougher tests for 2026 stock picks
S11 Ep86: The Sunday Roast: 12 Stocks on Our Radar for 2026 - Half Year Review #AMRQ #BZT #EPP #SVML #XTR #SVNS #JLP #ARS #AJAX #INC #EGT #KEN #GWMO #ASTR #ATN #FMET
The review shows how headline gains can conceal sharp differences between winners, underperformers and companies still dependent on funding or execution.
- 1The portfolio delivered an average gain of around 75%, driven by several multibaggers alongside markedly weaker performers.
- 2The hosts weigh project milestones, exploration results, commercial resets and funding needs across mining, energy, healthcare and technology.
- 3Sovereign Metals’ post-Rio Tinto update reframes its strategic outlook, with funding and institutional interest becoming central questions.
Don't miss
The hosts reassess Sovereign Metals after Rio Tinto declined to pursue an offer, arguing the outcome may strengthen its funding and strategic outlook.
The brief
Phil Carroll, Kevin Hornsby and Charles Archer revisit their 2026 selections after an average portfolio gain of around 75%, separating multibaggers from laggards.
The review spans Delta Gold’s quantum-computing intellectual property, tungsten and rutile projects, energy storage, clinical-trial prospects and critical-minerals exploration.
Several weaker performers expose the other side of the scorecard: Jubilee faces asset and transaction questions, while Incanthera attempts a commercial reset through premium skincare.
New ideas include Kendrick Resources, Great Western Mining, Revale, Aetherium and Astrid Intelligence, extending the discussion from exploration to AI and Bitensor infrastructure.
The standout update concerns Sovereign Metals: Rio Tinto declined to pursue an offer, but the hosts argue that the decision could improve its funding and strategic options.
What was said on this episode
57 statements · 53 positive · 1 mixed · 3 neutral
The portfolio is up 75% per stock at the half-year review.
“we are basically 75% up per stock”
Listen at 0:50
The portfolio strategy benefits from power-law returns, with multibaggers offsetting losses.
“our portfolio and what we're doing works via the power law”
Listen at 1:51
Delta Gold Technologies has substantial room to grow from its current valuation.
“I think absolutely 100%”
Listen at 4:37
Delta Gold Technologies’ share price has further upside.
“I think it's got further to run”
Listen at 4:54
Delta Gold Technologies could increase tenfold from its current level.
“I think it could easily be 10 times from this”
Listen at 5:01
A larger company will likely provide GMET substantial funding or acquire it.
“I think more than likely there's going to be a big brother come along and, and, and give them a lot of money”
Listen at 5:45
US military spending of roughly £1 billion on domestic tungsten availability is plausible.
“a billion quid for that availability is a price that the US military are quite happy to spend ultimately”
Listen at 6:37
Amarok is expected to produce 10,000 ounces of gold quarterly from Q4.
“they're going to be generating 10,000 ounces of gold per quarter once we get into Q4”
Listen at 7:06
Amarok will likely be bought out or revalue sharply as gold production grows.
“we're either going to see a buyout in the next couple of years or you're going to see it just re-rate massively on gold production”
Listen at 7:47
Byzant Resources could generate $80 million net profit over its first two years.
“I think $80 million of net profit over the first 2 years is very, very feasible”
Listen at 9:22
Byzant Resources could reach 0.5p and potentially exceed 1p within twelve months.
“This could easily hit 0.5 and potentially a penny plus in the next 12 months”
Listen at 9:34
Energy Pathways’ MESH project would become Britain’s largest integrated energy-storage hub.
“what would become Britain's largest integrated energy storage hub”
Listen at 10:18
MESH targets final investment decision in 2028 and operations beginning in 2031.
“with the project targeting FID in 2028 and operations by 2031”
Listen at 10:29
Sovereign Metals’ feasibility study estimates a $2.2 billion pre-tax NPV.
“The study confirmed robust economics, including a $2.2 billion pre-tax NPV”
Listen at 11:40
Sovereign Metals will likely secure major IFC or US government mine funding.
“The IFC or the US government or somewhere along that line is going to come along and sign a massive great funding deal to build this mine”
Listen at 13:11
Sovereign Metals is currently undervalued.
“I think it's great value”
Listen at 13:54
Sovereign Metals’ market capitalization will probably double after funding news.
“will the market cap double when that announcement comes? Probably.”
Listen at 14:39
Extract Resources could generate $4–6 million annual free cash flow from Silver King.
“I think it's going to be between $4 and $6 million per, um, per annum in terms of free cash flow for Extract Resources”
Listen at 15:28
Extract Resources’ Moroccan antimony project could exceed $20 million annual free cash flow by 2027.
“I think it could be $20 million free cash flow plus per annum come 2027”
Listen at 15:49
Sylvanus could become one of the strongest performers among the selected companies long term.
“in the long run, Sylvanas could be one of the top producers of all of these”
Listen at 20:20
Successful addiction-treatment products could be worth hundreds of millions.
“it's going to be worth a huge amount of money, like hundreds of millions”
Listen at 20:43
Sylvanus’ value depends on successful Phase 3 trials.
“assuming phase 3 trials are successful”
Listen at 21:04
Sylvanus will eventually complete a commercial deal.
“a deal, I'm certain a deal will eventually get done”
Listen at 21:21
Sylvanus investors will likely return to profit within a couple of years.
“give it a couple of years. And you'll be right back up there in profit”
Listen at 21:46
Jubilee’s South African asset-sale cash value roughly equals its market capitalization.
“the cash value alone of the sale of South African assets is basically the market cap now”
Listen at 22:40
Jubilee could generate very large profits when copper reaches $14,000 per tonne.
“when they do start pumping it out properly at $14,000 copper, the amount of profit you can generate will be crazy”
Listen at 23:24
AsiaMet investors will probably double their money if the transaction completes.
“you will probably double your money from here”
Listen at 24:05
Ajax Resources retains further upside potential.
“I do like Ajax. I think it still has legs.”
Listen at 26:00
A million ounces of gold would represent substantial value for Ajax Resources.
“a million ounces of gold is worth quite a lot of money in today's market”
Listen at 26:51
Incanthera’s intellectual property could sell for £5–10 million.
“I can't see that they wouldn't get £5 to £10 million for it”
Listen at 29:21
Incanthera’s existing inventory could be sold, enabling commercial recovery.
“there is a chance that it does get sold and this picks up again”
Listen at 30:18
European Green Transition will steadily increase in value as contracts expand.
“it's going to steadily increase in value over the next period of time”
Listen at 31:36
European Green Transition will generate profits from wind-farm servicing.
“it's a no-brainer. It's going to make money.”
Listen at 32:00
European Green Transition’s value will be significantly higher by year-end.
“I expect that to be significantly higher by the end of this year”
Listen at 32:32
Kendrick Resources is expected to publish a maiden JORC estimate in Q3 2026.
“I'm expecting a maiden jorc Q3 2026”
Listen at 33:50
Kendrick Resources should rise in value relative to Mountain Pass.
“it's got to go up in value”
Listen at 35:42
The US or Europe will likely seek involvement in Kendrick’s rare-earth project.
“I don't see anything other than the US, almost certainly the US, but could be Europe as well, come in and basically say, yeah, thank you very much, we want part of that”
Listen at 36:40
Great Western Mining’s assays are expected later in the quarter.
“the assays when they come later this quarter”
Listen at 38:32
Great Western Mining’s share price is expected to rise after strong assays.
“I think we're going to go on a good run”
Listen at 38:37
Revale’s IPO offers substantial value.
“I think there's a lot of value in this IPO”
Listen at 40:28
Revale’s share price is expected to jump sharply soon after its IPO.
“I think, I think we'll see a very big jump very quickly”
Listen at 40:35
Revale should perform strongly after listing.
“it should do very well”
Listen at 40:45
Aetherium offers multiple potential value-creation routes over the coming year.
“I think that Aterion still offers, you know, multiple routes to value creation over the coming year”
Listen at 43:01
Aetherium’s trading gross profit more than doubled in Q1 to $306,000.
“Q1, $306,000, so more than doubled”
Listen at 44:23
Aetherium’s trading profits could cover its enterprise value within four years.
“you're covering that within 4 years of profit”
Listen at 45:44
TAO will be a major future cryptocurrency.
“I think TAO is the future of cryptocurrency”
Listen at 47:14
Astrid Intelligence could generate revenue quickly through trading bots.
“it could be revenue producing pretty quickly”
Listen at 48:02
England has a realistic chance of winning the World Cup.
“I reckon England's in with a shot”
Listen at 49:39
France will win the World Cup.
“I cannot see anybody beating France. So France is my winner of the World Cup.”
Listen at 50:04
Rio Tinto declining Sovereign Metals’ offer option will benefit Sovereign.
“I think it's going to be a major positive”
Listen at 51:14
Sovereign Metals should deliver positive returns as its strategy advances.
“we should see a real positive return”
Listen at 51:52
Xtract Resources is close to generating revenue from Silver King processing.
“there's revenue around the corner”
Listen at 52:06
Xtract Resources should receive $4–5 million annualized free cash flow.
“should be $4 to $5 million per annum annualized of free cash flow coming to Xtract”
Listen at 52:11
Aetherium’s full-year profit is expected to exceed $1 million, possibly approaching £1 million.
“I fully expect that the full year profit is going to be over a million dollars, probably closer to a million pounds”
Listen at 53:21
Aetherium’s projected profit could support an £8–12 million valuation.
“that's going to be worth 8 to 12 times that”
Listen at 53:28
Aetherium’s combined assets could conservatively be worth £25–30 million.
“those things together would value conservatively, super conservatively, £25 to £30 million”
Listen at 53:52
Chancery Royalty’s royalty financing implies Fulcrum Metals is worth over $400 million.
“that effectively means that Chancery Royalty think that, you know, the whole thing is worth well in excess of $400 million”
Listen at 54:44
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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