Aug 30, 2026 · 1h 2m
Small-cap miners chase production and cash flow
S11 Ep102: The Sunday Roast - Small cap Opportunities for 2026 and beyond (Inc 7 mostly likely baggers in 26) #BZT #XTR #ATN #AJAX #TAR #FMET #KEN #AFP #KDR #TGR #CMRS #GLR #EPP #BUCE #AEG #POLB #SVNS #COIL
The episode tests whether a group of junior mining companies can turn development progress, exploration upside and strategic interest into near-term value.
- 1Byzant Resources is nearing production, with a projected 12–14-month payback and potential monthly free cash flow of $3–5 million.
- 2Xtract Resources is shifting from exploration toward two potential production streams in Zambia and Morocco.
- 3African Pioneer’s Ongombo project combines a fast-track copper plan with possible gold upside and expansion across southern Africa.
Don't miss
Colin Bird estimates that Byzant Resources could achieve project payback in roughly 12–14 months and generate $3–5 million in monthly free cash flow once mature.
The brief
Kevin Hornsby frames a late-summer review of portfolio companies, while Colin Bird joins to discuss junior miners moving from exploration and development toward production.
Byzant Resources is nearing completion of the NLZM project, with equipment installation and blasting underway; the discussion puts payback at roughly 12–14 months.
The Byzant case rests on more than initial output: its VMS systems offer copper, gold and silver credits, with future drilling focused on confirmation and infill.
Xtract Resources is presented as an emerging producer, with Silver King in Zambia and Amgas in Morocco potentially creating two cash-flow streams within months.
African Pioneer’s Ongombo project in Namibia is framed as a fast-track copper development, with substantial drilling, possible gold value and an approximately 18-month route to production.
The wider portfolio includes Kendrick, Critical Mineral Resources and Galileo, whose strategic potential, resource catalyst and Nevada porphyry exposure provide different routes to revaluation.
What was said on this episode
45 statements · 44 positive · 1 neutral
Byzant’s project payback is approximately 12–14 months at current prices.
“you're actually talking about 14 months. If you're talking about the normal measure of project capital, you're talking about 12 months. It's less than a year's payback.”
Listen at 6:24
Byzant is expected to generate $3–5 million monthly free cash flow at mature production.
“I'm expecting around about $3 to $5 million a month.”
Listen at 6:48
Byzant’s VMS project has substantial expansion upside toward a larger production plant.
“the upside is absolutely tremendous and it's for us to work on it and get it into production as soon as we possibly can in a much larger plant.”
Listen at 8:29
Xtract Resources has shifted from exploration toward starting mines across Africa.
“we're starting mines all over the place, particularly in Africa.”
Listen at 9:58
Xtract expects its Amgas gravity plant and production to be operating by late 2026.
“I expect the gravity plant to be working, um, by the end of October, and I expect to be in production, um, by the— by well into production by the, by the 4th quarter.”
Listen at 11:44
Xtract’s free cash flow could be comparable to its market capitalization within six to nine months.
“That statement is fair.”
Listen at 13:59
Xtract’s value is expected to reach three to four times its current level within twelve months.
“I really do think I'd be surprised if it's not 3, 4 times what it is now.”
Listen at 14:42
Ethereum is expected to generate over $1 million free cash flow in 2026 and at least double it in 2027.
“Fully anticipate that that will be $1 million plus of free cash flow during this calendar year, and next calendar year I'm hoping it's going to at least double that figure.”
Listen at 15:13
Ethereum’s Rwanda, Morocco, and Botswana projects have substantial upside potential.
“I see big upside in that.”
Listen at 16:05
Ajax Resources is undervalued relative to its cash and drilling portfolio.
“Should be much higher.”
Listen at 17:51
Talon Resources could have very large upside if drilling confirms its gold expectations.
“I think this one's really going to go places if they find what they think they're going to find in terms of this gold. Wow, the sky's the limit, I think, on Talon Resources.”
Listen at 18:53
Fulcrum Metals has substantial upside from gold recovery and uranium assets.
“I think the blue sky on it is massive.”
Listen at 20:57
Kendrick’s drilling indicates average total rare-earth grades of 3.1–3.5%.
“the average grade is going up 3.1-3.5% total rare earths.”
Listen at 21:45
Kendrick’s project is among the greatest rare-earth projects ever discovered.
“One of the greatest rare earth projects ever discovered. I stand by that, Kevin. I stand by that.”
Listen at 23:46
Kendrick’s rare-earth project is significant enough to attract country-level interest.
“the sort of project we're talking about has country interest.”
Listen at 24:22
African Pioneer’s Ongombo project targets 10,000 tonnes annual copper production within 18 months.
“Target tonnage, 10,000 tonnes per year, per annum of contained copper. Fast track, as I say, 18 months to get it into production.”
Listen at 25:40
African Pioneer is expected to retain 30% of Ongombo’s free cash flow.
“we'll have, um, 30% of the, um, of the free cash flow.”
Listen at 26:43
Ongombo contains approximately 300,000 tonnes of copper based on existing drilling.
“We have 300,000 tonnes of contained copper.”
Listen at 28:42
Colin Bird currently sees no reason to doubt Ongombo’s aggressive 18-month production target.
“at the moment I have no reason to doubt that target.”
Listen at 29:20
Juniors able to convert properties into production are well positioned amid constrained major-miner supply.
“a junior who's got properties he can turn into account, into production, is in a very good position.”
Listen at 30:10
Karelian Diamond Resources could rise dramatically if it secures a successful development joint venture.
“this is gonna go bananas, basically.”
Listen at 32:14
Total Graphite could become attractive as Madagascar production resumes and Mozambique resources advance.
“is going to mean that this is going to be a great play.”
Listen at 33:44
Critical Mineral Resources is undervalued and expected to perform strongly after its maiden JORC resource.
“I think it's, uh, it's good value and should do very, very well.”
Listen at 35:00
Galileo’s Ferber project is assessed as a major porphyry deposit in development.
“without doubt, it's a porphyry and it's con, and a major porphyry in, in the making.”
Listen at 35:50
Nevada’s permitting and policy climate now supports suitable mining projects more strongly.
“the climate has absolutely changed, and we feel that we've got a potentially major project in exactly the right place— Nevada.”
Listen at 39:08
Galileo’s American asset is substantially undervalued by the market.
“I think this American asset is much, much better than everybody realizes.”
Listen at 39:22
Copper prices are more likely to rise than remain erratic or decline.
“If anything, likely to go up”
Listen at 40:41
Energy Pathways should be worth hundreds of millions versus its £18 million market capitalization.
“the market cap is £18 million, um, for something that actually should be worth hundreds of millions of pounds.”
Listen at 42:21
The Labour government should support Energy Pathways’ Mesh storage project.
“I think if the, if the, if the Labour government doesn't, um, put itself out and take this on as a project”
Listen at 42:40
Buccaneer Energy’s European onshore gas strategy is expected to deliver significant upside.
“I think it's coming. So watch this space for Buccaneer Energy.”
Listen at 44:56
Active Energy’s modular data-center infrastructure should generate steadily increasing recurring revenue.
“you're just gonna have more and more and more and more revenue, self-fulfilling, paying for itself, and ongoing for X number of years.”
Listen at 45:52
Poolbeg Pharma could reach a billion-pound valuation if its CRS treatment secures a deal.
“I think this can easily become a billion-pound company if they get a deal.”
Listen at 48:08
Poolbeg is likely to enter significant partnership or acquisition negotiations after trial results.
“I think, I think there's going to be some serious negotiation going on in the coming months, um, once those results come out.”
Listen at 48:40
Sylvanas’s ketamine-based treatments could have hundreds of millions or billions in upside value.
“the upside potential is, is in the hundreds of millions, if not billions”
Listen at 50:17
Sylvanas’s ketamine-based treatment is assessed as solid and likely to produce positive results.
“I believe that the product is, is solid, and therefore we should get a result.”
Listen at 50:32
Coiled Therapeutics is expected to report safety and efficacy results later in 2026.
“Later in 2026, there's going to be safety and efficiency results.”
Listen at 51:07
Active Energy Group has potential for rapid share-price appreciation.
“I believe they've got potential to increase rapidly.”
Listen at 52:54
Tao AI is expected to perform very strongly after its IPO.
“I think it's going to do extremely well.”
Listen at 54:04
The Bittensor network is expected to succeed as an energy-and-AI incentive system.
“I think it's going to be a winner.”
Listen at 54:57
Liberty Minerals is expected to perform strongly as a U.S. tungsten opportunity.
“my view is should do very, very well.”
Listen at 56:01
Hawk Copper is expected to prove up and sell a very large copper porphyry project.
“I'm excited about it. It looks like prove it up and sell, a massive porphyry project.”
Listen at 56:26
Panina Resources is expected to perform strongly after acquiring assets and raising funds.
“I think this one's going to do extremely well.”
Listen at 58:10
The 2024 stock selections have returned 132% per stock on average to date.
“the returns for us over the last 3 years— so from the stocks we picked in 2024, they're currently up 132% per stock.”
Listen at 59:05
The 2025 stock selections have returned 133% per stock to date.
“In 2025, we've done 133%.”
Listen at 59:35
The 2026 stock selections have returned 73% per stock pick so far.
“So far in 2026, we've got 73% return per stock pick.”
Listen at 59:54
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.
Featuring
Zambia
Morocco
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