Erik Wetterling – Silver Tiger Metals Receives First Mexican Open-Pit Permit In Years, and Exploration Fundamentals Versus Warrant Pressure In Altamira Gold

Nov 11, 2025

Erik Wetterling is the founder and editor of The Hedgeless Horseman, specializing in precious metals and junior mining insights. He discusses the rarity of Silver Tiger Metals' new open-pit permit in Mexico and its potential impact on market sentiment for other developers. The conversation also delves into the importance of experienced teams in mine construction to mitigate risks. Additionally, Wetterling analyzes how warrant expirations have affected Altamira Gold's share price, revealing an intriguing opportunity amidst fluctuating market dynamics.

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INSIGHT

Mexican Open-Pit Permits Are Back

Silver Tiger received the first new Mexican open-pit permit in years, signaling that new permits are possible again.
Erik sees strong sector sentiment and reduced political/permitting uncertainty for Mexican developers.

INSIGHT

Permit Unlocks Layered Value

The permit de-risks Silver Tiger and could unlock staged value: open pit, underground, then district exploration.
Gold-heavy open pit economics strengthen margins and may help fund the silver-rich underground.

ADVICE

Check Team Credibility Before Buying

If a Mexican developer has a credible team and community relations, view permit progress as meaningful de-risking.
Avoid blanket assumptions; assess team credibility and project specifics before buying on permit optimism.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the news out today about Silver Tiger Metals receiving their open-pit permit from Mexico and what that may now unlock as far as valuation and what it means to other developers in Mexico. We also review an interesting value arbitrage between the fundamental exploration news and the warrant expiration effect in the share price of Altamira Gold.

Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) announced on November 7th that it has secured all of the required approvals and permits from the Mexican Federal Environmental Department ("SEMARNAT") to construct the El Tigre Stockwork Silver-Gold Project in Sonora, Mexico. With all approvals for the Project now granted, Silver Tiger is now ready to advance the Project towards construction.

We discussed how other precious metals development projects in Mexico like Sonoro Gold Corp. (TSXV: SGO) (OTCQB: SMOFF) and GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) that were also moving higher today in sympathy on this permitting news. Additionally, we outlined how important it is to have a solid team with the proper experience building mines like these teams have to move their projects forward after they get the permit approvals.

On November 3, 2025, Altamira Gold Corp. (TSXV: ALTA) (OTCQB: EQTRF) announced the mobilization of a second diamond drill rig to its Cajueiro gold district, Brazil. The additional drill rig will focus on the Central Resource Area and several of the porphyry targets defined in the last 12 months within the broader Cajueiro district, complementing ongoing drilling at the Maria Bonita gold resource.

Then on November 7th Altamira Gold announced announced that the Company had raised $6,284,820 since September 1, 2025 as a result of the exercise of 31,292,400 share purchase warrants and 131,700 broker's warrants (the "Warrants"). The Warrants each had an exercise price of $0.20, and were issued on November 6, 2023 in connection with the Company's non-brokered private placement. The Warrants expired on November 6, 2025.

* 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. Additionally, Shad holds a position in Magna Mining at the time of this recording.

Click here to visit Erik’s site – The Hedgeless Horseman

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