“Under 50% IRR? Don’t Bother” - David Erfle on Developer Economics & Why He’s Buying Explorers Now

Mining Stock Education · Oct 15, 2026 · 25m

David Erfle joins MSE for his monthly episode. David explains the pullback in gold and silver, what he heard at the Beaver Creek Precious Metals Summit, why he’s moving into discovery-stage explorers, the Roxmore Resource and SSR Mining deal, and whether the TSX Venture chart is signaling a top. Dave also explains the necessary project economics for him to buy a developer right now. 00:00 Intro 00:40 Fed Hawkishness and Metals Pullback 03:43 Beaver Creek Sentiment Check 04:55 Spotting Lifestyle Juniors 05:40 Project Economics IRR Benchmarks 06:28 Shifting to Riskier Explorers 10:03 Tax Loss…