As of March 19, 2026, Eric Sprott — ranked #934 on the Forbes 2026 Billionaires list with a net worth of $3.1 billion — continues to stand out as one of the most committed and successful precious metals investors in the world. His personal holdings represent a concentrated, high-conviction bet on gold and silver that spans dozens of carefully selected Canadian-listed companies. This portfolio is not a passive collection; it is a deliberate, long-term position built on decades of experience recognizing undervalued assets in a sector that is now entering what many experts describe as a once-in-a-generation structural bull market.
Eric Sprott’s approach has always been rooted in physical reality: he believes in owning the metal in the ground, backing exceptional management teams, and positioning for the inevitable re-rating when monetary and geopolitical forces align. In recent interviews and public commentary (February–early March 2026), Sprott has repeatedly emphasized that mining stocks — particularly gold and silver names — are deeply undervalued relative to the metal prices and the structural drivers at play.
This article explores Eric Sprott’s view that mining stocks are deeply undervalued, his current portfolio, and the structural reasons he believes Canadian mining stocks offer exceptional long-term upside. It integrates powerful quotes from both Sprott and Dave Lotan on capital flows, cycles, and pension fund participation, and explains why the Canadian mining industry outlook is brighter than ever. It addresses key questions such as why are mining stocks undervalued, is Eric Sprott right about mining stocks, and how pension funds impact mining stocks. All facts, figures, dates, prices, and ownership details are verified as of March 19, 2026. This is for informational and educational purposes only and does not constitute investment advice, a recommendation to buy, sell, or hold any security, or a solicitation of any kind. Investing in mining stocks or the resource sector involves substantial risk of loss, including total capital depletion due to commodity price volatility, exploration failure, permitting delays, regulatory changes, geopolitical events, or financing challenges. Past performance is not indicative of future results. Consult qualified financial professionals before making any investment decisions.
Eric Sprott’s Portfolio: A Blueprint for Precious Metals Success
Eric Sprott’s personal investments focus on a mix of producing companies, advanced developers, and high-quality juniors. His stakes are often significant enough to appear on early warning filings, and many have delivered exceptional returns as gold and silver prices have risen. Below is the current list of his tracked holdings (as of March 19, 2026 data from Junior Mining Network and SEDAR+ filings), ordered approximately by market capitalization. Market caps are reported in the currency shown (C$ for most TSX/TSXV listings and US$ for NASDAQ/NYSE). These positions reflect Sprott’s conviction in companies with strong fundamentals, excellent management, and leverage to rising metal prices.
Hycroft Mining (HYMC, NASDAQ) – US$3.040 billion market cap (gold/silver, Nevada; Eric Sprott holds a major stake, recently reported at 40-44% ownership in filings).
Americas Gold and Silver (USA, TSX) – C$2.920 billion (gold/silver producer).
AbraSilver Resource (ABRA, TSX) – C$1.910 billion (silver-gold).
Highlander Silver (HSLV, TSX) – C$1.290 billion (silver; recent strategic investment).
New Found Gold (NFG, TSX.V) – C$928.800 million (gold).
Freegold (FVL, TSX) – C$682.720 million (gold).
Jaguar Mining (JAG, TSX) – C$613.020 million (gold).
Heliostar Metals (HSTR, TSX.V) – C$563.190 million (gold).
Amex Exploration (AMX, TSX.V) – C$496.740 million (gold).
Blackrock Silver (BRC, TSX.V) – C$486.920 million (silver).
Dolly Varden Silver (DV, TSX.V) – C$422.600 million (silver).
Guanajuato Silver (GSVR, TSX.V) – C$390.360 million (silver).
Tudor Gold (TUD, TSX.V) – C$385.440 million (gold).
Cerro de Pasco Resources (CDPR, TSX.V) – C$383.010 million (silver-focused).
Silverco Mining (SICO, TSX.V) – C$370.930 million (silver).
Goldgroup Mining (GGA, TSX.V) – C$367.920 million (gold).
Silver Storm Mining (SVRS, TSX.V) – C$348.100 million (silver).
Steppe Gold (STGO, TSX) – C$328.680 million (gold).
Cabral Gold (CBR, TSX.V) – C$283.240 million (gold).
Sierra Madre Gold and Silver (SM, TSX.V) – C$275.280 million (gold/silver).
Aftermath Silver (AAG, TSX.V) – C$263.530 million (silver).
1911 Gold (AUMB, TSX.V) – C$253.550 million (gold).
STLLR Gold (STLR, TSX) – C$243.430 million (gold).
Chesapeake Gold (CKG, TSX.V) – C$236.050 million (gold).
Apollo Silver (APGO, TSX.V) – C$206.600 million (silver).
Borealis Mining (BOGO, TSX.V) – C$197.340 million (gold).
American Eagle (AE, TSX.V) – C$197.080 million (gold/silver).
Silver One Resources (SVE, TSX.V) – C$193.650 million (silver).
Gold Resource (GORO, NYSE American) – US$189.380 million (gold/silver).
Outcrop Silver (OCG, TSX) – C$151.400 million (silver).
Lavras Gold (LGC, TSX.V) – C$147.260 million (gold).
Excellon Resources (EXN, TSX.V) – C$143.650 million (silver/gold).
Galleon Gold (GGO, TSX.V) – C$126.810 million (gold).
Max Power Mining (MAXX, CSE) – C$122.670 million (precious metals focus).
Pirate Gold (YARR, TSX.V) – C$116.190 million (gold).
This portfolio demonstrates Sprott’s disciplined approach: backing companies with exceptional assets, strong management, and clear paths to value creation. Many of these names have already delivered multibagger returns as gold and silver prices have risen, yet Sprott believes the best is still ahead.
Eric Sprott on Why Mining Stocks Are Deeply Undervalued
In one of his most powerful recent statements, Sprott explains the valuation disconnect:
“The Canadian pension funds have been missing the boat on mining. They are chasing private equity deals all over the world at high valuations while they could be buying Canadian mining companies at much better prices on the TSX.”
He expands on this in the same interview:
“If Canadian pensions started putting money into Canadian mining, the whole sector would take off. The valuations are cheap relative to what they’re paying elsewhere.”
Sprott’s view is clear: gold and silver mining stocks are deeply undervalued relative to the metal prices and the structural drivers at play. He points to the “Nortel effect” where large-scale buying could drive valuations higher and improve liquidity across the sector.
Dave Lotan on Capital Flows and the Power of Patient Capital
Dave Lotan complements Sprott’s vision with insights on capital recycling and the importance of experienced networks. From his widely viewed speech, Lotan states:
“Eric Sprott… we think made about a billion dollars out of this and what we saw in the aftermath of that was capital recycling at an unbelievable… breathtaking rate. Eric took a billion two out of the Swan Zone… and put a billion four back into the market over the next few years.”
Lotan emphasizes how successful investors like Sprott create virtuous cycles:
“Nothing stops them when they put their mind to it because they have the capital and the expertise and the connections among other things.”
On the broader opportunity for institutional capital, Lotan notes the dislocation:
“The gold equities have been strangely dislocated from the gold price… most of them think of gold equities as being a spread trade.”
He highlights the scale of past success:
“$73 billion of increase in market cap and all the stocks that we had on that list all multiplied in value… 3% of them went up by more than 10 times, 6% of them went up by more than five times.”
These quotes reinforce why Canadian pension funds should invest in mining: experienced networks and capital recycling can generate extraordinary returns, and the current dislocation offers a rare entry point.
Why Canadian Pension Funds Should Invest in Mining
Eric Sprott and Dave Lotan both make a compelling case for increased pension fund investment Canada. Pensions have the perfect mandate — long-term horizons and massive scale — to support the Canadian mining industry. Yet they have historically under-allocated to domestic resources, chasing private equity overseas at premium valuations while Canadian mining stocks trade at attractive levels.
Sprott has publicly questioned why more pension capital is not flowing into mining. Lotan highlights the outflows from commodity funds ($40 billion from UK specialist funds and $16 billion from Canadian funds over recent years) and the resulting opportunity for patient capital to step in.
The benefits are clear:
Economic Impact: Mining already contributes $40 billion to GDP and supports 110,000 jobs. Increased pension participation would accelerate project development and strengthen Canada’s role in critical minerals supply chains.
Return Potential: As Sprott notes, the leverage in mining stocks is extraordinary when metal prices rise. Lotan’s data shows a small percentage of well-chosen juniors delivering 10x+ returns.
Portfolio Diversification: Gold and silver provide a proven hedge against inflation, currency devaluation, and geopolitical risk — exactly the environment we face in 2026.
The Canadian mining industry outlook is exceptionally strong. Exploration spending reached $4.2 billion in 2025, and planned projects total $117.1 billion through 2034. With pension funds beginning to recognize the valuation disconnect, the sector is poised for a re-rating.
How Pension Funds Impact Mining Stocks
When pension capital flows into mining, the impact is transformative. Sprott and Lotan both describe the “Nortel effect” — where large-scale buying drives valuations higher and improves liquidity. Lotan’s capital flow analysis shows how discoveries and successful exits create recycling that lifts dozens of companies simultaneously.
Increased pension fund investment Canada would:
Reduce reliance on volatile retail and short-term capital.
Improve access to project financing.
Narrow bid-ask spreads and support higher multiples for quality assets.
Accelerate development of critical minerals projects, benefiting the entire Canadian mining sector investment ecosystem.
Eric Sprott’s Track Record: Proof That Patient Capital Wins
Sprott’s own journey — starting with a seat on the Toronto Stock Exchange in 1980 and building one of the most successful resource-focused fortunes in history — demonstrates the power of conviction. His portfolio today is a masterclass in backing exceptional teams and assets through cycles. The fact that he remains heavily invested in juniors and mid-tiers at this stage of the bull market speaks volumes about his confidence in the years ahead.
Risks and Considerations
While the outlook is highly positive, mining investments carry risks including commodity price volatility, permitting delays, cost inflation, and geopolitical factors. Eric Sprott himself has always emphasized thorough due diligence and a long-term perspective. Investors should carefully review company filings, project specifics, and consult professionals before allocating capital.
Conclusion: A Historic Opportunity for Canadian Mining
Eric Sprott’s view that mining stocks are deeply undervalued, combined with Dave Lotan’s insights on capital flows and networks, paints a compelling picture of the opportunity ahead. Canadian pension funds have a rare chance to support the Canadian mining industry outlook while generating attractive long-term returns for their beneficiaries. The structural drivers — physical shortages, central bank buying, de-dollarization, and exploding demand from AI and electrification — are firmly in place.
The Canadian mining sector investment landscape has never been more promising. As Sprott and Lotan both highlight, the combination of undervalued assets, experienced management, and incoming institutional capital sets the stage for exceptional performance in the years ahead.
For those seeking expert guidance on navigating these opportunities, thewealthyminer.com elite investment club provides members with high-conviction ideas, capital flow analysis, and exclusive insights into the Canadian mining sector — helping investors participate alongside legends like Eric Sprott.
This article is based on verified quotes from Eric Sprott and Dave Lotan (February–early March 2026 interviews), Forbes 2026 Billionaires data, Natural Resources Canada reports (February 2026), Junior Mining Network portfolio tracking (March 19, 2026), and company disclosures. All market caps and ownership details are current as of March 19, 2026. This is not investment advice. Investing involves substantial risk of loss. Consult qualified professionals.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.