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Bill Powers and Brian Leni discuss listener feedback and why shareholders often don't push back when they are unpleased with management. The duo emphasizes building a disciplined investing process, protecting the downside, and avoiding FOMO. The conversation covers “luck” versus skill, learning from losses, and when to use other investors'/groups' reputations as decision-making inputs. Brian's talks about his Aurion investment that ultimately paid off despite timing delays. They also debate director compensation (cash vs options), red flags in board incentives, the power and danger of narrative-driven promotions, conference value (PDAC, Beaver Creek, Quebec City, Rick Rule's), and avoiding market-timing seasonality. 00:00 Intro 01:18 Shareholder pushback 07:58 Skill vs luck 17:23 Responsibility and timing 23:23 Following smart money 27:20 Aurion takeover 31:24 Director incentives 37:59 FOMO and discipline 41:16 Picking conferences 43:56 Narratives and hype 52:14 Summer outlook Brian's website: https://www.juniorstockreview.com/ Brian's YT: https://www.youtube.com/@FIELD_NOTES Bill's Twitter: https://x.com/MiningStockEdu Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Bill and Brian and not licensed financial advisors. Mining Stock Education offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/
Dans cet épisode, enregistré dans le cadre du PDAC, on plonge au cœur du repreneuriat, du forage minier et du développement humain avec David Bradley, président de Forage RJLL. Comment reprendre une entreprise familiale et réussir un transfert générationnel? Quels apprentissages viennent avec la croissance rapide d'une entreprise? Et comment bâtir une relève forte dans une industrie aussi exigeante que le forage minier? David Bradley partage son parcours unique, de ses débuts sur les foreuses à l'âge de 13 ans jusqu'à la vente de Bradley Brothers, puis à la croissance de Forage RJLL. Il aborde également les réalités du transfert d'entreprise, l'importance du leadership humain ainsi que sa vision du développement des prochaines générations dans l'industrie minière. Un inspirant sur l'entrepreneuriat, la passion du métier et l'importance de bâtir des entreprises durables. Podcast Minier est propulsé par Agnico Eagle.
Dans cet épisode, enregistré dans le cadre du PDAC, on plonge au cœur de l'exploration minière au Nunavik avec Mathieu Richer, Guillaume Augereau et Circé Malo Lalande de Canadian Royalties. Comment réalise-t-on une découverte minière d'envergure dans l'un des environnements exigeants au Canada? Quels rôles jouent la géologie, la géophysique et le travail d'équipe dans une découverte majeure? Et comment une seule découverte peut-elle transformer l'avenir d'un complexe minier entier? L'équipe revient sur la découverte Inukshuk, récemment récompensée par le prestigieux Bill Dennis Award du PDAC, ainsi que sur les défis techniques, humains et environnementaux liés à l'exploration dans le Grand Nord québécois. Un échange sur la persévérance, l'intelligence terrain et la réalité de l'exploration minière moderne au Nunavik. Le Podcast Minier est propulsé par Agnico Eagle.
Dans cet épisode, enregistré dans le cadre du PDAC, on plonge au cœur du rôle des investisseurs et des conférences dans le secteur minier avec Joanne Jobin, fondatrice et PDG de THE Mining Investment Event. Comment attirer les investisseurs dans un marché en constante évolution? Qu'est-ce qui fait le succès d'une conférence minière aujourd'hui? Quels sont les changements observés dans le comportement des investisseurs au fil des années? Joanne Jobin partage son parcours dans l'industrie, sa vision des marchés financiers ainsi que son expérience dans la création d'événements d'envergure qui connectent entreprises minières et investisseurs à l'échelle internationale. Un échange pour mieux comprendre les mécanismes d'investissement et l'importance du positionnement du Québec dans l'écosystème minier mondial. Podcast Minier est propulsé par Agnico Eagle.
In a conversation with CancerNetwork®, Diane Simeone, MD, discussed the implications of daraxonrasib demonstrating meaningful improvements in survival among patients with metastatic pancreatic ductal adenocarcinoma (PDAC) in the phase 3 RASolute 302 trial (NCT06625320). Topline findings from the trial showed that the novel multiselective RAS(ON) inhibitor approximately doubled the median overall survival (OS) compared with investigator's choice of chemotherapy, with survival benefits extending to those with different RAS mutations and RAS wild-type disease.Simeone spoke about the significance of these results in the context of the pancreatic cancer field, breaking down how daraxonrasib's mechanism of action as a pan-RAS inhibitor may open a “new fronter” beyond standard-of-care chemotherapy and platinum-based regimens. She also touched upon the prominent toxicities that have emerged with daraxonrasib, including rashes, while emphasizing the balancing of risk and benefit as part of further optimizing RAS therapeutics.The discussion also highlighted strategies for expanding genetic testing for patients with pancreatic cancer, as Simeone described the importance of receiving second opinions at comprehensive cancer centers where multidisciplinary teams can guide patients towards personalized treatment plans. She also mentioned how initiatives such as the Pancreatic Cancer Early Detection (PRECEDE) Consortium represent viable opportunities for continuing to elevate the quality of care for patients.“This has been a Holy Grail type of thing, where people have been wanting to target KRAS but it's been a challenge. This has been a breakthrough,” Simeone said regarding the results seen with daraxonrasib. “While the effect is dramatic in patients with metastatic cancer—and unfortunately that's still half of patients who walk in the door with pancreatic cancer—applying this therapy to stage I cancer could be even more profound and drive cures. Investment in early detection, partnered with these advances in therapeutics, is where we will see the most significant progress in increasing survival rates.”Simeone is the director of the Moores Cancer Center at University of California San Diego Health.ReferenceDaraxonrasib demonstrates unprecedented overall survival benefit in pivotal phase 3 RASolute 302 clinical trial in patients with metastatic pancreatic cancer. News release. Revolution Medicines. April 13, 2026. Accessed April 29, 2026. https://tinyurl.com/44t5vh5d
Industries like mining, construction, energy, and agriculture are under pressure to move faster, scale smarter, and reduce inefficiencies—but the reality is, most operations are still fighting the same old bottlenecks. From logistics gaps to rising demand and aging infrastructure, the challenge isn't just growth… it's keeping everything moving.In this episode of The Crownsmen Show: The Voice of Industry, hosts Jerrod Downey, Rory Bamford, and Roy Slack break down the real forces shaping global industry. The conversation covers major events like PDAC, CIM Connect, CONEXPO-CON/AGG, World Ag Expo, and The Utility Expo, while also diving into the hidden backbone of modern production—massive conveyor systems that move billions of tons globally. From the 100 km Bou Craa phosphate conveyor in Morocco, to Australia's Worsley Alumina system, and South Africa's Impumelelo and Shondoni coal conveyors, the episode highlights how these engineering giants quietly power the world's supply chains.
In this podcast, experts E. Gabriela Chiorean, MD; Tanios S. Bekaii-Saab, MD; Mitesh Borad, MD; and Christopher Lieu, MD, discuss the evolving role of KRAS-targeted therapies in pancreatic cancer, including underlying biology, emerging clinical data, and real-world challenges in treatment selection and trial access.
Dans cet épisode, enregistré dans le cadre du PDAC, Gabriel Tremblay, directeur général de Charl-Pol, revient sur son parcours au sein de cette entreprise familiale fondée il y a plus de 100 ans. Il y partage également sa vision de la relève, de l'innovation et du développement dans les secteurs minier et industriel. Comment reprendre une entreprise familiale centenaire et la faire évoluer? Quels sont les enjeux actuels du secteur manufacturier, Comment innover concrètement dans un environnement industriel en constante transformation? Un regard humain sur les enjeux actuels et sur le rôle de l'industrie dans l'écosystème minier. Podcast Minier est propulsé par Agnico Eagle.
Recording date: 18th March 2026Olive Resource Capital used the March 18, 2026 market selloff to add positions across their high-conviction portfolio, as resource sector equities declined 5-7% and gold fell below $5,000 for the first time in six months. President Samuel Pelaez and Executive Chair Derek Macpherson outlined their strategic response during their weekly investor update, emphasizing that current volatility represents a buying opportunity rather than a structural market breakdown.The firm had strategically raised cash to approximately 10% of portfolio value in January and February, anticipating seasonal weakness around the PDAC conference period. This liquidity position enabled opportunistic deployment as Middle East tensions coincided with expected seasonal softness. Olive added to an unnamed Yukon exploration company, Arizona Sonoran Copper during its M&A transaction, energy sector holdings, and Goldsky as it consolidates 100% ownership of the Barsele project.Management emphasized their evolution toward concentrated, high-conviction positions over the past two years. This "high grading" process prioritizes companies with strong balance sheets, capable management teams, and no leverage exposure. Pelaez noted the portfolio consists of companies with "the ability to survive" market stress without facing imminent financial liabilities, recognizing that resource companies already carry inherent leverage through commodity price exposure.Technical indicators provided reassurance that systemic breakdown had not occurred. The VIX remained subdued, the S&P 500 stayed within 5-10% of highs, and global liquidity metrics functioned normally. Most portfolio positions had simply returned to year-end levels after strong early-year gains.Pelaez offered nuanced geopolitical analysis from the SMI conference, characterizing targeted U.S.-Israeli strikes on Iranian infrastructure as calibrated negotiating tactics rather than full escalation. He views current tensions as transitory events unlikely to derail long-term commodity demand drivers. Strong conference attendance and well-funded companies executing substantial drill programs reinforced management's conviction that underlying sector fundamentals remain healthy despite near-term price volatility.Sign up for Crux Investor: https://cruxinvestor.com
Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins us for another wide-ranging discussion on the shifting sector sentiment, the technical outlook on gold, silver, copper, the fundamental valuations in producers and developers, thoughts on recent merger and acquisition deals, and the value propositions in 3 exploration stocks. We start off unpacking the seasonality of the metals and mining stock prices from tax loss selling season, into the year-end Santa Claus rally, the blistering Q1 run higher in January, the post-VRIC correction and peak in investor sentiment late in that month, the February chop, and the PDAC curse and further corrective moves down in March. Robert fields a few of our questions on how he is viewing the changes in valuations to the gold and silver stocks from last year into this year, and even from January peaks to recent corrective moves. We opine what aspects are important with regards to contrast in PM producers margin expansion versus their more recent share price corrections Robert highlights a few P/NAV considerations for producers and developers, that have changed over the last year The discussion then shifts to why we aren't witnessing a bigger string of M&A transactions and why the valuations aren't higher? The conversation on gold stocks ranges from valuations in large producers like Newmont and Agnico Eagle down to quality developers like Banyan Gold (TSXV:BYN)(OTCQB:BYAGF) and best-in-class advanced explorers like Snowline Gold Corp. (TSX:SGD)(OTCQB:SNWGF). We also dissect the nuance around ounce-in-the-ground valuations, and the other criteria that can affect market perceptions, using the Fresnillo takeover of Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) as a case study. Next we dive into the copper market, and how this is where we are actually seeing more merger and acquisition deals. Robert highlights the recent takeover of Arizona Sonoran Copper Company Inc. (TSX: ASCU; OTCQX: ASCUF) Cactus Project at all-time highs by Hudbay Minerals Inc. (TSX, NYSE: HBM) as the more ideal type of acquisition that we'd like to see more of in this space. We also note the Eldorado Gold acquisition of Foran Mining, and the Faraday Copper acquisition of BHP's San Manuel Project as 2 other recent copper M&A deals. He also highlights the lack of quality tier-1 gold and silver development projects, and that this may be why more of the senior gold producers are focused on getting strategic positions into copper assets. With regards to the explorers, Robert is focused on exciting mineral belts that may host a string of new discoveries in US states like Idaho, Nevada, and Arizona or Canadian provinces like British Columbia or the Yukon. Robert highlights 3 explorers with compelling news catalysts on tap that have his attention this year in Kingfisher Metals Corp. (TSXV:KFR) OTCQB:KGFMF), StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF), and Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) Wrapping up, Robert provides some best practices regarding navigating the trading volatility, when raise cash in one's portfolio, when to considering trimming or selling, and how to rotate funds based on fundamental or technical factors. Follow Robert's analysis on Substack . https://ceo.ca/@goldfinger . Click here to follow Robert on X/Twitter . https://www.youtube.com/@GoldfingerCapital/videos For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
We welcome back Rick Rule for a wide-ranging discussion on the state of the resource markets. With renewed volatility in global energy markets and rising geopolitical tensions, we begin by examining the role oil prices play not only in the broader economy but also in the economics and risk profile of mining companies. Rick also offers some historical perspective, comparing today's environment to past energy shocks like the 1973 Arab Oil Embargo, and what those moments can teach investors about real asset cycles. From there we discuss the tone coming out of PDAC 2026, the current stage of the mining capital cycle, and why jurisdictional risk has become an increasingly important factor for investors evaluating projects around the world. It's a thoughtful conversation on macro forces, capital flows, and where opportunities may lie across the mining sector.______Terrahutton empowers junior mining companies to secure investment with immersive, interactive, and visually striking storytelling. Learn more about the Terrahutton platform HERE______This episode of Mining Stock Daily is brought to you by... Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-dash-gold.comVizsla Silver is focused on becoming one of the world's largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at equinoxgold.com Integra Resources is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com
In this episode, Gregory J. Tiesi, MD, FACS, FSSO, hosted a discussion about the growing role for transarterial microperfusion (TAMP) as a regional therapy strategy for patients with locally advanced pancreatic ductal adenocarcinoma (PDAC). Dr Tiesi is the medical director of Hepatobiliary Surgery at the Hackensack Meridian Jersey Shore University Medical Center in Neptune, New Jersey. He was joined by: Anthony Scholer, MD, FACS, FSSO, a surgical oncologist specializing in hepatobiliary surgery at Hackensack Meridian Medical Group and Jersey Shore University Medical Center in Neptune, New Jersey Eric Pletcher, MD, a surgeon specializing in Complex General Surgical Oncology at Hackensack Meridian JFK University Medical Center in Edison, New Jersey PDAC is a disease in which dense desmoplastic stroma and poor tumor vascularization often limit the effectiveness of standard systemic chemotherapy. Drs Tiesi, Scholer, and Pletcher explained that standard regimens, such as FOLFIRINOX or gemcitabine-based combinations, frequently fail to achieve adequate intratumoral drug concentrations because of these biologic barriers. TAMP aims to overcome this limitation by isolating a segment of an arterial vessel and pressure-mediated transvascular delivery, which would allow for higher local drug concentrations and reduce systemic exposure and toxicity. The experts noted that TAMP is currently being explored primarily in patients with locally advanced, unresectable pancreatic cancer without distant metastases, particularly those who have exhausted systemic treatment options but maintain localized disease. Early clinical studies, including the phase 1/2 RR1 trial (NCT02237157) and the observational RR2 dose-escalation study (NCT02591082), demonstrated that the procedure is technically feasible, repeatable, and associated with lower systemic toxicity compared with conventional chemotherapy. A pooled analysis of these studies suggested encouraging survival outcomes, particularly in patients who received prior chemoradiation, potentially because radiation modifies the tumor microenvironment and improves drug penetration. Lastly, Tiesi, Scholer and Pletcher reviewed the ongoing phase 3 TIGeR-PaC trial (NCT03257033), which is evaluating TAMP as a consolidation strategy after induction chemotherapy and radiation. Preliminary data suggest improved survival and substantially fewer serious adverse effects with TAMP vs continued systemic therapy alone. Although the experts cautioned that the approach remains investigational, they agreed that TAMP may provide meaningful local disease control and potentially expand treatment options and preserve quality of life for patients with this aggressive malignancy.
Send a textDmitry Silversteyn, WTR's Chemicals & Materials Analyst, and Tim Gerdeman discuss the key themes emerging from the 2026 PDAC conference and the growing attention the critical elements mining and processing industry is receiving from investors and governments seeking to reduce reliance on China‑controlled supply chains.
Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the key takeaways he got from attending the recent PDAC conference in terms of attendance, investor sentiment, reaction to company newsflow before and during the event, and conversations with other investors and management teams. In addition, he reviews the value proposition that has his attention in the corporate news and strategies from 3 advanced gold and silver developers looking to go into the 2nd wave of the Lassonde Curve on the pathway to production in the next 1-2 years >> The companies we discussed in the interview are: Cabral Gold Inc. (TSXV: CBR) (OTCQX: CBGZF) – On March 10, 2026, the Company announced that the Environmental Council (COEMA) for the state of Pará has issued the Licença Prévia ("LP") for the Full Mining License at Cuiú Cuiú Gold District, Brazil. Sonoro Gold Corp. (TSXV: SGO) (OTCQB: SMOFF) (FRA: 23SP) – On Feb. 28, 2026 the Company announced the results of an independent updated Mineral Resource Estimate (“MRE”) and updated Preliminary Economic Assessment (“PEA”) on the Company's Cerro Caliche gold project located in Sonora State, Mexico. The PEA demonstrates the potential viability for a ten-year life of mine (“LOM”), open pit, heap leach mining operation with an initial one-year ramp up production rate of 12,000 tonnes per day (“tpd”) and an increase to 16,000 tpd for the remaining LOM. Cerro de Pasco Resources Inc. (TSXV: CDPR) (OTCQB: GPPRF) – On March 02, 2026 they announced entering into a Project Development Funding Agreement with the U.S. International Development Finance Corporation (“DFC”), the development finance institution of the United States Government. Under the Agreement, DFC will provide up to US$5 million in milestone-based project development funding to support defined project development activities for the Quiulacocha Tailings Reprocessing Project in Peru. In addition, the Agreement states that DFC is considering the possibility of providing up to US$300 million in long term direct loan financing to support construction of the Project. * In full disclosure, some 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. Click here to follow Erik's analysis over at The Hedgeless Horseman website For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
Recording date: 7th March 2026Olive Resource Capital is off to a strong start in 2026, with the fund up approximately 25% year-to-date following an exceptional 160% return in 2025. The gains have been driven primarily by precious metals holdings, including positions in Omai, Arizona Sonoran, and West Point Gold. Two major portfolio exits have recently validated the fund's investment approach, even as geopolitical tensions introduce near-term volatility.The fund's most significant development was the acquisition of Arizona Sonoran by Hudbay, announced during PDAC week in an all-stock deal valuing Arizona Sonoran at approximately $9.35 per share. Olive had followed the company since its private-stage days, building its position opportunistically over time. Management at Arizona Sonoran executed on every stated objective — maximising the resource and resolving the complex Nuton joint venture — ultimately clearing the path for Hudbay's offer and delivering a substantial multiple on the fund's cost basis.The second exit involved Sailfish Royalties, where Olive realised approximately 4x returns after the company sold its Spring Valley royalty asset. With initial purchases around $1.00 per share and the stock trading near $4.40 following the announcement, the position generated roughly 400% returns over two years — a strong outcome for a lower-risk royalty investment.The annual PDAC mining conference in Toronto drew approximately 42,000 registrants, an all-time high well above the historical range of 20,000–30,000. Beyond the headline numbers, fund managers Samuel Pelaez and Derek Macpherson noted the quality of emerging deal flow: genuinely new companies, freshly acquired projects, and existing stories advanced meaningfully by new exploration results — not simply recycled ideas repackaged for a stronger market.Recent military actions involving the United States, Israel, and Iran, combined with softer economic data from China and the U.S., have triggered a flight to liquidity that pulled mining equities down 10–15% across some positions. The fund had proactively raised cash ahead of the weakness using seasonal trading models and currently holds approximately 10% in cash, which it plans to deploy opportunistically into pullbacks.Despite near-term uncertainty, Olive maintains a positive full-year outlook, anticipating a potential rotation into copper later in 2026 as commodity leadership evolves and actively searching for a replacement copper name following Arizona Sonoran's sale.Sign up for Crux Investor: https://cruxinvestor.com
Bull markets don't last forever. When you're in the throes of one, it can feel like they do. But they don't, and at a certain point you have to sell.Gold bull markets can feel even more eternal. Not just because the metal itself is eternal, but because the story comes along that we are going back to a gold standard, or that the Great Purge, which many economists of the Austrian school say is inevitable after fifty years of fiat decadence, is finally upon us.I get that argument. But it is too neat, too deterministic. Real life is much more mucky.So today I want to consider a very important question, and I want to try and answer it honestly:Where are we in this bull market?Has gold already peaked? It's possible. The spike to $5,600/oz at the end of January had many of the hallmarks of a blow-off top.Or perhaps $5,600 was just a mid-cycle peak, such as we saw in 2006 or 1975-76 during previous bull markets.Or is this bull market still in its infancy?I'm going to study this bull market through every lens I can think of: price, time, valuation, participation, market structure, macro context and sentiment.My bias going in is that we are mid-cycle, as I argued in my Great Forecast last week. Let's see where I end up. 1. DurationThere have been two great gold bull markets since the end of the gold standard: 1971-1980 and 2001-2011. Both lasted nine to ten years.When did this one begin?It depends how you define it.You could take the bear-market low of $1,045 in late 2015. You could take the $1,160 retest in 2018. You could take 2019, when gold broke out of its multi-year base.Technical analysis is often in the eye of the beholder. Just like bull markets.You could even argue late 2022, when the current acceleration began.If you start in 2015, this bull market has already lasted ten years. That would put it right in line with the duration of previous cycles, and you could argue it is close to exhaustion.If you start in 2018 or 2019, there may be several years left to run.I favour 2018. Just as gold hit $250 in 1999, rallied, and then returned to roughly the same level in 2001 before the real bull market began, the 2018 low feels like the equivalent retest. Of course this is debatable.And there is always the possibility that this bull market lasts longer than previous ones.Verdict: mid- to late-cycle.2. Relative valuation vs other assetsOilWith gold at $5,200 and WTI crude around $87, it takes roughly 60 barrels of oil to buy one ounce of gold.Historically this ratio ranges between 6 and 30.The only time oil has been this cheap relative to gold was in the 2020 pandemic collapse, when oil went negative.My view: it's not so much that gold is expensive as that oil is cheap. Plus commodities inevitably get cheaper as we get better at producing them. (As long as you don't measure the price in fiat).Gold vs the S&P 500With the S&P around 6,765, it takes about 1.3 ounces of gold to buy one unit of the index.This ratio has been as high as 5 - at the peak of Dotcom in 2000, and the nadir of gold - and as low as 0.2 (during the depths of the 1930s and at the 1980 gold peak).Gold is therefore on the expensive side relative to equities, but not at historic extremes.This ratio could fall further if equities fall or gold rises.Gold vs US housingThe US housing market varies enormously by region - Beverely Hills is not Detroit, Miami Beach is not McDowell County - so national averages should be treated cautiously. But they still give a rough guide.We are now below the 2011 level and approaching 1980 territory in terms of how many ounces of gold buy a typical home.Pretty extreme.Overall verdict: late-cycle. Warning signal3. Institutional ownershipGold is still under-owned in institutional portfolios.Even after the recent rally, gold represents only a tiny fraction of global portfolio allocation compared with equities and bonds.Gold mining equities are even more neglected.Verdict: mid-cycle4. Central banksCentral bank buying slowed to 863 tonnes in 2025, down from record levels in 2024, but still well above the 2010-2021 average.However, the World Gold Council reported that central banks purchased only 5 tonnes in January, below the monthly average of 27 tonnes. I would not read too much into that. Much buying is reported with delays, and China in particular reveals little about its activity. The usual assumption is that central bank buying is an early or mid-cycle phenomenon. I am not entirely convinced. If the real driver of this bull market is de-dollarisation and reserve diversification amidst a wider geopolitical shift, then official buying could persist for years.Gold currently represents just under 30% of central bank reserves. The US dollar still accounts for roughly 56%.I don't think this bull market ends until gold sits north of 50% having overtaken the dollar itself.Question: is the war in Iran going to arrest of accelerate de-dollarisation? You know the answer. Verdict: mid-cycle5. Retail participationRetail demand is growing. 2025 saw record bar and coin demand. ETF inflows are rising, but they are not exploding. Mining companies are finally attracting interest again.Silver went briefly manic last month, which is not a healthy sign, but the episode is already unwinding.Verdict: mid-cycleBy the way, due to its senior currency status, the US dollar is going to preserve its purchasing power better than the pound, which is a car crash waiting to happen. I keep getting asked, “is it too late to buy gold?”. If you are in the UK, . We are turning into South Africa and the currency will go the same way. The 40% loss of purchasing power that the pound has seen since 2020 is not going to reverse. If anything it accelerates. Thus …If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.6. LeverageLeverage is difficult to measure precisely.You can look at: futures positioning on Comex, options activity, speculative flows into junior miners, retail spread betting and more. The short answer is this: gold is a crowded trade, but it is not a mania.If it were a mania, the geopolitical shock in Iran last week would have triggered violent liquidations. Instead gold held up remarkably well.Verdict: mid-cycle7. Mining equitiesMining stocks had an excellent 2025. Word is that PDAC last week (the world's largest mining conference), was the like of which had not been felt since 2011 and the last top. That is a warning sign.This chart shows the ratio of the XAU (large mining companies) to gold since 1988. On a relative basis the miners are still phenomenally under-owned, and we now have a text-book base, formed over 9-years, in place. If this ratio goes back to levels of the early 0 0s , miners will multiply many times over.But these declines began with the emergence of the ETFs and the many alternative ways to own gold without taking on individual company risk. The ratio does not have to go back 00s levels.Maybe. But that base is a thing of beauty.Typically the end of a gold bull market would coincide with massive rallies in junior miners, an exploration IPO boom and a merger-and-acquisition frenzy.We are seeing healthy signs of activity, but nothing like that yet.Verdict: mid-cycleI'm delighted to report that The Secret History of Gold - Myth, Money, Politics and Power, published by Penguin Life, comes out in the US next month. (The US version is published by Pegasus). Order yours now - via Barnes and Noble or Amazon8. The narrative - gold to $150,000?Gold got some coverage in publications like The Economist and the Financial Times last month, but the story is far from mainstream.Ask most people about de-dollarisation, Triffin's dilemma or central bank reserve diversification and you will get blank looks.However, some familiar late-cycle narratives are beginning to appear.One is that silver is being remonetised.It isn't.Silver may well be an important strategic metal, but its monetary role was as medium of exchange. That role is not coming back because we no longer use physical money. That function has been digitised.Gold, by contrast, retains its role as as store of value - a function that silver never had to anything like the same extent. Silver may have use as a speculative asset. It may well rise in price. It may even overshoot spectacularly. But it is not being remonetised. That will not happen, unless Eastenders turns into Mad Max.Another narrative that sometimes appears near major peaks is the US national debt relative to gold reserves. In 1980, headlines declared the US was “solvent again” because it could have used its gold to fully settled its debt.Today US debt is roughly $39 trillion. To settle that debt using America's 262 million ounces of gold, the gold price would need to be roughly $150,000 per ounce.When arguments like that start circulating, it means the narrative can't go much further and the cycle is close to exhaustion.We are not there yet.Verdict: mid-cycle9. Real yieldsLast but not least: real interest rates.This would be the 10-year Treasury yield minus inflation, or the 10-year TIPS yield.Gold bull markets tend to end when real yields rise sharply.In 1980, Paul Volcker pushed interest rates toward 20% and real yields surged. Gold then entered a twenty-year bear market. At the 2011 peak, real yields rose from deeply negative to positive and gold topped within months. From 2020–2022 real yields went negative again and gold surged, until they rose in 2022 and gold stalled.Today nominal yields are relatively high, but inflation remains elevated, the Fed is under pressure to ease (as are most central banks) and fiscal deficits are enormous.Real yields therefore sit around zero or slightly positive, depending on how they are measured. That is not restrictive enough to kill the gold bull market.The danger signal would be inflation falling sharply while nominal yields stay high, pushing real yields well above +2%. We are some distance from that.Verdict: mid-cycleIf you are interested in following the real yield argument, Charlie Morris is the man. He gets it better than anyone, and I heartily recommend you follow his work via his Atlas Pulse. Get your copy here - it's free.ConclusionIf gold continues rising it will pull silver and mining equities higher with it.The spike in silver last month to around $125 looked very much like a mid-cycle blow-off, and a period of consolidation is now both likely and healthy. Looking across all the indicators, most point toward a mid-cycle environment rather than a late-cycle one.What superb content. You really should upgrade.Duration and relative valuation raise some concerns, but these are just one or two of nine indicators. Everything else suggests the bull market has not yet reached its final, most speculative phase.In other words: this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.$8 to $10,000 by the end of the decade is a very real possibility.Thanks very much for being a subscriber to Flying Frisby.Until next time,DominicPS I have discussed gold largely in dollar terms, because the market is quoted in dollars. But if you are in the UK the case for owning gold has less to do with the dollar and far more to do with the pound. Sterling has already lost roughly 40% of its purchasing power since 2020, and that trend is not going to reverse. If anything it will accelerate. It's not just the ineptitude of successive governments, but unelected permablob (in this case the Treasury, the OBR, the Bank of England, the FCA et al) that actually runs the show. The system- if you can call it that - is the problem and it's not going to change. The incentives are to spend more, borrow more and debase the currency slowly over time. You cannot fix that system. But you can protect yourself from it. And that means owning some gold.DisclaimerI am not regulated by the Financial Conduct Authority (FCA) or any other regulatory body as a financial advisor. Therefore, any information provided in this newsletter does not constitute regulated financial advice. It is solely an expression of opinion. Small-cap stocks are inherently risky. Please conduct your own due diligence and consult with a financial advisor, if you have any doubts. Remember, markets can both rise and fall, especially in the case of small and mid-cap stocks. I am not aware of your individual financial circumstances, so only invest money that you can afford to lose. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe
Interview with Brian Miller, Director & CEO of Astra ExplorationOur previous interview: https://www.cruxinvestor.com/posts/astra-exploration-tsxvastr-high-grade-argentine-discovery-opens-in-multiple-dimensions-9016Recording date: 5th March 2026Astra Exploration (TSXV: ASTR) is a junior precious metals company with a focused two-country portfolio in Chile and Argentina, and a clear near-term strategy centred on its La Manchuria gold-silver project in Santa Cruz province. Following a strong PDAC 2026, the company is well positioned heading into what could be a transformational period of exploration.La Manchuria is a low sulphidation epithermal system with a dual-target structure. Near surface, the company has confirmed an expanding bulk disseminated gold-silver system — one that has grown with every drill programme conducted to date. Deeper in the system lies the primary prize: a potential high-grade feeder zone, the kind of structure that drives the most significant epithermal discoveries in Patagonia. Astra has been methodically building toward testing that target, beginning with near-surface drilling to establish scale and validate the geological model before committing capital to deeper holes.Two programmes have now been completed, totalling 7,500 metres across 36 holes. Of the 25 holes drilled in the second programme, 13 have been released with results. Twelve remain pending from the laboratory and are expected to be published by the end of March 2026. These represent a near-term, defined news pipeline that does not require the company to raise capital or commence new fieldwork to deliver.The third programme — another 5,000 metres — is set to begin within approximately one month. Astra holds roughly $4 million in cash, sufficient to fund this programme in full. The budget was structured at the time of the company's $6.2 million raise to ensure exactly this kind of operational continuity. The third programme will begin to shift focus toward deeper targets, moving the company closer to the high-grade feeder discovery scenario that underpins its long-term investment case.Argentina's operating environment has also improved significantly. Under President Milei's administration, permitting has accelerated and foreign investment capital is flowing into the country at a pace not seen in recent years. Santa Cruz province permits year-round drilling, removing the seasonal constraints that limit many other jurisdictions and enabling a consistent cadence of results throughout 2026.Beyond Argentina, Astra holds two Chilean projects — Pampa Paciencia, adjacent to two operating copper mines, and a high sulphidation target in the active Maricunga belt — that provide strategic optionality without requiring meaningful near-term capital. Pre-drill work is planned at Cerobio in Chile in the coming weeks, with the potential to unlock value through partnership or joint venture as the belt attracts renewed attention following Chile's improved political backdrop.For investors, the proposition is straightforward: a funded explorer with an expanding near-surface discovery, a high-grade feeder thesis yet to be tested at depth, a defined catalyst schedule across the next 60 to 90 days, and a macro tailwind from both gold prices and an improving Argentine investment climate. Astra enters the next phase of its programme with momentum, capital, and a story that is only beginning to register with the wider market.View Astra Exploration's company profile: https://www.cruxinvestor.com/companies/astra-explorationSign up for Crux Investor: https://cruxinvestor.com
Interview with Nolan Peterson, CEO, Atlas SaltOur previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-salt-market-insight-with-nolan-peterson-9255Recording date: 5th of March 2026Atlas Salt has commenced construction activities at its Great Atlantic Salt project in western Newfoundland, marking a significant milestone for what could become North America's first new salt mine in over 25 years. CEO Nolan Peterson outlined the company's development progress during the 2026 PDAC conference in Toronto, emphasizing both the advancement of physical construction and an aggressive financing campaign to capitalize on favorable market conditions.The company has initiated a $100 million early works package approved by the Newfoundland government, with current activities including site clearing, ground preparation, and infrastructure development optimized for winter ground conditions. The roadmap for 2026 encompasses establishing site pads, road access, power infrastructure, and preparatory work for underground drift development. This early phase represents the first component of a $600 million CAD total capital program.Atlas Salt is pursuing a financing structure targeting 60% debt from infrastructure banks, sovereign wealth funds, and export credit agencies, with the remaining 40% from equity investors. The company has engaged Endeavour Financial to structure the project financing package, while market interest has created opportunities to accelerate capital raising beyond original timelines. Peterson noted that heightened awareness of salt shortages has prompted earlier engagement from potential financial partners.The project addresses documented supply constraints in North American deicing markets, where no new mine construction has occurred in a quarter-century. The Great Atlantic operation will shorten supply chains to key northeastern markets while offering stable, recession-proof cash flows over a projected 25-year mine life based on current reserves, with potential for an additional 50 years from identified resources.The company benefits from an exceptionally supportive regulatory environment, having secured environmental assessment approval in just two months. With 100% battery-electric operations planned, the project positions as both an infrastructure solution and an environmental showcase. Peterson's focus on strategic partnerships and project de-risking suggests multiple near-term catalysts as the company advances toward production.Learn more: https://www.cruxinvestor.com/companies/atlas-saltSign up for Crux Investor: https://cruxinvestor.com
Interview with Allen Sabet, CEO of Mogotes Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxvmog-26m-treasury-funds-drilling-in-one-of-worlds-largest-copper-discoveries-7941Recording date: 4th March 2026Mogotes Metals entered 2026 as an exploration company ready to drill. After three years and approximately C$25 million spent building geochemical, geophysical, and geological datasets across its Filo Sur project in Argentina's Vicuña district, the company now has three rigs operating along the same structural corridor that hosts Filo del Sol — the deposit that its joint venture owners describe as the largest copper discovery in 30 years.The drilling programme targets 6,000–8,000 metres this austral summer season across multiple ranked and permitted targets, with approximately 3,000 metres already completed. The season budget is approximately C$20 million, funded from a C$55 million treasury. That treasury was built with the participation of two strategically significant investors: CD Capital, a London-based fund that previously made approximately 15 times its money investing in Filo del Sol, and the Braun family of Argentina, a family office with direct regional knowledge. CD Capital's Carmel Daniele has joined the Mogotes board — the same role she held at Filo del Sol.The geological case rests on the north-south structural belt that connects Filo del Sol, Altar, Valeriano, and now Filo Sur. Mogotes holds the full strike projection of Filo del Sol's known mineralisation. The geophysical programme identified multiple high-chargeability, low-resistivity anomalies consistent with the subsurface signatures that defined the early drilling success at Filo del Sol and Valeriano. These are the targets now being drilled. CEO Alan Sabet has been measured in framing expectations — proximity to a tier-one discovery does not guarantee replication — but the technical approach mirrors the methodology that worked at comparable deposits across the Andes.The company's second announcement at PDAC 2026 was the option agreement on a copper-gold asset in Kazakhstan. The asset hosts an historic resource of approximately six million gold-equivalent ounces, with mineralisation beginning at approximately 40 metres depth and remaining open at depth and laterally. Drilling costs run at approximately US$80 per metre — a fraction of typical Andean costs — and the permitting environment supports a mining licence application within six months.For Mogotes, the strategic logic is clear. Filo Sur is a seasonal operation confined to the austral summer. Kazakhstan can be drilled year-round and provides continuous news flow during the months when Andean operations are dormant. It also provides a second value creation pathway: integrating existing unincorporated drilling data into a new resource estimate, step-out and depth drilling, and testing a separate porphyry target with potential high-grade gold.For investors, the near-term calendar is defined. Filo Sur drill results are expected in May and June 2026, representing the first direct geological test of the project's multi-year dataset. Kazakhstan work will begin in parallel, providing additional news flow through the second half of the year. The company enters this period with a well-funded treasury, institutional validation from directly comparable capital, and a disciplined deployment plan that preserves follow-up capacity regardless of what the first drill holes return.View Mogotes Metals' company profile: https://www.cruxinvestor.com/companies/mogotes-metalsSign up for Crux Investor: https://cruxinvestor.com
Bill Powers interviews First Phosphate CEO John Passalacqua following PDAC, where the company received a non-repayable C$16.7M grant and highlighted government support for critical mineral supply chains. Passalacqua says the funding de-risks the company through feasibility, permitting, and toward a final investment decision, with drilling nearly complete and a feasibility study targeted for December 2026. He explains LFP batteries are largely phosphate-based and that First Phosphate's high-purity igneous phosphate resource in Quebec is rare and advantaged by proximity to infrastructure and a deep-sea port. He discusses phosphate being added to Canada's critical minerals list and related tax credits for downstream facilities, outlines a 10,000 tpa LFP CAM plant concept pending tariff clarity, and reviews U.S. market access via OTCQX and a new 10:1 ADR, along with insider share purchases and recent stock highs. 00:00 Intro 00:54 Canada Grant Impact 02:11 Drilling and Feasibility Timeline 03:02 Why LFP Needs Phosphate 04:05 Infrastructure and Location Edge 05:29 Critical Minerals List Benefits 07:55 Downstream Plant and Tariff Pause 09:03 Europe and US Strategy 10:20 OTCQX Tickers and ADR Explained 14:07 Insider Buying and Alignment 15:05 Valuation and Execution Outlook 16:53 Wrap Up and Disclaimers First Phosphate Introductory Interview: https://www.youtube.com/watch?v=eD7t1Q7OZfU Press releases discussed: https://firstphosphate.com/first-phosphate-nrcan-funding-16-7m/ https://firstphosphate.com/canada-critical-minerals-phosphate-clean-tech/ https://firstphosphate.com/first-phosphate-adr-program-fphoy-otcqx/ https://firstphosphate.com/ CSE: PHOS – FSE: KD0 – OTCQX: FRSPF – OTCQX-ADR: FPHOY Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor First Phosphate pays Mining Stock Education a United States dollar ten thousand per month coverage fee. First Phosphate's forward-looking statement found in the company's presentation applies to the content of this interview. MSE offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy stock in a company featured on MSE, for your own protection, you should assume that it is MSE's owner personally selling you that stock. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/
The 2026 PDAC convention in Toronto served as a wake-up call for the mining industry. While attendance reached record highs, the market’s behavior has...
Bill Powers interviews Adrian O'Brien of Midnight Sun Mining at PDAC in Toronto about the company's copper discovery in the Zambia–DRC copper belt amid competing US- and China-backed rail corridors to access regional copper. O'Brien recounts the company's transformation from a ~$20–25M market cap to ~C$300M after regaining 100% ownership of its flagship Dumbwa target, raising C$10M and later C$30.5M, building institutional support, and hiring COO Kevin Bonel (formerly Barrick) to apply a Lumwana-style exploration approach. Midnight Sun is drilling its 20 km Dumbwa target soil anomaly systematically on a grid with multiple rigs, targeting a large near-surface basement-dome copper system, awaiting many assays, and positioning as an explorer aiming for eventual M&A while also monetizing an oxide resource. https://midnightsunmining.com/ TSXV:MMA OTCQX:MDNGF 00:00 Intro 00:28 Meet Midnight Sun 01:34 From Microcap to Funded 03:29 De Risking the Story 05:14 Africa Copper Hotspot 07:41 Rail Corridors Clash 09:33 Why First Quantum Missed 12:14 Basement Dome Geology 14:37 Valuation and M&A Benchmarks 16:10 Kevin Bonel Joins 18:45 Grid Drilling Like a Major 21:34 Assay Backlog Reality 23:08 Explorer to Sale Strategy 24:12 Data Room Interest 25:09 Methodical Not Boring 26:55 Geology Twists and Bornite 28:29 What Makes a Great Hole 29:56 Lens Model and Grades 31:42 Treasury and Drill Costs 33:42 Financing Discipline 36:22 Assay Turnaround and Visual Core 37:50 Tickers and Contact Info Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor Midnight Sun Mining pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found in Midnight Sun's most-recent company slide deck found at www.MidnightSunMining.com applies to everything discussed in this interview. Bill Powers will not buy any MMA.v shares until five trading days after MSE's initial interview. Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy shares of any company featured on MSE, you should, for your own protection, assume MSE's owner is personally selling you those shares. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/
Interview with Nick Smart, Director & CEO of ValOre MetalsOur previous interview: https://www.cruxinvestor.com/posts/valore-metals-tsxvvo-platinum-palladium-project-advances-to-economic-study-9203Recording date: 4th March 2026ValOre Metals is at a defining moment in its evolution from exploration company to project developer. The company's flagship asset, the Pedra Branca PGE project in Ceará state, Brazil, hosts a 2.2 million ounce inferred resource at 1.08 grams per tonne, a resource of genuine scale in a metal category that faces structural supply constraints and growing strategic demand. For the first time, ValOre is now putting the economic framework around that resource through a comprehensive PEA programme targeted for publication by year-end 2025.The project's most distinctive feature is its development approach to the shallow, weathered upper ore body. Rather than applying conventional flotation which performs poorly on oxidised material, ValOre is developing a bioleaching process in partnership with the University of Cape Town's Department of Chemical Engineering. This technique, in which microorganisms are used to extract metals from ore, is industrially proven in copper and increasingly used in refractory gold, but has not previously been applied to a PGE deposit. Phase 1 lab-scale trials have delivered metal recoveries consistently in the high 70s percentage range, and the company has secured exclusive global rights to the jointly developed intellectual property.The implications are significant. The weathered zone accounts for roughly one-third of the total resource ounce count and sits at surface, meaning it can be mined simply and cheaply. A low-cost processing route applied to near-surface material creates the possibility of a viable early-stage operation that generates revenue and validates the process without requiring the capital commitment of a full-scale mine build. Under Brazilian mining law, a trial mining permit enables exactly this kind of phased approach, allowing the company to construct a demonstration plant targeting 10,000 to 15,000 ounces of platinum and palladium per year as a precursor to industrial-scale production of 150,000 to 200,000 ounces annually.The PEA, with a budget of approximately $4 million, is the bridge between the current exploration narrative and an investment-grade development story. It will address mining method, processing economics, capital and operating costs, and route to market for both the weathered and fresh sulphide ore bodies. Engineering consultancy Lycopodium is leading the technical work. Until the PEA is published, investors have lacked a valuation framework for Pedra Branca. Publication changes that and represents a credible re-rating catalyst.Management has taken additional steps to sharpen the investment case. The divestiture of legacy Hatchet uranium properties to Future Fuels removes a non-core distraction and concentrates the company entirely on PGE development. CEO Nick Smart brings direct in-country experience, having spent approximately six years building the Barro Alto nickel mine in Brazil for Anglo American. Brazil itself is actively positioning as a destination for critical minerals investment, with strong government and industry representation at PDAC 2026 underscoring the macro tailwind.The near-term catalysts are clear: bioleaching column test results, PEA publication, and trial mining permit application progress. For investors willing to engage with early-stage development risk, ValOre offers a large resource, proprietary technology, and a credible pathway to production in a jurisdiction that is increasingly attractive to Western capital.View ValOre Metals' company profile: https://www.cruxinvestor.com/companies/valore-metalsSign up for Crux Investor: https://cruxinvestor.com
At PDAC 2026, Ian Wagner speaks with Jason Mercier of Pan Global Resources about advancing its copper and tin discoveries in Spain. The company outlined its 36-million-tonne maiden resource, plans to drill 10,000 meters in 2026, and its strategy to grow toward a 100-million-tonne standalone operation.
At PDAC 2026, Ian Wagner speaks with Chris Gordon of Tocvan Ventures about the company's transition from explorer to developer at its Gran Pilar project in Sonora, Mexico. They discuss 20,000 meters of drilling, a fully permitted pilot mine targeting first gold production, and upcoming catalysts including a maiden resource and economic study.
In this episode, Brendan and Hunter sit down with O&P Insight's Vice President and General Manager Lesleigh Sisson, CFo, CFm, to discuss the rising trends in payer audits, the most common causes of avoidable revenue loss, and the proactive compliance strategies that help O&P clinics ensure claims not only get paid—but stay paid.Learn more about O&P Insight and connect with Lesliegh on Linkedin. Many thanks to Trulife for sponsoring this episode! Introducing the A-Pace—an innovative AFO designed for individuals with mild to moderate foot drop, with or without foot spasticity, weak muscles, or calf muscle loss, serving both unilateral and bilateral patients across low to high activity levels. Built with lightweight carbon fiber and a customizable trim-to-fit foot plate, the A-Pace reduces SKUs while offering comfort and ease of use with its anterior style and two magnetic closures. PDAC verified under codes L1932 and L1933, the A-Pace is available now at SPS.SPS Update: On the latest episode of SPS Unpacked, we unboxed the PROTEOR Kinterra EVAQ8. This innovative foot combines hydraulic articulation with vacuum suspension to deliver enhanced mobility and limb health. Click here to learn more!Visit spsco.com
Interview with Claudia Tornquist, President and CEO & Christopher Taylor, Chairman of Kodiak CopperOur previous interview: https://www.cruxinvestor.com/posts/kodiak-copper-tsxvkdk-maiden-resource-hits-24b-lbs-to-show-potential-8750Recording date: 2nd of March 2026Kodiak Copper Corp. is positioning for significant growth after releasing its maiden resource estimate at the MPD copper-gold project in southern British Columbia in December 2025. Speaking at the PDAC conference in Toronto, President and CEO Claudia Tornquist and Founder and Chairman Christopher Taylor outlined an aggressive expansion strategy designed to double the resource base while maintaining capital discipline.The initial resource estimate totals 440 million tons of mineralisation containing 2.4 billion pounds of copper and 1.7 million ounces of gold across indicated and inferred categories. This follows seven years of district consolidation and over 90,000 meters of drilling, incorporating significant historical data from previous operators.Management characterised the resource as "a starting point not a finish line," emphasising substantial expansion potential. The company plans a sizable drill program in 2026 focused on systematic infill drilling and testing high-priority extensions. With 70,000 meters of historical exploration drilling creating defined gaps in the resource, management expressed confidence in substantially growing tonnage within 12 months, with an updated resource estimate expected in Q1 2027.The strategy comes as copper sector consolidation accelerates. Hudbay Minerals' recent acquisition of Arizona Sonoran Copper at a 30% premium represents the first material transaction involving a non-producing copper company, validating strategic interest in earlier-stage assets as majors seek to secure future supply amid electrification-driven demand growth.Tornquist explained that demonstrating the project can reach approximately 880 million tons would bring Kodiak into the size range of more advanced peers such as Faraday Copper, Cisco Metals, and Northisle, which trade at multiples of Kodiak's current valuation. Beyond resource expansion at known zones, the company has identified over 20 additional exploration targets across the MPD property, offering substantial discovery upside.With $56 million raised to date and only 96 million shares outstanding, Kodiak has maintained relatively low dilution while advancing the project, positioning the company for increased institutional participation as it transitions from explorer to developer status.Learn more: https://www.cruxinvestor.com/companies/kodiak-copper-corpSign up for Crux Investor: https://cruxinvestor.com
Interview with Matt Manson, President & CEO of Radisson Mining Resources Inc.Our previous interview: https://www.cruxinvestor.com/posts/quebec-gold-explorers-target-resource-growth-in-infrastructure-rich-mining-district-8326Recording date: 3rd March 2026Radisson Mining Resources is one of the more straightforward stories in junior gold right now: a deposit that is growing materially, in a world-class jurisdiction, with a management team that has built mines before and knows what it is doing. The company's O'Brien Gold Project in Quebec's Abitibi region delivered an 82% increase in inferred resources at PDAC 2026, lifting combined indicated and inferred resources from 1.5 million to 2.3 million ounces. That headline number is significant on its own. What makes it more significant is the context: Radisson has completed only 25% of its current 140,000-metre drill program.The strategy behind that number is deliberate. Rather than incrementally converting existing inferred resources to indicated through infill drilling, management opted 15 months ago to test the full scale of the system through large stepouts drilling hundreds of metres beyond the known resource boundary and below the historic O'Brien mine for the first time. The 84% drill hole success rate on those stepouts, well above the 50–75% industry norm for infill work, tells investors that this is not a speculative land position. It is a geologically predictable system that keeps delivering where the model says it should.CEO Matt Manson has guided consistently toward a 3 to 4 million ounce deposit. With 75% of the program still ahead, that target appears increasingly credible. More importantly, Manson has been clear that the company is not fairly valued at current prices and is not in the market for a premature transaction. The current program is about establishing what O'Brien is worth before any corporate conversation takes a deliberate and disciplined approach that is relatively rare at the junior end of the market.From a development perspective, the project carries structural advantages that most junior gold assets do not. O'Brien sits directly on Highway 117 in the Abitibi region, surrounded by active mines with operating mills and available processing capacity. The economics of building a standalone mill in this environment simply do not make sense when third-party processing options exist nearby. This reduces the capital burden significantly and shortens the path from deposit to cash flow.There is additional optionality in the historic O'Brien shaft, which extends to one kilometre depth on the property. The shaft is currently flooded and carries no formal liability for Radisson, but the company is quietly conducting engineering and environmental work to assess whether it can be rehabilitated. A functioning shaft would enable a more capital-efficient bottom-up mine construction approach and could support production rates of up to 2,000 tonnes per day.The board brings nine combined mine builds across three directors, which is meaningful at this stage of a project's life. The team understands the development pathway and has been through it multiple times. For investors, Radisson in 2026 offers a clear value trajectory: a growing resource, staged catalysts through sequential resource updates, infrastructure-rich jurisdiction, and a management team with the track record and patience to realize full value.View Radisson Mining's company profile: https://www.cruxinvestor.com/companies/radisson-resourcesSign up for Crux Investor: https://cruxinvestor.com
Interview with Dev Randhawa, Chairman & CEO of F3 Uranium Corp.Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-tetra-zone-discovery-advances-with-20m-financing-8639Recording date: 3rd March 2026F3 Uranium Corp. (TSXV:FUU) is a focused Athabasca Basin uranium explorer with a credible asset base, a fully funded exploration program, and a management team actively working to resolve the structural issue limiting its share price: it is too small to attract the institutional capital its asset quality arguably deserves.The company's JR Zone maiden resource of approximately 11 million pounds of uranium at 12% U₃O₈ is a material achievement. Grades at that level are exceptional by any standard in the Athabasca Basin, which already hosts the world's highest-grade uranium mines. The JR Zone also sits 25 kilometres from established milling infrastructure, meaning any future development pathway would not require construction of standalone processing facilities. A major operator has already approached F3 about applying a selective extraction method to the deposit, which underscores the project's practical viability even at its current modest scale.The 2025 exploration focus has shifted to the Tetra target, a newly identified conductor system on the same property. F3's team identified this system after prior operators walked away, having missed a large conductor obscured by a mudstone flare. Early drilling has confirmed two high-grade uranium intersections 15 metres apart, and the conductor extends at least 1.4 kilometres with room to grow. With 90% of the $12 million drill budget directed at Tetra and only one hole completed to date, investors are essentially looking at an early-stage discovery in progress. The Athabasca-style mineralisation is notoriously difficult to follow, and misses are common but so is the upside if the system proves to be large.F3's financial position reduces one of the more common risks for small-cap exploration companies. With $22 million in cash and no requirement to raise additional capital in 2026, the company can execute its program on its own terms. In a market where junior uranium equities have struggled to attract financing, this is a meaningful competitive advantage.The more pressing strategic challenge is scale. Several uranium-focused ETFs have set minimum market capitalisation thresholds that exclude F3, and the resulting selling pressure was visible in the sector in late 2025. CEO Dev Randhawa acknowledged this directly and is actively pursuing consolidation options, including mergers, acquisitions, joint ventures, and dual-listing in jurisdictions such as Australia, where comparable assets may trade at higher valuations. Three separate M&A discussions were underway at PDAC 2026.The macro environment provides a supportive backdrop. Big technology companies are now direct participants in the nuclear energy market, securing power purchase agreements for reactor output to fuel AI data centre infrastructure. This adds a demand vector for uranium that sits outside traditional utility procurement cycles and is largely insensitive to short-term spot price volatility.For investors, F3 presents a combination of a defined, high-grade asset, an active early-stage discovery drill program, and a management team with both the technical credentials and the strategic intent to grow. The near-term catalysts are Tetra drill results and any announced corporate transaction. Both warrant close attention in 2026.View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corpSign up for Crux Investor: https://cruxinvestor.com
In this month's Junior Mining Insights discussion, Bill Powers and Brian Leni recap the past month in junior mining with a North American focus after attending Vancouver's Metals Investor Forum and PDAC in Toronto. They evaluate Canadian government initiatives and grants around critical minerals and processing capacity, with Brian expressing skepticism but acknowledging speculative implications when support validates strong projects. Bill shares lessons from high-net-worth investors and explains the three types of junior mining “ghosts” that spook your equities. The duo further discusses investor psychology, volatility management, due diligence, management vision, and caution around the growing trend of bulk sampling. 00:00 Intro 01:06 MIF & PDAC Sentiment 04:00 Canada processing push 05:34 Politics and US ties 08:57 Government signals investing 12:44 PDAC day two crowds 15:41 Bull market and rumors 17:41 Volatility and psychology 20:58 High net worth playbook 26:33 Junior mining ghosts 29:59 Spotting Hidden Power 30:55 Using Ghost Categories 32:08 Macro Marketing Moves 35:16 Conviction Over Speculation 38:31 When Bad Actors Appear 42:41 Bulk Sampling Trend 48:22 Financing Frenzy Signals 52:05 Attributing Price Moves Brian's website: https://www.juniorstockreview.com/ Brian's YT: https://www.youtube.com/@FIELD_NOTES Bill's Twitter: https://x.com/MiningStockEdu Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Mining Stock Education offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/
North American Iron will be the United States' first domestic producer of merchant pig iron, says CEO Jim Bougalis. Bougalis spoke to Mining Stock Daily's Michael McCrae at PDAC 2026 convention in Toronto. North American Iron plans to enter the U.S. merchant pig iron market, which currently relies on imports. North American Iron, alongside its sister company Calumet Reclamation Company, intends to reclaim legacy iron ore from the Hill Annex Mine in Minnesota without initiating new mining operations. This material will be transported by rail to a proposed facility in Minot, North Dakota. The North Dakota plant is designed to use a Tenova hydrogen-based reactor to produce 2 million metric tonnes of pig iron annually. According to the company, this process is projected to reduce carbon emissions by 96% compared to conventional blast furnaces. North Dakota was selected as the processing site to utilize the region's natural gas resources and carbon sequestration capabilities. With permitting underway, the company is preparing for detailed engineering and construction, targeting production by 2029.
At PDAC 2026, Tudor Gold CEO Joe Ovsenek talks with Ian Wagner about the company's plans to deliver a summer PEA targeting roughly 300,000 ounces of annual gold production from the high-grade lenses at Gold Storm. With metallurgy results pending, a $15 million drill program planned, and capex targeted near $1–1.5 billion, Tudor is accelerating toward development.
Interview with Heye Daun, President & CEO of Koryx Copper Inc.Our previous interview: https://www.cruxinvestor.com/posts/koryx-copper-tsxvkry-seasoned-executives-aim-to-unlock-value-in-huge-namibian-copper-project-6281Recording date: 1st March 2026Koryx Copper Inc. is developing the Haib copper project in Namibia, one of sub-Saharan Africa's most stable and established mining jurisdictions. Under the leadership of CEO Heye Daun, a Namibian citizen, mining engineer, and serial dealmaker, the company has transformed a previously mismanaged junior mining asset into a credible large-scale copper development opportunity in under two years.The Haib project was drilled originally by Rio Tinto in the 1970s but was left undeveloped as copper prices at the time did not support a low-grade sulfide deposit. It eventually passed to Deep South Resources, which proposed bio-heap-leach processing, a method not proven at commercial scale for sulfide material, and subsequently lost its operating licenses. When Daun's team assumed control, they reinstated conventional milling and flotation, the standard and bankable processing route for sulfide copper, and rebuilt both the technical and financial credibility of the asset from the ground up.The resulting PEA published in 2025 modelled just under 100,000 tonnes of annual copper production at a capital cost of approximately $1.5 billion, using a copper price of $4.30 per pound which roughly 30% below spot at the time of the PDAC 2026 interview. The middle-of-the-cost-curve economics hold up at conservative assumptions, and management's stated approach to study assumptions has historically been validated: on both prior Namibian transactions, the step from PEA to PFS maintained or improved the project scope rather than contracting it.The next milestone is the PFS, expected by end of 2026. This study will sharpen engineering and cost estimates, providing a more bankable document for potential financing discussions and strategic partner conversations. Alongside the PFS, Koryx is expanding its mineral resource and adding exploration ground around the Haib project, with a new, larger resource estimate expected in the near term.Financially, the company has moved from a $10 million market capitalisation to raising over $100 million, including a $51 million institutional placement that attracted Middle Eastern and Chinese financial groups as strategic participants. The company states it is sufficiently capitalised to reach an investment decision without further dilutive financing in the near term.The long-term construction path is expected to involve a major mining company or capital partner given the scale of investment required. Daun has been explicit about this: a $1.5 to $2 billion project is beyond the appropriate scope for a junior developer to build independently. Whether that takes the form of a joint venture, acquisition, or offtake-led financing arrangement will be determined in part by prevailing market conditions and the company's share price at the time of the investment decision.For investors, the near-term investment case rests on two catalysts: the mineral resource expansion and the PFS delivery. Both are well-defined, time-bounded events that, if executed credibly, represent meaningful de-risking steps for an asset that already has institutional and strategic interest at the door.View Koryx Copper's company profile: https://www.cruxinvestor.com/companies/koryx-copperSign up for Crux Investor: https://cruxinvestor.com
Interview with Dan Wilton, CEO, First Mining GoldOur previous interview: https://www.cruxinvestor.com/posts/first-mining-gold-tsxff-5moz-springpole-targets-q1q2-2026-federal-ea-decision-in-canada-8689Recording date: 2nd of March 2026First Mining Gold is advancing two of Canada's largest undeveloped gold projects toward production at a time when unprecedented commodity prices are transforming development economics across the mining sector. CEO Dan Wilton, speaking at the 2026 PDAC convention, outlined how the company's flagship Springpole project in Ontario is approaching a critical inflection point with environmental assessment approval expected in Q2 2026.At current gold prices of $5,400 per ounce, Springpole's economics are exceptional. The project, which holds over 5 million ounces and is designed to produce 300,000 ounces annually for eight years, would generate margins of $4,000-4,500 per ounce—levels never before seen in the gold industry. With upfront capital estimated at $1.1 billion and an NPV of $2.1 billion at conservative $3,100 gold assumptions, the project's returns are substantially higher at current spot prices.The company's market capitalization has surged from $150 million to nearly $1 billion CAD over the past year, yet at $45 per ounce of resources, First Mining trades at an 82% discount to the $250 per ounce average for peer advanced developers. Management attributes this gap to institutional investors waiting for EA approval to validate the project's viability, particularly given Springpole's location in Attwood Lake. Institutional ownership has already doubled from 10% to 22% over eighteen months and is expected to accelerate post-approval.Rather than pursuing independent construction, Wilton openly discusses seeking a partnership model similar to successful precedents like Osisko's Windfall and Gold Road in Australia, where experienced operators provide construction expertise while the developer retains significant equity. This approach aims to mitigate execution risk while maintaining upside exposure.Beyond Springpole, the company's Duparquet project in Quebec receives minimal market valuation despite an estimated $3 billion NPV at $4,000 gold. With environmental baseline work underway and potential EA submission in 2027, Duparquet represents substantial hidden value that management believes could be "worth multiples of our current market cap" once Springpole advances.Learn more: https://www.cruxinvestor.com/companies/first-mining-goldSign up for Crux Investor: https://cruxinvestor.com
Great Pacific Gold reported 59 meters of 2.5 grams gold equivalent from near surface at Kavasuki, confirming continuity within its 15-kilometer Wild Dog trend in Papua New Guinea. With a second rig now drilling the high-risk, high-reward Kasie Ridge target, management outlined a balanced strategy between steady resource growth and potential discovery upside. Ian Wagner talks with CEO Greg McCunn and VP of Exploration, Callum Spink.
Interview with Philip Williams, CEO, IsoEnergy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/isoenergy-tsxiso-production-advancement-with-exploration-upside-commencing-winter-drill-program-8967Recording date: 1st of March 2026IsoEnergy is a diversified uranium developer and near-term producer operating across Canada, the United States, and Australia — three jurisdictions deliberately chosen for their strong regulatory and mining track records. The company is gaining significant attention from institutional investors as the uranium sector enters what many believe is a sustained structural bull market.Earlier in 2026, IsoEnergy raised $50 million in a capital round that attracted over $300 million in demand — more than six times oversubscribed — from 45 global institutional investors, roughly half of whom were new to the company. CEO Philip Williams, speaking at PDAC 2026, described it as a signal of a meaningful shift: where uranium investing was once the domain of a handful of specialists, generalist funds and large institutions are now actively deploying capital into quality names. IsoEnergy's scale and track record position it to capture that wave.IsoEnergy's flagship asset, the Hurricane deposit in Saskatchewan's Athabasca Basin, holds 48.6 million pounds of U₃O₈ at an average grade of 34.5% — the highest-grade uranium resource on earth. The deposit sits adjacent to Cameco and Orano's Dawn Lake project, whose operators have publicly confirmed high-grade mineralisation comparable to Cigar Lake and McArthur River, the two largest uranium mines in the world. IsoEnergy is currently running an expanded winter drill program and believes significant additional pounds remain to be discovered.The Tony M Mine in Utah is the company's most advanced production asset. A bulk sample program is currently underway underground, generating the data needed for a final restart decision. With approximately $150 million in cash, the company is fully funded for that decision without needing new equity or debt.IsoEnergy stages its portfolio deliberately — advancing Tony M first, then Daneros and Rim in Utah, then its Australian assets — allowing a core technical team to transfer expertise sequentially rather than spreading it thin. This matters because experienced uranium mine builders are globally scarce. The company is also well-positioned to access US government capital, with agencies including the Department of Energy and the Export-Import Bank actively advertising critical minerals funding at industry events.With multiple catalysts converging in 2026 — Hurricane drill results, a Tony M production decision, and broad institutional tailwinds — IsoEnergy is structurally positioned as one of the uranium sector's most compelling development stories.Learn more: https://www.cruxinvestor.com/companies/isoenergySign up for Crux Investor: https://cruxinvestor.com
This episode marks the Northern Miner Podcast's third day of coverage from the Prospectors & Developers Association of Canada (PDAC) conference in Toronto. Host Adrian Pocobelli sits down with Vale Base Metals CEO Shaun Usmar to discuss the company's metals strategy and outlook. Legendary investor Rick Rule also joins the program to share his views on the markets and this year's conference. PDAC's Director of Policy and Programs, Jeff Killeen, discusses how he sees this year's event and the themes shaping the industry. CleanTech Lithium CEO Ignacio Mehech outlines the company's lithium project in Chile, while sponsors Dan McCoy of Eminent Gold and Nic Earner of Alkane Resources stop by to talk about their companies' work and their perspectives on PDAC. All this and more with host Adrian Pocobelli. “Rattlesnake Railroad”, “Big Western Sky”, “Western Adventure” and “Battle on the Western Frontier” by Brett Van Donsel (www.incompetech.com). Licensed under Creative Commons: By Attribution 4.0 License creativecommons.org/licenses/by/4.0 Apple Podcasts: https://podcasts.apple.com/ca/podcast/the-northern-miner-podcast/id1099281201 Spotify: https://open.spotify.com/show/78lyjMTRlRwZxQwz2fwQ4K YouTube: https://www.youtube.com/@NorthernMiner Soundcloud: https://soundcloud.com/northern-miner
This episode of Mining Stock Daily is brought to you by... Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-dash-gold.comVizsla Silver is focused on becoming one of the world's largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at equinoxgold.com Integra Resources is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com
Recording date: 25th February 2026The gold mining sector stands at a critical juncture as major producers generate unprecedented free cash flow while consolidation activity remains notably absent. Samuel Pelaez, President & CEO, and Derek Macpherson, Executive Chair at Olive Resource Capital, discussed this disconnect during their February 25, 2026 industry commentary.The BMO Capital Markets conference in Hollywood, Florida concluded without the major corporate announcements typically expected at such gatherings, bringing only B2 Gold's leadership transition instead of the anticipated mega mergers or strategic acquisitions. This surprised both executives given the industry's exceptionally strong financial position.Major producers are now generating extraordinary cash flow. Agnico Eagle reported approximately $11 million in daily free cash flow during Q4 2025, while AngloGold Ashanti posted similar figures. With gold prices having climbed to above $5,000 per ounce, these companies could potentially generate an additional $7-8 million daily. Pelaez characterized the industry as becoming "over capitalized," with substantial cash accumulating on producer balance sheets faster than it can be deployed through dividends and buybacks alone.The executives emphasized that M&A activity must eventually materialize, noting that producer stocks have appreciated approximately 5x since the Great Bear Resources acquisition. This suggests $10 billion takeouts are now mathematically feasible, compared to the $2 billion Great Bear precedent. However, both acknowledged being wrong about timing, with developer valuations remaining "long overdue" to catch up with producers.The key signal they're monitoring is competitive bidding situations with multiple parties pursuing single assets. Once this dynamic emerges, a "herd mentality" should drive rapid consolidation as companies move quickly to secure remaining quality targets.Looking ahead to the PDAC conference in Toronto, both executives plan to identify new opportunities, particularly in copper development assets and Argentina's emerging mining sector. The conference represents a key test of whether the industry will finally deploy its substantial cash reserves toward strategic acquisitions.Sign up for Crux Investor: https://cruxinvestor.com
This episode marks the Northern Miner Podcast's second day of coverage from the Prospectors & Developers Association of Canada (PDAC) conference in Toronto. Host Adrian Pocobelli sits down with U.S. Department of Energy CMEI Assistant Secretary Audrey Robertson to discuss how the United States is working to strengthen and secure its critical minerals supply chain. UK Deputy High Commissioner David Prodger also joins the program to outline the United Kingdom's strategy and perspective on resource security. In addition, show sponsors Gerald Panneton of Gold Terra Resource and Bruce Bragagnolo of Regency Silver share updates on their respective projects in Canada and Mexico. All this and more with host Adrian Pocobelli. “Rattlesnake Railroad”, “Big Western Sky”, “Western Adventure” and “Battle on the Western Frontier” by Brett Van Donsel (www.incompetech.com). Licensed under Creative Commons: By Attribution 4.0 License creativecommons.org/licenses/by/4.0 Apple Podcasts: https://podcasts.apple.com/ca/podcast/the-northern-miner-podcast/id1099281201 Spotify: https://open.spotify.com/show/78lyjMTRlRwZxQwz2fwQ4K YouTube: https://www.youtube.com/@NorthernMiner Soundcloud: https://soundcloud.com/northern-miner
This episode marks the Northern Miner Podcast's first day of coverage from the Prospectors & Developers Association of Canada (PDAC) conference in Toronto. Today's guests include Abdulrahman Al Belushi, Saudi Arabia's Deputy Minister for Mineral Resources Management, in conversation with host Adrian Pocobelli about how the Kingdom is advancing its mining sector, with a particular focus on copper and exploration. Also joining the program is Dean McPherson, Head of Global Mining at TMX Group, who discusses the state of Canadian capital markets and how TMX is working to support and finance mineral exploration. All this and more with host Adrian Pocobelli. “Rattlesnake Railroad”, “Big Western Sky”, “Western Adventure” and “Battle on the Western Frontier” by Brett Van Donsel (www.incompetech.com). Licensed under Creative Commons: By Attribution 4.0 License creativecommons.org/licenses/by/4.0 Apple Podcasts: https://podcasts.apple.com/ca/podcast/the-northern-miner-podcast/id1099281201 Spotify: https://open.spotify.com/show/78lyjMTRlRwZxQwz2fwQ4K YouTube: https://www.youtube.com/@NorthernMiner Soundcloud: https://soundcloud.com/northern-miner
Sultan Ameerali shares insights on how he is approaching this mining sector, particularly focusing on gold and silver investments. He discusses personal investment strategies, the importance of understanding risk tolerance, and the challenges faced in jurisdictions like Mexico. Sultan emphasizes the need for investors to be aware of market dynamics and to make informed decisions based on their risk profiles. The discussion also touches on the upcoming PDAC conference.
Mining Stock Daily hosts Hugh Agra, CEO of Revival Gold, discussing the upcoming PDAC conference, market sentiment, and the company's projects, including Mercur and Beartrack-Arnett. They explore the current state of the mining industry, Revival Gold's work plans for 2026, and the potential for growth in their projects. The discussion highlights the importance of institutional involvement and the strategic direction of Revival Gold as they prepare for future developments.
CEO Tony Moreau of American Eagle Gold discusses the significant breakthrough drill results today from the NAK Copper-Gold-Molybdenum Porphyry Project in British Columbia, highlighting the unexpected high-grade mineralization found. The discussion covers the implications of these results for the project's future, including plans for extensive drilling to expand the mineralized area and the strategic focus on high-grade zones. Moreau also shares insights on upcoming news and market catalysts as the company prepares for the PDAC conference.
Recording date: 16th February 2026Gold mining companies are generating unprecedented levels of free cash flow, with major producers like Agnico Eagle reporting more than $11 million per day in Q4 2024 at an average realized gold price near $4,200 per ounce. With gold prices running approximately $800 per ounce higher in the current quarter, that figure is tracking toward $15 million or more per day - a level that is fundamentally reshaping how companies think about capital allocation.Speaking on the Compass podcast, Samuel Pelaez and Derek Macpherson of Olive Resource Capital argued that this cash flow environment gives producers the rare ability to pursue multiple priorities simultaneously: debt reduction, dividend increases, share buybacks, and acquisitions. That flexibility, they noted, sets the current cycle apart from previous periods in the sector.The discussion comes as the mining industry enters its most active conference season of the year. An institutional-focused gathering in Miami is followed shortly by PDAC in Toronto - the world's largest mining conference - beginning around March 1st. Both events are expected to accelerate M&A discussions, as corporate development teams from major miners hold direct meetings with junior company management. Pelaez and Macpherson suggested that transaction announcements could coincide with or immediately follow PDAC.In the near term, Chinese New Year - which began February 17th - introduces a period of thin liquidity across commodity markets as Chinese exchanges close for the week. The hosts characterized any resulting price volatility as mechanical rather than fundamental, and suggested investors treat sell-offs in stocks they already favor as potential entry points.On the macro side, four factors continue to underpin the commodity bull market: expanding US manufacturing PMIs, resilient employment data, continued global liquidity growth, and a US fiscal deficit of approximately $800 billion - the third largest on record - reinforcing the case for hard assets even as the economy grows.Sign up for Crux Investor: https://cruxinvestor.com
This week's episode features Alon Olsha, Senior Analyst for Metals & Mining at Bloomberg Intelligence, in conversation with host Adrian Pocobelli about the recent failed merger discussions between Rio Tinto and Glencore. Olsha explains how the sheer complexity of combining two global mining giants proved a major obstacle, alongside issues such as valuation gaps and management structure. He also traces the history of the two companies and their long-standing merger speculation, examines their respective portfolios, and analyzes how a combined entity might have complemented each business. All this and more with host Adrian Pocobelli. This week's Spotlight features Ricky Chan and Gary Baschuk, Co-Heads of Mining at PearTree Canada, discussing the state of mining finance, the role of flow-through shares, and what they're expecting at this year's PDAC conference. To learn more, visit: https://peartreecanada.com/ “Rattlesnake Railroad”, “Big Western Sky”, “Western Adventure” and “Battle on the Western Frontier” by Brett Van Donsel (www.incompetech.com). Licensed under Creative Commons: By Attribution 4.0 License creativecommons.org/licenses/by/4.0 Apple Podcasts: https://podcasts.apple.com/ca/podcast/the-northern-miner-podcast/id1099281201 Spotify: https://open.spotify.com/show/78lyjMTRlRwZxQwz2fwQ4K YouTube: https://www.youtube.com/@NorthernMiner Soundcloud: https://soundcloud.com/northern-miner
This week's episode features Karen Rees, President of the Prospectors & Developers Association of Canada (PDAC), in conversation with host Adrian Pocobelli about this year's PDAC conference in Toronto. Rees describes the strong sense of momentum across the mining industry and highlights the expanded conference floor, which will accommodate more exhibitors than ever. She also offers practical advice on how to navigate the event—“wear comfortable shoes”—and discusses key features including the Investor Exchange, the trade show, and the North and South buildings. To attend the conference, visit: https://pdac.ca/ All this and more with host Adrian Pocobelli. This week's Spotlight features Kerem Usenmez, President and CEO of Volta Metals, who discusses the company's Springer rare earths and gallium project in Ontario. To learn more, visit: https://www.voltametals.ca/ “Rattlesnake Railroad”, “Big Western Sky”, “Western Adventure” and “Battle on the Western Frontier” by Brett Van Donsel (www.incompetech.com). Licensed under Creative Commons: By Attribution 4.0 License creativecommons.org/licenses/by/4.0 Apple Podcasts: https://podcasts.apple.com/ca/podcast/the-northern-miner-podcast/id1099281201 Spotify: https://open.spotify.com/show/78lyjMTRlRwZxQwz2fwQ4K YouTube: https://www.youtube.com/@NorthernMiner Soundcloud: https://soundcloud.com/northern-miner
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