Mining Stock Education

Bill Powers and co-host Brian Leni get together for their monthly Junior Mining Insights talk. Silver has come back from about $115 to around $50, and the gold price has recently been trading below $4,000. The Fed and the Bank of Canada have both raised rates. Bill and Brian talk about why moments like this reward contrarian investors, how to stay disciplined on both the buy side and the sell side, and what Brian saw on his recent site visit to Element29 Resources’ Elida copper project in Peru. Bill and Brian also talk about lessons from an investor that turned $20k into $3M in a matter of weeks in 2020 contrasted with another speculator who turned a realized 20-bagger into zero. Listen and enjoy! 00:00 Intro 00:17 Silver Cycle Reset 02:45 Tax Loss Selling 04:19 Staying Confident 08:20 Selling Discipline 12:38 Timing the Next Leg 14:42 $20k to $3M 19:54 20-bagger to Zero 21:16 Overallocation Lessons 23:19 Financing Quality Signals 25:46 Who You Raise From 33:23 E29 Peru Site Tour 41:28 Peru Politics Risk 49:07 Ross Beaty’s jurisdictional long-term mindset 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 are not licensed financial advisors. Sponsor Element 29 Resources pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found Element 29’s most-recent company slide deck found at https://www.e29copper.com/ applies to everything mentioned in this episode. 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/

First Phosphate (NASDAQ: PHOS | CSE: PHOS) CEO John Passalacqua returns to Mining Stock Education. About two and a half months after its NASDAQ debut, the stock is roughly 40% below its all-time high and sitting on its 200-day moving average. John explains why the sell-off doesn’t worry him: the company has more than $40 million in cash and non-repayable government funding, which takes it to a final investment decision. On top of that, about $400 million of the estimated $500 million capex is already on the table from two sovereign nations. He also explains why he thinks this kind of sovereign backing is starting to “bust the Lassonde curve” for critical minerals projects. 00:00 Intro 00:46 Show Intro and Selloff 01:42 Macro Fears October Volatility 02:49 Why Corrections Create Value 03:55 Cash Runway to Feasibility 04:52 Sovereign Funding and G7 06:01 Filling the Final Gap 08:05 Execution De Risking Plan 09:34 Mine Plus Processing Vision 10:06 Buffett Tide Metaphor Returns 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/

Midnight Sun Mining VP Adrian O’Brien discusses a major milestone for the company’s Dumbwa copper project in Zambia’s Domes Region — 12 kilometers of confirmed strike length and a Northern Block that has expanded to over 2.4 kilometers wide east-to-west. Adrian explains the Phase One program: nearly 100,000 meters drilled in 12 months, one of the most aggressive junior exploration programs in recent memory. He addresses the painful lab delay issue candidly — 5,000 samples in backlog, Intertek’s equipment and power failures in Zambia, samples rerouted internationally — and makes the case that the logjam is finally breaking. He distinguishes what Phase Two looks like: targeted rather than broad-brush, surgical infilling, deeper step-out drilling to 600–700 meters, and an extension drive into the newly acquired Mulundu License to the north. Key points covered: current treasury of $6–8M plus expected warrant exercises; drilling cost of just US$165/meter all-in (vs. US$500–1,000/meter in Nevada); the Kazhiba oxide asset monetization process still underway; and why the geological fundamentals — Lumwana analogue, near-surface mineralization, world-class address flanked by Kansanshi and Lumwana — remain intact despite share price pressure. 00:00 Intro 01:09 Discovery Context Scale 03:06 Phase Two Results Meaning 04:11 Resource Update Plan 05:41 Analyst Reactions 06:48 Stock Disconnect Assays 09:27 Lab Delays Explained 10:28 Upside New Targets 13:55 Treasury Phase Strategy 15:31 Phase Two Drill Costs 16:12 Phase Two Goals Deep Test 19:39 Funding Non-Dilutive Options 20:20 Investor Questions Wrap https://midnightsunmining.com/ TSXV:MMA OTCQX:MDNGF Press release discussed: https://midnightsunmining.com/2026/midnight-suns-dumbwa-copper-deposit-more-than-doubles-in-width-to-over-2-4-km-in-northern-block/ 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/

Josef Schachter has spent 40 years in the Canadian investment industry and runs the Schachter Energy Report. He’s watched energy super cycles since the 1970s, and he joins Bill Powers to explain why he thinks the current one, which began in March 2020, could last until 2034–2036. He covers his WTI forecast of $90 for 2027, why he sees oil going past $150 and eventually $200, the natural gas setup for next winter, and why Canadian producers trading at 2–3x cash flow may be the value play of the cycle. 00:00 Show Introduction 00:32 Oil Supercycle History 02:48 Current Cycle Signals 04:36 Canada Oil Gas Divide 05:15 Politics and Pipelines 06:54 Bull Case Risks 07:38 Venezuela Supply Reality 09:01 Demand Beyond Driving 10:45 2036 Price Targets 12:20 Natural Gas Bull Thesis 13:39 How to Forecast Gas 15:10 Best Nat Gas Plays 16:09 Picking Winning Producers 17:09 Valuation and Reserves 20:09 Final Thoughts Schachter Energy Report: https://schachterenergyreport.ca/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 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. 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/

Simon Catt is an Australian resource investor, investment banker, and the writer behind CattCalls.com. As a first time MSE guest, he talks about his early wins and painful losses that shaped how he invests in mining stocks today. Simon shares his rules for selling, and why he thinks this commodity super cycle has years left to run. Listen to the wisdom from this 40-year veteran of junior mining stocks! 00:00 Intro 00:35 Meet Simon Catt 01:08 Early Life and First Crash 04:12 Striker Diamonds Breakout 05:11 Losing It and Hard Lessons 06:48 Learning the Trade 08:52 Highcroft Case Study 12:40 Top-Down Investing Framework 14:33 Thesis Letters and Taking Profits 18:05 Exit Strategy and Takeovers 25:57 Macro Outlook Supercycle 30:04 Politics and US Critical Metals 31:38 Blue Moon Tungsten Pitch 35:34 Where to Follow Simon https://www.cattcalls.com/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 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. 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/

David Erfle joins MSE for his monthly episode. David explains the pullback in gold and silver, what he heard at the Beaver Creek Precious Metals Summit, why he’s moving into discovery-stage explorers, the Roxmore Resource and SSR Mining deal, and whether the TSX Venture chart is signaling a top. Dave also explains the necessary project economics for him to buy a developer right now. 00:00 Intro 00:40 Fed Hawkishness and Metals Pullback 03:43 Beaver Creek Sentiment Check 04:55 Spotting Lifestyle Juniors 05:40 Project Economics IRR Benchmarks 06:28 Shifting to Riskier Explorers 10:03 Tax Loss Season Opportunities 11:38 Junior M&A: Roxmore Resources & SSR Deal 15:07 Pre-news Spikes and Trading Discipline 18:03 Subscriber Questions and TSXV Charts 21:55 Wrap Up and Where to Follow David’s website: https://juniorminerjunky.com/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 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 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/

CEO Richard Osmond explains sponsor Element 29 Resources’ investment value proposition in this episode. Element 29 is a copper explorer in Peru, and its flagship Elida porphyry copper-molybdenum-silver project already has a 321 million tonne inferred resource. Richard says the goal is much bigger. The company wants to double the size of the pit and is targeting a tier-one deposit of more than 1 billion tonnes at about 0.5% copper equivalent, or roughly 5 million tonnes of contained copper. Element 29 is well funded to pursue that goal. It raised about $47 million in 2026, and with roughly $11 million in warrants coming due, it expects a budget of close to $60 million CAD to be spent over the coming years. Support comes from well-respected, strategic investors such as Randy Smallwood, George Brack, Ross Beaty, and Alex Gubbins. 00:00 Intro 00:43 Element 29 Overview 01:32 Richard Osmond Background 03:07 Why Peru and Copper 04:23 Finding Elida with Satellites 06:16 Location and Infrastructure Edge 08:00 Newfoundland Roots and Values 10:30 Strategic Investors and Financing 13:04 Drilling Permits and Community 15:02 Elida Geology and New Zones 17:33 Deep Drilling Vectors 19:33 Resource Growth and Tier One Goal 21:04 Assays, Met Work and De-risking 25:31 Copper Price Outlook TSXV: ECU -- OTCQX: EMTRF https://www.e29copper.com/ E29 Presentation: https://www.e29copper.com/_resources/presentations/corporate-presentation.pdf?v=0.608 Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor Element 29 Resources pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found Element 29’s most-recent company slide deck found at https://www.e29copper.com/ applies to everything discussed in this 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/

Bill Powers and co-host Brian Leni sit down for their monthly Junior Mining Insights chat to discuss sector sentiment after the Metals Investor Forum and Beaver Creek Precious Metals Summit. Then they cover a range of topics: glossy direct-mail mining stock promotions, why investors should specialize, when management teams should step aside, name changes and rollbacks, short sellers, visible gold in press releases, and why site visits are becoming essential to Brian's process. 00:00 Intro 00:52 Sector Sentiment Check 02:26 Generalist Money Debate 06:23 Snail-Mail Stock Promos 08:46 Tungsten Pitch Breakdown 11:29 Knowing Your Limits 14:12 Specialize Your Investing 17:33 Promoters Versus Operators 19:56 Mergers and Name Changes 25:52 Rollbacks and Share Counts 30:14 Newsletter Influence Today 33:08 Short Sellers and Accountability 38:52 Visible Gold Press Release Hype 44:00 When Early Disclosure Matters 49:06 Reading Exploration News Releases 50:17 Site Visits and Concentrated Bets 55:00 Retail Frenzies and Exit Timing 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 are 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/

Returning guest Sultan Ameerali is a self-directed investor who has significantly multiplied his own capital in junior resource stocks since entering the sector almost a decade ago. Fresh off his second year at the invitation-only Beaver Creek Precious Metals Summit, Sultan shares how he approaches conferences to get real intel, how he uses AI as a "first-year analyst" without giving up human judgment, and the due diligence process behind his recent positions. This episode is less about hot picks and more about building a repeatable, operationalized process with real money at risk. 00:00 Intro 00:34 Meet Sultan Ameerali 01:03 Beaver Creek Vibe Check 03:30 Finding Alpha at Conferences 05:27 Questions That Cut Through 07:17 Standing Out in 100 Meetings 10:19 Building a Brand 11:53 Why Mining Beats Models 16:12 AI Hype vs Ground Truth 21:11 Grok Bots and Special Sits 23:34 Case Study Spinouts and Value 26:05 Mapping Company Networks 26:38 AI for Link Discovery 28:17 Why Humans Still Model 28:39 Will AI Replace Analysts 31:00 Print Reports and Ask Better Questions 32:36 New Portfolio Positions 32:40 St Barbara Restart Thesis 35:13 Spinouts and Comstock Adds 36:48 Discipline After Conferences 37:24 Transparency and Compliance 38:44 Canada Taxes and Next Steps 39:51 Beaver Creek versus PDAC 41:06 Process Over Hot Tips 43:24 Risk Taking and Lifestyle 44:00 Constructivist Investing Mindset 46:24 Reputation and Long-Term Process 48:09 Where to Follow Sultan Sultan’s Twitter: https://twitter.com/SultanAmeerali Sultan’s Website: https://www.consolidatedrock.com/ 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/

Malcolm Shaw is a former geologist, sell-side analyst and hedge fund energy and mining investor. He is a proven junior resource stock picker and has invested for himself since the end of 2011. This is his first ever podcast interview. Malcolm keeps a low profile and grows his newsletter, The Circle, almost entirely by word of mouth. Bill and Malcolm first crossed paths on a due diligence call about five years ago. They cover Malcolm's path from Calgary geologist to Bay Street, why he doesn't try to call commodity prices, how he sizes and exits positions, and the stories behind his biggest winners and one current loser. In this MSE episode, Malcolm explains his rational approach to junior resource speculation. Listen and learn! 00:00 Intro 00:29 Meet Malcolm Shaw 01:09 From Geologist to Analyst 02:35 Sell Side vs Buy Side 04:05 Going Independent 05:38 Why Start a Newsletter 09:51 No Forecasting Just Positioning 13:36 Deal Flow and Watchlists 16:40 Holding Periods and Exits 18:56 Portfolio Construction and Big Bets 21:32 Tenaz Energy Case Study 26:19 Mining Winner Alpha Minerals 29:27 Developers and Production Plays 32:05 Marketing and Sector Allocation 34:22 Niche Metals and Competence 36:05 Network Driven Due Diligence 38:17 Biggest Loser Lessons Malcolm’s newsletter: https://www.thecircle.ca/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 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. 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/