Quinton Hennigh: A Geologist’s Playbook for The Next Big Discovery | Gold & Critical Minerals

Stijn Schmitz welcomes Quinton Hennigh to the show. Quinton Hennigh is an Internationally Renowned Economic Geologist who provides critical insights into the current state of mineral exploration and mining. Hennigh highlights a significant decline in metal discovery rates over the past decades, attributing this to major mining companies abandoning their internal exploration efforts and shifting responsibilities to junior exploration companies. Hennigh's current strategy focuses on acquiring assets with unrecognized exploration potential, particularly in underexplored regions like Bolivia, Argentina, and Japan. He emphasizes the importance of targeting large-scale deposits that would attract major mining companies' interest, believing that it requires nearly the same effort to explore a small project as a potentially world-class one. The discussion critically examines the current mining exploration landscape, with Hennigh expressing concern about the proliferation of junior mining companies. He argues that approximately 90% of these companies lack direction and technical capability, creating an inefficient market flooded with speculative ventures. This overcrowding has led to misallocation of capital and a diminishing pool of technical expertise in the mining sector. Hennigh is particularly critical of current industry practices, including the royalty and streaming models, which he describes as "parasitic" to mining companies. He also highlights challenges in permitting processes and regulatory compliance, suggesting these bureaucratic hurdles significantly impede mining development. Looking forward, Hennigh advocates for more efficient capital deployment, reducing permitting complexities, and attracting younger talent to the mining industry. He sees potential in unexplored regions and believes that with the right approach, significant mineral discoveries are still possible. His strategy involves identifying undervalued assets with substantial exploration potential, leveraging modern geological understanding to unlock value that previous explorers might have overlooked.

Stijn Schmitz welcomes John Feneck to the show. John Feneck is CEO Feneck Consulting Group. The podcast discussion centers on gold markets, investment strategies, and critical mineral opportunities. Feneck provides insights into the current gold market, noting that while there have been recent price fluctuations, major banks like Goldman Sachs, Bank of America, and HSBC are bullish, with price targets ranging from $4,900 to $5,000 for the next year. Discussing gold miners, Feneck highlights that the GDX ETF has broken out to new all-time highs, with producers like Newmont seeing significant growth. He believes junior miners still represent substantial value, with the GDXJ ETF trading well below its 2011-2012 peak. His investment approach combines value investing with technical analysis, focusing on a diversified portfolio of 60-70 stocks to manage risk. Feneck is particularly enthusiastic about critical minerals, especially tungsten and antimony, driven by geopolitical tensions and supply chain concerns. He sees significant opportunity in companies like Guardian Metals and Triumph Gold, which have strategic positions in these critical minerals. His investment philosophy emphasizes understanding company management, project fundamentals, and potential near-term catalysts. The conversation also touched on the challenges of mineral exploration and development, particularly in the United States, where permitting processes can take years. Feneck believes there's growing political momentum to accelerate critical mineral development, with initiatives like Trump's executive orders aimed at reducing dependence on Chinese mineral supplies. Through his consulting group, Feneck offers investment research services, including real-time updates, CEO interviews, and portfolio insights. He emphasizes the importance of active management, conducting extensive research, and maintaining flexibility in investment approach. His track record includes impressive returns, with his current portfolio up 118% for the year, demonstrating the potential of strategic investing in the mining and metals sector.

Stijn Schmitz welcomes Brien Lundin to the show. Brien Lundin is Editor of 'The Gold Newsletter.com' & Host of the New Orlean's Investor Conference. Lundin discusses the current gold market, emphasizing that despite recent volatility, the fundamental factors driving the bull market remain strong. He believes the current market is part of a secular bull market with potential for gold prices to reach between $6,000 to $8,000, and potentially even higher in a significant monetary reset scenario. Central bank buying and the ongoing "debasement trade" continue to support gold's upward trajectory. Regarding mining stocks, Lundin argues that miners are still significantly undervalued. He anticipates that upcoming earnings reports will demonstrate the robust economics of gold projects at current prices. He recommends focusing on larger producers like Newmont and Newcrest in the near term, while also highlighting opportunities among developers and exploration companies. Lundin is optimistic about the increasing capital flow into the mining sector, viewing it as a positive development despite concerns about "dumb money". He sees this as part of a broader commodity super cycle affecting multiple metals, with particularly strong potential for base metals and energy metals due to supply constraints and growing demand. On silver, Lundin is bullish, noting the metal's potential for significant price appreciation. He highlights the inelastic supply of silver, with 70% of production being a byproduct of other metal mining, and expects industrial demand to consume all available mine supply in the coming years. The conversation also touched on other commodities like copper, vanadium, and zinc, with Lundin expressing optimism about their long-term potential driven by supply constraints and increasing demand. He emphasized the importance of understanding the sector, spreading risk, and being patient with investments. Lundin concluded by promoting his upcoming New Orleans Investment Conference, describing it as the longest-running investment event in the world, featuring numerous expert speakers across geopolitics, macroeconomics, and metals investing.

Stijn Schmitz welcomes Edward Bonner to the show. Edward Bonner is Investment Associate, Sprott Asset Management USA, Inc. The discussion centers on the current state of gold and precious metals markets, with Bonner offering insights into the emerging gold bull market and broader commodity trends. Bonner argues that gold remains significantly under-owned, with most portfolios holding less than one percent of gold compared to historical averages of six to seven percent. He believes the current market is in the early stages of a potential bull market, driven by factors such as monetary debasement, fiscal largesse, and central bank buying. The recent geopolitical tensions, including the freezing of Russian assets, have prompted central banks to increase their gold holdings. The conversation explores various indicators for gold's potential, including the M2 money supply and the Dow Jones Industrial Average to gold ratio. Bonner suggests that gold is currently an attractive hedge against inflation and geopolitical uncertainty. He sees particular value in gold mining stocks, especially growth producers, developers, and late-stage explorers. When evaluating mining projects, Bonner emphasizes the importance of management teams, jurisdiction, and project metallurgy. He highlights the potential for mergers and acquisitions in the sector, given the significant free cash flow of senior producers. Beyond gold, Bonner discusses other potentially undervalued commodities, including platinum, natural gas, and vanadium. He sees interesting opportunities in geographical regions like the Guyana Shield, parts of the Arabian Nubian Shield, Mexico, and Argentina, while cautioning about the challenges of exploration and jurisdictional risks. The discussion concludes with Bonner's perspective on the cyclical nature of commodities and the importance of maintaining a diversified investment approach. He remains optimistic about the potential for gold and select commodities, suggesting that the current market presents unique investment opportunities for those willing to look beyond conventional wisdom.

Stijn Schmitz welcomes Rick Rule to the show. Rick Rule is Investor, Speculator, Founder & CEO of Rule Investment Media. In this comprehensive discussion, Rule provides deep insights into commodity markets, focusing on gold, oil, and various other resources. Regarding gold, Rule believes the precious metal is positioned for significant growth over the next five to ten years. He anticipates a potential 75% decline in the US dollar's purchasing power, which could translate to a three-fold increase in gold's nominal price. Rule emphasizes that while gold's trajectory won't be a smooth ascent, investors should be prepared for volatility and cyclical movements. In the energy sector, Rule is particularly bullish on oil and gas. He argues that despite narratives about alternative energy, fossil fuels will remain the dominant global energy source for decades. He sees tremendous value in companies like Exxon, which he believes is trading at a 50% discount to its net present value. Rule suggests that the industry's ongoing infrastructure investments and technological advancements make oil and gas an attractive investment opportunity. Rule also shares perspectives on various commodities, including nickel, copper, zinc, and uranium. He highlights the significant underinvestment in these sectors over the past decades, which creates potential long-term investment opportunities. For instance, he sees a substantial copper supply deficit emerging in the next five years due to decades of underinvestment. Beyond commodities, Rule discusses his involvement with Rule Investment Media and Battle Bank, offering investors resources to analyze natural resource stocks and providing innovative banking services. He encourages investors to conduct thorough research, be patient, and look for opportunities in sectors experiencing market disfavor. Throughout the conversation, Rule's investment philosophy emphasizes understanding long-term trends, focusing on high-quality producers, and being willing to take calculated risks in undervalued sectors. His approach combines deep industry knowledge with a pragmatic, patient investment strategy.

Stijn Schmitz welcomes Lobo Tiggre to the show. Lobo Tiggre is Author and Founder of the Independent Speculator Founder and CEO of Louis James LLC. The discussion centers on the current state of commodities, with a particular focus on gold, silver, copper, and uranium. Tiggre provides a nuanced perspective on the gold market, highlighting several key factors driving its current rise. He notes central bank buying, portfolio rebalancing, and increasing mainstream interest as significant catalysts. While bullish on gold, he cautions against assuming a straight upward trajectory, emphasizing the potential for corrections. He views gold primarily as financial insurance, recommending investors consider their exposure based on global economic uncertainties. Regarding commodities, Tiggre argues that inflationary trends and global economic transformations are creating a potential super-cycle. He is particularly enthusiastic about copper, citing strong demand from electrification, AI data centers, and significant supply constraints. He expects a multi-year, potentially multi-decade bull market in copper, though he's waiting for strategic entry points. Tiggre also discusses uranium, presenting a bullish case driven by increasing global nuclear energy adoption and constrained supply. He sees a robust market for the next few years, barring a major nuclear incident. His investment approach remains fundamentally value-oriented, seeking opportunities when assets are undervalued. The discussion explores a broader macroeconomic perspective, with Tiggre describing a stagflationary outlook. He points to weakening labor markets and persistent inflation as key indicators, suggesting economic challenges ahead. His investment philosophy emphasizes disciplined speculation, focusing on value propositions and avoiding momentum-driven investments. Throughout the conversation, Tiggre consistently advises investors to maintain perspective, avoid emotional decision-making, and be prepared for market fluctuations. He recommends having a strategic approach to investing, being willing to rotate between sectors, and always maintaining a critical view of market narratives.

Stijn Schmitz welcomes Matt Smith to the show. Matt Smith is Co-Author of "The Preparation" & Host of "Doug Casey's Take" Podcast. The conversation centers on the current economic landscape, with a particular focus on gold, monetary policy, and potential global financial reset. Smith discusses the unprecedented rise in gold prices, noting it has topped $4,040 and suggesting this bull market is unique. He believes the United States and China may have an unspoken agreement to use gold as a "liquidity sink" to manage massive economic challenges, particularly the enormous $175 trillion in unfunded liabilities. Smith argues that the current gold price surge is not just about preservation of capital, but potentially wealth creation. He points to historical comparisons, such as housing prices measured in gold terms, which have dramatically shifted over the past decades. Morgan Stanley's recent recommendation of 20% portfolio allocation to gold underscores the metal's growing importance. The discussion explores broader geopolitical and economic trends, including potential monetary resets, the role of critical minerals, and alternative educational paths. Smith is skeptical of traditional higher education, instead advocating for a more experiential learning approach outlined in his book "The Preparation", which he co-authored with Doug Casey. Regarding gold and precious metals, Smith believes we are in the early stages of a significant market transformation. He sees gold as uniquely positioned to serve as a monetary reset mechanism, with potentially dramatic price increases ahead. He suggests the price could reach extraordinary levels, potentially hitting $23,000 per ounce as part of a broader economic recalibration. The conversation touches on various global economic dynamics, including trade wars, critical mineral strategies, and potential geopolitical shifts. Throughout, Smith maintains a pragmatic yet cautious perspective on current economic trends, emphasizing the potential for significant structural changes in the global monetary system.

Stijn Schmitz welcomes Josh Young to the show. Josh Young is Chief Investment Officer & Founder, Bison Interests. The podcast delves into a comprehensive discussion about the oil and gas markets, commodity cycles, and investment opportunities. Young provides a compelling thesis for oil and natural gas, centered on significant global underinvestment in exploration and production over the past decade. He argues that the current market sentiment is overwhelmingly bearish, which paradoxically creates an attractive investment opportunity. The fundamental driver of his bullish stance is the persistent 1% annual demand growth for oil, which has remained consistent despite predictions of decline due to electric vehicles and alternative energy. Regarding supply dynamics, Young highlights the dramatic reduction in exploration and capital expenditures in the oil and gas sector. He notes that global oil production investments have dropped from around $900 billion annually to approximately $500 billion, with exploration expenditures becoming a tiny fraction of previous levels. This underinvestment, combined with natural field decline rates, suggests a potential supply crunch in the coming years. Young is equally optimistic about natural gas, citing growing demand from data centers and liquefied natural gas (LNG) export facilities. He sees potential for significant price appreciation driven by increasing demand and limited new production capacity. In the equity markets, Young finds the most attractive opportunities in small-cap oil producers and, particularly, oil services companies. He emphasizes that surviving services companies are exceptionally well-managed and can be purchased at significant discounts to replacement cost, often with attractive free cash flow yields. Drawing parallels with the precious metals sector, Young sees similar market dynamics emerging in oil and other commodities. He believes the current market setup resembles previous commodity cycles, where intense pessimism precedes substantial price appreciation. To share his insights, Young has launched a newsletter called Bison Insights, where he provides structured investment ideas and analysis in the energy and commodities space.

Stijn Schmitz welcomes Greg Orrell to the show. Greg Orrell is President and Portfolio Manager, OCM Gold Fund. In this engaging discussion, Orrell provides deep insights into the current gold market, highlighting the significant price movements and underlying economic factors driving precious metals' performance. Orrell explains that gold's current surge, over 50% this year, is primarily driven by global government debt and currency debasement. He argues that central banks are increasingly viewing gold as a stability anchor, with many countries looking to diversify away from the US dollar. The unprecedented monetary landscape has created a unique environment where gold is seen as a critical financial instrument. As a seasoned investor with 40 years of experience, Orrell describes himself as a long-term value investor focused on gold and silver mining companies. His investment strategy involves carefully selecting mining companies across different stages - from major producers to exploration companies - with a keen eye on management quality, project feasibility, and potential for long-term value creation. Orrell is particularly critical of mining companies that pursue "profitless prosperity" by unnecessarily lowering cut-off grades or extending mine life without creating shareholder value. He emphasizes the importance of margin expansion and maintaining disciplined investment approaches. The discussion also explores the broader economic context, including government debt, potential currency challenges, and the shifting global monetary landscape. Orrell believes we are in a unique monetary cycle driven by declining confidence in traditional currency systems. Regarding investment opportunities, Orrell suggests investors should maintain a 5-10% position in gold and silver assets as a form of monetary insurance. He sees significant potential in gold and silver miners, particularly as central banks and international markets increasingly recognize these metals' strategic importance. The OCM Gold Fund, which Orrell has managed since 1996, focuses exclusively on precious metals equities, providing investors a specialized approach to navigating this complex and potentially lucrative market segment.

Stijn Schmitz welcomes Garrett Goggin to the show. Garrett Goggin is CFA, CMT, MBA, GOLD ANALYST, & Founder of The Golden Portfolio. In this in-depth discussion, Goggin provides a comprehensive overview of the current gold market, highlighting significant global financial shifts and unprecedented economic conditions driving gold's value. Goggin argues that the current gold market is fundamentally different from previous cycles, citing massive U.S. debt (now at $37 trillion), foreign central banks moving away from U.S. treasuries, and increasing gold purchases. He believes the gold market has substantial room for growth, noting that average investors currently have less than 1% of their assets invested in gold. The analyst is particularly bullish on gold mining companies, especially developers with undervalued assets. He emphasizes finding opportunities where market valuations significantly lag the intrinsic net asset value (NAV) of mining projects. Goggin's investment strategy focuses on high-grade exploration projects, developers near production, and royalty companies, which he considers the lowest-risk gold investment strategy. Management quality is crucial in Goggin's analysis. He looks for executives who create shareholder value, avoid excessive dilution, and have a track record of building successful mining operations. His portfolio approach involves equal-weighting investments across multiple holdings, allowing winners to naturally grow in portfolio allocation. Regarding market sentiment, Goggin believes the "masses aren't here yet" in the gold market. He anticipates institutional investors will be "drawn kicking and screaming" into gold as traditional assets become overvalued. He's especially interested in the potential silver market, which he sees as currently undervalued relative to gold. Goggin's Golden Portfolio, which includes royalty investments and developer/explorer positions, has reportedly achieved impressive returns, with his GPIV product up 500% in two years. He remains confident that significant value opportunities exist in the gold mining sector, driven by fundamental economic shifts and undervaluation of quality mining assets.