Mining Stock Education

Zayn Kalyan, CEO of sponsor Scorpio Gold Corp. (SGLD), comes back on MSE to talk about the company’s new discovery hole at the April Fool target in Nevada’s Manhattan district. Hole 26MN-133 hit 9.4 g/t gold over 13.05 meters from 78.63 meters downhole, including 4.11 meters at 19.83 g/t gold. It sits about 850 meters from the core resource area and is the first deep diamond core hole drilled at April Fool. Zayn says the market hasn’t priced in Scorpio’s district: in his description, 8.5 km of mineralized ground holding five historic resources. He also points out that nearly US$19 million of drill...

Ivan Bebek, Chair & CEO of Coppernico Metals (TSX: COPR | OTCQB: CPPMF), joins Bill Powers for a sponsor update. Peru’s Ministry of Energy and Mines has granted the Start-of-Activities authorization for the Sombrero copper-gold project in Ayacucho. That was the last government approval needed to start drilling under the expanded EIA-Sd approved in August. The new permit covers about 3,122 hectares and allows up to 300 holes from 181 drill platforms. The previous permit allowed 49 holes from 39 pads. Ivan says the permitted area has nearly tripled, and 60–70% of the targets in it could never be reached with a drill before. Ivan explains why Phas...

David Erfle of JuniorMinerJunky.com joins Bill Powers for their monthly check-in, right after the midterm elections and a sharp rebound in gold and silver. Erfle explains why he called January’s VRIC euphoria an intermediate-term top. He then explains why the black-bearish mood at the late-October New Orleans Investment Conference looked like a bottom, and why he was buying on October 30th. He compares this correction with 2008 and argues that today’s miners are fundamentally different. He also walks through his profit-taking discipline, a tax-loss rotation out of an under-funded drill play, and the macro backdrop into year-end. 00:00 Intro 00:32 Gold...

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...

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 st...

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...

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 R...

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...

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 Tr...

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...

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...

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...

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...

Scorpio Gold Corp. CEO Zayn Kalyan explains the company’s new Nasdaq ADR listing (ticker SGLD) and unusual first-day trading volatility, which he attributes to limited initial ADR supply and possible third-party arbitrage, while noting liquidity has improved. He says Scorpio is undervalued on a per-ounce basis and that the market is missing the project’s district-scale potential at Manhattan in Nevada: the team has focused on a 2 km strike area within a larger 8.5 km package with past-producing mines and five historic resources, located about 10 miles from a Kinross-operated fifteen-million-ounce Round Mountain mine. The company is drilling toward a targeted 2026 two...

In this episode, John Passalacqua, CEO of First Phosphate Corp. breaks down First Phosphate's September 16, 2026 announcement that it has received a Letter of Support from Swiss Export Risk Insurance (SERV) for approximately USD 212.5 million to help fund Swiss machinery, equipment, goods, and services for its igneous phosphate mine and processing facility in Saguenay-Lac-St-Jean, Québec. Per the company’s PEA, First Phosphate's total capital cost for the mine build is $675 million CAD, or approximately $490 million USD, a figure that already incorporates a 20% contingency. Of that total, two non-dilutive financing sources are currently in play: EIFO (Denmark) at €170 million, or roughly $195 milli...

Analyst Joe Mazumdar of Exploration Insights breaks down Barrick and Newmont’s Nevada Gold Mines joint-venture agreement and Barrick’s proposed spinout, focusing on the high-grade Fourmile discovery, its valuation discount, and synergies from using existing Nevada infrastructure and permitted autoclave capacity via Goldrush. He discusses how geopolitical risk drives valuation discounts and how companies use dividends/buybacks, noting majors returned about 30% of first-half 2026 revenue to shareholders, concentrated among the top five. Mazumdar reviews Seabridge’s KSM potential permitting setback tied to First Nations consultation and broader implications. He outlines a preferred royalty strategy using Orogen Royalties as an example and st...

Contango Silver & Gold ($CTGO) CEO Rick Van Nieuwenhuyse explains that the company is now an “execution story,” targeting growth from ~60,000 gold-equivalent ounces to ~200,000 ounces per year plus 5 million ounces of silver annually in five years. He updates the producing Manh Choh Peak Gold JV with Kinross, noting 2026 is expected to be a stronger production year after a pit transition, with costs elevated in the first half and an added oxygen plant improving CIL performance. He outlines the direct ship ore (DSO) strategy, progress and permitting at Lucky Shot and Johnson Tract (FAST-41), Kitsault Valley drilling and resource work, plans to purs...

Gold stock fund manager Greg Orrell returns to Mining Stock Education five and a half years after his last appearance to break down how this gold bull market compares to the 2008–2012 cycle, why retail investors still haven't shown up in force, and how he structures the OCM Gold Fund across producers, royalty companies, and explorers to capture the full move. 00:00 Show Intro and Guest 00:39 Last Gold Cycle vs Today 03:43 Central Banks and New Gold Drivers 04:59 Are Miners Undervalued 06:12 Fund Allocation Strategy 08:04 Exploration Discipline and M&A 10:50 Best Capital Allocators 11:35 Placements Liquidity and Sizing 13:03 Value Style and Key Metrics 16:12 Exit Rules an...

Rick Rule recaps a record-breaking Rule Investment Symposium and previews next year's shift from "Living Legends" to "Next Legends," then digs into the portfolio discipline lesson behind his "Amalgamated Aardvark" story — limiting stock ownership to the hours you actually spend studying them. He explains how he uses sentiment (like his contrarian silver buy) as an investing tool, why newsletter writers have lost sway over an increasingly institutional junior market even as free education still builds trust and sells "branded conclusions," and why the newest bull-market entrants tend to be the most arrogant. He also unveils "Pitch Rick," a $5,000 paid-pitch product wi...

David Erfle, the Junior Miner Junky, believes that $10,000/oz gold and $300/oz silver are now conservative forecasts. After the recent Treasury actions and messaging from Fed Chair Kevin Warsh, Erfle says, “the sky’s the limit as far as gold and silver prices are concerned from here.” David shares his current metals and mining stock forecasts in this MSE episode. Specific discussion topics include miner performance (majors outperforming juniors), why early-stage juniors lag, red flags like CEOs running multiple companies, when project diversification is positive, how financing quality depends on capital source, seasonality/tax-loss selling, and disciplined accumulation and sell strate...

Bill Powers and co-host Brian Leni sit down for their monthly Junior Mining Insights chat to discuss how to discern ‘margin of safety’ in early-stage junior miners. Other topics include identifying retail investor mass psychology, junior mining stock IPO dynamics, jurisdictional risks with First Nations even after permit issuance and much more. Refine your investment process as you listen to two full-time junior resource investors reflect on their past month of junior mining musings. 00:00 Intro 00:24 Margin of Safety Debate 02:28 Management and Valuation 05:57 Macro Timing Vs Value 08:39 IPOs And Retail Risk 13:55 Nasdaq Uplisting Upside 19:20 Seabridge KSM Shock 20:44 First Nations Risk Lens 28:41 Nego...

Atomic Eagle CEO Phil Hoskins stated: “Re-establishing our interest in Madaouela represents a transformational outcome for Atomic Eagle significantly increasing our resource base and adding a second advanced uranium project to our project portfolio. Madaouela is a large, high-grade uranium asset supported by an extensive body of historical work, and we see clear opportunities to further define and optimise the Project’s development potential. This agreement has been achieved through constructive engagement with the Government of Niger and delivers a strong, commercially balanced outcome following a period of dispute. I would like to thank Niger’s Minister of Mines, His Excell...

Dr. Neil Adshead shares insights on how he evaluates early-stage junior mining stocks in this MSE episode. Listen to this wide-ranging conversation on what separates good exploration geologists from great ones, how prospect generators navigate a shift toward drilling their own projects, what makes a JV deal structure investor-friendly, and how Neil evaluates jurisdictions like Nevada, James Bay, and the Golden Triangle. Dr. Adshead also shares his views on billion-dollar capex copper projects, the role of infrastructure in project economics, and the portfolio discipline that has shaped his 20+ years on the buy side. Neil Adshead is an economic geologist, who...

Midnight Sun Mining VP Adrian O’Brien explains how an initial high-resolution ground magnetic survey on its wholly owned Dumbwa copper deposit, located in Solwezi, Zambia, has identified multiple new exploration targets outside the previously defined and drilled mineralized corridor. Midnight Sun’s COO, Kevin Bonel, stated: “We are encouraged by how effectively this ground magnetic survey has enhanced our understanding of the structural architecture of the Dumbwa deposit and its relationship to higher-grade mineralized zones. Importantly, the survey has allowed us to ‘fingerprint’ the magnetic signature associated with the Central higher-grade block and identify several analogous targets east of the main m...

In this episode, host Bill Powers interviews critical metals expert Tomasz Nadrowski to discuss the significance of the U.S. Government’s recent historic roundtable with the mining industry. At the gathering, President Trump announced over $2 billion in critical mining and mining-related projects to revitalize the industry and over $180 million in mining school investments to bolster the American mining workforce. Tomasz is the author of “Mineral War: China’s Quest for Weapons of Mineral Destruction.” 00:00 Intro 00:43 White House Minerals Push 01:14 Workforce Crunch Timeline 03:08 Resolution Copper and Projects 04:31 How Funding Gets Chosen 05:06 Market Signals and Investors 06:42 FORGE Price Floors 07:55 Export Controls and Recy...

Coppernico Metals CEO Ivan Bebek explains the major Sombrero Copper-Gold Project permitting milestone in Peru, which now allows drilling of up to 300 holes from 181 drill-pad platforms. The EIA-Sd permit was received in 7–8 months versus a typical 12–18 months, even after delays tied to Peru’s election. The next step is a 30–60 day “start of activities” approval, targeting drilling by September/October, beginning at the Fierrazo target which has shown 232m of .47% Cu surface channel samples and historical holes returning 0.5–0.9% copper over tens of meters. Bebek discusses a $5.5M financing impacted by market/geopolitical uncertainty, Teck maintaining ~9.9% ownership, plans for a larger 60–65 hole, 18-month p...

In this episode, John Passalacqua, CEO of First Phosphate Corp. explains two major government-backed catalysts advancing the company's flagship Bégin-Lamarche igneous phosphate project in Saguenay–Lac-Saint-Jean, Québec. First, Bégin-Lamarche was selected for "Filon" support status with Québec's Ministry of Natural Resources and Forests, an initiative designed to accelerate mining projects in the province. Second, First Phosphate finalized agreements for an addition $4.84 million in non-repayable contributions from the Government of Canada, via Natural Resources Canada's First and Last Mile Fund, to advance the Bégin-Lamarche deposit. This new funding adds to the $16.7 million already committed by NRCan in Marc...

Pro mining investor David Erfle of JuniorMinerJunky.com shares that he recently sold his oil stocks to purchase three gold stocks which he reveals. He also provides commentary on the gold and silver prices and shares how he is navigating the junior mining market. Erfle argues his prior “buy the boredom” message still applies, describing recent weakness as a sentiment washout with the gold miner’s bullish percentage index hitting zero for the first time since late 2015, alongside decade-low COMEX open interest—conditions he says can precede major bottoms. He contrasts investor interest in AI/SpaceX with miners’ record profits, strong mar...

"The long-term drivers for the commodity cycle are intact. The rally that we've seen over the last 24 months, it's just like a teaser of what's coming when you look at broad sort of like landscape ideas in terms of like the exposure of global markets to mining and metals and to energy as well, it's less than 1% in some cases. If that only gets back to long-term averages of 5 to 10%, we're looking at trillions of dollars that are going to roll into our space. We live in a world where companies have trillion-dollar valuations. Why can't our companies [miners] have...

Bill Powers and co-host Brian Leni sit down for their monthly Junior Mining Insights chat and reflect upon their conversations with numerous resource investors at the recent 2026 Rick Rule Symposium in Boca Rotan, Florida. Topics Discussed: •Concentration over diversification. Both Bill & Brian favor fewer, better-understood positions over sprawling portfolios that can't realistically be researched. •Do the math on your time. Rick Rule's "one hour per company per month" rule is a useful gut-check for how many positions you can genuinely follow. •Know the source's entry point & bias. A recommendation from someone who bought in at a fraction of today's price carrie...

First Phosphate CEO John Passalacqua discusses how the recent small-cap volatility does not affect the fundamentals of First Phosphate due to the company’s strong treasury. Passalacqua, a former trader and market maker, says geopolitical tensions and rate fears have driven a systemic selloff that often forces investors to sell winners, but he views it as a catharsis that flushes weak hands. He highlights First Phosphate’s 24 to 36-month runway, citing over $30M cash in treasury plus access to a $16.7M Canadian government contribution and a recent $17.7M raise at C$2, totaling nearly $50M to reach feasibility (Q4-2026 or Q1-2...

Pro small-cap investor Mark Zaret reviews five of his stock picks. Four of these stocks he has publicly mentioned on MSE over the past five years. $TNZ.to became a 46-bagger ($1.50 to $70/share), two other multi-decade holds were recently bought out ($AU.v & $FOX.cn). Mark explains why he is still holding the other two stock picks ($FOR.v & $GRD.v). Throughout the interview, Mark shares his approach to small cap speculating which has produced tremendous wealth for himself over the decades. He is very patient and loves buying prospective illiquid small-caps when nobody cares. Mark began investing in the...

Contango Silver & Gold president Shawn Khunkhun discusses why CTGO shares are down ~50% since January and how this presents investors with a buying opportunity. The company’s current valuation is just three times next year’s expected free cash flow, he shared. He explains the key catalysts investors are waiting for, why and how the company eliminated its hedge book. He outlines the DSO model shipping ore to Kinross’s Fort Knox mill and how Contango is reinvesting cash flow into Lucky Shot drilling, Johnson Tract infrastructure/permitting, and a 40,000m Kitsault Valley drill program. He states that a mill acquisition is bei...

In this episode of Mining Stock Education, host Bill Powers welcomes Dr. Rob Stevens, author of 'Mineral Exploration and Mining Essentials.' Dr. Stevens presents on what every copper and gold mining investor should know about sulfide vs. oxide deposits. He provides examples, reviews the economic impacts of these deposit types, explains supergene enrichment zones, refractory deposits, laterites and much more. Dr. Stevens' book and online courses are available at miningessentials.com. 00:00 Introduction 01:01 Oxide vs Sulfide 02:08 Defining Deposit Types 06:54 How Processing Differs 09:40 Refractory and Laterites 12:38 Supergene Enrichment 15:55 Economics and Examples 20:13 Investor Checklist 22:54 Q&A Link to this presentation on YouTube...

Midnight Sun Mining VP Adrian O’Brien explains how the company has expanded its near-surface copper mineralization at the Dumbwa basement dome-hosted sulfide copper deposit in Zambia’s Domes region to 6.7 km strike within an 11.5 km phase-one program and a broader 20 km geochemical target. O’Brien explains the deposit’s close geological analogy to Barrick’s nearby Lumwana deposit, outlines a systematic “drill like a major” fence-drilling method with 50 m hole spacing and 100–200 m fence spacing enabled by low Zambian drill costs, and says the approach is designed to define edges, grade variability, and stacked, relatively flat mineralized lenses from surface to ~200...

In this episode of Mining Stock Education, host Bill Powers sits down with pro resource investor and returning guest David Lotan. David buys nearly all his junior resource stocks in the open market and employs a process any retail investor can follow. You don’t need to be an accredited investor to make millions in mining stocks. David proves it! David shared: "Especially in the last decade, the real bargains are in the open market. It's, to me, far more valuable to find little companies trading for peanuts where management just is missing one of those ingredients. If you can grab...

Dr. Simon Ingram, President & CEO of Lara Exploration, provides an update focused on the Planalto open-pit copper-gold project in Brazil’s Carajás district. After raising about US$25 million, the company is running seven drill rigs and has completed over 10,000 meters across 30+ holes to validate the geological model and upgrade resource confidence toward pre-feasibility, highlighting a higher-grade central core (around 0.6% to over 1% copper). Lara is also drilling south of the Silica Cap pit with encouraging intersections and working through permitting and land access for the nearby Atlantica license, a prospective 3 km extension. Parallel work includes water wells, geotechnical and metallurgical dri...

Bill Powers and co-host Brian Leni sit down for their monthly Junior Mining Insights chat, recorded amid a sharp pullback in gold (down to ~$4,000 from a ~$5,500 high) and broad weakness across junior mining stocks. Topics covered: •Handling portfolio drawdowns — Bill shares being down 43% on a recent junior mining buy, and the two discuss how pre-assessing downside/upside risk (and tranche buying) helps investors stay rational during volatility •Bear-market psychology — why uncertain, quiet markets (especially summer) can be the best time to pick off quality companies with less competition •Rick Rule's "market as a facility" philosophy and how price action, while not predic...

Seasoned analyst Ron Stewart (Red Cloud) provides expert mining investment sector insights in this MSE episode. Stewart shares his bullish outlook for metals and comments on the current pullback in mining stocks. He sees a “generational opportunity” in gold stocks and offers valuation tips for producers and developers. Ron further comments on sector M&A, risks for juniors attempting to build mines and the current financing environment. 00:00 Intro 00:42 Market Shift Q1 to Q2 03:36 Gold Opportunity Now 04:34 Best Gold Equity Value 06:46 Jurisdiction and Management 10:42 M&A Drivers in Gold 13:37 Build or Sell the Mine 18:13 Capex and Project Economics 21:26 Copper Outlook and Dema...

Scorpio Gold CEO and director Zayn Kalyan provides an update on the exploration progress at the 100%-owned Manhattan District on Nevada’s Walker Lane trend. Callion reviews the prior 740,000-ounce inferred MRE at 1.26 g/t and the ongoing 50,000 m drill campaign with three rigs, nearly 100 results reported and ~27,000–28,000 m drilled year-to-date, with an updated resource targeted for December/January while maintaining a two-million-ounce goal. He explains a new “caldera thesis” tied to the Manhattan caldera shared with Kinross’ historic 16M AuOz producer Round Mountain (10 miles away), citing early proof-of-concept mineralization in volcanic/tuff units that could support bulk-tonnage expansion, including an interce...