Recording date: 17th October 2025

Jeff Phillips has spent three decades navigating the volatile junior resource sector, developing an investment philosophy he describes as "parental supervision" rather than traditional activism. His approach involves taking substantial positions of 4-10% ownership in carefully selected companies and providing strategic guidance on capital raising, shareholder composition, and development milestones.

Central to Phillips's strategy is maintaining a concentrated portfolio of just 10-14 meaningful positions across different commodities and exploration models. He argues that excessive diversification—he cites investors holding 97 or more junior resource stocks—makes portfolio management impossible and dilutes the impact of successful investments. His mathematical reasoning is straightforward: even a 10,000% return becomes insignificant if spread across too many positions.

Share structure represents Phillips's primary investment criterion. He seeks companies where 50-60% of outstanding shares are held by fully reporting insiders and major shareholders whose holdings must be publicly disclosed. This concentration indicates genuine long-term commitment, contrasting sharply with companies claiming high insider ownership where only minimal percentages are actually reported. Phillips has recently taken this preference further, requesting year-long lock-ups on his investments rather than standard four-month holds to prevent warrant flipping and allow management to execute their programs.

Management quality ranks equally important. Phillips invests exclusively with proven teams who have previously built companies, made significant discoveries, or successfully navigated projects to exit. He avoids "lifestyle" management teams who perpetually raise money without building substantial value, focusing instead on those pursuing tier-one discoveries through what he calls "elephant hunting."

Phillips believes the sector is entering a generational bull market driven by government supply security concerns and direct state investment in critical metals projects. He favors copper, uranium, rare earths, and antimony, though he cautions investors to expect periodic corrections or "rain delays" rather than uninterrupted appreciation. His typical holding period extends five to six years, reflecting the patient capital required for junior exploration companies to advance through development stages and create meaningful shareholder value.

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