Junior Resource Investing

Link to companion article: https://juniorresourceinvesting.subst... Founders Metals keeps on building a world-leading gold discovery play. After a huge run of drill-led success, Founders has landed two major pieces the last week or two that look to fuel the next run of value creation for them: 1. A major increase in their land holdings (including significant alluvial mining and many similar traits to Upper Antino) going from 20,000 to 56,000 hectares. 2. A $50 million (and 10.6% stake) strategic investment from the 7th largest (by ounces) gold producer in the world, namely Gold Fields.$50 million,, a plethora of new discovery targets, and a world-leading technical team. This one remains a high confidence pick for ongoing

Time Stamps

00:10 Overview

03:30 The 36,000 Hectare Land Deal

08:30 Chris’ Role So Far in FDR

16:45 What’s the most compelling data from the new land for you?

25:15 Gold Fields Deal

35:30 Chris Ending Thoughts

Disclaimer The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Time Stamps Below

‪@FathomNickel‬ Link to Companion Article: https://juniorresourceinvesting.subst...

The second and final interview out of my time in Calgary. This one with Fathom Nickel (FNI.CN) CEO Ian Fraser. Ian catches me up on progress at their Gochager Lake nickel+ project with some pretty compelling above ground work that 1. Has opened up a trend of at least 3.5km of favourable (mineralised) host rock for high-grade zones within it and 2. That the historic Gochager deposit itself is surrounded by anomalies (across multiple data sets) that meet and exceed its own signature.

Time Stamps

01:00 General Update

07:45 Nickel Macro Discussion

13:15 What’s Next for Fathom?

Disclaimer The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

​ @tocvanventures

Time Stamps Below

I took the trip down the #1 highway to Calgary a couple weeks back for some sit downs with a few clients and industry members. Below is one of those sit downs, an interview recorded with CEO Brodie Sutherland of Tocvan Ventures. Good news continues to flow out of Tocvan’s Gran Pilar gold project in Sonora, Mexico - newly-discovered zones, historical workings, positive geochem and aeromag results, warrants exercising, positive permitting developments, and aggressive future drilling plans (some 15,000-20,000m before end of 2026). It takes news flow to get noticed in this industry, and Tocvan promises to deliver a lot of it over the next 12-18 months. Add in gold doing what it’s been doing (trading sideways at $4000 of all prices currently) and that’s a pretty powerful combination.

Time Stamps

00:10 Introduction

04:00 Compare and Contrast North Block to South Block

11:30 Macro Trends and Tocvan Strategy

16:30 When Do You Plan to Head to Full Production

23:45 Final Thoughts

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

​‪@contangoore9949‬ Summary and Time Stamps Below

Important Note: If you like my work, please click through here and subscribe to CTGO's newsletter to show CTGO the following I can bring to their story: https://why-invest-in-contango.com/

Link to companion article: https://juniorresourceinvesting.subst...

Here’s an October update from Contango Ore (CTGO.NYSE). Contango continues to produce high-grade, high-margin gold alongside gold’s historic march to over $4000. CEO Rick Van Nieuwenhuyse joins me to discuss numerous topics - shifting mine plans, debt payments, future plans, and why his company opted to go to the market for more cash despite their healthy revenue this year. CTGO continues to shed itself of its remaining debts and hedges as quickly as possible while still advancing both Lucky Shot and Johnson Tract to short term production. With spot at these unprecedented levels, the time to move is now, and Contango is moving aggressively forward.

Time Stamps

01:45 How has the market changed for you with this run?

04:45 Where were you conservative in your mine plan that you are consistently beating quarterly guidance?

08:30 Update on hedged ounces and bank debt remaining?

10:30 Explain the recent $50 million public offering. Why?

14:45 Manh Choh News – Hope to begin blending ore with Kinross’ Fort Knox mill?

18:30 When will Lucky Shot begin drilling.

20:45 Meters needed to get Lucky Shot mine-ready?

22:30 JT Economics and News flow to expect for investors

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Timestamps Below ‪@thesisgold1473‬

Link to Written Companion Work: https://open.substack.com/pub/juniorr...

Thesis Gold’s significant upward movement this year (+236% ytd) still hasn’t brought it to fair value by my estimation, as I demonstrated in my recent infographic. With the first 3 holes now back from the ongoing 2025 drill campaign, including a headline hole of 89.3m of 1.1 g/t Au (and ending in mineralisation) and a PFS at significantly higher spot prices due imminently, Thesis looks poised to further ride this unprecedented wave as gold continues to sharply rerate.

01:00 Ewan walks through the news

04:00 Different mineralisation at bottom of hole.

06:00 Geochem and IP work news - when?

08:50 When can we expect remaining drill results.

09:30 PFS – when can we expect it, any changes?

13:30 Ewan’s Thoughts on Gold’s Run

16:00 Final Thoughts

Disclaimer The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Link to Companion Article and Written Summary: https://juniorresourceinvesting.subst...

Kodiak Copper is in the middle of a critical milestone, having released part one of their maiden resource for their MPD project (with part two due before end of year). Including inferred tonnes, the resource for the first 4 zones reported is nearly 300Mt of 0.35% CuEq. The remaining three zones will be reported before the end of the year. With peer valuation comps favourable to Kodiak and copper pushing steadily higher, the timing appears good for Kodiak investors.

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Link to Infographic: https://open.substack.com/pub/juniorr...

Here's a quick video of me just walking through a few ideas I have regarding my gold developers peer comparison infographic. This infographic compares four Canadian gold companies at different stages of the development pathway. Thesis Gold and Probe Gold both have imminent PFSes, Skeena Gold & Silver has a funded DFS, and finally Artemis Gold, who is swinging into full-scale production. I have worked to better allow for 1:1 comparisons of NPV, IRR, etc. by standardising technical report sensitivity variables (exchange rate, spot price(s), etc.) between the individual base cases. This serves to increase both the breadth (by comparing across companies) and depth (by projecting a single company’s rerating potential over time) of understanding of these projects for the investor. ‪@thesisgold1473‬ ‪@artemisgoldinc‬ ‪@skeenagoldsilver‬ Probe Gold

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Link to Companion Article: https://juniorresourceinvesting.subst...

This is a big day for Arizona Gold and Silver. After months and indeed years of build-up, Arizona looks like it is finally, excitingly, be positively confirming the significant blue sky potential management has believed in all along at its Philadelphia project in Arizona. This is because AZS has finally hit the interpreted epithermal boiling zone lurking beneath its Red Hills target. And initial results are excellent, with every indication that they're going to get even better as drilling progresses. The headline numbers - 9.5 gpt AuEq over 20.43 meters (64% tw) are impressive. That this is the top of zone and AZS believes it will extend some 500-600m in total depth, with grade increasing along the way, makes for an even more tantalising scenario. That a clast of ultra high-grade - 45 gpt of Au vein - was found in the breccia higher up clearly supports this idea that with depth will come even better grade. Excellent results here have opened up a whole new path of potential for Arizona. This boiling zone has the depth, grade, and strike length (not to mention epithermal veins over 25m thick - to be a major discovery. And that's pretty darn exciting.

Time Stamps

00:50 Mike’s Intro

02:30 Quote from Greg Hahn

04:10 Discussion of the System

07:30 The Financing – Why?

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Link to Companion Article: https://juniorresourceinvesting.subst...

I will get Roy on for a long-form deep dive soon, but in the meantime, recent news demanded I get him on fast to talk about it. That’s because Allied Critical Metals (ACM.CN) released what looks to be - without hyperbole - one of the best pubco tungsten hits ever recorded at its Borrallha brownfield (re)development project. 12m of 4.27% wolframite (or 6m of 8.39%) is quite literally nearly an order of magnitude higher than typical high grade tungsten. Wolframite tungsten is remarkably cheap, easy, and safe to extract and refine. Indeed, Borrallha is estimated to be just CAD $10 million and 6-9 months from pilot production once financing is secured. And the timing couldn’t be better, with Tungsten at multi-decade highs thanks to increasing geopolitical tensions. With strong news flow expected to the end of the year, including more imminent drill results (including visually-similar rock to the above remarkable assay), a resource estimate and new PEA (which will be including this drill campaign), and pilot production still expected in 2026, now is a very good time indeed to be following this company.

Time Stamps

00:00 My Intro to ADM

02:15 Roy Bonnell

04:40 The Ultra High-Grade Hit

06:45 Where is this hit in the system?

9:00 Why RC vs. Diamond Drilling

10:00 Production – when and how much money?

13:45 Will these holes make it into Q3/4 resource & PEA?

14:45 Timeline of Upcoming News

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Link to Companion Article:

Cosa Resources significantly and rapidly advanced its Murphy Lake North project based on the recently-announced results of their summer drill campaign. Not every drill campaign ends in discovery, but every discovery comes from the efforts of multiple drill campaigns, all of them building together to achieve the necessary critical mass of subsurface understanding to drive a new discovery. So while Cosa doesn’t have a discovery to show for this program, as you will see below, they have remarkably compelling evidence that that might change soon enough with a bit more time and effort. That’s because the level of success they found in their very first few holes into their never-before-drilled Cyclone Trend is both rare and rapid. Not many projects ever show this much promise. Very few display it so early. CEO Keith Bodnarchuk joins me again to walk me through this news release and what exactly has Cosa so excited. And, frankly, me for that matter, too.

Time Stamps 01:00 Keith’s Intro to the Results

06:00 Explain the Process of Deciding to Focus on Cyclone

08:30 Is Hurricane still Prospective?

10:10 Do Property Boundaries Influence Your Strategy

12:30 Similarities and Differences to Hurricane Discovery

14:45 Correlation to size of alteration and size of deposit?

17:15 Where are you going next, as best you can understand presently?

19:10 When can we expect assays?

21:15 Final Thoughts

Disclaimer The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.