Junior Resource Investing

Sendero Resources (SEND.V) released 3 more holes from its La Ollita target today. The results were not barn burners, but were still successful, particularly as part of a first drill campaign, as they delineated hundreds of meters of economic (at scale) mineralisation. Nevertheless, the market was unimpressed and SEND.V is now off its recent highs considerably. MD Michael Wood joins me again to discuss these results, SEND's future plans, and reflect on the market's response.

Time Stamps

01:00 Overview of Results

05:00 Lithocap Model and further exploration

09:30 Market Response

11:00 Mineralisation types and drilling locations

17:15 Magnetotelluric Survey Discussion

20:00 Eldorado exploration vs. Sendero

26:00 Why is the stock price down so badly

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.

Thesis Gold (TAU.V) CEO Ewan Webster returns to discuss the final results from their 18,000 meter 2023 drill campaign at their 100% owned Ranch project in the Toodoggone region of BC. There was a lot of success to be found this year - areas of long intercepts of high grade gold buried within even longer intercepts of disseminated mineralization. With a new, universal, MRE just a few weeks away, and a PEA due in Q3, Thesis looks like it will continue to build on its strengths.

Time Stamps

1:20 Overview of Targets to be Discussed

1:50 General Overview of Ranch Project for Context

07:30 Thesis Structural Corridor

14:00 Bingo Zone

20:00 JK Zone

28:00 Bonanza-Ridge Zone

30:20 What is coming in 2024

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 have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. 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.

Sendero Resources (SEND.V) released the first batch of results from its Peñas Negras project today (April 3, 2024). The headline is the discovery they are currently working to uncover at their La Ollita target, that came up with Au+Cu+Mo to the tune of 0.53 gpt AuEq over 256 meters starting from 83 meters down. While the grade isn't going to turn any heads, for a first hole into a target, this seems like a strong start to exploration at La Ollita. Now, with 4 - and even 5 - more holes drilled into it and due to the market over the coming weeks, the hope is that SEND can build on its success and demonstrate that there is a true discovery to be had, even if the market was unimpressed and sold off on the news today.

Time Stamps

1:20 Michael shares his initial thoughts on results

6:30 Brief overview of what SEND is doing different than previously operators

10:30 Assay Tables – Was it being a gold dominant system a surprise?

14:20 Why does Michael think there was a sell off?

17:30 Are there more holes left to be drilled and when can we expect results from the lab

20:00 Accusations of smearing – Michael’s Response

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.

Invictus - despite objective success in unlocking its Cabora Bassa basin - wallows near 52 week lows. MD Scott Macmillan joins me once again to try to reconcile what Invictus has accomplished with its current market valuations. Updates on financings (past, present, and future), the PPSA, flow testing and 2024 exploration all made it into this long, 2 hour chat. Scott's conviction remains firm that good things are coming soon for Invictus.

Time Stamps:

00:17 Disclaimer sand Intro

07:05 How the last few months have unfolded and the discrepancy between what Invictus had accomplished and the share price. Causes and consequences.

17:46 Overview of Financing Options

22:30 What lessons has Scott learned/preventative measures in place to protect against downward pressure that has been placed on the stock.

26:46 Predatory Financing Partners

33:00 PPSA and Sovereign Risk

39:53 Rights Offering and the Recently-Completed Financings and Insider Participation

46:35 Follow-up converstion on non-dilutive financing options

53:00 What are JVs and other partners waiting on before they sign on, and pilot project revenue options

1:01:00 PPSA Update

1:09:00 Will Invictus be releasing more data

1:18:00 Will it flow?

1:30:00 Will the lab data increase net pay? Conversation about M1 and M2 data.

1:37:00 3D Seismic Update

1:45:00 Current financial situation

1:52:30 Timeline of events moving forward

1:56:30 Pilot Plant Timeline

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 have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. 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.

Companion Article and Written Summary:

Managing Director of iTech Michael Schwarz joins me today to provide an update on iTech's Lacroma Project. The project hit a rough spot a few months back with some questionable drill results as graphite sentiment bottomed out. However, as Mike demonstrates, iTech has found success enough to overcome those weaker results, and that their initial plans and goals remain on target. After a brief recap of iTech so far, Mike uses a 3D leapfrog model to walk us through his Lacroma drill results and points us to the fact that they will likely hit their 40Mt goal from this drill campaign. Mike then takes us further, walking us through their confidence in becoming a lowest-quartile cost producer, as well as the potential for future discoveries, ending with a discussion on how iTech plans to become a producer itself and the costs associated to get its own modular plant. I believe strongly that graphite is in the pendulum downswing overreaction any good contrarian investor needs. Graphite's needs in a green future are inescapable. Project's like iTech's Lacroma - cheap, strong jurisdiction, and low-carbon output - are exactly what the industry needs.

Time Stamps:

00:06 Intro to Interview

2:00 Brief Recap of Drill Campaign

06:00 What did iTech Accomplish Last Year?

9:20 Sugarloaf

10:30 Going Over Lacroma Drill Results

14:00 3D Leapfrog Drill Results Presentation

17:25 Cutoff grade, Met work, and General economics

24:20 Sugarloaf Discussion and Update on Met Work

28:30 Lacroma North - Meterage, Met Work, etc.

33:00 Upcoming Catalysts

36:00 Pilot Plant Production

46:00 Non-China Graphite Premiums

47:00 New Land Acquisition

51:00 Concluding 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 have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. 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.

Overview

I sat down with base metals analyst Connor Mackay of Pi Financial to discuss @fireweedmetals. Connor covers Fireweed and I took this opportunity to pick his brain and have him show his work a little bit on the process and logic behind his work. Fireweed is a best-in-class asset that, because of this status, makes it a bit of a trick to properly place a dollar value on as it is without a true peer. However, its inherent and strategic value is impossible to ignore and as Fireweed continues to prove up discovery after discovery and progress through economic studies, you have to think that eventually a sort of critical mass will be achieved and its true value will be more properly reflected in its market cap and share price.

Time Stamps

02:21 The Valuation Process - What are + and - you look for?

07:08 Risks and Opportunities the Market is Underestimating

09:00 Connor's Key 3 factors in Risk Weighting

11:41 Use of 12% Discount Rate for Fireweed. Do Base Metals Deserve a Higher Rate than Precious?

19:10 Why does Fireweed have such a disconnect between the low price and high value?

23:23 The Zinc Market

29:30 Gayna River valuation

31:00 Justifying their 0.6 NAV ratio they use as a price target and peer comparisons

35:00 Core Remaining Risks and Upcoming Catalysts

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. 

Substack Written Summary and Companion Article: https://juniorresourceinvesting.subst...

Recent drill results out of Founders Upper Antino project have served to redefine the potential of it. Strong drill results have become the norm for Founders, and these last few batches of results are no different. But it is not so much what has been found, but where, that is so critical to how this story is (positively) unfolding recently. What was initially thought to be a low-grade, bulk tonnage target at Donut has revealed long runs of high-grade gold within it instead, while Froyo has been both significantly deepened and widened, and is beginning to suspiciously look like an open-pittable future deposit. These are massively positive developments on the front of scope, scale, and economics that look to bolster an already impressive project.

Time Stamps

00:02 Opening Thoughts

01:25 Recent Drill Results and Their Significance

12:12 Open Pit Mining

16:13 What Does the Market Not Understand?

19:56 Future Drilling

23:03 Short selling

25:12 Parting Thoughts and PDAC

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.

Chris Taylor (Chairman Kodiak Copper, former CEO of Great Bear Resources) recently joined me to discuss BC's newly-released critical mineral strategy in a long-form interview meant to help investors themselves make sense of these incoming changes. Ever articulate and unafraid to express his opinions, Chris makes for a great interview and has ideas worth listening to. Chris discusses in detail his hopes and concerns with the announcement. On the one hand, Chris is very happy to see sincere government support for the first time in his 25 year career. However, Chris also worries that timelines for such a complex and involved process are being unnecessarily rushed. This is a rare and unique opportunity to rewrite BC's relationship with mining on an individual, community, provincial, and international level - it needs to be done with great care and commitment. @kodiakcoppercorp.4849 @greatbearresources9109

Time Stamps

02:14 What was Chris encouraged to see in the release?

03:35 What was missing that Chris was hoping to see?

06:16 Is there any risk of this becoming a political football in BC?

13:12 What sort of support do you see from First Nations communities themselves?

20:50 What is one change you would make if you were in charge of this process entirely?

26:09 Do you have any notion of what the government’s plan looks like?

27:44 Mining Association of BC (MABC) Response was that BC miners and smelters are financially disadvantaged vs. Ontario and Quebec – explain how this is.

35:04 What other lessons might BC learn from Ontario and Quebec?

41:16 BC Hydro coming up with billions in infrastructure spending – what is the process involved for mining companies to access that cash?

45:15 ESG Conversations – How does mining shed its negative reputation and be seen as critical to future decarbonisation efforts and attract younger generations into working in it and supporting it?

52:00 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.

Founders Metals (FDR.V) is already a heck of a story and is just going to keep getting bigger. Honestly, that’s it in a single sentence. Of course, CEO Colin Padget and I talked about a lot more than that in our longform intro interview - historical mining, modern exploration success, permitting, mining tailings, future plans, and much more - but all roads lead back to Rome here. Which is to say that my discussions with Colin (and my DD work in general so far) have led me to the belief that Founders - far from being done in terms of exploration results leading to market appreciation - is just getting started. This is because Founders’ Antino gold project has all the hallmarks of a truly great project.

Time Stamps

02:20 Founder's Metals Overview and Colin Padget Intro

07:04 Acquisition Strategy and Exploration Focus

09:30 Ownership, Partnerships, and Future Directions

11:57 Exploration Achievements and Jurisdictional Advantages

16:43 Community Engagement

19:06 Taxation, Royalties, and Permitting Insights

23:52 Artisanal Mining History at Antino

26:14 2023 Recap and 2024 Exploration Plans

30:51 Geological Insights and Exploration Strategy

33:20 Vision for the Future and Potential Partnerships

42:55 Tailings Processing and Non-Dilutive Funding Options

47:43 2023 Drilling Highlights and 2024 Objectives

52:35 Engagement with Potential Partners and NDAs

54:58 Elmtree Project in New Brunswick

57:23 Closing Thoughts and Future Outlook

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.

(Reuploaded with improved audio)

Make sure to use the time stamps below to navigate this longform interview.

@tocvanventures

New Resource Exploration Discord: https://discord.gg/X9mmUMtU

Written Summary and Companion Article:

This is a good one. TOCVAN is pursuing an aggressive growth strategy to get to production within a couple years. Very cheap exploration looks to be leading to very cheap production, giving TOCVAN a huge advantage over junior explorers and developers. If TOCVAN is able to execute over the coming 24-30 months, this will very quickly become a market darling. CEO Brodie Sutherland joins me to discuss his vision, his execution, and the potential and future of TOCVAN.

Time Stamps

01:00 Elevator Pitch

02:00 Discussion of float

04:00 Brodie’s Path to becoming TOC’s CEO and TOCVAN’s Team

06:45 What has Brodie had to learn on the fly to succeed as a CEO of a junior resource company

09:30 Overview of Picacho

14:45 Overview of Pilar

20:00 What are you working on to develop your targets in the expanded Pilar package? + geophys discussion

27:00 Relationships with artisanal miners

32:00 Cost of exploration

33:45 Vision of accelerated pathway to production – why it could work.

38:45 Mexico’s stance/perceived reluctance towards open pit mining

44:30 Explanation of skipping economic studies

49:30 Bulk Sample and heap leaching

53:00 Dore Bar Appearance

54:30 What is the size of the prize? Goal for ounces and tonnage from initial Pilar

57:30 Cost to get to production?

1:00:30 Financing options

1:05:30 Option Agreements for various concessions

1:06:30 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.