Junior Resource Investing

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Companion Article and Written Summary https://open.substack.com/pub/juniorr...

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

Kodiak Copper has worked its way through several seasons of strong drilling and exploration work with the goal of proving up the considerable potential of its huge, low-grade, MPD project in southern BC. As drill results trickle in from their recently-completed 2023 program, I was glad to welcome CEO Claudia Tornquist and Chairman Chris Taylor to discuss on a more macro level their results and how drilling continues to refine an exploraton model that is beginning to bear serious fruit in their quest for new discoveries.

Time Stamps:

03:00: Introduction to Jurisdictional Benefits of MPD

07:21: Geological Model and Parallels

12:00: Porphyry Discussion

17:00: Current Drilling Program

25:00: Pursuing Further Discoveries

34:29: Upcoming Catalysts

39:00: Audience Q&A

43:00]: Met Work, 1516, and Dillard Qs

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.

Written Summary and Companion Article: https://open.substack.com/pub/juniorr... Brian Leni is a well-known name in the junior resource sector. He started his own newsletter some years ago and has since then grown into one of the most well-known names in the industry. He joins me for a wide-ranging and in-depth discussion with lots of conversation on what it takes to succeed in this industry, and discusses his immersive, beautifully-shot, and well-told, new interview project called "Field Notes" where he travels on site visits and meets with company executives and brings those places and stories back to investors.

Time Stamps:

00:55: Brian shares his origin story

03:50: Discussion of Brian’s new “Field Notes” project

04:45: Discussion of why Brian chose the junior resource sector specifically.

08:00: What about early losses?

10:20: Risk Mitigation.

15:00: The Market Cycle

16:00: The role of self-awareness in investment decisions

18:30: Different personality types may be better suited to investing

19:30: The importance of selling

21:45: The importance of due diligence

23:00: How important is geological knowledge to investing success in this sector?

26:30: The Importance of Trust in Leadership

27:30: The Due Diligence Process

33:00: How does Brian buy in/scale into a position?

36:00: The Importance of Learning from Experience and Mentors

40:00: Don’t Invest Your Entire Account in a Single Play

41:00: How many positions does he hold in his portfolio?

45:00: Field Notes Discussion

52:00: Brian’s Investment Picks

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.

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

CEO Greg Beischer Explains why his Nikolai Nickel Project is a Must Have for the United States. Alaska Energy Metals Corp is not playing it slow. They have plans for an aggressive, multi-drill approach as they seek high-confidence confirmation of historical work, and have an ultimate resource growth target of reaching multiple billions of pounds of in situ 0.35% NiEq within 18 months. Greg discusses the advantages of Nikolai - huge, simple, predictable, and crucially sweetened by a polymet kicker that will help boost project economics. Jurisdictionally, the United States has a stark absence of nickel production, a fact Greg believes will play a key role in this project moving forward successfully. There are also high-grade opportunities at the nearby Canwell project to hopefully find enough ore to be able to meaningfully improve mine economics.

Time Stamps:

00:40: Elevator Pitch

02:00: Slide Deck Corporate Questions

04:45: Drilling So Far

07:40: Background of Creation of AEMC

11:30: Greg's Personal Connection to the Property

16:20: How Much Historical Drilling/Exploration is There?

19:50: How Much More Above Ground Work Do You Have?

21:00: Just-Completed Drill Campaign And Its Goals

24:00: Expected/Potential Size Of This Potential Deposit?

27:00: Anticipated Recovery Rate and Geological Composition

31:00: Will AEMC Get A Rerating From Inferred Lbs Alone?

33:30: Future 2024 Drilling Plans

36:00: Peer Group Comparison

39:50: The Canwell Project

42:30: Discussion of a Current Lawsuit

43:45: Upcoming Catalysts

46:00: 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.

I chatted with CEO Rick Van Nieuwenhuyse a couple days back and I was impressed by his vision for his company and his execution in pursuit of that vision. Contango operates according to a little bit of a different working thesis than your typical small scale developer. Their plan is to bring a couple small, high-grade mines into production rapidly and cheaply over the next couple of years. Ultimately, the objective of any investment is to opportunities of asymmetrical risk and reward.  And that metric doesn’t change whether the returns are 10% or 1000%.  In the junior resource sector, the natural desire of most investors is to be a part of a discovery story, and they are naturally alluring. But I would counter that they aren’t necessarily always smart money picks. Rather, I believe that near-term, fully-permitted, fully-financed producers like Contango could and should be a critical part of any resource investor’s portfolio specifically for the reduced risk they present will still presenting an outsized opportunity to capture serious alpha.

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.

Fathom IPO’d in May of 2021 pursuing its flagship Rottenstone project. The company has gotten some love from the market a few times since then, as CEO Ian Fraser (and President Doug Porter) have very successfully and aggressively pushed their two projects (Albert Lake and Gochager Lake, acquired in September of 2022) forward. So while the tide has gone out on metals sector sentiment, it is my thought that Fathom has never been stronger than it is right now. This is because it looks an awful lot like they possess both a proven, effective, reproducible exploration thesis and a heck of a lot of multi-% Ni targets to hone in on with it And that is an obviously exciting combination. Fathom’s use of BHEM analysis has lead to dramatic and definitive results. This is because BHEM readings have done nothing less than redefine how these two land packages are meant to be understood. They are clear, direct, and accurate indicators of identifying and targeting these pockets. I like Fathom a lot. I believe they simply knows more, have more potential, and have a clearer path to value creation than most exploration companies I know. All that’s left for Fathom to do is drill and see just how rich those pods can get. And based on Ian’s knowledge and enthusiasm, I can’t help but feel a little excitement too.

Time Stamps:

01:00: Overview of the Company

05:00: Quick overview of what’s coming for Fathom over the next 0-6 months.

10:20: Slide Deck Conversation

17:00: Cost of Drilling

18:40: Discussion: Fathom’s Origin Story – What work did you do from 2015-2021 to set up Fathom for success with drilling today.

26:00: The exploration thesis

28:40: What’s the blue sky potential?

35:00: How many targets have they compiled that could be another Rottenstone?

42:00: Albert Lake vs. Gochager Lake

46:15: Is Albert Lake a good analogue for Gochager?

50:00: How is Fathom’s approach different than historical operators?

55:30: Assays Outstanding

58:30: When is the right time to make a transaction?

60:40: What are your next targets?

65:45: Final Thoughts to Ian

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 Written Summary: https://juniorresourceinvesting.subst...

Giga Metals has released the PFS for their Turnagain Ni-Co project in northern BC. As with the PEA, there is an interesting range of numbers that contribute to make Turnagain a unique project. Headline economics are only average: 11.4% post-tax IRR (7% discount). US$1.9B to build/$1.65B to sustain for a $574 NPV at $9.75/lb Ni. Payback not mentioned in the highlight package NR (full PFS to follow in the coming weeks). Mark is joined by lead project engineer Lyle Trytten to make the case as to why Turnagain is so much more than these numbers in terms of what it offers potential JV partners such as automakers or OEMs, and why Turnagain will become a mine.

00:40: PFS slide deck presentation on its highlights

27:00: Interview begins

27:45: Cost Improvements from PEA, Giga’s conservative approach, mine life, no inflation

36:45: Why the reduction in mine life

38:10: Discussion of changing discount rate – who was involved

42:20: Why are headline numbers weak, and what is/isn’t their significance to strategic investors

49:00: What’s the positive outcome for investors at play here if the economics are weaker

53:30: Quote from Mitsubishi on Giga from Turnagain and discussion of their role

55:55: What’s next for Giga

58:30: Who is interested in Giga right now?

59:55: Japanese Trade Mission Announcement Discussion and 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.

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#TLG.TO #TLG

Check my Substack for companion article: https://juniorresourceinvesting.subst...

Troilus Gold is a very brownfield developer that has 8m+ Oz AuEq with great economics and a lot of reasons to believe the sting of inflation can be reduced in their upcoming FS, the first economic study since 2020. Also 260,000m of drilling is being put into an updated MRE that is just weeks away. I’ve only been following this one for a little while now, but so far I like what I see quite a bit. Large, bulk-tonnage, low-grade (but not too low) gold in Quebec with lots of preexisting infrastructure. All the big, headline, items clock in really cleanly with Troilus.

Time Stamps:

00:40: Elevator Pitch

02:20: Justin’s History

03:50: History of Preexisting Troilus Mine

06:50: Share Structure

08:30: Justin’s Average Cost Basis and Management Compensation and Burn Rate

12:45: Cost-cutting measures

17:20: Jurisdictional Advantages – Justin picks a couple favourites

20:40: ESG standards and Troilus and why it focuses so intently on it. How do they justify it?

25:30: Local Cree Nation Relations

29:50: Where does Troilus find itself right now? (MRE out soon)

31:15: Discussion of low-grade bulk tonnage

34:00: Opportunities for improvement of economics in upcoming FS vs PEA

39:00: Any community concerns over open pit and tailings?

41:30: Met work and a discussion of what the 260,000M since 2020 PEA accomplished

43:30: Upgrade to resource numbers?

44:20: What royalties are remaining after the 2.5% was bought back? Optionality with streaming copper etc.

47:00 Permitting

49:00: Discussion of Troilus’ SP struggles

54:45: 6-12 Month Catalysts and Final thoughts to Justin

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. 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.

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Substack: https://juniorresourceinvesting.substack.com/

Brian Skanderbeg of GFG Resources (GFG.V) joins me to discuss his company and its strategy of value creation through identifying and acquiring underexplored regions of the world-famous Timmins Mining Camp. Brian and the executive team at GFG have a strong history together, having steered the revitalisation (through new discovery) and ultimate takeout of Claude Resources at USD $337M valuation during their last time together. Brian discusses with me the strengths of his team and their dedication to exploring for the next discovery in Timmins. Brian discusses how he and his team believes in methodical, data-driven modeling and exploration, which has resulted in backing from important investors such Alamos Gold and the Lundins. GFG continues to explore its Montclerg target with the thesis that shallow till cover has prevented historical exploration from understanding its true potential. With 6000 more meters of drilling imminent this month and more to come in Q1 of 2024, investors can expect a steady stream of drill results from GFG over the next 6+ months.

Time Stamps:

01:00: Elevator Pitch on GFG

01:30: Brian’s History and Experience

07:00: Lessons from Claude

12:40: Share structure and ownership

17:40: Update on Phase 2 of 2023 Drilling Program at Montclerg/Goldarm/Aljo

22:10: Breaking down the meterage of the drill program

26:20: Historical/legacy exploration on the Montclerg/Goldarm land package and how GFG uses that data.

32:30: Knowing when to keep exploring and when to move on. Finding the right land package. Discussion of pros and cons of Rattlesnake Hill, Pen, and Dore.

37:30: Brian’s Thoughts on the importance of trusting management. Ask management questions about their philosophy and rationale when they start to pivot. Most successful companies start by pivoting.

39:00: When is it finally time to move on? Brian’s dual path strategy to finding a meaningful project.

42:30: Update on Rattlesnake Hills

44:30: Lundin and Alamos Involvement – importance of these kinds of investors

50:00: What’s left to come in 2023 and the next 6-12 months in general

54:15: Final thoughts to Brian

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.

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https://juniorresourceinvesting.substack.com/

It’s a tough resource market right now, with a lot of downward-pressured chop for most companies and a bleak prevailing mood. But this market hasn’t been totally ruthless - big time projects are still being rewarded big time. Here to break up the doldrums and despair a bit is a panel of recent winners to talk about their wins, how they came about, and lessons learned for investors hunting for the next one. Though none of these guys really need an introduction if you follow the industry, joining me are: Chris Taylor. Current chair of Kodiak Resources (KDK.V) and former CEO of the famous Great Bear Resources which was sold pre-economics to Kinross for CAD$1.8B. One of my old favourites and one I did well on. Scott Berdahl. Current CEO of Snowline Gold Corp (SGD.V). If you’re in the sector and have a pulse you know this one. Up 75% over the past 12 months. 2.5 years ago it was trading for less than 20 cents. Now it trades around $5. Not bad. I guess. Brandon Macdonald. Current CEO of Fireweed Metals Corp. Another exciting winner that just keeps building off its success as positive news keeps coming from all angles for it (M&A, exploration, and partnerships). Currently up 165% over the past 12 months

Time Stamps

01:45: Brandon, Scott, and Scott tell the story of their success and the struggles

07:15: How much does management skill or personality matter to project success?

12:00: What are some risk mitigation strategies you look for as investor and executive

17:15: Thoughts on royalties and streams for financing

22:55: Advice on what to look for in management

29:20: Red flags?

32:00: Thoughts on paid marketing

36:55: What are some signs a company is pumping?

38:50: Thoughts on how companies disclose results and transparency (smearing, true widths, etc)

41:00: How important is a formal understanding of geology to success as an investor?

46:30: Company picks or what to look for.

52:00: How active are you in the market?

53:45: Camp food

56:00: Where is snowline in the mine life cycle?

58:00: What motivated Lundins to invest in FWZ?

59:20: How important are conferences to companies?

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.

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https://juniorresourceinvesting.subst...

No one invests in the junior mining sector to match the index. The whole allure of the sector is its high-risk, high-reward nature, and how building a foundation of knowledge can tip the scales in your favour. The ultimate, logical, conclusion of that line of thinking is investing in the pre-discovery explorer. Penthouse or outhouse plays where the outcome is as binary as it gets in the market. This is where you go to make fortunes that can only be created by successfully picking pre-discovery plays. But you need the industry knowledge and expertise to make it happen. Companies Attending: GFG Resources (GFG.V) Kiboko Gold (KIB.V) Northern Shield Resources (NRN.V) Thunder Gold (TGOL.V)

Time Stamps

02:00: Company Introductions

05:45: Favourite discovery or what kind of deposit they think they have

10:45: How can you tell if a company is exploring properly

15:45: How much do you rely on historical data?

22:30: What do you look for in projects, what positives about your own project do you want to highlight?

27:45: Warning signs you look for in early explorers.

33:00: How important is jurisdiction for you?

40:00: How do market conditions impact your decision making process?

47:20: What is the future of mineral exploration in terms of technology?

55:00: News and future catalysts and your potential

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.