Mining Stock Education

CEO Richard Osmond explains sponsor Element 29 Resources’ investment value proposition in this episode. Element 29 is a copper explorer in Peru, and its flagship Elida porphyry copper-molybdenum-silver project already has a 321 million tonne inferred resource. Richard says the goal is much bigger. The company wants to double the size of the pit and is targeting a tier-one deposit of more than 1 billion tonnes at about 0.5% copper equivalent, or roughly 5 million tonnes of contained copper. Element 29 is well funded to pursue that goal. It raised about $47 million in 2026, and with roughly $11 million in warrants coming due, it expects a budget of close to $60 million CAD to be spent over the coming years. Support comes from well-respected, strategic investors such as Randy Smallwood, George Brack, Ross Beaty, and Alex Gubbins.

00:00 Intro

00:43 Element 29 Overview

01:32 Richard Osmond Background

03:07 Why Peru and Copper

04:23 Finding Elida with Satellites

06:16 Location and Infrastructure Edge

08:00 Newfoundland Roots and Values

10:30 Strategic Investors and Financing

13:04 Drilling Permits and Community

15:02 Elida Geology and New Zones

17:33 Deep Drilling Vectors

19:33 Resource Growth and Tier One Goal

21:04 Assays, Met Work and De-risking

25:31 Copper Price Outlook

TSXV: ECU -- OTCQX: EMTRF

https://www.e29copper.com/

E29 Presentation: https://www.e29copper.com/_resources/presentations/corporate-presentation.pdf?v=0.608

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Sponsor Element 29 Resources pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found Element 29’s most-recent company slide deck found at https://www.e29copper.com/ applies to everything discussed in this interview. Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy shares of any company featured on MSE, you should, for your own protection, assume MSE’s owner is personally selling you those shares. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Bill Powers and co-host Brian Leni sit down for their monthly Junior Mining Insights chat to discuss sector sentiment after the Metals Investor Forum and Beaver Creek Precious Metals Summit. Then they cover a range of topics: glossy direct-mail mining stock promotions, why investors should specialize, when management teams should step aside, name changes and rollbacks, short sellers, visible gold in press releases, and why site visits are becoming essential to Brian's process.

00:00 Intro

00:52 Sector Sentiment Check

02:26 Generalist Money Debate

06:23 Snail-Mail Stock Promos

08:46 Tungsten Pitch Breakdown

11:29 Knowing Your Limits

14:12 Specialize Your Investing

17:33 Promoters Versus Operators

19:56 Mergers and Name Changes

25:52 Rollbacks and Share Counts

30:14 Newsletter Influence Today

33:08 Short Sellers and Accountability

38:52 Visible Gold Press Release Hype

44:00 When Early Disclosure Matters

49:06 Reading Exploration News Releases

50:17 Site Visits and Concentrated Bets

55:00 Retail Frenzies and Exit Timing

Brian’s website: https://www.juniorstockreview.com/

Brian’s YT: https://www.youtube.com/@FIELD_NOTES

Bill’s Twitter: https://x.com/MiningStockEdu

Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39

Bill and Brian are not licensed financial advisors. Mining Stock Education offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Returning guest Sultan Ameerali is a self-directed investor who has significantly multiplied his own capital in junior resource stocks since entering the sector almost a decade ago. Fresh off his second year at the invitation-only Beaver Creek Precious Metals Summit, Sultan shares how he approaches conferences to get real intel, how he uses AI as a "first-year analyst" without giving up human judgment, and the due diligence process behind his recent positions. This episode is less about hot picks and more about building a repeatable, operationalized process with real money at risk.

00:00 Intro

00:34 Meet Sultan Ameerali

01:03 Beaver Creek Vibe Check

03:30 Finding Alpha at Conferences

05:27 Questions That Cut Through

07:17 Standing Out in 100 Meetings

10:19 Building a Brand

11:53 Why Mining Beats Models

16:12 AI Hype vs Ground Truth

21:11 Grok Bots and Special Sits

23:34 Case Study Spinouts and Value

26:05 Mapping Company Networks

26:38 AI for Link Discovery

28:17 Why Humans Still Model

28:39 Will AI Replace Analysts

31:00 Print Reports and Ask Better Questions

32:36 New Portfolio Positions

32:40 St Barbara Restart Thesis

35:13 Spinouts and Comstock Adds

36:48 Discipline After Conferences

37:24 Transparency and Compliance

38:44 Canada Taxes and Next Steps

39:51 Beaver Creek versus PDAC

41:06 Process Over Hot Tips

43:24 Risk Taking and Lifestyle

44:00 Constructivist Investing Mindset

46:24 Reputation and Long-Term Process

48:09 Where to Follow Sultan

Sultan’s Twitter: https://twitter.com/SultanAmeerali

Sultan’s Website: https://www.consolidatedrock.com/

Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39

Mining Stock Education offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Malcolm Shaw is a former geologist, sell-side analyst and hedge fund energy and mining investor. He is a proven junior resource stock picker and has invested for himself since the end of 2011. This is his first ever podcast interview. Malcolm keeps a low profile and grows his newsletter, The Circle, almost entirely by word of mouth. Bill and Malcolm first crossed paths on a due diligence call about five years ago.

They cover Malcolm's path from Calgary geologist to Bay Street, why he doesn't try to call commodity prices, how he sizes and exits positions, and the stories behind his biggest winners and one current loser. In this MSE episode, Malcolm explains his rational approach to junior resource speculation. Listen and learn!

00:00 Intro

00:29 Meet Malcolm Shaw

01:09 From Geologist to Analyst

02:35 Sell Side vs Buy Side

04:05 Going Independent

05:38 Why Start a Newsletter

09:51 No Forecasting Just Positioning

13:36 Deal Flow and Watchlists

16:40 Holding Periods and Exits

18:56 Portfolio Construction and Big Bets

21:32 Tenaz Energy Case Study

26:19 Mining Winner Alpha Minerals

29:27 Developers and Production Plays

32:05 Marketing and Sector Allocation

34:22 Niche Metals and Competence

36:05 Network Driven Due Diligence

38:17 Biggest Loser Lessons

Malcolm’s newsletter: https://www.thecircle.ca/

Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39

Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Scorpio Gold Corp. CEO Zayn Kalyan explains the company’s new Nasdaq ADR listing (ticker SGLD) and unusual first-day trading volatility, which he attributes to limited initial ADR supply and possible third-party arbitrage, while noting liquidity has improved. He says Scorpio is undervalued on a per-ounce basis and that the market is missing the project’s district-scale potential at Manhattan in Nevada: the team has focused on a 2 km strike area within a larger 8.5 km package with past-producing mines and five historic resources, located about 10 miles from a Kinross-operated fifteen-million-ounce Round Mountain mine. The company is drilling toward a targeted 2026 two-million-ounce resource update, continues with two drills, and has launched a ~$600,000, 32-hole sonic drilling and metallurgy program to evaluate reprocessing historic leach pad/waste/stockpile material and possible toll milling. Scorpio completed a C$10.8M no-warrant financing at C$0.25 and has ~C$8M in treasury.

00:00 Intro

00:31 Nasdaq Debut Volatility

01:11 US Listing Strategy

04:54 What Market Misprices

05:46 District Scale Potential

08:12 Two-Million-Ounce Goal

09:14 Reprocessing and Toll Milling

12:15 Sonic Drilling Costs Timeline

12:59 Why Sell the Mill?

14:05 Financing and Cash Position

15:46 Wrap Up and Ticker

TSX.V: SGLD -- NASDAQ: SGLD

www.ScorpioGold.com

Press Release discussed: https://scorpiogold.com/scorpio-gold-announces-sonic-drilling-and-metallurgical-program-to-evaluate-reprocessing-opportunity-at-manhattan/

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Sponsor Scorpio Gold Corp. pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found Scorpio Gold’s most-recent company slide deck found at www.ScorpioGold.com applies to everything discussed in this interview. Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy shares of any company featured on MSE, you should, for your own protection, assume MSE’s owner is personally selling you those shares. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

In this episode, John Passalacqua, CEO of First Phosphate Corp. breaks down First Phosphate's September 16, 2026 announcement that it has received a Letter of Support from Swiss Export Risk Insurance (SERV) for approximately USD 212.5 million to help fund Swiss machinery, equipment, goods, and services for its igneous phosphate mine and processing facility in Saguenay-Lac-St-Jean, Québec.

Per the company’s PEA, First Phosphate's total capital cost for the mine build is $675 million CAD, or approximately $490 million USD, a figure that already incorporates a 20% contingency. Of that total, two non-dilutive financing sources are currently in play: EIFO (Denmark) at €170 million, or roughly $195 million USD, and SERV (Switzerland) at $212.5 million USD. Combined, these two sources total approximately $410 million USD, covering about 85% of the project's $490 million USD capex requirement. That would leave only around $80 million USD to be funded through equity. If the financing comes together as outlined, John says it would be "extremely non-dilutive," creating what he describes as "a real torque on the stock" by sharply limiting shareholder dilution going forward.

Tickers: CSE: PHOS – NASDAQ: PHOS

Press release discussed: https://firstphosphate.com/serv-financing-first-phosphate-quebec-mine/

Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39

Sponsor First Phosphate pays Mining Stock Education a United States dollar ten thousand per month coverage fee. First Phosphate’s forward-looking statement found in the company's presentation applies to the content of this interview. MSE offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy stock in a company featured on MSE, for your own protection, you should assume that it is MSE’s owner personally selling you that stock. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Analyst Joe Mazumdar of Exploration Insights breaks down Barrick and Newmont’s Nevada Gold Mines joint-venture agreement and Barrick’s proposed spinout, focusing on the high-grade Fourmile discovery, its valuation discount, and synergies from using existing Nevada infrastructure and permitted autoclave capacity via Goldrush. He discusses how geopolitical risk drives valuation discounts and how companies use dividends/buybacks, noting majors returned about 30% of first-half 2026 revenue to shareholders, concentrated among the top five. Mazumdar reviews Seabridge’s KSM potential permitting setback tied to First Nations consultation and broader implications. He outlines a preferred royalty strategy using Orogen Royalties as an example and stresses judging management on per-share value and financing discipline. The conversation covers Canada’s proposed $1T investment plan, US Dept of War’s Trilogy Metals investment tied to the Ambler Road, Talamore’s Coffee Project financing versus sharply higher capex, and Mazumdar’s “fatal flaw” due diligence approach, including site visits and jurisdictional risk.

00:00 Show Intro and Guest

00:25 Nevada JV Deal Breakdown

02:54 Four Mile Value and Synergies

06:40 Geology of Four Mile

08:02 Geopolitical Discount and Spinout

11:06 Dividends Buybacks and Growth

14:01 Seabridge KSM Permitting Risk

19:10 Royalty Winners Origin Case

24:46 Prospect Generators and Dilution

27:04 Smart Capital Raises

28:10 Track Record Signals

30:10 Flow Through Pitfalls

31:32 Per Share Value Math

32:38 Canada Trillion Plan

33:56 Government Funding Debate

37:12 Trilogy Defense Deal

39:06 Ambler Road Reality

41:31 Coffee Capex Breakdown

44:45 Hunting Fatal Flaws

48:29 Site Visits Independence

Joe Mazumdar’s website: https://www.explorationinsights.com/

Follow Joe on Twitter: https://twitter.com/JoeMazumdar

Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39

Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Contango Silver & Gold ($CTGO) CEO Rick Van Nieuwenhuyse explains that the company is now an “execution story,” targeting growth from ~60,000 gold-equivalent ounces to ~200,000 ounces per year plus 5 million ounces of silver annually in five years. He updates the producing Manh Choh Peak Gold JV with Kinross, noting 2026 is expected to be a stronger production year after a pit transition, with costs elevated in the first half and an added oxygen plant improving CIL performance. He outlines the direct ship ore (DSO) strategy, progress and permitting at Lucky Shot and Johnson Tract (FAST-41), Kitsault Valley drilling and resource work, plans to pursue a mill, current balance sheet, and emphasizes leverage to the gold price on a per-share basis as Contango only 33 million shares outstanding.

00:00 Intro

01:11 Manh Choh Production Update

02:02 Costs and Processing Improvements

04:09 Reserves and Expansion Upside

06:37 Direct Ship Ore Explained

07:57 Lucky Shot DSO Criteria

09:27 Lucky Shot Resource and Permits

11:43 Johnson Tract and FAST 41

14:11 Timeline and Mill Strategy

17:44 Permitting Risks and Tailings

22:40 Kitsault Valley Silver Growth

26:03 Balance Sheet and Capital Plan

28:41 How to Value Contango

Press Release Discussed: https://contangoore.com/contango-silver-gold-provides-project-updates-2/

https://contangoore.com/

NYSE & TSX: $CTGO

Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39

Sponsor Contango pays MSE a United States dollar seven thousand per month coverage fee. The forward-looking statement disclaimer found in Contango’s most-recent company slide deck found at www.ContangoOre.com applies to everything discussed in this interview. Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Gold stock fund manager Greg Orrell returns to Mining Stock Education five and a half years after his last appearance to break down how this gold bull market compares to the 2008–2012 cycle, why retail investors still haven't shown up in force, and how he structures the OCM Gold Fund across producers, royalty companies, and explorers to capture the full move.

00:00 Show Intro and Guest

00:39 Last Gold Cycle vs Today

03:43 Central Banks and New Gold Drivers

04:59 Are Miners Undervalued

06:12 Fund Allocation Strategy

08:04 Exploration Discipline and M&A

10:50 Best Capital Allocators

11:35 Placements Liquidity and Sizing

13:03 Value Style and Key Metrics

16:12 Exit Rules and Taking Profits

19:00 Cash Levels and Investor Psychology

21:33 Juniors Allocation and Jurisdictions

25:07 Why OCM vs GDX GDXJ

OCM Gold Fund: https://ocmgoldfund.com/

Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39

This interview was not sponsored. Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Rick Rule recaps a record-breaking Rule Investment Symposium and previews next year's shift from "Living Legends" to "Next Legends," then digs into the portfolio discipline lesson behind his "Amalgamated Aardvark" story — limiting stock ownership to the hours you actually spend studying them. He explains how he uses sentiment (like his contrarian silver buy) as an investing tool, why newsletter writers have lost sway over an increasingly institutional junior market even as free education still builds trust and sells "branded conclusions," and why the newest bull-market entrants tend to be the most arrogant. He also unveils "Pitch Rick," a $5,000 paid-pitch product with real reputational stakes; recounts cutting business ties with an antisemitic promoter at his mentors' request; breaks down why sensible junior mining mergers (like G2 Goldfields/G Mining) get done while others stall on management self-interest; walks through the prospect generator model via David Lowell's Arequipa and Francisco Gold; explains his long-term stake in Ross Beaty's Lumina Metals despite skipping the IPO; and closes by explaining why deep sea mining doesn't yet offer enough precedent to build a defensible valuation model. Furthermore, Rick explains why “occasional failures are the price that you pay for outstanding wins”, using Robert Friedland’s early failures as the case study examples.

Notable Quotes:

• "Price information is of no use unless you have an opinion as to value. Money is made on the delta between value and price."

• "The most arrogant will be the least knowledgeable, which is to say the new punter."

• "Occasional failures are the price that you pay for outstanding wins."

00:00 Intro

00:36 Symposium Highlights

04:19 Next Year Plans

06:41 Too Many Stocks

10:32 Reading Sentiment

13:33 Newsletters and Media

16:16 Free Education Branding

19:40 Arrogance in Bull Markets

24:06 Pitch Rick Concept

27:09 Dealing With Bad Actors

30:39 Lumina Metals Take

32:42 Why M&A Fails

36:51 Prospect Generator Bets

40:53 Deep Sea Mining View

43:24 Offers and Wrap Up

If you would like Rick to review your mining stock portfolio reach out to him at:

https://ruleinvestmentmedia.com/

Rule Investment Media YT channel: https://www.youtube.com/@RuleInvestmentMedia

Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39

Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/