Bill Powers and co-host Brian Leni sit down for their monthly Junior Mining Insights chat, recorded amid a sharp pullback in gold (down to ~$4,000 from a ~$5,500 high) and broad weakness across junior mining stocks.

Topics covered:

• Handling portfolio drawdowns — Bill shares being down 43% on a recent junior mining buy, and the two discuss how pre-assessing downside/upside risk (and tranche buying) helps investors stay rational during volatility

• Bear-market psychology — why uncertain, quiet markets (especially summer) can be the best time to pick off quality companies with less competition

• Rick Rule's "market as a facility" philosophy and how price action, while not predictive, still reflects real-time sentiment

• Building and using a watch list — assigning value targets ahead of time so sell-offs can be acted on with discipline rather than panic

• Discerning a real capitulation bottom — separating share-price drops tied to company-specific issues (management departures, forced sellers) from broader macro noise

• Red flags from management meetings — Bill recounts recent CEO conversations from the Mining Event of the North (Quebec City) and Zoom calls, including executives running multiple companies and weak articulation of "undervaluation"

• CEO archetypes — technical vs. promotional leadership, and why a mix of credibility and communication skill matters most at the sub-$50M market cap level

• Direct Ship Ore (DSO) as a sector trend — both hosts express skepticism about companies leaning on DSO/bulk-sampling narratives without offtake agreements, permitting groundwork, or community buy-in; Bill outlines his go-to due diligence questions (offtake LOI status, trucking/permitting feasibility)

• Canada's new semi-annual reporting pilot for smaller junior miners and mixed views on reduced disclosure requirements

• Listener feedback segment — a note about industry jargon (e.g., "geos") prompts a discussion on why learning sector terminology is part of the investing process

0:00 Market Volatility Reality Check

1:36 Tranche Buying in Uncertainty

3:39 Reading Price Versus Narrative

7:17 Watchlists and Patience

9:30 Timing the Next Bull Run

12:13 Spotting Capitulation Bottoms

16:53 CEO Credibility and Financing Plans

23:17 Technical Versus Promotional CEOs

28:51 Bear Market Strategy and Niche Metals

32:38 Trading Not Investing

33:57 Marketing Premium Setup

34:30 Semiannual Reporting Debate

37:46 CFO Role Questions

38:41 Conference Takeaways

39:44 Direct Ship Ore Trend

42:09 DSO Hype Warning

44:49 DSO Due Diligence

51:30 Bigger Beats Faster

54:33 Learning The Jargon

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/

Seasoned analyst Ron Stewart (Red Cloud) provides expert mining investment sector insights in this MSE episode. Stewart shares his bullish outlook for metals and comments on the current pullback in mining stocks. He sees a “generational opportunity” in gold stocks and offers valuation tips for producers and developers. Ron further comments on sector M&A, risks for juniors attempting to build mines and the current financing environment.

00:00 Intro

00:42 Market Shift Q1 to Q2

03:36 Gold Opportunity Now

04:34 Best Gold Equity Value

06:46 Jurisdiction and Management

10:42 M&A Drivers in Gold

13:37 Build or Sell the Mine

18:13 Capex and Project Economics

21:26 Copper Outlook and Demand

24:33 Small Copper Deposits

28:17 Royalties Dividends and Reinvestment

35:15 Project Generators and Exploration

37:13 Financing Market Update

39:02 Analyst Models and Assumptions

44:53 Replacement Value Advantage

45:50 Where to Follow Ron

https://redcloudsecurities.com/

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 CEO and director Zayn Kalyan provides an update on the exploration progress at the 100%-owned Manhattan District on Nevada’s Walker Lane trend. Callion reviews the prior 740,000-ounce inferred MRE at 1.26 g/t and the ongoing 50,000 m drill campaign with three rigs, nearly 100 results reported and ~27,000–28,000 m drilled year-to-date, with an updated resource targeted for December/January while maintaining a two-million-ounce goal. He explains a new “caldera thesis” tied to the Manhattan caldera shared with Kinross’ historic 16M AuOz producer Round Mountain (10 miles away), citing early proof-of-concept mineralization in volcanic/tuff units that could support bulk-tonnage expansion, including an intercept of ~0.6 g/t over ~60 m near Black Mammoth. Callion also notes deferred Mineral Ridge sale payments, explores potential low-risk, non-dilutive cash flow from historic tailings/leach pads (six-month evaluation), and says a U.S. uplisting is nearing completion with steady news flow continuing every 1–2 weeks.

00:00 Show Intro

00:19 Manhattan District Overview

01:21 Caldera Thesis Explained

03:00 Volcanics Proof of Concept

05:16 Resource Target Timeline

06:45 Cash Position Update

07:06 Strategy in Weak Market

08:48 Tailings Cash Flow Idea

10:18 Up Listing Progress

10:38 Drilling News Flow

11:13 Investor Sentiment Check

TSX.V: SGN -- OTCQB: SRCRF -- FSE: RY9

www.ScorpioGold.com

Press Release discussed: https://scorpiogold.com/scorpio-gold-drills-6-95-g-t-gold-over-11-98-metres-from-242-99-metres-within-caldera-volcanics/

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

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/

Pro mining investor David Erfle of JuniorMinerJunky.com explains his current gold stock strategy and the needed psychology of a successful junior mining speculator. Erfle argues his prior “buy the boredom” message still applies, describing recent weakness as a sentiment washout with the gold miner’s bullish percentage index hitting zero for the first time since late 2015, alongside decade-low COMEX open interest—conditions he says can precede major bottoms. He contrasts investor interest in AI/SpaceX with miners’ record profits, strong margins, improved balance sheets, and cheap valuations, noting low volumes and continued disinterest. Erfle explains his approach: accumulate during capitulation, trim during parabolic “rhino horn” moves, manage exits stock-by-stock, and focus on undervalued juniors and potential buyouts He shares his portfolio performance history and a few specific examples.

00:00 Intro

00:24 Buy the Boredom

01:41 Sentiment Hits Zero

04:20 Rhino Horns and Fishing Lines

08:09 Why Miners Look Cheap

10:37 Buy Small Undervalued Juniors

12:18 Contrarian Mindset

15:43 Portfolio and Exit Plan

20:11 Risk Management Example

David’s website: https://juniorminerjunky.com/

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. 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/

Host Bill Powers interviews Fury Gold Mines CEO Tim Clark for an update focused on advancing the Eau Claire project in Quebec’s James Bay toward development. The company has engaged Canadian engineering firms BBA and SGS to drive a pre-feasibility study targeted for the first half of next year (around Q2 latest) alongside a resource update. Tim discusses strong drill results (including 7.86 g/t gold over 9.43 meters), ongoing metallurgical and environmental work, and potential M&A interest in the district.

00:00 Intro

00:36 Eau Claire Progress Update

01:44 Camp Visit and Team Buildout

03:23 PFS Push and Engineering Partners

04:16 M&A Interest and Dhilmar Context

07:02 Gold Price Upside and Rerate Catalysts

09:16 Drilling Results and Resource Growth

11:41 Treasury and Asset Portfolio

14:39 MRE and PFS Timeline

Sponsor: https://furygoldmines.com/

Ticker: FURY

Press Releases discussed:

https://furygoldmines.com/fury-engages-leading-firms-to-advance-eau-clairepre-feasibility-study-work/

https://furygoldmines.com/fury-reports-7-86-g-t-gold-over-9-43-metres-in-infill-drilling-at-the-eau-claire-gold-project-quebec/

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

Sponsor Fury Gold Mines pays MSE a United States dollar seven thousand per month coverage fee. The forward-looking statement found in Fury Gold’s most-recent presentation found at www.FuryGoldMines.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/

First Phosphate Corp. (CSE: PHOS | OTCQX: FRSPF) just landed a wave of international backing at the 52nd G7 Summit in Évian, France — and CEO John Passalacqua joins MSE to break down what it means for the company's mine-to-market LFP battery supply chain build-out in Quebec.

This episode digs into the details of the agreements signed under the Critical Minerals Resilience and Production Alliance, including:

• A letter of interest for up to CDN $275 million in guarantees from Denmark's export credit agency (EIFO) to help finance the Bégin-Lamarche mine

• LOIs from Italy's SACE, CDP, and SIMEST, alongside engineering group MAIRE, to support First Phosphate's phosphoric acid plant at Port Saguenay using Ballestra technology

• A definitive offtake agreement for a minimum of 200,000 tonnes per annum of phosphate concentrate from Bégin-Lamarche

• A definitive offtake agreement for a minimum of 60,000 tonnes per annum of phosphoric acid from the Port Saguenay plant

John explains how these deals fit into the broader G7 alliance launched by PM Carney in 2025, what each piece of financing and offtake actually de-risks for the project, where things stand on permitting and construction timelines, and why he believes First Phosphate is positioned to lead North America's push for a secure, traceable battery-grade phosphate supply chain.

If you're tracking the critical minerals buildout, North American LFP battery supply chains, or First Phosphate specifically, this is a must-watch update straight from the source.

00:00 Intro

00:57 What the G7 Backing Means

02:33 Offtakes and Italy Partnership

04:19 Deal Terms Revenue and Pricing

05:27 Valuation and LFP Market Upside

08:31 Financing and Shareholder Demand

09:57 Timeline Catalysts and Execution

11:56 How the Alliance Came Together

14:07 Treasury and Capital Stack

Press releases discussed:

https://firstphosphate.com/first-phosphate-g7-investment-offtake-deals/

https://www.pm.gc.ca/en/news/backgrounders/2026/06/17/prime-minister-carney-secures-new-partnerships-defence-and-critical

https://www.pm.gc.ca/en/news/statements/2026/06/17/g7-leaders-declaration-securing-supply-chains-critical-minerals

https://www.reuters.com/world/asia-pacific/china-defends-critical-minerals-export-controls-after-g7-statement-2026-06-18/

Tickers: CSE: PHOS – FSE: KD0 – OTCQX: FRSPF – OTCQX-ADR: FPHOY

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/

Rick Rule explains the type of ignored junior mining stock he is currently buying. Rule says recent exploration spending is yielding spectacular drill results, but the market is not fully pricing discoveries yet, creating opportunity for savvy buyers like himself; he prefers open-market buying over private placements due to weak warrant terms. Rick discusses navigating junior mining during geopolitical “black swan” volatility, emphasizing a watchlist of target companies and prices and a current bias to accumulate on expected summer weakness as juniors have been hit harder than majors. He discusses assessing CEOs’ capital-raising and marketing strategies, contrasts specialist mining brokers with New York generalists, and explains focusing on the price–value gap rather than pre-market signals. Rule strongly favors at-the-market (ATM) financings for big board-listed miners, explains his PDAC “floor intel” around the G Mining/G2 Goldfields transaction, and comments on the Aurion/Agnico deal. Rick discusses trucking ore to existing mills in the Abitibi, why he generally avoids niche metals, and outlines how AI can help analyze large datasets without replacing experienced questioning.

00:00 Intro

00:41 Black Swan Buying Plan

02:22 Rotating Back to Juniors

04:47 Financing Market Reality

06:29 CEO Marketing Strategy

09:13 New York Brokers Explained

10:44 Price Versus Value Mindset

12:19 ATMs and Capital Raising

15:54 PDAC Deal Signals

19:11 G Mining and G2 Thesis

20:30 Abitibi Trucking Model

25:14 Exploration Strategy Shifts

27:42 Avoiding Niche Metals

30:20 Value Added Investor Role

32:00 Helium Speculation Story

35:08 Mexico and Carlos Slim

36:54 AI in Mining and Oil

40:49 Rule Conference Preview

Rule Symposium July 6-10 in Boca Rotan, FL: https://cvent.me/XOqdLa?via=mse

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/

Battery Metals Expert Matt Fernley explains the three reasons for nickel’s perfect storm. Matt also shares insights into the oil market and critical materials markets amidst the Middle East conflict. Other metals market dynamics analyzed are manganese, graphite, aluminum, cobalt and rare earths.

00:00 Intro

00:40 Middle East Fallout

04:17 Inflation and Demand

07:38 Nickel Market Reset

10:26 Manganese Cathodes

12:59 Oil Majors in Lithium

18:45 Graphite Reality Check

26:40 Price Floors and Policy

29:25 Rare Earths and M&A

34:42 Picking Metals Ahead

38:02 About RK Equity

RK Equity: https://rkequity.com/

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/

MSE host Bill Powers interviews gold-stock fund manager Larry Lepard of Equity Management Associates (ema2.com) about the sharp junior-miner selloff, which he attributes to a strong jobs report and renewed rate-hike fears, and why he still expects higher gold and silver prices amid unavoidable monetary debasement. Lepard compares today’s environment to 1970s-style inflation waves, argues new Fed chair Kevin Warsh may be more dovish than expected, and says a future monetary reset could drive gold toward $10,000/oz+ and silver far higher, boosting silver equities. He outlines his preferred “sweet spot” of emerging, growing producers, discusses jurisdiction risks, portfolio management and profit-taking, and shares favorite stock picks.

00:00 Intro

00:17 Market Selloff

02:19 Inflation Waves and Fed Outlook

03:22 Monetary Reset and Metal Targets

04:26 Warsh Pivot and Rate Cuts

06:52 Fund Flows and Commodity Shift

09:26 Where Value Hides in Miners

14:18 Favorite Producers and Jurisdictions

17:27 Silver Price Upside and Taking Profits

20:44 Avino Silver 12-Bagger

21:47 Volatility and Taking Profits

23:08 When Mining Bets Fail

24:41 Refining the Investing Process

26:05 Tokenized Equities Debate

27:02 Monetary Debasement Thesis

29:36 Favorite Gold & Silver Stocks

33:27 How to Follow Larry

Larry’s contact info and Twitter handle:

https://twitter.com/LawrenceLepard

Larry’s Newsletter Sign-up: http://eepurl.com/gOf1dT

Larry’s Quarterly Fund Letter: https://ema2.com/quarterly-reports/

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/

At The Mining Event of the North conference in Quebec City, MSE host Bill Powers interviews strategic resource investor Michael Gentile about his long-term, venture-capital style approach to junior mining. Michael says that 90% of his net worth is currently in junior mining stocks and he is still deploying cash into new positions.

Gentile says his major win in Northern Superior Resources and a takeout of Arizona Sonoran validated and de-risked his process, and he plans to redeploy the gains while maintaining a 5 to 10-year horizon and diversified portfolio of about 35 companies, with deeper involvement in 15–20 issuers. He explains his risk control (starting with ~1% positions, adding to ~5% if aligned), the importance of management, cap-table quality, infrastructure, and disciplined technical due diligence via expert networks. Gentile discusses financings (holds vs “life” deals, avoiding life-with-warrant fast money), common retail mistakes (impatience and poor timing), commodity preferences (mostly gold/silver, some copper), and how his faith influences his work and charitable plans through the Apostles Fund.

00:00 Intro

00:40 Northern Superior Win

01:24 Venture Capital Playbook

04:30 Hands on Value Add

05:51 When Management Fails

08:19 Cap Table

09:46 Life Financing Debate

12:38 Process Refinements

14:36 Site Visits

16:35 Network Driven Due Diligence

19:54 Protect downside or seek upside?

22:26 Retail Mistakes Patience

25:18 Thinking Like a Major

27:24 Commodity Mix and Cycles

29:57 Can He Ever Quit?

31:45 More Precious than Gold: Faith and Giving Back

Sign up for Michael’s weekly email: www.SaturdayMorningMining.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/