Mining Stock Education

First Phosphate (NASDAQ: PHOS | CSE: PHOS) CEO John Passalacqua returns to Mining Stock Education. About two and a half months after its NASDAQ debut, the stock is roughly 40% below its all-time high and sitting on its 200-day moving average. John explains why the sell-off doesn’t worry him: the company has more than $40 million in cash and non-repayable government funding, which takes it to a final investment decision. On top of that, about $400 million of the estimated $500 million capex is already on the table from two sovereign nations. He also explains why he thinks this kind of sovereign backing is starting to “bust the Lassonde curve” for critical minerals projects.

00:00 Intro

00:46 Show Intro and Selloff

01:42 Macro Fears October Volatility

02:49 Why Corrections Create Value

03:55 Cash Runway to Feasibility

04:52 Sovereign Funding and G7

06:01 Filling the Final Gap

08:05 Execution De Risking Plan

09:34 Mine Plus Processing Vision

10:06 Buffett Tide Metaphor Returns

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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/

Midnight Sun Mining VP Adrian O’Brien discusses a major milestone for the company’s Dumbwa copper project in Zambia’s Domes Region — 12 kilometers of confirmed strike length and a Northern Block that has expanded to over 2.4 kilometers wide east-to-west.

Adrian explains the Phase One program: nearly 100,000 meters drilled in 12 months, one of the most aggressive junior exploration programs in recent memory. He addresses the painful lab delay issue candidly — 5,000 samples in backlog, Intertek’s equipment and power failures in Zambia, samples rerouted internationally — and makes the case that the logjam is finally breaking.

He distinguishes what Phase Two looks like: targeted rather than broad-brush, surgical infilling, deeper step-out drilling to 600–700 meters, and an extension drive into the newly acquired Mulundu License to the north.

Key points covered: current treasury of $6–8M plus expected warrant exercises; drilling cost of just US$165/meter all-in (vs. US$500–1,000/meter in Nevada); the Kazhiba oxide asset monetization process still underway; and why the geological fundamentals — Lumwana analogue, near-surface mineralization, world-class address flanked by Kansanshi and Lumwana — remain intact despite share price pressure.

00:00 Intro

01:09 Discovery Context Scale

03:06 Phase Two Results Meaning

04:11 Resource Update Plan

05:41 Analyst Reactions

06:48 Stock Disconnect Assays

09:27 Lab Delays Explained

10:28 Upside New Targets

13:55 Treasury Phase Strategy

15:31 Phase Two Drill Costs

16:12 Phase Two Goals Deep Test

19:39 Funding Non-Dilutive Options

20:20 Investor Questions Wrap

https://midnightsunmining.com/

TSXV:MMA OTCQX:MDNGF

Press release discussed: https://midnightsunmining.com/2026/midnight-suns-dumbwa-copper-deposit-more-than-doubles-in-width-to-over-2-4-km-in-northern-block/

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Sponsor Midnight Sun Mining pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found in Midnight Sun’s most-recent company slide deck found at www.MidnightSunMining.com applies to everything discussed in this interview. Bill Powers will not buy any MMA.v shares until five trading days after MSE’s initial 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/

Josef Schachter has spent 40 years in the Canadian investment industry and runs the Schachter Energy Report. He’s watched energy super cycles since the 1970s, and he joins Bill Powers to explain why he thinks the current one, which began in March 2020, could last until 2034–2036. He covers his WTI forecast of $90 for 2027, why he sees oil going past $150 and eventually $200, the natural gas setup for next winter, and why Canadian producers trading at 2–3x cash flow may be the value play of the cycle.

00:00 Show Introduction

00:32 Oil Supercycle History

02:48 Current Cycle Signals

04:36 Canada Oil Gas Divide

05:15 Politics and Pipelines

06:54 Bull Case Risks

07:38 Venezuela Supply Reality

09:01 Demand Beyond Driving

10:45 2036 Price Targets

12:20 Natural Gas Bull Thesis

13:39 How to Forecast Gas

15:10 Best Nat Gas Plays

16:09 Picking Winning Producers

17:09 Valuation and Reserves

20:09 Final Thoughts

Schachter Energy Report: https://schachterenergyreport.ca/

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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/

Simon Catt is an Australian resource investor, investment banker, and the writer behind CattCalls.com. As a first time MSE guest, he talks about his early wins and painful losses that shaped how he invests in mining stocks today. Simon shares his rules for selling, and why he thinks this commodity super cycle has years left to run. Listen to the wisdom from this 40-year veteran of junior mining stocks!

00:00 Intro

00:35 Meet Simon Catt

01:08 Early Life and First Crash

04:12 Striker Diamonds Breakout

05:11 Losing It and Hard Lessons

06:48 Learning the Trade

08:52 Highcroft Case Study

12:40 Top-Down Investing Framework

14:33 Thesis Letters and Taking Profits

18:05 Exit Strategy and Takeovers

25:57 Macro Outlook Supercycle

30:04 Politics and US Critical Metals

31:38 Blue Moon Tungsten Pitch

35:34 Where to Follow Simon

https://www.cattcalls.com/

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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/

David Erfle joins MSE for his monthly episode. David explains the pullback in gold and silver, what he heard at the Beaver Creek Precious Metals Summit, why he’s moving into discovery-stage explorers, the Roxmore Resource and SSR Mining deal, and whether the TSX Venture chart is signaling a top. Dave also explains the necessary project economics for him to buy a developer right now.

00:00 Intro

00:40 Fed Hawkishness and Metals Pullback

03:43 Beaver Creek Sentiment Check

04:55 Spotting Lifestyle Juniors

05:40 Project Economics IRR Benchmarks

06:28 Shifting to Riskier Explorers

10:03 Tax Loss Season Opportunities

11:38 Junior M&A: Roxmore Resources & SSR Deal

15:07 Pre-news Spikes and Trading Discipline

18:03 Subscriber Questions and TSXV Charts

21:55 Wrap Up and Where to Follow

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/

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

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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/

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/