Mining Stock Education

Resource sector investor Erik Wetterling (a.k.a. The Hedgeless Horseman) shares insights about current conditions in gold and silver equities, market corrections, jurisdictional risk, and how he sizes positions. Erik shares his perspective of risk/reward set-ups and when he bets big on undervalued junior mining stocks. Furthermore, Erik discusses market psychology, volatility, some stock picks and what he looks for in a quality junior mining stock opportunity.

0:00 Intro

1:04 Market Correction After VRIC: Staying Fully Invested & Value Shuffling

2:46 Why Juniors Still Look Cheap: Patience, Boredom, and the ‘Wall of Worry’

4:23 Sentiment Whiplash: Buying Misery vs. Hot Metals Markets

7:21 Beyond Gold & Silver: Copper, Nickel, and Macro Uncertainty (AI, Economy)

9:39 How to Play Base Metals: Producers vs. Developers + The Importance of Teams

12:29 Conference Circuit: First Vancouver Trip, PDAC Plans, and Why Events Matter Again

15:11 PDAC Talk Preview: Psychology, Volatility, and Being Comfortable Looking Stupid

18:03 Filtering the Noise: Social Media, Discipline, and Holding a 2-Year Thesis

22:12 Technicals vs. Fundamentals: Charts as Entertainment, Position Size as the Real Tool

25:58 People Matter: Evaluating CEOs, Communication, and Execution Ability

27:03 Why ‘Good People’ Beat ‘Hidden Gems’ in Mining Investing

28:50 Due Diligence Shortcuts: Third-Party Validation & Knowing What Success Looks Like

29:43 Vision Matters: 1–3 Year Roadmaps and 10-Year Mine Plans

31:19 People vs. Project: When the Asset Speaks for Itself

33:32 Low-Maintenance, Long-Term Portfolios (and Why People Matter More Over Time)

34:42 Jurisdictional Risk Spotlight: Mexico After the Tragedy

38:22 Positioning Through Metal Cycles: Invest Like It’s a Perpetual Bear Market

41:34 Concentration & Conviction: No Hard Rules on Position Size

45:01 Qualitative vs Quantitative Conviction: Choosing the Right Team Over ‘Cheap’ Numbers

49:06 Top Pick Breakdown

51:32 Wrap-Up, Where to Follow

Erik’s website: https://www.thehedgelesshorseman.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/

Bill Powers interviews Lara Exploration President and CEO Simon Ingram, highlighting Ingram’s prior success leading Reservoir Minerals from $0.65 to $9.40 per share and creating roughly US$500 million in shareholder value at the time of the buyout by Nevsun Resources. Ingram recounts Reservoir’s Serbia discovery—described as the world’s 13th largest copper discovery since 1990—and notes the resulting mine now generates about 2% of Serbia’s GDP.

Lara Exploration is applying the same model and team while transitioning from prospect generator to developer through its 100%-owned flagship Planalto copper-gold project in Brazil. The 2025 PEA outlines an open-pit project producing about 36,000 tonnes of copper per year and processing about 8 million tonnes of ore, with estimated capex around $550 million. Using a $13,000/ton copper price, Ingram says the project value is about $1.2 billion at today’s spot prices.

The discussion covers Lara’s valuation gap versus its market cap (~US$100–110 million), plans to de-risk via infill drilling and advancing to pre-feasibility, and exploration upside. Ingram emphasizes Brazil’s infrastructure and permitting advantages in its operating region, including nearby major mines, access to low-cost power lines crossing the project, proximity to highways, a skilled mining workforce, and a government royalty structure where a significant portion returns to local municipalities.

Powers and Ingram also discuss capital efficiency and shareholder alignment: ~50 million shares outstanding (about 53 million fully diluted), no warrants, ~2.7 million incentive options, management owning ~20%, and G&A under about C$1 million.

00:00 From 65¢ to $9.40: Reservoir Minerals’ Serbian success story

01:29 Prospect Generator 101: Partnering to reduce exploration risk

03:32 Lara Exploration’s flagship Planalto project Brazil: PEA, scale, and copper price leverage

06:00 De-risking plan: Pre-feasibility, infill drilling, and high-grade upside

06:41 Return on capital & timing the copper cycle (why now matters)

08:18 Jurisdiction & infrastructure: Why this Brazil project can get built

09:05 Portfolio, royalties, and capital discipline (50M shares, no rollbacks)

12:55 Team edge: Technical background, copper scarcity, and demand drivers

14:40 How the project stacks up: peers, capex, metallurgy, and simple processing

25:29 PEA rigor: Cost levers, power pricing, and engineering due diligence

28:24 Near-term catalysts & funding options: New license drilling and next steps

31:55 Wrap-up, tickers, and final podcast disclaimer

https://laraexploration.com/

TSXV:LRA -- OTC:LRAXF

Sponsor Lara Exploration pays MSE a United States dollar seven thousand per month coverage fee. The forward-looking statement disclaimer found in Lara Exploration’s most-recent company slide deck found at www.LaraExploration.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/

Host Brian Leni interviews André Gaumond, Founder and CEO of Virginia Gold Mines, about how he built an exploration company that ultimately resulted in a billion dollars of buyout value. Virgina made the Éléonore discovery (2004), later sold to Goldcorp, and ultimately led to Virginia “2.0” and the sale/merger of the royalty with Osisko Gold Royalties. Gaumond recounts his path from geologist to mining analyst to junior mining executive, then founding Virginia with an initial $100,000 financing and growing it through financings and a disciplined approach to reducing exploration risk. He outlines his five-point exploration strategy that junior mining investors must learn and executives should heed. The interview closes with his views on companies using the project-generator/royalty model and his criteria for great leaders and VP Exploration candidates.

00:00 Welcome + Meet André Gaumond (Éléonore discovery story begins)

00:51 From rock collector to geologist & mining analyst: learning the business

03:15 Starting Virginia Gold Mines from scratch: early financings & survival mode

04:49 The big mindset shift: stop chasing luck, start reducing exploration risk

06:17 Strategy Point #1–2: Focus on James Bay + build an elite exploration team

11:02 Strategy Point #3: Partnerships/JVs with majors—models, deals, and risk-free budgets

19:59 Strategy Point #4: Diversification—rotating projects & balancing gold vs base metals

23:07 Strategy Point #5: Long-term presence—cash discipline + social license

30:48 Results & realities: multiple deposits, only one mine, and why luck still matters

35:25 Today’s JV landscape: can juniors still hold 50% in modern earn-in deals?

37:16 50/50 JVs, cash vs dilution, and why we’re not building mines

40:08 Deal terms that match project quality: spend pace, timelines, and de-risking

42:36 Why majors let the junior operate: local edge, costs, and win-win structures

44:28 When to sell: intuition, thresholds, and avoiding the hostile takeover zone

48:50 The Goldcorp auction & spinout playbook: Virginia 1 → Virginia 2 + royalty

51:24 Selling the royalty company: merging top-tier royalties and nailing the timing

53:44 Luck, timing, and shareholder-first decision making

56:19 Éléonore today: aggressive drilling, new zones, and mine life extension

59:08 Who’s doing it right now: project generators, land position, and majors buying in

01:02:24 What makes great leaders & VP Exploration

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/

In this episode of Mining Stock Education, host Bill Powers introduces new sponsor Scorpio Gold Corp, featuring CEO Zayn Kalyan. Kalyan shares insights on their newly consolidated Manhattan District project in Nevada, detailing its history, recent achievements, and future potential. With a focus on resource expansion and aggressive drilling programs, Kalyan highlights significant milestones, including a strong open pit resource and promising drill results. The discussion also covers Scorpio's financial health, strategic partnerships, and plans to potentially up-list to a major U.S. exchange. Kalyan emphasizes the company's commitment to delivering shareholder value through consistent exploration success and strategic financial management.

00:00 Introduction

00:45 Scorpio Gold Corp: New Investment Value Proposition

01:27 Zayn Kalyan’s Journey to Scorpio Gold

02:55 Manhattan Project: The Core Asset

07:37 Exploration and Drilling Strategy

10:59 Financial Health and Future Plans

14:54 Potential Uplisting to NASDAQ

22:06 Conclusion and Final Thoughts

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

www.ScorpioGold.com

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/

In this episode of Mining Stock Education, host Bill Powers welcomes Dr. Rob Stevens, author of 'Mineral Exploration and Mining Essentials.' Dr. Stevens provides an in-depth presentation on uranium deposits, discussing the fundamentals of uranium, its geology, types of deposits, and investment considerations for uranium stock investors. He highlights the growing global demand for nuclear power and the expected structural deficit in uranium supply by 2029. The discussion also covers different uranium deposit types, mining methods, exploration techniques, and key factors investors should consider. Dr. Stevens emphasizes the importance of high-grade findings and potential investment opportunities in the sector. Listeners are encouraged to delve deeper into uranium mining through Dr. Stevens' book and online courses available at miningessentials.com.

Link to this presentation on YouTube: https://youtu.be/vgTZSeL_vWg

00:00 Introduction and Guest Welcome

01:46 Uranium Market Fundamentals

06:00 Types of Uranium Deposits

16:10 Uranium Mining Techniques

18:30 Exploration and Investment Considerations

25:06 Conclusion and Resources

To learn about Rob’s book and online training courses: https://www.miningessentials.com/

Rob’s YouTube channel:

https://www.youtube.com/@mining-essentials

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

This episode was not sponsored. MSE received no compensation to speak favorably of Rob Stevens’ book and has no revenue-sharing arrangement with Dr. Stevens. 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/

In this episode of Mining Stock Education, host Brian Leni interviews Jacques Bonneau, a seasoned junior mining investor and author of 'The Art of Investing in Junior Mining.' Jacques shares his insights on how to discern a gold stock market top, the significance of market cycles, and his strategies for investing in junior mining stocks. The discussion covers the recent market movements, the importance of attending mining conferences, and key indicators to monitor for bullish and bearish phases in the gold market. Jacques also highlights several promising junior mining companies worth watching, based on their market cap, management quality, and exploration potential.

Jacques Bonneau has over 40 years of experience in the mining industry and is the author of “The Art of Investing in Junior Mining.” He has been involved in all the main stages in the evolution of a mining company, from exploration through development to production. During his career, he rose from field geologist to president of junior mining companies. More recently, he has acted as a consultant, a financial advisor for flow-through funds, a lecturer and a mentor.

00:00 Introduction

00:48 Market Insights from Jacques Bonno

01:11 Conference Week Reflections

03:18 Investment Strategies and Market Cycles

08:04 Gold Price Predictions and Influences

19:16 Rare Earth and Lithium Investments

26:24 Conference Experiences and Networking

30:16 The Value of Attending Investment Conferences

31:25 Choosing the Right Conference for You

33:23 Portfolio Positioning and Investment Strategies

37:42 The Importance of People in Investments

43:00 Promising Companies to Watch

52:34 Where to Find More Information

To purchase “The Art of Investing in Junior Mining,” go to:

https://www.investinginjuniors.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/

In this episode of Mining Stock Education, host Bill Powers speaks with Sam Broom, a portfolio manager at Sprott Asset Management. Sam shares his strategic insights on the mining sector, highlighting a rare and safer gold stock investment opportunity. He discusses Friday’s silver and gold crash, the importance of understanding market volatility, and the impact of macroeconomic factors like central bank actions on gold prices. Sam also explores niche metals and commodities, including platinum, palladium, and indium, and delves into his investment strategies in the oil and gas sector. Listeners are advised on the importance of bottom-up investment approaches and maintaining a diversified portfolio to navigate potential market risks.

00:00 Introduction

00:56 Analyzing the Recent Gold and Silver Crash

03:30 Market Volatility and Client Reactions

06:17 Investment Strategies and Diversification

10:22 Gold Cycle and Market Sentiment

17:12 Platinum and Palladium Market Analysis

23:19 Niche Metals and Future Prospects

27:27 Oil and Gas Investment Thesis

33:51 Conclusion and Contact Information

For more on Sam’s performance: https://sprott.com/media/qfwhiyvp/srasma-commentary.pdf

To reach Sam: [email protected]

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/

In this episode of Mining Stock Education, host Bill Powers and co-host Brian Leni of Junior Stock Review engage in their monthly Junior Mining Insights discussion. They cover Brian's recent attendance at the Metals Investor Forum and the Vancouver Resource Investment Conference, highlighting the positive sentiment and increased interest from investors. The conversation also explores demographics and the influence of younger investors transitioning from cryptocurrency to junior mining stocks. The duo discusses where current value can be found in a precious metals bull market. They delve into the importance of understanding an information conveyor’s bias and process when evaluating information in the sector. Brian shares his experience from a recent site tour in South America and the impact of community engagement by mining companies. The episode concludes with Bill discussing potential investment opportunities in critical metals and copper, influenced by broader market sentiment and insights from industry experts.

00:00 Introduction

00:27 Conference Insights: Vancouver Events

01:40 Market Sentiment and Demographics

03:40 Crypto Investors in Mining

06:40 Viewer Feedback and Market Psychology

09:37 Investment Strategies and Market Trends

15:12 Bias and Process in Mining Investments

22:44 Community Engagement in Mining

27:55 Analyzing Brian’s Hot Chili Investment

28:37 The Importance of Water in Mining

29:18 Copper Market and Investment Strategy

30:10 Understanding Brian's Investment Bias

30:35 Quantifying Market Opportunities

31:14 The Role of New Discoveries in Investment Decisions

32:06 Portfolio Composition and Strategy

33:42 Learning from Investment Successes and Failures

36:03 Investor Psychology and Decision Making

42:49 Current Investment Questions and Opportunities

48:51 Brian’s New Newsletter

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

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/

In this episode of Mining Stock Education, John Passalacqua, CEO of First Phosphate, provides an update on the phosphate market and discusses the significance of CATL's tender for 500,000 annual tons of LFP cathode active material. John also talks about the company's focus on high-purity igneous phosphate for LFP batteries, their recent financial movements, and strategic goals. The episode also covers First Phosphate's unique position in the market, the challenges in sourcing high-purity phosphate, and their relationships with investors and partners. John offers insights on the company's CSE listing, future project developments, and the potential for uplisting to a major U.S. exchange.

00:00 Introduction and Major Industry News

00:44 Company Overview and Unique Selling Points

01:45 Understanding LFP Batteries and Phosphate

04:00 Company's Strategic Focus and Partnerships

05:47 Financial Updates and Future Plans

07:20 Stock Exchange Listing and Trading Insights

11:41 International Interests and Industry Headlines

14:35 Conclusion and Final Thoughts

First Phosphate Introductory Interview: https://www.youtube.com/watch?v=eD7t1Q7OZfU

Press release discussed: https://firstphosphate.com/phosphate-offtake-prepayment-begin-lamarche/

CATL’s LRP material order discussed: https://batteriesnews.com/catl-signs-172-billion-lithium-order-as-worlds-largest-ev-battery-maker-secures-key-material-supply/

https://firstphosphate.com/

CSE: PHOS – FSE: KD0 – OTCQX: FRSPF

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. Bill Powers owns PHOS.cn shares at the time of this publication and seeks to sell them for profit at an unannounced future time. 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/

In this episode of Mining Stock Education, host Bill Powers interviews junior mining stock expert David Erfle from Junior Miner Junky. David shares insights on recent movements in gold and silver prices and discusses his strategy of rotating profits from successful ventures into promising smaller-cap mining stocks. He emphasizes the potential in early-stage juniors and highlights the technical breakouts occurring in the sector. David also shares his personal experience and strategic approach in navigating investments in the mining stock market.

00:00 Introduction to Mining Stock Education

00:29 Market Overview and Precious Metals Surge

02:01 Investment Strategies in Junior Miners

06:06 Portfolio Management and Risk Mitigation

08:50 Technical Analysis and Market Trends

19:58 Management Due Diligence and Red Flags

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/