Michael Fox and Chris Temple discussed the Federal Reserve meeting, noting that it was a non-event with no rate changes expected. Chris highlighted the Fed's prediction of moving from "stagflation light" to "stagflation moderate" and their unchanged forecast of 2 x 25 basis points rate cuts by 2025. They also touched on President Trump's criticism of Jerome Powell, with Chris suggesting that Trump's inaction on reducing the deficit and debt may be a reason for the Fed's reluctance to lower interest rates.

Powell's Bond Market Challenges

Chris and Michael discussed the current state of the bond market and the challenges facing Federal Reserve Chairman Powell. They noted that Powell, who was previously criticized for his role in inflation, is now seen as a key figure in controlling inflation and Treasury bond market stability. Michael expressed sympathy for Powell's difficult position, given the pressure to address inflationary threats from government spending, tariffs, and geopolitical tensions. They also touched on the potential impact of these factors on interest rates and borrowing costs.

Federal Reserve's Inflation Policy Shift

Chris discussed the impact of oil price increases on headline CPI, predicting a bump up in inflation due to higher energy costs and potential hurricane damage. He noted that the Federal Reserve's current monetary policy, which focuses on inflation targeting rather than monetary formulas, has contributed to the inflation problem. Michael suggested that the Fed might abandon its 2% inflation target and treat it as a range to maintain lower interest rates. Chris agreed that the Fed's recent statements could indicate a shift towards more tolerance for higher inflation, though he did not confirm this directly.

Federal Reserve's Inflation Strategy

Chris and Michael discussed the Federal Reserve's approach to inflation and interest rates. Chris explained that the Fed has already effectively changed its inflation target, though not officially, and will likely implement yield curve control to manage long-term rates. They explored how yield curve control worked in Japan and the potential consequences of such a policy, including the risk of moral hazard and financial repression. Chris predicted that the Fed would soon attempt yield curve control to address market pressures and President Trump's concerns about high borrowing costs.

Interest Rates and Treasury Challenges

Chris discussed the impact of rising interest rates on bond portfolios and the challenges faced by the US Treasury and Federal Reserve in managing financial markets. He compared the US situation to Japan's experience with yield curve control, noting differences due to the US's more diverse economy and foreign ownership of Treasury securities. Chris also criticized President Trump's budget plans, highlighting the potential for increased deficits and questioning the accuracy of some economic projections.

U.S. Treasury Market Challenges

Chris and Michael discussed the challenges facing the U.S. Treasury market, highlighting concerns about rising interest rates, inflation, and the government's ability to manage debt. Chris emphasized that the market's recent reaction to geopolitical tensions, with Treasury yields rising despite expectations for a safe-haven rally, underscores the market's lack of confidence in the current administration's debt management strategy. They agreed that while corporate debt and certain stocks might offer better returns than Treasuries in the current environment, the long-term outlook for U.S. government bonds remains bleak, potentially leading to a scenario reminiscent of the 1970s.

National Investor

https://www.nationalinvestor.com/

Michael Fox and Robert Wares, CEO of Osisko Metals (TSX-V: OM), discussed the progress of the Gaspé Copper Project, one of Canada's largest copper development projects. Robert highlighted the project's updated mineral resource estimate of approximately 824 million tonnes indicated and 670 million tonnes inferred, with a copper equivalent grade around 0.34-0.38%, representing a significant increase in resource size.

They detailed a current drill program targeting 110,000 meters aimed at converting inferred resources to indicated by early 2026, with a budget of $35 million and eight drills operating on site. The drill results from 16 holes show higher-grade mineralization at depth, with a weighted average copper grade of 3.2%, well above the current resource average of 0.28%. Significant intersections include 150 meters at 0.6% copper, 320 meters at 0.4%, and 30 meters at 1.9% copper with silver, indicating potential for resource expansion, including a southern extension of about 600 meters.

Robert also explained that the ongoing drilling will continue through the year to support a Preliminary Economic Assessment (PEA), which, while not a full pre-feasibility study due to limited geotechnical data, will lead to a feasibility study expected by early 2028. Other activities include dewatering tests, environmental impact studies, metallurgical testing, and condemnation drilling for tailings areas. The site's previous mining history facilitates permitting due to existing infrastructure and environmental records, though it does not shorten the overall timeline.

Financially, Osisko Metals raised about $101-107 million in late 2024 to fully fund the Gaspé project for the next five years. The company aims for a construction decision by 2029 and targets production commencement around 2032. The project is positioned as a major copper-molybdenum development in a safe mining jurisdiction, contributing to Quebec's critical mineral strategy and global decarbonization efforts.

In summary, Osisko Metals is advancing the Gaspé Copper Project with a large-scale drilling program, significant resource growth, strong financial backing, and a clear timeline toward feasibility, construction decision, and eventual production within the next decade

Osisko Metals

https://osiskometals.com/

Michael Fox interviews Jeff Swinoga and Ken Tylee about Exploits Discovery's (CSE: NFLD) (OTCQB: NFLDF) (FSE: 634) recent growth and acquisitions. The company has secured two option deals in the past three weeks: the Hawkins project in Ontario, which has a historical resource of 328,000 ounces of gold near surface, and three properties in Quebec with combined resources of about 340,000 ounces. Ken explains that the Hawkins property, which they acquired from Pavey Ark Minerals Inc. has been explored intermittently since the 1980s due to its similarities to the Hemlo discovery.

Gold Exploration Strategy in Canada

The company discussed its plans for gold exploration across multiple properties in Canada. Michael explained their strategy for the Hawkins property in Ontario, where they aim to drill 2025 holes to evaluate high-grade zones and potentially build up to a million ounces of inventory. The team also reviewed their recent acquisition of three properties in Quebec through an option with Cartier Resources, with plans to spend approximately $1 million annually over five years. Ken highlighted the unique geological characteristics of the Quebec properties, noting the strong banded fabric and even distribution of gold compared to typical Timmins-style deposits. The company has about $4 million in cash and a market cap of $8-9 million, with plans to fund the upcoming drill programs using their current resources while exploring opportunities to monetize non-core claims.

Exploits Discovery

https://www.exploitsdiscovery.com/

Michael Fox is joined by Dryden Gold’s (TSX-V: DRY) (OTCQB: DRYGF) Chairman Trey Wasser and President Maura Kolb to discuss Dryden Gold's exploration progress in Northwest Ontario. They highlighted a successful 15,000-meter drill program, with encouraging visual gold observations in new targets, including a hanging wall structure and a foot wall structure. The team plans to continue drilling into September, with results expected throughout the year, and is considering further exploration at Sheridan and other regional targets. They emphasized the importance of structural orientation in their drilling strategy and expressed optimism about the project's potential.

ABOUT DRYDEN GOLD CORP.

Dryden Gold Corp. is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX Venture Exchange and traded on the OTCQB. The Company has a strong management team and Board of Directors comprised of experienced individuals with a track record of building shareholder value through property acquisition and consolidation, exploration success, and mergers and acquisitions. Dryden Gold controls a 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario. Dryden Gold acknowledges all Indigenous Peoples and that it is operating on the traditional homelands of the Wabigoon Lake Ojibway Nation and Eagle Lake First Nation. Dryden Gold’s property package includes historic gold mines but has seen limited modern exploration. The property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. The property has excellent infrastructure, enjoys collaborative relationships with First Nations communities and benefits from proximity to an experienced mining workforce.

Dryden Gold

https://drydengold.com/

Michael Fox introduces Ted Elwood, the President and CEO of Peloton Minerals (CSE:PMC) (OTCQB:PMCCF), at the Mining Expo in Quebec City. Ted provides an overview of Peloton, describing it as a junior exploration company that recently discovered a promising lithium prospect in northeastern Nevada, adjacent to a rich deposit found by Surge Battery Metals. He mentions that Peloton has invested about a million dollars in exploration since their last conversation, indicating significant developments to discuss.

Nevada Lithium Deposit Opportunities

Ted discusses the importance of clay lithium deposits in Nevada, particularly those owned by Lithium Americas. He explains that these deposits are attractive due to their size, surface accessibility, and the ability to produce lithium carbonate on-site, which sells for much higher prices than lithium concentrate. Michael also highlights the partnership between Lithium Americas and General Motors, noting that the deposit will only meet about half of GM's projected lithium needs. He emphasizes the growing demand for lithium in various industries, including electric vehicles and battery storage, and the importance of securing a domestic supply chain to reduce dependence on Chinese production.

Supply Chain Partnership Exploration Update

Ted discusses the company's efforts to secure partnerships in the supply chain, mentioning preliminary discussions with various car and battery companies interested in their promising project. He explains that as they move forward with discovery, they will eventually select a partner like Ford or GM to help advance the project to its full potential. Michael then shifts the conversation to their current project status, noting that while they have a vast land mass with clay believed to contain lithium, no drilling has occurred yet. Ted mentions that significant exploration has been conducted since their last discussion, with approximately one million dollars spent on these efforts.

Nevada Lithium Exploration Update

Ted reviews the exploration work done on their lithium property in Nevada, which covers 37 square kilometers. He explains that the property is in an ideal environment for lithium clay deposits, similar to the neighboring Surge project, and likely part of the same historic lakebed. The company has identified a clay layer underlying almost the entire property, with a significant lithium anomaly in the center. He notes that their drilling program, set to begin in the summer, will target depths of 10-20 feet to reach the clay layer, which extends to at least 300 feet. He emphasizes the potential value of the deposit, comparing it to nearby projects with in-situ values in the billions of dollars.

Summer Drilling Program Phase 1

The company plans a two-phase drilling program this summer. In the first phase, they will drill 24 holes to about 100-110 feet deep, covering most of the 37 square kilometer area. The second phase will involve deeper drilling to 300-400 feet using reverse circulation. Ted explains that due to the homogeneous nature of the clay layer, not every hole needs to be drilled to full depth. The total budget for both phases and operations is discussed, but the specific amount is not mentioned in this segment.

Peloton Minerals Investment and Drilling Update

Ted provides an update on Peloton Minerals' current activities and future plans. The company is raising 1.5 million Canadian dollars and is receiving a positive response from investors at the mining event. Drilling is set to begin in mid-July, with initial results expected in August and September. Additional results from an airborne geophysical survey and X-ray diffraction program are also anticipated. Michael encourages accredited investors to reach out through the company's website, pelotonminerals.com, if they wish to participate in the placement.

Peloton Minerals

https://pelotonminerals.com/

Michael Fox interviews Guy Goulet, the President and CEO of Cerro de Pasco Resources (TSX-V: CDPR) (OTCMKTS: GPPRF) (FRA: N8HP), to discuss the company's history and projects. Guy highlights that the investment in Cerro de Pasco Copper Corporation was once considered the greatest investment of the 20th century in Peru. The company was listed on the New York Stock Exchange a few years after its creation, showcasing its significant historical impact.

Silver-Rich Mineral Rights Discovery

Guy discussed the company's ownership of mineral rights on stockpiles and tailings, which represent approximately 200 million tons and are estimated to contain 423 million ounces of silver equivalent. He explained that recent drilling confirmed their expectations, though copper levels were slightly lower than anticipated. Michael expressed excitement about the project, noting that the minerals are already above ground and accessible, and highlighted the potential for profitable extraction using modern technology, as historical recovery rates were much lower.

Silver Tailings Project Development Plan

The discussion focused on a tailings project where 60% of the ground has been covered by 80 additional drill holes, with consistent silver grades of 1.5-2.5 ounces per ton and an average of 4.3 ounces per ton silver equivalent. The project, which is entirely surface-based with low mining costs of $1 per ton, has the potential to be developed quickly with significant gallium and indium byproducts, with current metallurgical tests indicating 40% metal recovery at a nearby facility or up to 70% recovery if a dedicated facility is built. The company has approximately $17 million in cash and is considering building their own facility, which would cost $150-200 million with Chinese equipment or over $300 million with German equipment, with the feasibility study currently underway to determine the optimal approach.

Peru Silver Mining Project Update

The discussion focused on a mining project in Peru, where Guy explained that 80 additional drill holes are planned to recover 423 million ounces of silver equivalent from 75 million tons of processed material. The project is expected to be profitable for both the government and local community, with permits and acid water treatment costs being key considerations. The company is conducting mineralogy and metallurgy tests, with results expected by September, and plans to list on the Lima Stock Exchange, while also exploring the potential value of gallium and indium found in the tailings, which could increase the project's profitability to over $200 per ton.

Cerro de Pasco Resources

https://www.pascoresources.com/

Join Michael Fox on the Prospector Podcast at the Quebec City Mining Conference with Jean-Sébastien David, President & CEO of NioBay Metals (TSX-V: NBY) (OTCQB: NBYCF).

Explore NioBay’s critical minerals focus, including the Crevier Niobium & Tantalum project in Quebec and James Bay Niobium project in Ontario. Learn about niobium’s vital role in steel and battery industries, with Crevier targeting battery-grade niobium oxalate to challenge China’s market dominance.

Discover pilot plant success, with samples shipped to France and planned for the UK/US, and a larger pilot plant in development. Ongoing drilling at Crevier aims to expand resources, positioning NioBay for offtake agreements with global buyers.

Follow NBY on the TSX Venture and join their newsletter at https://niobaymetals.com/en/ for updates!

#Niobium #Tantalum #CriticalMinerals #BatteryMetals #NiobeMetals #MiningNews #ProspectorPodcast #QuebecMiningConference #RareEarths #CleanEnergy #ResourceSector #TSXV #NBY #MichaelFox #CrevierProject #JamesBayMining #SupplyChain

Michael Fox is joined by Terry Lynch, CEO of Power Metallic Mines (TSX-V: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV), discusses the company's projects, focusing on the Nisk project in Quebec. The company has discovered significant copper deposits in addition to nickel, with recent results showing 12.5 meters of 11% copper equivalent.

Power Metallic Mines plans to drill 100,000 meters by the end of 2026, aiming to connect the Lion Zone and Nisk deposits. The company is well-funded, having raised $50 million, and will begin drilling with six rigs starting June 7th or 8th. Terry expects to start receiving assay results after the August long weekend and hints at potential business development news in the meantime.

Power Nickel Expands Land Package

Power Nickel has acquired 313 claims from Lift, nearly quadrupling their land package. The company believes this expansion could lead to a district play with multiple mines. Power Nickel's CEO explains that the deal is mutually beneficial, with Lift becoming a major investor in Power Nickel and Power Nickel gaining potentially productive land. Investors can follow the company's progress by signing up for updates on powernickel.com, where they can also find contact information for management.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade nickel–copper–PGE, gold and silver system—toward Canada’s next polymetallic mine.

On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~212.86 km² and roughly 50 km of prospective basin margins.

Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs.

Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.

Power Metallic Mines

https://www.powermetallic.com/

In this episode Michael Fox is joined by regular contributor, Ted J Butler to discuss the recent attempt by BlackRock to acquire parts of the Panama Canal and 43 global ports from Hong Kong-based CK Hutchinson for $22 billion. The deal has stalled due to the ongoing US-China trade war and complications with Panamanian authorities. Ted notes that Chinese influence in Panama has increased significantly in recent years, with China surpassing the US as Panama's largest export partner. The deal's approval is complex, involving multiple parties, and its outcome remains uncertain.

China's Influence on Panama Canal

Ted and Michael discuss the geopolitical implications of China's growing influence in Panama, particularly concerning the Panama Canal. Ted believes there's a high probability that a deal won't go through, which would be detrimental to US foreign policy and Trump's image. They explore the strategic importance of the Panama Canal for US trade and how China's Belt and Road Initiative has increased its economic power in the region. The conversation touches on the US response, including diplomatic pressure and the "Donrow doctrine," as well as Panama's delicate position between US and Chinese interests. They also discuss the broader shift in South American trade partnerships from the US to China over the past two decades.

Blackrock's Strategic Panama Port Deal

Ted discusses Blackrock's acquisition of two ports in Panama, suggesting the deal may have been premeditated and influenced by Larry Fink's relationship with Donald Trump. He explains the complex network of companies involved, including Global Infrastructure Partners and Terminal Investment Limited. Michael questions the profit motivation behind the deal, and Ted acknowledges that while Blackrock's exact ownership allocation is unknown, they are likely to be the majority shareholder. The conversation touches on Blackrock's history of strategic acquisitions and Fink's tendency to align with political winds for business advantages.

Panama Canal and US-China Tensions

Ted discusses the geopolitical implications of the Panama Canal and broader US-China relations. He believes the potential deal involving the Panama Canal is unlikely to happen and predicts continued escalation of tensions between the US and China, with no trade deal in sight. Ted suggests this could lead to a global economic slowdown. Regarding South America, Ted expects China to increase its investments and influence in the region, particularly in countries rich in resources like Chile and Peru. He notes that China's infrastructure investments are often more appealing to developing countries than the US's military presence.

Read Ted's article in the May/June issue of The Prospector

Join Michael Fox on the Prospector Podcast, recorded live at the 2025 Trends in Mining Finance Conference in New York City, hosted by the SME New York Chapter. In this exclusive interview, Michael sits down with Kai Hoffmann, CEO of Soar Financial Group, to discuss the latest developments in mining finance, equity financings, and commodity markets.

Key Topics Covered:

• The state of mining finance in 2025: What’s driving the market?• Gold price surge and its impact on junior mining stocks• M&A activity: Pan-American Silver’s acquisition of MagSilver and more

• Critical minerals: Are cobalt, nickel, and zinc attracting capital?

• Geopolitical trends and investment in Tier 1 jurisdictions like Canada• The role of government funding in critical minerals exploration

• Outlook for 2025: Fed rate cuts, Trump tariffs, and market forecasts

Kai Hoffmann, a leading voice in mining finance with 75,000+ subscribers on Soar Financially, shares data-driven insights from Oreninc, tracking 1,450+ mining companies with market caps under $1.5B. Learn how smart money, family offices, and institutional investors are shaping the junior mining space and what to expect for the rest of 2025.

Key Stats:

• 30% uptick in mining financings in early 2025 vs. 2024

• Average financing size up 40% to $4.4M CAD

• Gold and copper dominate capital allocation• Venture Index breakout signals optimism for junior miners

Connect with Kai Hoffmann:

• YouTube: @SoarFinancially

• Website: https://oreninc.co/

• LinkedIn: Kai Hoffman

• X: @JRMiningGuy

Subscribe to the Prospector Podcast for more expert interviews and insights into mining, commodities, and finance. Hit the bell icon to stay updated!

#MiningFinance #JuniorMining #GoldPrice #CriticalMinerals #commoditymarkets #MiningStocks #Investing2025 #SMENewYork #ProspectorPodcast #SoarFinancial