Mining Stock Education

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/

In this episode, John Passalacqua, CEO of First Phosphate Corp. breaks down First Phosphate's September 16, 2026 announcement that it has received a Letter of Support from Swiss Export Risk Insurance (SERV) for approximately USD 212.5 million to help fund Swiss machinery, equipment, goods, and services for its igneous phosphate mine and processing facility in Saguenay-Lac-St-Jean, Québec. Per the company’s PEA, First Phosphate's total capital cost for the mine build is $675 million CAD, or approximately $490 million USD, a figure that already incorporates a 20% contingency. Of that total, two non-dilutive financing sources are currently in play: EIFO (Denmark) at €170 million, or roughly $195 million USD, and SERV (Switzerland) at $212.5 million USD. Combined, these two sources total approximately $410 million USD, covering about 85% of the project's $490 million USD capex requirement. That would leave only around $80 million USD to be funded through equity. If the financing comes together as outlined, John says it would be "extremely non-dilutive," creating what he describes as "a real torque on the stock" by sharply limiting shareholder dilution going forward. Tickers: CSE: PHOS – NASDAQ: PHOS Press release discussed: https://firstphosphate.com/serv-financing-first-phosphate-quebec-mine/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor First Phosphate pays Mining Stock Education a United States dollar ten thousand per month coverage fee. First Phosphate’s forward-looking statement found in the company's presentation applies to the content of this interview. MSE offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy stock in a company featured on MSE, for your own protection, you should assume that it is MSE’s owner personally selling you that stock. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Analyst Joe Mazumdar of Exploration Insights breaks down Barrick and Newmont’s Nevada Gold Mines joint-venture agreement and Barrick’s proposed spinout, focusing on the high-grade Fourmile discovery, its valuation discount, and synergies from using existing Nevada infrastructure and permitted autoclave capacity via Goldrush. He discusses how geopolitical risk drives valuation discounts and how companies use dividends/buybacks, noting majors returned about 30% of first-half 2026 revenue to shareholders, concentrated among the top five. Mazumdar reviews Seabridge’s KSM potential permitting setback tied to First Nations consultation and broader implications. He outlines a preferred royalty strategy using Orogen Royalties as an example and stresses judging management on per-share value and financing discipline. The conversation covers Canada’s proposed $1T investment plan, US Dept of War’s Trilogy Metals investment tied to the Ambler Road, Talamore’s Coffee Project financing versus sharply higher capex, and Mazumdar’s “fatal flaw” due diligence approach, including site visits and jurisdictional risk. 00:00 Show Intro and Guest 00:25 Nevada JV Deal Breakdown 02:54 Four Mile Value and Synergies 06:40 Geology of Four Mile 08:02 Geopolitical Discount and Spinout 11:06 Dividends Buybacks and Growth 14:01 Seabridge KSM Permitting Risk 19:10 Royalty Winners Origin Case 24:46 Prospect Generators and Dilution 27:04 Smart Capital Raises 28:10 Track Record Signals 30:10 Flow Through Pitfalls 31:32 Per Share Value Math 32:38 Canada Trillion Plan 33:56 Government Funding Debate 37:12 Trilogy Defense Deal 39:06 Ambler Road Reality 41:31 Coffee Capex Breakdown 44:45 Hunting Fatal Flaws 48:29 Site Visits Independence Joe Mazumdar’s website: https://www.explorationinsights.com/ Follow Joe on Twitter: https://twitter.com/JoeMazumdar Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Contango Silver & Gold ($CTGO) CEO Rick Van Nieuwenhuyse explains that the company is now an “execution story,” targeting growth from ~60,000 gold-equivalent ounces to ~200,000 ounces per year plus 5 million ounces of silver annually in five years. He updates the producing Manh Choh Peak Gold JV with Kinross, noting 2026 is expected to be a stronger production year after a pit transition, with costs elevated in the first half and an added oxygen plant improving CIL performance. He outlines the direct ship ore (DSO) strategy, progress and permitting at Lucky Shot and Johnson Tract (FAST-41), Kitsault Valley drilling and resource work, plans to pursue a mill, current balance sheet, and emphasizes leverage to the gold price on a per-share basis as Contango only 33 million shares outstanding. 00:00 Intro 01:11 Manh Choh Production Update 02:02 Costs and Processing Improvements 04:09 Reserves and Expansion Upside 06:37 Direct Ship Ore Explained 07:57 Lucky Shot DSO Criteria 09:27 Lucky Shot Resource and Permits 11:43 Johnson Tract and FAST 41 14:11 Timeline and Mill Strategy 17:44 Permitting Risks and Tailings 22:40 Kitsault Valley Silver Growth 26:03 Balance Sheet and Capital Plan 28:41 How to Value Contango Press Release Discussed: https://contangoore.com/contango-silver-gold-provides-project-updates-2/ https://contangoore.com/ NYSE & TSX: $CTGO Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor Contango pays MSE a United States dollar seven thousand per month coverage fee. The forward-looking statement disclaimer found in Contango’s most-recent company slide deck found at www.ContangoOre.com applies to everything discussed in this interview. Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/