Mining Stock Education

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 Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 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 Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Bill and Brian are not licensed financial advisors. Mining Stock Education offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

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/