Mining Stock Education

“We are pleased with the results of our 2025-2026 drilling exploration program and the quantity and quality upgrade provided to our Mineral Resources,” said First Phosphate CEO, John Passalacqua. “We are now able to continue to move the project forward with great confidence in our Mineral Resources.”

First Phosphate’s updated Mineral Resource Estimate saw a 378% increase in Indicated Mineral Resources for its Bégin-Lamarche project in Saguenay-Lac-Saint-Jean, Québec, Canada when compared to the Company’s Initial MRE dated September 9, 2024.

00:00 Intro
00:30 Resource Update Highlights
02:04 Feasibility Plan Funding
03:19 Cutoff Grade Explained
04:01 Warrants Shareholder Support
05:08 Clean Capital Structure
06:29 Agnico Deal Industry Signal
09:56 Investor Outreach Strategy
10:48 ADR: How It Works
12:25 Next Catalysts Timeline
13:03 Why Focus on Phosphate

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

Press releases discussed: https://firstphosphate.com/begin-lamarche-phosphate-resource-update-2026/

CSE: PHOS – FSE: KD0 – OTCQX: FRSPF – OTCQX-ADR: FPHOY

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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/

David Erfle of Junior Miner Junky says buy the current boredom and weak sentiment in gold and junior mining stocks amidst strong Q1 miner profits and historically low sector open interest. Erfle argues the recent sideways action after a sharp gold and silver run-up and correction is normal consolidation before another up leg, citing ongoing central-bank gold buying, selling of U.S. Treasuries, stagflation dynamics, and currency debasement risks. He notes that miners are showing relative strength near 200-day moving averages and are benefitting from lower oil prices. David compares undervalued gold equities like Newmont to expensive broader equities, discusses Equinox Gold’s acquisition of Orla and Perpetua’s EXIM Bank loan for the Stibnite project. Erfle emphasizes contrarian positioning, patience, and expecting false moves before breakouts.

00:00 Intro
01:55 Consolidation Not Collapse
04:30 Macro Gold Drivers
07:15 Fed Trap & Valuations
09:29 Equinox-Orla Merger
10:29 Perpetua’s EXIM Bank Loan
10:56 Speculating on Uncertainty
12:16 Novel Mining Methods
13:22 Gold Silver Copper Focus
14:47 Sentiment & Fake-outs
19:43 Buy Boredom Wrap Up

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/

Bill Powers and Brian Leni discuss listener feedback and why shareholders often don’t push back when they are unpleased with management. The duo emphasizes building a disciplined investing process, protecting the downside, and avoiding FOMO. The conversation covers “luck” versus skill, learning from losses, and when to use other investors’/groups’ reputations as decision-making inputs. Brian’s talks about his Aurion investment that ultimately paid off despite timing delays. They also debate director compensation (cash vs options), red flags in board incentives, the power and danger of narrative-driven promotions, conference value (PDAC, Beaver Creek, Quebec City, Rick Rule’s), and avoiding market-timing seasonality.

00:00 Intro
01:18 Shareholder pushback
07:58 Skill vs luck
17:23 Responsibility and timing
23:23 Following smart money
27:20 Aurion takeover
31:24 Director incentives
37:59 FOMO and discipline
41:16 Picking conferences
43:56 Narratives and hype
52:14 Summer outlook

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 and 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/

MSE host Bill Powers applies Howard Marks’ January 2020 memo “You Bet” to junior mining speculation, emphasizing that decision quality and outcomes aren’t the same because both luck and process drive results. Drawing on Annie Duke’s book “Thinking in Bets,” Powers urges probabilistic thinking, accurate assessment of one’s own skills and being comfortable uncertainty. Marks’ framework distinguishes games by hidden information, luck, and skill. Powers argues junior resource markets are less efficient “alpha markets” where skill does matter. A key lesson is evaluating the “proposition” (odds relative to the price) rather than just picking the “favorite” or “best.” Action items: read the memo, read Duke’s book, and audit recent investments for accurate proposition identification and probabilistic reasoning.

00:00 Mindset Reset
00:31 Howard Marks Memo
02:10 Process Not Outcome
04:34 Thinking in Bets
06:16 Games Luck Skill
08:19 Alpha Markets Edge
09:06 The Proposition
12:02 Nifty Fifty Junk Bonds
14:14 Eight Gambling Lessons
19:57 Second Level Thinking
20:27 Action Items

Howard Mark’s “You Bet” memo: https://www.oaktreecapital.com/docs/default-source/memos/you-bet.pdf?sfvrsn=785dbe65_8

Annie Duke’s “Thinking in Bets”: https://www.annieduke.com/books/

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

Bill Powers is not a licensed financial advisor. 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/

MSE host Bill Powers interviews Contango Silver and Gold CEO Rick Van Nieuwenhuyse for a quarterly update. Contango produced about 8,000 oz of gold in Q1 from its 30% share of the Manh Choh Mine with 2026 guidance maintained at 40,000–45,000 Au oz due to the transition from the North Pit to pre-stripping the larger South Pit; production is expected to rise through the year, with higher output projected later (including 75,000–80,000 oz in 2027) and lower costs after pre-stripping. The company reduced its hedge book to ~22,000 oz and expects to be hedge-free and debt-free by year-end, and received a $9M JV dividend with three more expected this year. They discuss gold/silver price volatility, anticipated index buying, Lucky Shot drilling and feasibility work under a direct-ship ore model, Johnson Tract permitting and site prep with a March 2028 permit timeline, and a June Kitsault Valley resource update targeting near 100M oz silver followed by ~40,000 m of drilling, alongside evaluating mill acquisition options and post-merger integration.

00:00 Intro
00:48 Q1 Production and Guidance
02:38 Hedges Debt and Dividends
03:32 Gold Price and Cash Flow Outlook
05:48 Hedging Strategy Explained
06:55 Merger Stock Move and ETF Flows
08:57 Lucky Shot Drill Program
11:27 Direct Ship Ore Capex Risks
13:18 Johnson Tract Permitting Roadwork
15:48 Kitsault Valley Resource and Drilling
19:18 Mill Acquisition Options
19:59 NYSE Bell and Integration

Press Release Discussed: https://contangoore.com/contango-announces-results-for-the-quarter-ended-march-31-2026/

https://contangoore.com/
NYSE & TSX: $CTGO

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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/