Mining Stock Education

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/

Gold stock fund manager Greg Orrell returns to Mining Stock Education five and a half years after his last appearance to break down how this gold bull market compares to the 2008–2012 cycle, why retail investors still haven't shown up in force, and how he structures the OCM Gold Fund across producers, royalty companies, and explorers to capture the full move.

00:00 Show Intro and Guest
00:39 Last Gold Cycle vs Today
03:43 Central Banks and New Gold Drivers
04:59 Are Miners Undervalued
06:12 Fund Allocation Strategy
08:04 Exploration Discipline and M&A
10:50 Best Capital Allocators
11:35 Placements Liquidity and Sizing
13:03 Value Style and Key Metrics
16:12 Exit Rules and Taking Profits
19:00 Cash Levels and Investor Psychology
21:33 Juniors Allocation and Jurisdictions
25:07 Why OCM vs GDX GDXJ

OCM Gold Fund: https://ocmgoldfund.com/

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

This interview was not sponsored. 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/

Rick Rule recaps a record-breaking Rule Investment Symposium and previews next year's shift from "Living Legends" to "Next Legends," then digs into the portfolio discipline lesson behind his "Amalgamated Aardvark" story — limiting stock ownership to the hours you actually spend studying them. He explains how he uses sentiment (like his contrarian silver buy) as an investing tool, why newsletter writers have lost sway over an increasingly institutional junior market even as free education still builds trust and sells "branded conclusions," and why the newest bull-market entrants tend to be the most arrogant. He also unveils "Pitch Rick," a $5,000 paid-pitch product with real reputational stakes; recounts cutting business ties with an antisemitic promoter at his mentors' request; breaks down why sensible junior mining mergers (like G2 Goldfields/G Mining) get done while others stall on management self-interest; walks through the prospect generator model via David Lowell's Arequipa and Francisco Gold; explains his long-term stake in Ross Beaty's Lumina Metals despite skipping the IPO; and closes by explaining why deep sea mining doesn't yet offer enough precedent to build a defensible valuation model. Furthermore, Rick explains why “occasional failures are the price that you pay for outstanding wins”, using Robert Friedland’s early failures as the case study examples.

Notable Quotes:
• "Price information is of no use unless you have an opinion as to value. Money is made on the delta between value and price."
• "The most arrogant will be the least knowledgeable, which is to say the new punter."
• "Occasional failures are the price that you pay for outstanding wins."

00:00 Intro
00:36 Symposium Highlights
04:19 Next Year Plans
06:41 Too Many Stocks
10:32 Reading Sentiment
13:33 Newsletters and Media
16:16 Free Education Branding
19:40 Arrogance in Bull Markets
24:06 Pitch Rick Concept
27:09 Dealing With Bad Actors
30:39 Lumina Metals Take
32:42 Why M&A Fails
36:51 Prospect Generator Bets
40:53 Deep Sea Mining View
43:24 Offers and Wrap Up

If you would like Rick to review your mining stock portfolio reach out to him at:
https://ruleinvestmentmedia.com/

Rule Investment Media YT channel: https://www.youtube.com/@RuleInvestmentMedia

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/

David Erfle, the Junior Miner Junky, believes that $10,000/oz gold and $300/oz silver are now conservative forecasts. After the recent Treasury actions and messaging from Fed Chair Kevin Warsh, Erfle says, “the sky’s the limit as far as gold and silver prices are concerned from here.” David shares his current metals and mining stock forecasts in this MSE episode.

Specific discussion topics include miner performance (majors outperforming juniors), why early-stage juniors lag, red flags like CEOs running multiple companies, when project diversification is positive, how financing quality depends on capital source, seasonality/tax-loss selling, and disciplined accumulation and sell strategies in volatile mining stocks.

00:00 Intro
00:31 Jackson Hole Fallout
02:58 Fed Trapped by Debt
05:10 Ponzi Confidence Game
06:04 Gold Bottom and Breakout
07:21 2008 Analog to 2029
08:59 Miners Lag and Lead
10:31 Junior Picks and Stages
12:20 Management Red Flags
13:51 Project Diversification
18:01 Financing Timing Tips
20:05 Bear Market Accumulation
22:04 Sell Strategy Rules
24:10 Seasonality Tax Loss

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/