Mining Stock Education

Midnight Sun Mining VP Adrian O’Brien explains how the company has expanded its near-surface copper mineralization at the Dumbwa basement dome-hosted sulfide copper deposit in Zambia’s Domes region to 6.7 km strike within an 11.5 km phase-one program and a broader 20 km geochemical target. O’Brien explains the deposit’s close geological analogy to Barrick’s nearby Lumwana deposit, outlines a systematic “drill like a major” fence-drilling method with 50 m hole spacing and 100–200 m fence spacing enabled by low Zambian drill costs, and says the approach is designed to define edges, grade variability, and stacked, relatively flat mineralized lenses from surface to ~200 m depth. He discusses expectations for a first MRE in the fall, continued drill result releases, planned magnetics and metallurgical testing, reasons for share-price weakness despite operational progress, and ongoing but undisclosed monetization talks for the Kazhiba oxide resource.

00:00 Intro
00:28 Dumbwa Discovery Update
01:15 Basement Dome Copper Explained
04:10 Majors-Style Drill Strategy
11:16 Data Modeling And MRE
12:33 Deposit Scale & Geometry
14:08 Share Price Disconnect
19:19 Kazhiba Oxide Monetization
20:32 Upcoming Catalysts Roadmap

https://midnightsunmining.com/
TSXV:MMA OTCQX:MDNGF

Press release discussed: https://midnightsunmining.com/2026/midnight-sun-continues-rapid-strike-expansion-at-dumbwa-now-6-7-kilometres-of-near-surface-copper-mineralization/

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Sponsor Midnight Sun Mining pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found in Midnight Sun’s most-recent company slide deck found at www.MidnightSunMining.com applies to everything discussed in this interview. Bill Powers will not buy any MMA.v shares until five trading days after MSE’s initial 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 of Mining Stock Education, host Bill Powers sits down with pro resource investor and returning guest David Lotan. David buys nearly all his junior resource stocks in the open market and employs a process any retail investor can follow. You don’t need to be an accredited investor to make millions in mining stocks. David proves it!

David shared: "Especially in the last decade, the real bargains are in the open market. It's, to me, far more valuable to find little companies trading for peanuts where management just is missing one of those ingredients. If you can grab a hold of that capital structure before it's ruined, and if management is well-intended and can follow an investor-friendly pathway, you can get fantastic outcomes."

David shares how he went from just being an investor in Aurion Resources and Fox River Resources to becoming the chairman of both as a leading shareholder. The companies were recently independently bought out for just shy of C$600M total. He explains how the sales came about and shares a behind-the-scenes look into how M&A happens in junior mining. Listen to be educated and inspired in your junior mining journey!

00:00 Intro
01:26 Why Juniors Got Cheap
03:02 Aurion Early Crisis
05:20 Chairman and Financing
05:55 Exit Expectations
09:48 Agnico Buyout Details
10:30 Investor Alignment
12:52 Why Sale Took Years
15:35 Rupert Conflict Timeline
20:35 Market Forces Drive M&A
23:42 Strategy During Skirmish
29:43 Open Market Buying
30:40 Cash Deal and Trust
32:26 Trust and Win-Win
41:05 Fox River Buyout
45:39 Warrants and Bargains
49:00 Tenaz Energy Win

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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/

Dr. Simon Ingram, President & CEO of Lara Exploration, provides an update focused on the Planalto open-pit copper-gold project in Brazil’s Carajás district. After raising about US$25 million, the company is running seven drill rigs and has completed over 10,000 meters across 30+ holes to validate the geological model and upgrade resource confidence toward pre-feasibility, highlighting a higher-grade central core (around 0.6% to over 1% copper). Lara is also drilling south of the Silica Cap pit with encouraging intersections and working through permitting and land access for the nearby Atlantica license, a prospective 3 km extension. Parallel work includes water wells, geotechnical and metallurgical drilling (phase three), access/power studies, and water management. Upcoming catalysts include batch drill results, an updated resource estimate, pre-feasibility progress, and environmental studies leading to permit filings; Ingram also notes a nearby BHP asset sale for over $400 million.

00:00 Intro
00:37 Planalto Drilling Update
02:29 Silica Cap Extension
04:24 Model Validation Studies
06:43 Pre-Feasibility Explained
08:41 District M&A Activity
09:49 Prospect Generator Portfolio
11:03 Upcoming Catalysts Permitting

https://laraexploration.com/
TSXV:LRA -- OTC:LRAXF

Press Release discussed: https://laraexploration.com/news/2026/lara-exploration-announces-14-000-metre-validation-drilling-program-underway-at-the-planalto-project/

Listen to MSE’s first Lara interview: https://www.youtube.com/watch?v=sN6oqEUsmTk

Sponsor Lara Exploration pays MSE a United States dollar seven thousand per month coverage fee. The forward-looking statement disclaimer found in Lara Exploration’s most-recent company slide deck found at www.LaraExploration.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/

Bill Powers and co-host Brian Leni sit down for their monthly Junior Mining Insights chat, recorded amid a sharp pullback in gold (down to ~$4,000 from a ~$5,500 high) and broad weakness across junior mining stocks.

Topics covered:

• Handling portfolio drawdowns — Bill shares being down 43% on a recent junior mining buy, and the two discuss how pre-assessing downside/upside risk (and tranche buying) helps investors stay rational during volatility
• Bear-market psychology — why uncertain, quiet markets (especially summer) can be the best time to pick off quality companies with less competition
• Rick Rule's "market as a facility" philosophy and how price action, while not predictive, still reflects real-time sentiment
• Building and using a watch list — assigning value targets ahead of time so sell-offs can be acted on with discipline rather than panic
• Discerning a real capitulation bottom — separating share-price drops tied to company-specific issues (management departures, forced sellers) from broader macro noise
• Red flags from management meetings — Bill recounts recent CEO conversations from the Mining Event of the North (Quebec City) and Zoom calls, including executives running multiple companies and weak articulation of "undervaluation"
• CEO archetypes — technical vs. promotional leadership, and why a mix of credibility and communication skill matters most at the sub-$50M market cap level
• Direct Ship Ore (DSO) as a sector trend — both hosts express skepticism about companies leaning on DSO/bulk-sampling narratives without offtake agreements, permitting groundwork, or community buy-in; Bill outlines his go-to due diligence questions (offtake LOI status, trucking/permitting feasibility)
• Canada's new semi-annual reporting pilot for smaller junior miners and mixed views on reduced disclosure requirements
• Listener feedback segment — a note about industry jargon (e.g., "geos") prompts a discussion on why learning sector terminology is part of the investing process

0:00 Market Volatility Reality Check
1:36 Tranche Buying in Uncertainty
3:39 Reading Price Versus Narrative
7:17 Watchlists and Patience
9:30 Timing the Next Bull Run
12:13 Spotting Capitulation Bottoms
16:53 CEO Credibility and Financing Plans
23:17 Technical Versus Promotional CEOs
28:51 Bear Market Strategy and Niche Metals
32:38 Trading Not Investing
33:57 Marketing Premium Setup
34:30 Semiannual Reporting Debate
37:46 CFO Role Questions
38:41 Conference Takeaways
39:44 Direct Ship Ore Trend
42:09 DSO Hype Warning
44:49 DSO Due Diligence
51:30 Bigger Beats Faster
54:33 Learning The Jargon

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/

Seasoned analyst Ron Stewart (Red Cloud) provides expert mining investment sector insights in this MSE episode. Stewart shares his bullish outlook for metals and comments on the current pullback in mining stocks. He sees a “generational opportunity” in gold stocks and offers valuation tips for producers and developers. Ron further comments on sector M&A, risks for juniors attempting to build mines and the current financing environment.

00:00 Intro
00:42 Market Shift Q1 to Q2
03:36 Gold Opportunity Now
04:34 Best Gold Equity Value
06:46 Jurisdiction and Management
10:42 M&A Drivers in Gold
13:37 Build or Sell the Mine
18:13 Capex and Project Economics
21:26 Copper Outlook and Demand
24:33 Small Copper Deposits
28:17 Royalties Dividends and Reinvestment
35:15 Project Generators and Exploration
37:13 Financing Market Update
39:02 Analyst Models and Assumptions
44:53 Replacement Value Advantage
45:50 Where to Follow Ron

https://redcloudsecurities.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. 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/