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/

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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

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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/