Mining Stock Education

Resource sector investor Erik Wetterling (a.k.a. The Hedgeless Horseman) shares insights about current conditions in gold and silver equities, market corrections, jurisdictional risk, and how he sizes positions. Erik shares his perspective of risk/reward set-ups and when he bets big on undervalued junior mining stocks. Furthermore, Erik discusses market psychology, volatility, some stock picks and what he looks for in a quality junior mining stock opportunity.

0:00 Intro
1:04 Market Correction After VRIC: Staying Fully Invested & Value Shuffling
2:46 Why Juniors Still Look Cheap: Patience, Boredom, and the ‘Wall of Worry’
4:23 Sentiment Whiplash: Buying Misery vs. Hot Metals Markets
7:21 Beyond Gold & Silver: Copper, Nickel, and Macro Uncertainty (AI, Economy)
9:39 How to Play Base Metals: Producers vs. Developers + The Importance of Teams
12:29 Conference Circuit: First Vancouver Trip, PDAC Plans, and Why Events Matter Again
15:11 PDAC Talk Preview: Psychology, Volatility, and Being Comfortable Looking Stupid
18:03 Filtering the Noise: Social Media, Discipline, and Holding a 2-Year Thesis
22:12 Technicals vs. Fundamentals: Charts as Entertainment, Position Size as the Real Tool
25:58 People Matter: Evaluating CEOs, Communication, and Execution Ability
27:03 Why ‘Good People’ Beat ‘Hidden Gems’ in Mining Investing
28:50 Due Diligence Shortcuts: Third-Party Validation & Knowing What Success Looks Like
29:43 Vision Matters: 1–3 Year Roadmaps and 10-Year Mine Plans
31:19 People vs. Project: When the Asset Speaks for Itself
33:32 Low-Maintenance, Long-Term Portfolios (and Why People Matter More Over Time)
34:42 Jurisdictional Risk Spotlight: Mexico After the Tragedy
38:22 Positioning Through Metal Cycles: Invest Like It’s a Perpetual Bear Market
41:34 Concentration & Conviction: No Hard Rules on Position Size
45:01 Qualitative vs Quantitative Conviction: Choosing the Right Team Over ‘Cheap’ Numbers
49:06 Top Pick Breakdown
51:32 Wrap-Up, Where to Follow

Erik’s website: https://www.thehedgelesshorseman.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/

Bill Powers interviews Lara Exploration President and CEO Simon Ingram, highlighting Ingram’s prior success leading Reservoir Minerals from $0.65 to $9.40 per share and creating roughly US$500 million in shareholder value at the time of the buyout by Nevsun Resources. Ingram recounts Reservoir’s Serbia discovery—described as the world’s 13th largest copper discovery since 1990—and notes the resulting mine now generates about 2% of Serbia’s GDP.

Lara Exploration is applying the same model and team while transitioning from prospect generator to developer through its 100%-owned flagship Planalto copper-gold project in Brazil. The 2025 PEA outlines an open-pit project producing about 36,000 tonnes of copper per year and processing about 8 million tonnes of ore, with estimated capex around $550 million. Using a $13,000/ton copper price, Ingram says the project value is about $1.2 billion at today’s spot prices.

The discussion covers Lara’s valuation gap versus its market cap (~US$100–110 million), plans to de-risk via infill drilling and advancing to pre-feasibility, and exploration upside. Ingram emphasizes Brazil’s infrastructure and permitting advantages in its operating region, including nearby major mines, access to low-cost power lines crossing the project, proximity to highways, a skilled mining workforce, and a government royalty structure where a significant portion returns to local municipalities.

Powers and Ingram also discuss capital efficiency and shareholder alignment: ~50 million shares outstanding (about 53 million fully diluted), no warrants, ~2.7 million incentive options, management owning ~20%, and G&A under about C$1 million.

00:00 From 65¢ to $9.40: Reservoir Minerals’ Serbian success story
01:29 Prospect Generator 101: Partnering to reduce exploration risk
03:32 Lara Exploration’s flagship Planalto project Brazil: PEA, scale, and copper price leverage
06:00 De-risking plan: Pre-feasibility, infill drilling, and high-grade upside
06:41 Return on capital & timing the copper cycle (why now matters)
08:18 Jurisdiction & infrastructure: Why this Brazil project can get built
09:05 Portfolio, royalties, and capital discipline (50M shares, no rollbacks)
12:55 Team edge: Technical background, copper scarcity, and demand drivers
14:40 How the project stacks up: peers, capex, metallurgy, and simple processing
25:29 PEA rigor: Cost levers, power pricing, and engineering due diligence
28:24 Near-term catalysts & funding options: New license drilling and next steps
31:55 Wrap-up, tickers, and final podcast disclaimer

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

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/

Host Brian Leni interviews André Gaumond, Founder and CEO of Virginia Gold Mines, about how he built an exploration company that ultimately resulted in a billion dollars of buyout value. Virgina made the Éléonore discovery (2004), later sold to Goldcorp, and ultimately led to Virginia “2.0” and the sale/merger of the royalty with Osisko Gold Royalties. Gaumond recounts his path from geologist to mining analyst to junior mining executive, then founding Virginia with an initial $100,000 financing and growing it through financings and a disciplined approach to reducing exploration risk. He outlines his five-point exploration strategy that junior mining investors must learn and executives should heed. The interview closes with his views on companies using the project-generator/royalty model and his criteria for great leaders and VP Exploration candidates.

00:00 Welcome + Meet André Gaumond (Éléonore discovery story begins)
00:51 From rock collector to geologist & mining analyst: learning the business
03:15 Starting Virginia Gold Mines from scratch: early financings & survival mode
04:49 The big mindset shift: stop chasing luck, start reducing exploration risk
06:17 Strategy Point #1–2: Focus on James Bay + build an elite exploration team
11:02 Strategy Point #3: Partnerships/JVs with majors—models, deals, and risk-free budgets
19:59 Strategy Point #4: Diversification—rotating projects & balancing gold vs base metals
23:07 Strategy Point #5: Long-term presence—cash discipline + social license
30:48 Results & realities: multiple deposits, only one mine, and why luck still matters
35:25 Today’s JV landscape: can juniors still hold 50% in modern earn-in deals?
37:16 50/50 JVs, cash vs dilution, and why we’re not building mines
40:08 Deal terms that match project quality: spend pace, timelines, and de-risking
42:36 Why majors let the junior operate: local edge, costs, and win-win structures
44:28 When to sell: intuition, thresholds, and avoiding the hostile takeover zone
48:50 The Goldcorp auction & spinout playbook: Virginia 1 → Virginia 2 + royalty
51:24 Selling the royalty company: merging top-tier royalties and nailing the timing
53:44 Luck, timing, and shareholder-first decision making
56:19 Éléonore today: aggressive drilling, new zones, and mine life extension
59:08 Who’s doing it right now: project generators, land position, and majors buying in
01:02:24 What makes great leaders & VP Exploration

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/

In this episode of Mining Stock Education, host Bill Powers introduces new sponsor Scorpio Gold Corp, featuring CEO Zayn Kalyan. Kalyan shares insights on their newly consolidated Manhattan District project in Nevada, detailing its history, recent achievements, and future potential. With a focus on resource expansion and aggressive drilling programs, Kalyan highlights significant milestones, including a strong open pit resource and promising drill results. The discussion also covers Scorpio's financial health, strategic partnerships, and plans to potentially up-list to a major U.S. exchange. Kalyan emphasizes the company's commitment to delivering shareholder value through consistent exploration success and strategic financial management.

00:00 Introduction
00:45 Scorpio Gold Corp: New Investment Value Proposition
01:27 Zayn Kalyan’s Journey to Scorpio Gold
02:55 Manhattan Project: The Core Asset
07:37 Exploration and Drilling Strategy
10:59 Financial Health and Future Plans
14:54 Potential Uplisting to NASDAQ
22:06 Conclusion and Final Thoughts

TSX.V: SGN -- OTCQB: SRCRF -- FSE: RY9
www.ScorpioGold.com

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

Sponsor Scorpio Gold Corp. pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found Scorpio Gold’s most-recent company slide deck found at www.ScorpioGold.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/

In this episode of Mining Stock Education, host Bill Powers welcomes Dr. Rob Stevens, author of 'Mineral Exploration and Mining Essentials.' Dr. Stevens provides an in-depth presentation on uranium deposits, discussing the fundamentals of uranium, its geology, types of deposits, and investment considerations for uranium stock investors. He highlights the growing global demand for nuclear power and the expected structural deficit in uranium supply by 2029. The discussion also covers different uranium deposit types, mining methods, exploration techniques, and key factors investors should consider. Dr. Stevens emphasizes the importance of high-grade findings and potential investment opportunities in the sector. Listeners are encouraged to delve deeper into uranium mining through Dr. Stevens' book and online courses available at miningessentials.com.

Link to this presentation on YouTube: https://youtu.be/vgTZSeL_vWg

00:00 Introduction and Guest Welcome
01:46 Uranium Market Fundamentals
06:00 Types of Uranium Deposits
16:10 Uranium Mining Techniques
18:30 Exploration and Investment Considerations
25:06 Conclusion and Resources

To learn about Rob’s book and online training courses: https://www.miningessentials.com/

Rob’s YouTube channel:
https://www.youtube.com/@mining-essentials

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

This episode was not sponsored. MSE received no compensation to speak favorably of Rob Stevens’ book and has no revenue-sharing arrangement with Dr. Stevens. 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/