Mining Stock Education

Bill Powers interviews Shawn Khunkhun, CEO of Dolly Varden Silver, for an update on Dolly Varden’s proposed merger with Contango Ore. The merger is expected to close around March 26 after shareholder votes and final court approval, with the combined company trading as CTGO on NYSE American and also listing on the TSX. Khunkhun outlines a $50M ETF/index buying “catch-up trade” expected soon after closing, and emphasizes a $50M exploration budget funded by roughly $100M cash plus cash flow from an the Alaskan Mahn Choh producing mine, alongside $14.5M debt. He provides guidance targeting a 50% increase in silver inventory toward 100M ounces, improved gold resource conversion and grade, and discusses planned growth including Lucky Shot (production by 2028) and Johnson Tract capex, potential hub-and-spoke processing, and a scenario of up to $250M free cash flow in 2027.

00:00 Intro
00:27 Merger Timeline and Approvals
02:17 Exploration Strategy and Budgets
04:25 Balance Sheet and Funding Plan
05:26 Resource Growth Guidance
06:56 Jurisdiction and Catchup Trade
10:02 ETF Rebalance and US Domicile
10:44 Grants and Permitting Upside
11:54 2027 Free Cash Flow Outlook
14:04 Valuation Framework and Comps
17:33 Capex Roadmap and Production Build
19:03 Hub and Spoke Processing Model
21:43 Silver Price Guidance and Equity Catchup
24:38 NewCo Leadership and Share Structure

Learn more about the merger: https://contango-ore-to-merge-with-dolly-varden-silver.com/

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Sponsor Dolly Varden Silver Corp. pays MSE a United States dollar seven thousand per month coverage fee. The forward-looking statement disclaimer found in Dolly Varden’s most-recent company slide deck found at www.DollyVardenSilver.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 interviews resource fund manager Adrian Day about market volatility tied to war in Iran, comparisons to the late 1970s, and positioning in gold, oil, and commodities. Day argues the U.S. is moving into stagflation as employment and retail weaken while inflation remains stubborn, citing issues with unemployment data, rising credit card debt, and consumers trading down. He explains gold often rises before geopolitical events and then sells off as profits are taken, while remaining bullish on gold over the next 6–12 months. On oil, he says the oil stocks have rerated and are not especially cheap, so he has been selling oil stocks recently. Day expects commodities to benefit from underinvestment cycles and discusses copper supply constraints, demand risks from EVs and data centers, and his investment in Lara Exploration.

00:00 Intro
00:29 War Iran and 70s Echoes
01:42 Why Gold Shrugs Off War
04:12 Long Term Gold Bull Case
04:49 Oil Setup and ESG Headwinds
07:31 Stagflation Jobs and Spending
13:57 Inflation Reality Check
16:00 Commodities and Supply Cycles
18:27 Copper Shortage and Substitution
20:14 EVs Data Centers Demand Debate
25:11 Copper Investing and Recycling
28:00 How to Play Gold Stocks
35:37 Lara Exploration Thesis
39:44 Website Resources and Wrap Up

https://adriandayassetmanagement.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 First Phosphate CEO John Passalacqua following PDAC, where the company received a non-repayable C$16.7M grant and highlighted government support for critical mineral supply chains. Passalacqua says the funding de-risks the company through feasibility, permitting, and toward a final investment decision, with drilling nearly complete and a feasibility study targeted for December 2026. He explains LFP batteries are largely phosphate-based and that First Phosphate’s high-purity igneous phosphate resource in Quebec is rare and advantaged by proximity to infrastructure and a deep-sea port. He discusses phosphate being added to Canada’s critical minerals list and related tax credits for downstream facilities, outlines a 10,000 tpa LFP CAM plant concept pending tariff clarity, and reviews U.S. market access via OTCQX and a new 10:1 ADR, along with insider share purchases and recent stock highs.

00:00 Intro
00:54 Canada Grant Impact
02:11 Drilling and Feasibility Timeline
03:02 Why LFP Needs Phosphate
04:05 Infrastructure and Location Edge
05:29 Critical Minerals List Benefits
07:55 Downstream Plant and Tariff Pause
09:03 Europe and US Strategy
10:20 OTCQX Tickers and ADR Explained
14:07 Insider Buying and Alignment
15:05 Valuation and Execution Outlook
16:53 Wrap Up and Disclaimers

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

Press releases discussed:
https://firstphosphate.com/first-phosphate-nrcan-funding-16-7m/
https://firstphosphate.com/canada-critical-minerals-phosphate-clean-tech/
https://firstphosphate.com/first-phosphate-adr-program-fphoy-otcqx/

https://firstphosphate.com/
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/

Bill Powers interviews Adrian O’Brien of Midnight Sun Mining at PDAC in Toronto about the company’s copper discovery in the Zambia–DRC copper belt amid competing US- and China-backed rail corridors to access regional copper. O’Brien recounts the company’s transformation from a ~$20–25M market cap to ~C$300M after regaining 100% ownership of its flagship Dumbwa target, raising C$10M and later C$30.5M, building institutional support, and hiring COO Kevin Bonel (formerly Barrick) to apply a Lumwana-style exploration approach. Midnight Sun is drilling its 20 km Dumbwa target soil anomaly systematically on a grid with multiple rigs, targeting a large near-surface basement-dome copper system, awaiting many assays, and positioning as an explorer aiming for eventual M&A while also monetizing an oxide resource.

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

00:00 Intro
00:28 Meet Midnight Sun
01:34 From Microcap to Funded
03:29 De Risking the Story
05:14 Africa Copper Hotspot
07:41 Rail Corridors Clash
09:33 Why First Quantum Missed
12:14 Basement Dome Geology
14:37 Valuation and M&A Benchmarks
16:10 Kevin Bonel Joins
18:45 Grid Drilling Like a Major
21:34 Assay Backlog Reality
23:08 Explorer to Sale Strategy
24:12 Data Room Interest
25:09 Methodical Not Boring
26:55 Geology Twists and Bornite
28:29 What Makes a Great Hole
29:56 Lens Model and Grades
31:42 Treasury and Drill Costs
33:42 Financing Discipline
36:22 Assay Turnaround and Visual Core
37:50 Tickers and Contact Info

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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 month’s Junior Mining Insights discussion, Bill Powers and Brian Leni recap the past month in junior mining with a North American focus after attending Vancouver’s Metals Investor Forum and PDAC in Toronto. They evaluate Canadian government initiatives and grants around critical minerals and processing capacity, with Brian expressing skepticism but acknowledging speculative implications when support validates strong projects. Bill shares lessons from high-net-worth investors and explains the three types of junior mining “ghosts” that spook your equities. The duo further discusses investor psychology, volatility management, due diligence, management vision, and caution around the growing trend of bulk sampling.

00:00 Intro
01:06 MIF & PDAC Sentiment
04:00 Canada processing push
05:34 Politics and US ties
08:57 Government signals investing
12:44 PDAC day two crowds
15:41 Bull market and rumors
17:41 Volatility and psychology
20:58 High net worth playbook
26:33 Junior mining ghosts
29:59 Spotting Hidden Power
30:55 Using Ghost Categories
32:08 Macro Marketing Moves
35:16 Conviction Over Speculation
38:31 When Bad Actors Appear
42:41 Bulk Sampling Trend
48:22 Financing Frenzy Signals
52:05 Attributing Price Moves

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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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/