Mining Stock Education

In this episode, John Passalacqua, CEO of First Phosphate Corp. explains two major government-backed catalysts advancing the company's flagship Bégin-Lamarche igneous phosphate project in Saguenay–Lac-Saint-Jean, Québec.

First, Bégin-Lamarche was selected for "Filon" support status with Québec's Ministry of Natural Resources and Forests, an initiative designed to accelerate mining projects in the province. Second, First Phosphate finalized agreements for an addition $4.84 million in non-repayable contributions from the Government of Canada, via Natural Resources Canada's First and Last Mile Fund, to advance the Bégin-Lamarche deposit. This new funding adds to the $16.7 million already committed by NRCan in March 2026 through the Global Partnerships Initiative — bringing total recent federal backing north of $21.5M.

Both announcements reflect Ottawa's and Québec's shared push to build out domestic critical minerals supply chains for the North American LFP battery sector — de-risking permitting timelines and infrastructure costs for First Phosphate ahead of construction.

Tickers: 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/

Pro mining investor David Erfle of JuniorMinerJunky.com shares that he recently sold his oil stocks to purchase three gold stocks which he reveals. He also provides commentary on the gold and silver prices and shares how he is navigating the junior mining market.

00:00 Intro
00:38 Gold Bottoming Setup
03:17 Why Stocks Surge
04:15 Bottom Metrics History
06:00 Rhino Horns Strategy
09:11 Oil to Gold Rotation
10:21 Stock Picks Breakdown
13:52 US Permitting Fast 41
15:06 Newmont Cash Returns
16:19 Newsletter Sentiment Gauge
23:31 Retail Mania Still Absent

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/

"The long-term drivers for the commodity cycle are intact. The rally that we've seen over the last 24 months, it's just like a teaser of what's coming when you look at broad sort of like landscape ideas in terms of like the exposure of global markets to mining and metals and to energy as well, it's less than 1% in some cases. If that only gets back to long-term averages of 5 to 10%, we're looking at trillions of dollars that are going to roll into our space. We live in a world where companies have trillion-dollar valuations. Why can't our companies [miners] have trillion-dollar valuations?" explains Resource Fund Manager Samuel Pelaez in this MSE episode.

Samuel Pelaez is the President, CEO and CIO of Olive Resource Capital Inc. He has dedicated the past decade to financing natural resource projects while serving as Chief Investment Officer and Portfolio Manager at Galileo Global Equity Advisors, and as an analyst at US Global Investors. Mr. Pelaez has been an early investor in numerous resource discoveries and has been an active participant in Canadian resource corporate transactions. Samuel graduated from the Schulich School of Business with Distinction. He also holds a Masters in Finance degree from The University of Cambridge. He was a scholar of the Financial Leaders of Tomorrow Program at the PBOC Graduate School at Tsinghua University in Beijing. Samuel is a CFA charter holder and member of the Toronto CFA Society where he resides.

Sam’s website: https://olive-resource.com/

00:00 Intro
00:47 Market Outlook and Fed
02:41 Gold Pullback Opportunity
04:12 Liquidity Spreads to Commodities
07:04 Whales Media and Charts
08:29 Copper Capex and Juniors
13:54 Project Quality and Water
17:13 M&A Drivers Permitting
19:46 Fast 41 and Policy Tailwinds
21:50 Portfolio Construction Focus
24:21 Position Sizing Concentration
28:37 Benchmarking and Learning
34:10 Top Picks to Watch
36:45 Olive Resource Capital Thesis
39:23 Cost of Living Philosophy

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 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 and reflect upon their conversations with numerous resource investors at the recent 2026 Rick Rule Symposium in Boca Rotan, Florida.

Topics Discussed:

• Concentration over diversification. Both Bill & Brian favor fewer, better-understood positions over sprawling portfolios that can't realistically be researched.
• Do the math on your time. Rick Rule's "one hour per company per month" rule is a useful gut-check for how many positions you can genuinely follow.
• Know the source's entry point & bias. A recommendation from someone who bought in at a fraction of today's price carries a very different risk-reward than your entry.
• Understand mining stock marketing. Well marketed stories grab retail attention. But are the execs "mining the market" or building a mining company?
• Geopolitical uncertainty shows up first in financing. Watch which portfolio companies need to raise capital in the next few months — that's where macro shocks bite hardest.
• AI is a research accelerant, not a replacement for network and experience. Both Bill and Brian use AI tools to speed up analysis of filings and reports, but firsthand relationships and institutional history remain the differentiator.
• CEO charisma matters at the booth. Awkwardness alone isn't disqualifying, but it compounds risk when other fundamentals are already weak.

00:00 Intro
00:46 Portfolio Overload
02:20 Conviction Beats Diversification
05:59 Time and ETFs
07:53 Marketing Versus Fundamentals
11:46 Know Your Risk Profile
13:33 Entry Price and Bias
16:39 Slow Down and Research
19:35 Geopolitics and Financing Risk
24:12 Review Your Portfolio
27:15 Royalty Valuation Skepticism
33:21 Using AI for Mining Stocks
38:33 Experience Network and Bias
42:47 Reputation and Naming Names
47:18 CEO Charisma Matters

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/

First Phosphate CEO John Passalacqua discusses how the recent small-cap volatility does not affect the fundamentals of First Phosphate due to the company’s strong treasury. Passalacqua, a former trader and market maker, says geopolitical tensions and rate fears have driven a systemic selloff that often forces investors to sell winners, but he views it as a catharsis that flushes weak hands. He highlights First Phosphate’s 24 to 36-month runway, citing over $30M cash in treasury plus access to a $16.7M Canadian government contribution and a recent $17.7M raise at C$2, totaling nearly $50M to reach feasibility (Q4-2026 or Q1-2027), permitting, and final investment decision. He updates on the OTCQX ADR (FPHOY) volume building and describes strong collaboration with local First Nations who are supportive. The company targets its Quebec high-purity phosphate mine producing in 2029 and is advancing plans for a purified phosphoric acid plant at Port Saguenay, with feasibility expected by.

00:00 Intro
00:39 Market Volatility View
02:23 Cash Runway Update
03:23 Why Shares Pulled Back
05:54 ADR Listing Explained
07:25 First Nations Partnerships
10:59 Community Chalet Concerns
12:19 Phosphoric Plant Plans
13:57 Feasibility Timeline
14:16 Wrap Up and Tickers

Tickers: CSE: PHOS – FSE: KD0 – OTCQX: FRSPF – OTCQX-ADR: FPHOY

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

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/