Antonio (Resource Talks)

I send a free weekly newsletter containing a 5-minute summary of each Resource Talks interview from the previous week. Here's the lineup from week 27: 1️⃣ $4.6B Copper Project in BC, But Can the Capex Be Funded? ⟶ @SurgeCopper $SURG.V 2️⃣ Big Copper-Gold Target, But Will Boliden Commit to a Drill Program? ⟶ @AuenSkyMinerals $AUEN.V 3️⃣ 3M Ounces of Gold in Quebec, But Can the Economics Support a Mine? ⟶ @SiriosRes $SOI.V 4️⃣ New Discovery at Historic Mine, But Can They Restart Production? ⟶ @SelkirkCopper $SCMI.V 5️⃣ High-Grade Gold-Silver Resource, But is There Enough Scale? ⟶ @Mithril_ltd $MSG.V --- --- --- Full interviews and free newsletter linked below.

@UCompounders @AshleyGoldCorp I have no informed takes, in general.

@ResourceTalks @AshleyGoldCorp Do you have no informed take on this, or are you being a bit ironic? Hard to tell in writing sometimes...

I asked @AshleyGoldCorp $ASHL.CN if they could/should sell (or option or w/e) some of their non-core projects to help fund drilling on the flagship. It can work sometimes, I've been told. Do you know of any small juniors that have done this successfully and/or that are trying it right now? Or does it usually end up creating more problems than it solves?

I asked @princesilverco $PRNC.CN's CEO, who has a corporate development background and is a first-time CEO now, what the hardest part of the job of a junior mining CEO actually is. He said "managing people". First because there are a lot of them, and second because they come from so many different technical disciplines (geology, metallurgy, geophysics, etc.). Have you noticed this too when looking at junior mining companies, or do you think something else is usually the biggest challenge for CEOs?

@toiletkingcap porque no los dos?

do you want to shitpost and make money or be right?

@Alonzo_CTHG @iancassel @MicroCapClub @PlanetMicroCap @jasoncbuck @AKWilk @neilcataldi Do rules as fixed as "never split 10s" exist in the real world tho? Specifically from an outcome perspective?

@ResourceTalks @iancassel @MicroCapClub @PlanetMicroCap @jasoncbuck @AKWilk @neilcataldi Jason makes the point that investing is a bigger gamble than “gambling” because at least in “gambling” we can make positive expectancy bets but we don’t know when we invest if it’s positive or negative. I believe investing “positive expectancy” comes from the development of rules

Is microcap investing just gambling in disguise? I asked 4 fund managers. h/t: - @iancassel of @MicroCapClub and @PlanetMicroCap - @jasoncbuck of Mutiny Funds - @AKWilk of Greystone Capital Partners - @neilcataldi of Blueprint Capital Management

@Alonzo_CTHG @iancassel @MicroCapClub @PlanetMicroCap @jasoncbuck @AKWilk @neilcataldi I believe his point is more about the outcomes and the specific house edge not being 'known' in the real world of chaos.

@ResourceTalks @iancassel @MicroCapClub @PlanetMicroCap @jasoncbuck @AKWilk @neilcataldi I disagree. If investing wasn’t knowable no one would be successful.

@Alonzo_CTHG @iancassel @MicroCapClub @PlanetMicroCap @jasoncbuck @AKWilk @neilcataldi Jason makes a good point about this. Gambling is a closed loop system and the outcomes are knowable (and known in some games). Investing in the real world is different.

@ResourceTalks @iancassel @MicroCapClub @PlanetMicroCap @jasoncbuck @AKWilk @neilcataldi Yes but with rules a lot of gambling can be profitable.

@juniorminingpro @iancassel @MicroCapClub @PlanetMicroCap @jasoncbuck @AKWilk @neilcataldi Not even in disguise?

@ResourceTalks @iancassel @MicroCapClub @PlanetMicroCap @jasoncbuck @AKWilk @neilcataldi Gambling in disguise? No sir. It's gambling. In the resource sector, it's Russian Roulette.

Thank you for reading. I wish you a great week ahead, even if you have gingerism.

Upcoming interviews get announced at the bottom of the home page on resourcetalks.com. If there are any questions you would like me to ask these companies, please send me an email or fill in the form at the bottom of the home page.

I send a free weekly newsletter containing a 5-minute summary of each Resource Talks interview from the previous week. Here's the lineup from week 27: 1️⃣ $4.6B Copper Project in BC, But Can the Capex Be Funded? ⟶ @SurgeCopper $SURG.V 2️⃣ Big Copper-Gold Target, But Will Boliden Commit to a Drill Program? ⟶ @AuenSkyMinerals $AUEN.V 3️⃣ 3M Ounces of Gold in Quebec, But Can the Economics Support a Mine? ⟶ @SiriosRes $SOI.V 4️⃣ New Discovery at Historic Mine, But Can They Restart Production? ⟶ @SelkirkCopper $SCMI.V 5️⃣ High-Grade Gold-Silver Resource, But is There Enough Scale? ⟶ @Mithril_ltd $MSG.V --- --- --- Full interviews and free newsletter linked below.

When a company reports an MRE, one of the important choices they make is whether to use an unconstrained geological model or a mine-constrained and diluted model. The decision can change how large and how economic the resource actually appears. An unconstrained model shows the full geological potential of the mineralization without applying practical mining constraints. A mine-constrained and diluted model, on the other hand, applies realistic parameters such as minimum mining widths, dilution from waste rock, and economic cut-off grades. One isnt always better than the other. It sometimes depends on the situation. Even if you’re not an engineer, it’s worth asking which approach the company is using and why. The difference between the two can be material, and understanding their choice gives you a better sense of how realistic the reported resource actually is versus how much of it is theoretical. As what the difference in tonnage and grade between the unconstrained model and the mine-constrained version is and why they choose to report the unconstrained model (if that’s the case). Ask & dig. I did, in my recent interview with @Mithril_ltd $MSG.V. The CEOs answer is in the clip below. The full CEO interview is on YT and wherever you get your pods.

Asking management how they value their own company is a useful starting point for a conversation if you dont know where/how to start. It helps them to tell you what they believe the business is actually worth and on what basis they are making that assessment. Of course, you shouldn’t just take that and run with it. Almost every management team will tell you their company is undervalued. The more important follow-up question is what they believe needs to happen to get the market to recognize that value. Basically, what’s the specific thing that YOU (as mgmt) can do to drive the next meaningful re-rating. Not the market. Not the permitting process. Management. Once they identify that, it’s worth spending some time pressing them on the details. - How realistic is it? - Has anyone done it under that timeframe before? - What needs to happen to do it? - What could go wrong? - etc The quality and specificity of their answers usually reveal far more about management’s thinking than the initial claim that the stock is cheap. But it’s your job as a speculator to ask & dig. I did, in my recent interview with @SelkirkCopper $SCMI.V. The CEOs answer is in the clip below. Full CEO interview on YT or wherever you get your pods.

Geology doesn't stop at the property/claim border. When looking at a project, it’s worth looking beyond the deposit itself and understanding where the mineralization sits within the broader land package. Just as important is knowing who controls the ground immediately around it. The same mineralizing system can extend onto neighboring properties, which means the surrounding owners can either represent additional upside through potential consolidation or joint work, or they can create friction through competitive staking, access disputes, or conflicting plans. Ask management about the surrounding claims and their relationships with neighboring companies. And keep asking unil a real answer comes out. Ask & dig. I did, in my recent interview with @SiriosRes $SOI.V. The CEOs answer is in the clip below. Full interview on YT and wherever you get your pods.