Boondoggle

I think this is bullish, you guys #zerohedge @RampCapitalLLC

These old mining CEOs are still scarred from the 70s. Generational gold prices and generational margins and they’re too terrified to do any real M&A or elephant hunting. Just clipping 3% dividends and buying bolt-on copper shit Pathetic.

@Patrick80122519 @real_MikeBarnes @SBates8019 100%.

@real_MikeBarnes @SBates8019 Anyway, just my 2 cents on a 5 minute skim of the TR

I added a touch to my Minera Alamos today. I have 115k shs. +5k. Always add on good news even if it is token amount in mining shares and the good news for $MAI.v $MAIFF is that we got another quarter of proof of concept at Pan. I think this is going to 15 CAD on the low end.

@ThHappyHawaiian Elliott? 🤫

Barrick exploding on no news? Big fund taking a stake? Berkshire?

Anglo American is nearing a deal to acquire Canadian miner Teck Resources, sources said bloomberg.com/news/articles/…

So basically Trump now has majority control over the Fed board, he waits for Powell to resign, puts in his own guy, they cut rates back to zero, money printer goes brrrr, assets pump, we lose reserve status, but at least we have big Zimbabwe amounts of money? Is that accurate?

President Trump flying a B-2 stealth bomber over Vladimir Putin’s head is an insane flex

Some quotes for us plebs from Darren McLean's @moneyofminepod episode: "Technical backgrounds cover only a fraction of what makes a project succeed—capital markets and risk assessment matter more. Success hinges on pulling together diverse skills and instincts, as a single failure can derail everything. Risks like environmental hurdles or water flow issues aren’t always obvious, so you need a sharp nose for what to dig into. Curiosity and tinkering drove me, thriving in this contrarian industry where conviction is key. " 1/n

@TorontoStar What a joke of a publication

On #FathersDay, it’s crucial to recognize the importance of mothers, writes Mark Bulgutch. trib.al/Z67QIy7

The future of Canada under Mark Carney’s leadership

at this point, I think I preferred my taxes going to Transgenders in Papua New Guinea than the ShitCoin Reserve

Chrystia Freeland today: #cdnpoli

This deal has been a while in the making. $1.3B + contingency is a great outcome for Lundin Mining $LUN. lundinmining.com/news/lundin-mi…

Rick Rule: Key Points from CEO🔺ca Crashlabs Interview 🔺Junior Mining Sector's Performance: 🔹Junior mining companies collectively lose billions yearly, even during strong markets, raising questions about valuation. 🔹Current Market Strategy: Rick sees weak markets as buying opportunities, focusing on selective, undervalued quality assets. 🔹Large vs. Junior Investments: He completed his large-cap allocation years ago (e.g., Franco-Nevada, Agnico, Freeport) and now targets undervalued juniors. 🔹Investment Focus: Prefers early-stage, large discoveries with risks ("warts") and commodities currently out of favor. 🔹Criteria for Investment: Seeks assets undervalued by half at current prices, with potential for 10x returns over five years. 🔹Geographic & Sector Risks: Often invests in politically risky regions or commodities perceived as unattractive. 🔹Patience is Key: Emphasizes a 5–6 year holding period, contrasting with common short-term investor impatience. 🔹Selling Discipline: Sells when investment theses fail or if a stock rises significantly without fundamental justification. 🔹Process Investing: Advocates for Prospect Generators, diversifying exploration risks using others' capital. 🔹Learned Patience: Over decades, shifted from impatience to understanding long-term strategies yield better results. 🔹Speculative Success: Greenfield exploration and process-driven investments have been highly profitable over his career. 🔺Greenfield Exploration and Junior Mining Success Prospect Generators: Success rate of 1 in 3 for discoveries/takeovers vs. 1 in 3,000 for general Greenfield exploration. Statistically too good to ignore. 🔹Investing Post-Drill Hole: Stocks often cheaper post-discovery due to reduced risk; worth paying up for better information. 🔹Focus on People: Success in exploration is driven by skilled geologists and engineers, not just physical capital. 🔹Pareto Principle: 1% of people in junior mining generate 40% of the results; focus investments on proven individuals. 🔹Capital Raising: Success often linked to ability to raise significant funds, enabling extensive exploration and progress. 🔹Serial Success Stories: High performers like Ross Beaty and Shawn Rosen attract the best projects, talent, and lower-cost capital. 🔹Market Disparities: Most junior mining players struggle; focusing on “seven-footers” (exceptional talent) yields better outcomes. 🔹Early-Stage Financing: Many juniors inadequately financed with small raises; private funding is often a better approach. 🔹G&A Concerns: Many juniors spend >60% of funds on G&A; major miners typically cap this at 12%, highlighting inefficiencies. 🔹Undervalued Juniors: Juniors with significant past expenditures can offer value when trading at steep discounts to historical spending. 🔺Junior Mining and Capital Allocation: 🔹G&A Costs vs. Dollars in the Ground: Rule emphasizes the importance of minimizing general and administrative (G&A) expenses compared to exploration spending. 🔹Speculative Arithmetic: Success in speculation comes from a few major wins (10-20 baggers) amortizing frequent smaller failures. 🔹Warrants' Value: Warrants enhance returns on successful investments, turning 10-baggers into 15-baggers. 🔹Industry Overcapitalization: Rule argues the junior mining sector is overcapitalized, with many deals being oversubscribed despite poor sector-wide financial performance. 🔹Private Placements and Warrants: He criticizes the ease with which companies raise exploration financing without warrants, indicating excess capital in the market. 🔹Sector-Wide Losses: The junior mining industry as a whole consistently loses billions annually, despite a few standout performers. 🔹Role of Majors in Juniors: Rule praises major mining companies partnering with juniors, providing expertise and funding, which reduces risk for investors. 🔹Improved Major Mining Behavior: Majors are becoming more strategic, viewing juniors as off-balance-sheet exploration arms. 🔹Sector's Historical Returns: Over 40 years, the junio mining sector has seen poor financial returns as a whole, though top-performing companies add legitimacy. 🔹High-Grading Issues: High-grading during downturns damages long-term mine economics but helps short-term survival. 🔹Optimization in Large Mines: Marginal investments in large projects can yield exceptional returns (e.g., operational tweaks or equipment upgrades). 🔹Guidance and Corporate Proficiency: Effective and conservative operational guidance improves market confidence in mining companies. 🔺Mining business and investors 🔹Junior mining companies mine higher grades first, leaving costlier lower grades for later, affecting future ASIC and free cash flow. 🔹Companies often report tonnage depletion instead of material depletion, which Rick finds misleading. Example: An entrepreneur improved a mine's ASIC by replacing outdated equipment. 🔹During supply chain disruptions, miners struggled to replace equipment, relying on used machinery. 🔹Many mining firms focus on "The Usual Suspects" for capital, ignoring younger, diverse investors. 🔹Rick’s audience grew from 0 to 92,000 subscribers since 2012, with over half under 40 and 35% female. 🔹Institutional investors now demand more discipline from miners, emphasizing accretive investments. 🔹Rick predicts a “stealth bull market” fueled by rising commodity prices and a growing audience. 🔹Rick's social media outreach in 2012 targeted younger investors, bypassing traditional media channels. 🔹Mining companies must adapt to engage new investors in their language and avoid past mistakes. 🔺Portfolio management and small cap investing 🔹On Portfolio Management: Match the number of stocks to the hours spent monthly on due diligence (e.g., 1 hour per stock). Avoid speculative "got a hunch, bet a bunch" strategies. 🔹For Young Investors: Study securities and credit analysis, read financial reports, and evaluate capital use to improve investment performance. 🔹Issuer Communication: CEOs must build investor constituencies and communicate effectively to attract capital and foster engagement. 🔹CEO Examples: Sean Boyd (Agnico Eagle) and Ross Beaty show success through accessibility and shareholder commitment. 🔹Small Cap Tip: Even a small group of engaged investors can significantly boost stock performance and fundraising success. 🔹Educational Initiatives: Rule Investment Media offers free stock rankings, 200+ hours of educational content, and in-depth resource investing boot camps. 🔹Boot Camps: Deep-dive, 8-hour sessions on topics like uranium, royalties, and tier-one deposits, with a no-questions-asked money-back guarantee. 🔹Battle Bank: Rick is launching his seventh bank, aiming to improve user satisfaction with banking services. 🔹Speaking Engagements: He will present at the Northern Miner conference in London in December. 🔹Future Topics: Rick is eager to discuss his views on precious metals, energy, and industrial materials in future interviews. youtu.be/gsG9o_jdfb8?si…

Here's a simple metric for filtering out the dud mining projects. What do you think? (sent in from an Irish money miner)

Jr miner CEOs be like “our PFS uses realistic assumptions, we don’t expect much changes going into the FS” Meanwhile, pit slope angles assumed for the PFS:

@Mark_IKN @michaelbhorner Was annoyed to see JDS on Thesis' PEA last week. Deposit isn't half bad but now I don't trust any of the numbers.

Further to 👇👇 from @michaelbhorner y'day, a list of recent JDS mine builds: • Silvertip (Bot by Coeur 2017, failed 2020) • Madsen (for Pure Gold, failed 2022) • Eagle (for Victoria Gold, failed 2024) • Premier (for Ascot, failed 2024) Shome coinshidesh shurely, ossifer!

@Mark_IKN @latinmines You don’t own gold miners as investments GDX chart is proof of that You own them to placate a nihilistic curiousity of whether or not you would thrive in a book of revelations style apocalypse b/c deep down you know have no hope of going to heaven and escaping Dante’s Inferno

BHP and Lundin Mining to Acquire Filo for C$4.5Billion. Read the news release: filocorp.com/news/2024/ $FIL.TO

@Mark_IKN Will always trade at 0.6-0.8x NAV

Does anyone in mining understand what 5% NPV discount implies? "I have $225m. Hey I have a good idea! I won't put it into 5% yield Treasurys. I'll lend it to a Canadian exploreco so that it can build a silver mine in Narcolandia Mexico. I'll get my 5% that way." $VZLA $VZLA.v