Mining Stock Education

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

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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

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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 small-cap investor Mark Zaret reviews five of his stock picks. Four of these stocks he has publicly mentioned on MSE over the past five years. $TNZ.to became a 46-bagger ($1.50 to $70/share), two other multi-decade holds were recently bought out ($AU.v & $FOX.cn). Mark explains why he is still holding the other two stock picks ($FOR.v & $GRD.v). Throughout the interview, Mark shares his approach to small cap speculating which has produced tremendous wealth for himself over the decades. He is very patient and loves buying prospective illiquid small-caps when nobody cares.

Mark began investing in the early 1990’s and achieved a significant net worth by focusing on Canadian micro-cap companies, especially junior resource stocks. Success was achieved through a disciplined approach of investing primarily in early life-cycle companies with low market caps, high insider ownership, and executive boards with strong credentials. Mark is currently working at Spartan Fund Management as strategist for small and micro-cap investing. Be inspired and educated by a 30-year mining stock veteran in this interview.

0:00 Introduction
1:52 $TNZ.to 46-bagger
8:30 $GRD.v
10:38 $FOR.v
14:53 Small-cap Patience
16:00 $AU.v
22:15 $FOX.v
24:42 Cash 2nd Largest Position

Mark is a strategist for the Spartan Fund: https://spartanfunds.ca/spartan-fund/teraz/

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None of the stock picks Mark mentions are or have been MSE sponsors or owned by Bill Powers at the time this episode was published. 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/

Contango Silver & Gold president Shawn Khunkhun discusses why CTGO shares are down ~50% since January and how this presents investors with a buying opportunity. The company’s current valuation is just three times next year’s expected free cash flow, he shared. He explains the key catalysts investors are waiting for, why and how the company eliminated its hedge book. He outlines the DSO model shipping ore to Kinross’s Fort Knox mill and how Contango is reinvesting cash flow into Lucky Shot drilling, Johnson Tract infrastructure/permitting, and a 40,000m Kitsault Valley drill program. He states that a mill acquisition is being targeted for longer-term needs.

00:00 Intro
00:33 Why Shares Are Down
01:05 Catalysts from Mahn Choh
01:54 Kitsault Resource Update
02:24 Lucky Shot Path to Production
03:06 Hedge Book Removed
04:38 Debt and Cash Position
05:53 DSO Model and Growth Plan
07:28 Lucky Shot Drilling Progress
08:38 Johnson Tract Buildout
09:11 Kitsault Exploration Strategy
09:55 Management Versus Geology
11:52 What the Market Rewards
13:33 No Dividends Near Term
14:15 Mill Acquisition Strategy
15:29 Jurisdiction And M&A Focus
17:07 Re-Rating and Share Structure

https://contangoore.com/
NYSE & TSX: $CTGO

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Sponsor Contango pays MSE a United States dollar seven thousand per month coverage fee. The forward-looking statement disclaimer found in Contango’s most-recent company slide deck found at www.ContangoOre.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/

In this episode of Mining Stock Education, host Bill Powers welcomes Dr. Rob Stevens, author of 'Mineral Exploration and Mining Essentials.' Dr. Stevens presents on what every copper and gold mining investor should know about sulfide vs. oxide deposits. He provides examples, reviews the economic impacts of these deposit types, explains supergene enrichment zones, refractory deposits, laterites and much more. Dr. Stevens' book and online courses are available at miningessentials.com.

00:00 Introduction
01:01 Oxide vs Sulfide
02:08 Defining Deposit Types
06:54 How Processing Differs
09:40 Refractory and Laterites
12:38 Supergene Enrichment
15:55 Economics and Examples
20:13 Investor Checklist
22:54 Q&A

Link to this presentation on YouTube: https://youtu.be/0w9Cz5fTkPo

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

Dr. Steven’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/