Rick Rule, a $449M Fund Manager, and 4 Junior Mining Stocks
Kingfisher, Riverside, Radisson, and Mogotes.
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Last Week on Resource Talks
Luc ten Have talks about gold M&A disappointment and why finding junior mining stocks is harder than we think.
Rick Rule talks about his largest positions in silver, uranium, and gold.
David Finch, the CEO of a $449M mining investment fund talks about his 2025 outlook, how he picks mining stocks, and which names he likes/dislikes.
Luc ten Have talks about the 10 types of junior mining companies and how to evaluate them.
Dr. John-Mark Staude, CEO of Riverside Resources, talks about how he evaluates good, bad, and ugly jurisdictions.
Dustin Perry, CEO of Kingfisher Metals, talks about why he picked up more land in the Golden Triangle of BC.
Matt Manson, CEO of Radisson Mining, talks about the narrow high-grade nature of their ore body, where they recently drilled up to 1,345 g/t Au.
Stephen Nano, technical advisor of Mogotes Metals, talks about the geology of the Vicuña copper-gold district and how he picks projects.
M&A in Junior Mining and Why Most of You Will Lose Their Shirt
Agnico Eagle’s acquisition of O3 Mining at a CAD 204 million valuation offers a 58% premium but is a disappointing deal for long-term shareholders as it happens at O3’s all-time low. Luc ten Have stresses the importance of team alignment and clear catalysts for investment. He emphasizes patience, focusing on fewer high-conviction opportunities, and warns against over-trading in junior mining. Success often hinges on credible backers like Lundin or Ross Beaty, and many juniors may be better off staying private. Investors must manage expectations, as getting most things wrong is common in this high-risk industry.
Agnico Eagle’s acquisition of O3 Mining offers a premium but underscores the risks of junior mining M&A, with shareholders losing out due to the low sale price.
Successful outcomes often depend more on management’s ability to execute and raise capital than on geology alone.
Concentrating on high-conviction investments with clear catalysts outperforms frequent trading and chasing every opportunity.
Credible names like Lundin or Ross Beaty significantly enhance a junior mining company’s success by attracting capital and market attention.
Junior mining is inherently high-risk, where most investments fail; the key is minimizing losses and maximizing gains when successful.
Rick Rule Talks Silver, Uranium, Gold, Biggest Positions and 2025 Outlook
Rick Rule forecasts a challenging 2025 but sees strong risk-reward in gold, especially high-quality miners. He talks about selling overvalued juniors and cutting losses on failed exploration plays. Rule highlights value in strategic M&A-focused miners like Agnico Eagle and expresses cautious optimism about uranium, citing structural improvements and overlooked financeable projects. While bullish on West Africa’s potential, he stresses firsthand risk assessment. For junior mining, he warns against laziness and greed, advocating disciplined speculation. Rule emphasizes the need for intelligence, persistence, and leadership in mining finance, offering timeless insights for resource investors.
Gold remains the best risk-reward trade for 2025, with high-quality miners offering value due to attractive valuations.
Overvalued stocks and failed exploration plays should be avoided decisively to protect and optimize capital.
The uranium sector’s fundamentals are strong, with overlooked financeable deposits presenting significant upside.
West Africa holds promise, but successful investment requires on-the-ground due diligence and credible partnerships.
Effective mining leadership hinges on persistence, intelligence, and decisive team-building, as seen in industry stalwarts.
$449M Fund’s Biggest Gold, Silver, Uranium, and Copper Positions
David Finch, CEO of Ixios Asset Management, manages $449M CAD across three mining-focused funds. He is bullish on gold due to structural central bank buying and sees long-term potential in tin for 2025. However, he remains cautious on silver and skeptical about a frenzy in junior mining M&A. His investment strategy prioritizes management quality, jurisdictional stability, and long mine lives. The mining sector, historically poor at generating consistent returns, is experiencing positive free cash flow expansion for the first time in years. Regulatory compliance, including ESG, is integral to Ixios’ strategy, mitigating risks in emerging markets. Finch’s insights highlight disciplined stock-picking and long-term thinking as critical to navigating the volatile resource sector.
Central banks, led by China, are driving demand for gold, decoupling it from US real yields and reshaping global reserve dynamics.
Finch prioritizes management quality, stable jurisdictions, and long mine lives to separate genuine mining opportunities from hype.
Tin is Finch’s top pick due to supply constraints, geopolitical risks, and undervalued companies like AlphaMin.
While higher gold prices have improved free cash flow, large-cap miners lag due to operational inefficiencies.
Ixios’ Energy Metals Fund leans heavily on copper and tin while maintaining cautious exposure to uranium and lithium.
10 Junior Mining Stock Types and How to Lose Less Money (if you’re lucky)
This discussion dives into the chaotic world of junior mining stocks, categorizing companies by market cap to identify key success factors at each stage. From speculative shell companies with minimal assets to billion-dollar near-producers, the conversation emphasizes the importance of factors like management networks, geological validation, strategic investors, and financial strength. The key insight: most profits (or losses) arise when there’s a disconnect between a company’s valuation and its actual potential, making critical analysis and timing essential for navigating this high-risk, high-reward sector.
Barebones Juniors ($0-$1M): Speculative shell companies often requiring major transformations like new management or projects.
Micro Juniors ($1M-$3M): Small companies with minimal assets, where overhead control and initial assets are crucial.
Nano Explorers ($3M-$10M): Early-stage explorers with defined projects; cash runway, jurisdiction, and permitting matter most.
Early-Stage Juniors ($10M-$20M): Companies advancing systematic exploration; geology and target generation take precedence.
Catalyst Juniors ($20M-$50M): Firms on the cusp of major events like drill results or strategic financing that drive growth.
Promising Explorers ($50M-$100M): Companies with validated geology, where financing muscle and scalability are critical.
Expanding Juniors ($100M-$250M): Firms with significant discoveries and diversified targets working toward resource growth.
Successful Juniors ($250M-$500M): Companies proving their concepts, often backed by strategic investors and major financing.
Accomplished Juniors ($500M-$1B): Juniors with advanced studies or early-stage production preparing for further derisking.
Frontier Juniors ($1B-$2B): Near-producers relying on third-party validation and funding commitments to transition into production.
The Good, the Bad, and the Ugly of Mining Exploration Jurisdictions
Riverside Resources has paid for their interview.
Dr. John-Mark Staude, CEO of Riverside Resources (TSX-V: RRI) has worked all over the world and says the best jurisdictions combine good geology with stable politics. Focus on secure title, clear permitting, and community acceptance. Nevada is promising right now, while Haiti is too risky despite its potential. Investors often underestimate the time and money needed to resolve permitting and community issues. Infrastructure and skilled local labor make a big difference in costs and progress. Success comes from aligning geology with practical realities, not just hope.
Geology is stable, but politics and permitting shift over time, making timing as important as location.
Secure title, efficient permitting, and community support are non-negotiable for project success.
Easy access, like roads and water, stretches exploration budgets and speeds up progress.
Hiring and training local, skilled workers and understanding cultural dynamics improve outcomes.
Investors often underestimate how long it takes for jurisdictions to improve or for projects to mature.
Adding 19,000 Hectares of Land in the Golden Triangle (TSX-V: KFR)
Kingfisher Metals has paid for their interview.
Kingfisher Metals has acquired the Ball Creek West (BAM) project, adding 19,000 hectares to its Golden Triangle land package. CEO Dustin Perry explains that the acquisition aligns with their long-term strategy to secure prime assets during a distressed market. While the new targets are early-stage, evidence of large porphyry copper-gold systems and cyanite intrusions suggests significant potential.
The acquisition enhances Kingfisher’s appeal to majors by consolidating a large, contiguous land package in a highly prospective region. The company is leveraging AI and modern exploration techniques to efficiently evaluate its growing portfolio, while maintaining focus on drilling high-priority targets. P2 Gold sold BAM due to capital constraints and strategic focus elsewhere, creating a win-win scenario.
Kingfisher aims to position itself for a future bull market while avoiding unnecessary dilution. As Perry puts it, “You consolidate at the bottom of the market. That’s how you create value.”
Kingfisher Metals acquired the BAM project to capitalize on a distressed market, securing a valuable asset for a fraction of its potential worth.
The acquisition strengthens Kingfisher’s position in the Golden Triangle, creating one of the largest contiguous land packages held by a junior.
Geological evidence supports significant potential for large porphyry copper-gold systems, including promising cyanite intrusions associated with high-grade deposits.
The company plans to leverage advanced technologies like AI and geophysics to efficiently evaluate its growing portfolio and identify prime targets.
P2 Gold sold BAM due to capital constraints and strategic focus elsewhere, enabling Kingfisher to acquire the project at a low cost and enhance its exploration pipeline.
1,345 g/t Gold Intercept in Quebec, Canada (TSX-V: RDS)
Radisson Mining has paid for their interview.
Radisson Mining, led by CEO Matt Manson, is exploring its O'Brien project with a focus on deep, narrow high-grade gold veins. Recent highlights include a 31.2 g/t intercept over 8 meters at 1,700 meters depth and the discovery of the “Jewelry Box,” a vertical high-grade shoot returning 1,300 g/t over one meter. The company is pursuing a hub-and-spoke model, targeting nearby mills like IAMGOLD's Doyon to minimize capital costs. With a defined 9-10 year mine life, Radisson is balancing exploration with long-term resource development and plans deeper drilling and metallurgical studies in 2025. They aim to unlock the deposit’s full potential without building standalone infrastructure.
Radisson Mining is successfully navigating the challenges of narrow, high-grade gold mineralization at O'Brien, focusing on a mix of broader zones and localized high-grade intervals.
Deeper drilling efforts, reaching unprecedented depths of 1,700 meters, have validated the project's continuity and potential scale, supporting the hypothesis of up to 3 million ounces of gold.
The company’s hub-and-spoke mining strategy, leveraging existing mills like IAMGOLD's Doyon, minimizes capital expenditures and shortens development timelines.
Metallurgical studies and evolving resource modeling, including lower cut-off grades, are critical to aligning the project with modern economic and environmental standards.
Plans for 2025 emphasize deeper drilling, advancing studies on the Jewelry Box high-grade shoot, and preparing for a PEA to showcase the project's sustainable, long-term potential.
Vicuña Copper-Gold District Deep-Dive (TSX-V: MOG)
Mogotes Metals has paid for their interview.
Mogotes Metals is exploring a highly prospective land package in Chile and Argentina, located on a prolific mineral belt near world-class discoveries like Filo del Sol. Guided by advanced geophysics, modern geological understanding, and a methodical approach, the team has identified multiple targets with potential for porphyry and high-sulfidation epithermal systems. With evidence of large-scale alteration systems, promising geophysical anomalies, and similarities to neighboring projects, Mogotes aims to uncover a significant economic discovery. Despite the challenges of terrain and seasonal access, their experienced team is leveraging cutting-edge tools and a district-scale approach to maximize success.
1. Mogotes’ property lies on a historically productive belt with nearby large-scale deposits like Filo del Sol.
2. The property contains several distinct alteration systems, indicating the potential for diverse mineralization styles.
3. Advanced geophysics and data integration are driving a more targeted exploration approach.
4. Success hinges on identifying large deposits with sufficient tonnage and grade to justify development.
5. Evidence of porphyry and epithermal systems reflects the challenges and opportunities of exploring in this region.
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VERY IMPORTANT WARNING
Resource Talks has received monetary compensation from Kingfisher Metals, Radisson Mining, Riverside Resources, and Mogotes Metals for the creation of this content. Resource Talks is a business that charges for the creation and publication of content. This means there will always be a potential conflict of interest which means you can never rely on anything said herein.
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