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Returning guest Sultan Ameerali is a self-directed investor who has significantly multiplied his own capital in junior resource stocks since entering the sector almost a decade ago. Fresh off his second year at the invitation-only Beaver Creek Precious Metals Summit, Sultan shares how he approaches conferences to get real intel, how he uses AI as a "first-year analyst" without giving up human judgment, and the due diligence process behind his recent positions. This episode is less about hot picks and more about building a repeatable, operationalized process with real money at risk. 00:00 Intro 00:34 Meet Sultan Ameerali 01:03 Beaver Creek Vibe Check 03:30 Finding Alpha at Conferences 05:27 Questions That Cut Through 07:17 Standing Out in 100 Meetings 10:19 Building a Brand 11:53 Why Mining Beats Models 16:12 AI Hype vs Ground Truth 21:11 Grok Bots and Special Sits 23:34 Case Study Spinouts and Value 26:05 Mapping Company Networks 26:38 AI for Link Discovery 28:17 Why Humans Still Model 28:39 Will AI Replace Analysts 31:00 Print Reports and Ask Better Questions 32:36 New Portfolio Positions 32:40 St Barbara Restart Thesis 35:13 Spinouts and Comstock Adds 36:48 Discipline After Conferences 37:24 Transparency and Compliance 38:44 Canada Taxes and Next Steps 39:51 Beaver Creek versus PDAC 41:06 Process Over Hot Tips 43:24 Risk Taking and Lifestyle 44:00 Constructivist Investing Mindset 46:24 Reputation and Long-Term Process 48:09 Where to Follow Sultan Sultan’s Twitter: https://twitter.com/SultanAmeerali Sultan’s Website: https://www.consolidatedrock.com/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 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/

Malcolm Shaw is a former geologist, sell-side analyst and hedge fund energy and mining investor. He is a proven junior resource stock picker and has invested for himself since the end of 2011. This is his first ever podcast interview. Malcolm keeps a low profile and grows his newsletter, The Circle, almost entirely by word of mouth. Bill and Malcolm first crossed paths on a due diligence call about five years ago. They cover Malcolm's path from Calgary geologist to Bay Street, why he doesn't try to call commodity prices, how he sizes and exits positions, and the stories behind his biggest winners and one current loser. In this MSE episode, Malcolm explains his rational approach to junior resource speculation. Listen and learn! 00:00 Intro 00:29 Meet Malcolm Shaw 01:09 From Geologist to Analyst 02:35 Sell Side vs Buy Side 04:05 Going Independent 05:38 Why Start a Newsletter 09:51 No Forecasting Just Positioning 13:36 Deal Flow and Watchlists 16:40 Holding Periods and Exits 18:56 Portfolio Construction and Big Bets 21:32 Tenaz Energy Case Study 26:19 Mining Winner Alpha Minerals 29:27 Developers and Production Plays 32:05 Marketing and Sector Allocation 34:22 Niche Metals and Competence 36:05 Network Driven Due Diligence 38:17 Biggest Loser Lessons Malcolm’s newsletter: https://www.thecircle.ca/ 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. 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/

Scorpio Gold Corp. CEO Zayn Kalyan explains the company’s new Nasdaq ADR listing (ticker SGLD) and unusual first-day trading volatility, which he attributes to limited initial ADR supply and possible third-party arbitrage, while noting liquidity has improved. He says Scorpio is undervalued on a per-ounce basis and that the market is missing the project’s district-scale potential at Manhattan in Nevada: the team has focused on a 2 km strike area within a larger 8.5 km package with past-producing mines and five historic resources, located about 10 miles from a Kinross-operated fifteen-million-ounce Round Mountain mine. The company is drilling toward a targeted 2026 two-million-ounce resource update, continues with two drills, and has launched a ~$600,000, 32-hole sonic drilling and metallurgy program to evaluate reprocessing historic leach pad/waste/stockpile material and possible toll milling. Scorpio completed a C$10.8M no-warrant financing at C$0.25 and has ~C$8M in treasury. 00:00 Intro 00:31 Nasdaq Debut Volatility 01:11 US Listing Strategy 04:54 What Market Misprices 05:46 District Scale Potential 08:12 Two-Million-Ounce Goal 09:14 Reprocessing and Toll Milling 12:15 Sonic Drilling Costs Timeline 12:59 Why Sell the Mill? 14:05 Financing and Cash Position 15:46 Wrap Up and Ticker TSX.V: SGLD -- NASDAQ: SGLD www.ScorpioGold.com Press Release discussed: https://scorpiogold.com/scorpio-gold-announces-sonic-drilling-and-metallurgical-program-to-evaluate-reprocessing-opportunity-at-manhattan/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor Scorpio Gold Corp. pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found Scorpio Gold’s most-recent company slide deck found at www.ScorpioGold.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. If you buy shares of any company featured on MSE, you should, for your own protection, assume MSE’s owner is personally selling you those shares. 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, John Passalacqua, CEO of First Phosphate Corp. breaks down First Phosphate's September 16, 2026 announcement that it has received a Letter of Support from Swiss Export Risk Insurance (SERV) for approximately USD 212.5 million to help fund Swiss machinery, equipment, goods, and services for its igneous phosphate mine and processing facility in Saguenay-Lac-St-Jean, Québec. Per the company’s PEA, First Phosphate's total capital cost for the mine build is $675 million CAD, or approximately $490 million USD, a figure that already incorporates a 20% contingency. Of that total, two non-dilutive financing sources are currently in play: EIFO (Denmark) at €170 million, or roughly $195 million USD, and SERV (Switzerland) at $212.5 million USD. Combined, these two sources total approximately $410 million USD, covering about 85% of the project's $490 million USD capex requirement. That would leave only around $80 million USD to be funded through equity. If the financing comes together as outlined, John says it would be "extremely non-dilutive," creating what he describes as "a real torque on the stock" by sharply limiting shareholder dilution going forward. Tickers: CSE: PHOS – NASDAQ: PHOS Press release discussed: https://firstphosphate.com/serv-financing-first-phosphate-quebec-mine/ 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/

Analyst Joe Mazumdar of Exploration Insights breaks down Barrick and Newmont’s Nevada Gold Mines joint-venture agreement and Barrick’s proposed spinout, focusing on the high-grade Fourmile discovery, its valuation discount, and synergies from using existing Nevada infrastructure and permitted autoclave capacity via Goldrush. He discusses how geopolitical risk drives valuation discounts and how companies use dividends/buybacks, noting majors returned about 30% of first-half 2026 revenue to shareholders, concentrated among the top five. Mazumdar reviews Seabridge’s KSM potential permitting setback tied to First Nations consultation and broader implications. He outlines a preferred royalty strategy using Orogen Royalties as an example and stresses judging management on per-share value and financing discipline. The conversation covers Canada’s proposed $1T investment plan, US Dept of War’s Trilogy Metals investment tied to the Ambler Road, Talamore’s Coffee Project financing versus sharply higher capex, and Mazumdar’s “fatal flaw” due diligence approach, including site visits and jurisdictional risk. 00:00 Show Intro and Guest 00:25 Nevada JV Deal Breakdown 02:54 Four Mile Value and Synergies 06:40 Geology of Four Mile 08:02 Geopolitical Discount and Spinout 11:06 Dividends Buybacks and Growth 14:01 Seabridge KSM Permitting Risk 19:10 Royalty Winners Origin Case 24:46 Prospect Generators and Dilution 27:04 Smart Capital Raises 28:10 Track Record Signals 30:10 Flow Through Pitfalls 31:32 Per Share Value Math 32:38 Canada Trillion Plan 33:56 Government Funding Debate 37:12 Trilogy Defense Deal 39:06 Ambler Road Reality 41:31 Coffee Capex Breakdown 44:45 Hunting Fatal Flaws 48:29 Site Visits Independence Joe Mazumdar’s website: https://www.explorationinsights.com/ Follow Joe on Twitter: https://twitter.com/JoeMazumdar 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. 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 ($CTGO) CEO Rick Van Nieuwenhuyse explains that the company is now an “execution story,” targeting growth from ~60,000 gold-equivalent ounces to ~200,000 ounces per year plus 5 million ounces of silver annually in five years. He updates the producing Manh Choh Peak Gold JV with Kinross, noting 2026 is expected to be a stronger production year after a pit transition, with costs elevated in the first half and an added oxygen plant improving CIL performance. He outlines the direct ship ore (DSO) strategy, progress and permitting at Lucky Shot and Johnson Tract (FAST-41), Kitsault Valley drilling and resource work, plans to pursue a mill, current balance sheet, and emphasizes leverage to the gold price on a per-share basis as Contango only 33 million shares outstanding. 00:00 Intro 01:11 Manh Choh Production Update 02:02 Costs and Processing Improvements 04:09 Reserves and Expansion Upside 06:37 Direct Ship Ore Explained 07:57 Lucky Shot DSO Criteria 09:27 Lucky Shot Resource and Permits 11:43 Johnson Tract and FAST 41 14:11 Timeline and Mill Strategy 17:44 Permitting Risks and Tailings 22:40 Kitsault Valley Silver Growth 26:03 Balance Sheet and Capital Plan 28:41 How to Value Contango Press Release Discussed: https://contangoore.com/contango-silver-gold-provides-project-updates-2/ https://contangoore.com/ NYSE & TSX: $CTGO Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 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/

Gold stock fund manager Greg Orrell returns to Mining Stock Education five and a half years after his last appearance to break down how this gold bull market compares to the 2008–2012 cycle, why retail investors still haven't shown up in force, and how he structures the OCM Gold Fund across producers, royalty companies, and explorers to capture the full move. 00:00 Show Intro and Guest 00:39 Last Gold Cycle vs Today 03:43 Central Banks and New Gold Drivers 04:59 Are Miners Undervalued 06:12 Fund Allocation Strategy 08:04 Exploration Discipline and M&A 10:50 Best Capital Allocators 11:35 Placements Liquidity and Sizing 13:03 Value Style and Key Metrics 16:12 Exit Rules and Taking Profits 19:00 Cash Levels and Investor Psychology 21:33 Juniors Allocation and Jurisdictions 25:07 Why OCM vs GDX GDXJ OCM Gold Fund: https://ocmgoldfund.com/ 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 (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/

Rick Rule recaps a record-breaking Rule Investment Symposium and previews next year's shift from "Living Legends" to "Next Legends," then digs into the portfolio discipline lesson behind his "Amalgamated Aardvark" story — limiting stock ownership to the hours you actually spend studying them. He explains how he uses sentiment (like his contrarian silver buy) as an investing tool, why newsletter writers have lost sway over an increasingly institutional junior market even as free education still builds trust and sells "branded conclusions," and why the newest bull-market entrants tend to be the most arrogant. He also unveils "Pitch Rick," a $5,000 paid-pitch product with real reputational stakes; recounts cutting business ties with an antisemitic promoter at his mentors' request; breaks down why sensible junior mining mergers (like G2 Goldfields/G Mining) get done while others stall on management self-interest; walks through the prospect generator model via David Lowell's Arequipa and Francisco Gold; explains his long-term stake in Ross Beaty's Lumina Metals despite skipping the IPO; and closes by explaining why deep sea mining doesn't yet offer enough precedent to build a defensible valuation model. Furthermore, Rick explains why “occasional failures are the price that you pay for outstanding wins”, using Robert Friedland’s early failures as the case study examples. Notable Quotes: • "Price information is of no use unless you have an opinion as to value. Money is made on the delta between value and price." • "The most arrogant will be the least knowledgeable, which is to say the new punter." • "Occasional failures are the price that you pay for outstanding wins." 00:00 Intro 00:36 Symposium Highlights 04:19 Next Year Plans 06:41 Too Many Stocks 10:32 Reading Sentiment 13:33 Newsletters and Media 16:16 Free Education Branding 19:40 Arrogance in Bull Markets 24:06 Pitch Rick Concept 27:09 Dealing With Bad Actors 30:39 Lumina Metals Take 32:42 Why M&A Fails 36:51 Prospect Generator Bets 40:53 Deep Sea Mining View 43:24 Offers and Wrap Up If you would like Rick to review your mining stock portfolio reach out to him at: https://ruleinvestmentmedia.com/ Rule Investment Media YT channel: https://www.youtube.com/@RuleInvestmentMedia 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. 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/

David Erfle, the Junior Miner Junky, believes that $10,000/oz gold and $300/oz silver are now conservative forecasts. After the recent Treasury actions and messaging from Fed Chair Kevin Warsh, Erfle says, “the sky’s the limit as far as gold and silver prices are concerned from here.” David shares his current metals and mining stock forecasts in this MSE episode. Specific discussion topics include miner performance (majors outperforming juniors), why early-stage juniors lag, red flags like CEOs running multiple companies, when project diversification is positive, how financing quality depends on capital source, seasonality/tax-loss selling, and disciplined accumulation and sell strategies in volatile mining stocks. 00:00 Intro 00:31 Jackson Hole Fallout 02:58 Fed Trapped by Debt 05:10 Ponzi Confidence Game 06:04 Gold Bottom and Breakout 07:21 2008 Analog to 2029 08:59 Miners Lag and Lead 10:31 Junior Picks and Stages 12:20 Management Red Flags 13:51 Project Diversification 18:01 Financing Timing Tips 20:05 Bear Market Accumulation 22:04 Sell Strategy Rules 24:10 Seasonality Tax Loss 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/

Bill Powers and co-host Brian Leni sit down for their monthly Junior Mining Insights chat to discuss how to discern ‘margin of safety’ in early-stage junior miners. Other topics include identifying retail investor mass psychology, junior mining stock IPO dynamics, jurisdictional risks with First Nations even after permit issuance and much more. Refine your investment process as you listen to two full-time junior resource investors reflect on their past month of junior mining musings. 00:00 Intro 00:24 Margin of Safety Debate 02:28 Management and Valuation 05:57 Macro Timing Vs Value 08:39 IPOs And Retail Risk 13:55 Nasdaq Uplisting Upside 19:20 Seabridge KSM Shock 20:44 First Nations Risk Lens 28:41 Negotiation or Real Opposition 32:37 Permitting and Opposition 34:00 Metallurgy Due Diligence 37:21 Regulation Versus Enforcement 39:29 Marketing over Geology?! 44:06 Views and Mass Psychology 52:19 Timeless Content and Emotions 56:00 Networking and Mentors 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/

Atomic Eagle CEO Phil Hoskins stated: “Re-establishing our interest in Madaouela represents a transformational outcome for Atomic Eagle significantly increasing our resource base and adding a second advanced uranium project to our project portfolio. Madaouela is a large, high-grade uranium asset supported by an extensive body of historical work, and we see clear opportunities to further define and optimise the Project’s development potential. This agreement has been achieved through constructive engagement with the Government of Niger and delivers a strong, commercially balanced outcome following a period of dispute. I would like to thank Niger’s Minister of Mines, His Excellency Colonel-Commissioner Abarchi Ousmane and his team for sharing our commitment to finding a mutually beneficial solution to the historical dispute.” Atomic Eagle has agreed terms of a mining convention with the Republic of Niger to re-establish its interest in the Madaouela Uranium Project, which hosts a Mineral Resource of 116.5Mlbs U₃O₈ (Canadian NI43-101 estimate). The addition of the Madaouela Project, alongside a 58.8Mlbs U₃O₈ JORC Mineral Resource at AEU’s flagship Muntanga Project in Zambia, establishes a dual-asset uranium development platform with materially increased scale and portfolio depth. Supported by extensive historical drilling and prior technical studies, Madaouela provides a substantial foundation for further evaluation and optimisation, while increasing the Company’s flexibility to pursue a range of development, funding and strategic pathways 00:00 Intro 00:33 Madaouela Update 01:11 Negotiations Success 02:55 Ownership Terms 04:38 Valuation Impact 06:11 JORC Conversion Plan 07:59 Two Project Strategy 09:48 Permitting Timeline 10:50 Political Risk 12:46 Cash and Options 13:49 OTCQX Expansion https://atomiceagle.com.au/ ASX: AEU - OTCQB: AEUXF Press Releases Discussed: https://wcsecure.weblink.com.au/pdf/AEU/03124575.pdf https://wcsecure.weblink.com.au/pdf/AEU/03124577.pdf Sponsor Atomic Eagle pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found in Atomic Eagle’s most-recent company slide deck found at www.AtomicEagle.com.au 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/

Dr. Neil Adshead shares insights on how he evaluates early-stage junior mining stocks in this MSE episode. Listen to this wide-ranging conversation on what separates good exploration geologists from great ones, how prospect generators navigate a shift toward drilling their own projects, what makes a JV deal structure investor-friendly, and how Neil evaluates jurisdictions like Nevada, James Bay, and the Golden Triangle. Dr. Adshead also shares his views on billion-dollar capex copper projects, the role of infrastructure in project economics, and the portfolio discipline that has shaped his 20+ years on the buy side. Neil Adshead is an economic geologist, who incorporates his extensive theoretical and practical experience in mineral deposit geology, mineral exploration and mining into investment-related decision-making. After earning a Ph.D. in Economic Geology in 1995, he spent ten years working for Placer Dome subsidiaries – at the time, one of the largest mining companies in the world – in Canada, Australia, and Papua New Guinea. For the seven-plus years sandwiched between Placer Dome and Sprott, Neil worked as the Vancouver-based senior mining-exploration analyst for a San Francisco-based investment firm. Currently, he is a consulting geologist to the Commodity Discovery Fund. 00:00 Intro 00:44 Great Exploration Geologists 02:20 Analyst Versus Geologist 04:26 Traits of Top Analysts 06:58 Neil’s Career Shift 09:27 Beyond Geology Business 11:02 Marketing Moves Shares 14:49 Prospect Generator Pivots 18:45 Trust Communication Use 21:14 JV Deal Structure Keys 24:41 Jurisdiction Prospectivity Nevada 27:32 Unorthodox Exploration Bets 27:44 James Bay Upside 28:49 Golden Triangle Potential 30:07 BC Politics Reality Check 32:31 Funding Billion Capex 36:06 Marginal Copper M&A 40:29 Infrastructure Matters 44:51 Conviction and Doubt 46:33 Position Sizing Discipline 48:42 Patience After Big Wins 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/

Midnight Sun Mining VP Adrian O’Brien explains how an initial high-resolution ground magnetic survey on its wholly owned Dumbwa copper deposit, located in Solwezi, Zambia, has identified multiple new exploration targets outside the previously defined and drilled mineralized corridor. Midnight Sun’s COO, Kevin Bonel, stated: “We are encouraged by how effectively this ground magnetic survey has enhanced our understanding of the structural architecture of the Dumbwa deposit and its relationship to higher-grade mineralized zones. Importantly, the survey has allowed us to ‘fingerprint’ the magnetic signature associated with the Central higher-grade block and identify several analogous targets east of the main mineralized corridor. These targets will be prioritised for future drill testing and provide a compelling opportunity to identify significant additional copper mineralization and further expand Dumbwa’s rapidly growing footprint.” 00:00 Intro 00:39 Mag Survey Breakthrough 02:40 Thesis Proven 04:25 Fingerprint Targeting Explained 06:40 Phase Two Data Push 09:05 Phase Two Drill Strategy 11:03 Big Picture and Exit Plan 14:31 Catalysts https://midnightsunmining.com/ TSXV:MMA OTCQX:MDNGF Press release discussed: https://midnightsunmining.com/2026/high-resolution-ground-magnetics-unlocks-new-drill-targets-at-dumbwa/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor Midnight Sun Mining pays MSE a United States dollar ten thousand per month coverage fee. The forward-looking statement disclaimer found in Midnight Sun’s most-recent company slide deck found at www.MidnightSunMining.com applies to everything discussed in this interview. Bill Powers will not buy any MMA.v shares until five trading days after MSE’s initial 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. If you buy shares of any company featured on MSE, you should, for your own protection, assume MSE’s owner is personally selling you those shares. 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, host Bill Powers interviews critical metals expert Tomasz Nadrowski to discuss the significance of the U.S. Government’s recent historic roundtable with the mining industry. At the gathering, President Trump announced over $2 billion in critical mining and mining-related projects to revitalize the industry and over $180 million in mining school investments to bolster the American mining workforce. Tomasz is the author of “Mineral War: China’s Quest for Weapons of Mineral Destruction.” 00:00 Intro 00:43 White House Minerals Push 01:14 Workforce Crunch Timeline 03:08 Resolution Copper and Projects 04:31 How Funding Gets Chosen 05:06 Market Signals and Investors 06:42 FORGE Price Floors 07:55 Export Controls and Recycling 09:00 Government Due Diligence 09:58 Scandium Bet Explained 11:33 Graphite and Offtake Risk 13:41 Greenland Reality Check 15:03 Fund Edge and DLE View 16:54 Metallurgy and Midstream 20:33 Getting Generalists Involved White House Fact Sheet Discussed: https://www.whitehouse.gov/fact-sheets/2026/08/fact-sheet-president-donald-j-trump-announces-billions-in-new-deals-and-investments-to-power-american-mining/ Tomasz’s book: https://www.amazon.com/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK Tomasz’s LinkedIn: https://www.linkedin.com/in/nadrowski Tomasz’s fund: https://www.amvestterraden.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/

Coppernico Metals CEO Ivan Bebek explains the major Sombrero Copper-Gold Project permitting milestone in Peru, which now allows drilling of up to 300 holes from 181 drill-pad platforms. The EIA-Sd permit was received in 7–8 months versus a typical 12–18 months, even after delays tied to Peru’s election. The next step is a 30–60 day “start of activities” approval, targeting drilling by September/October, beginning at the Fierrazo target which has shown 232m of .47% Cu surface channel samples and historical holes returning 0.5–0.9% copper over tens of meters. Bebek discusses a $5.5M financing impacted by market/geopolitical uncertainty, Teck maintaining ~9.9% ownership, plans for a larger 60–65 hole, 18-month program across multiple targets, claim optimization to ~57,000 hectares with 12 targets, improving mining sentiment in Peru, and evaluation of potential large-scale U.S. acquisitions after reviewing 240 projects, plus upcoming marketing and conference outreach. 00:00 Intro 00:30 Permit Breakthrough 01:48 Fast Track Timeline 02:57 Fierrazo Drill Plan 04:01 Financing Explained 06:33 Drilling Logistics 07:40 Targets & Timeline 08:55 Region Heats Up 10:08 Claim Optimization 11:10 Peru Politics Outlook 14:02 US Acquisition Strategy 16:35 Catalysts & Marketing 17:45 Copper Thesis Sombrero Sponsor: https://coppernicometals.com/ TSX:COPR; OTCQB: CPPMF; FSE: 9I3 Press release discussed: https://coppernicometals.com/coppernico-receives-approval-for-major-drill-permit-expansion-at-sombrero/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor Coppernico Metals pays MSE a United States dollar seven thousand per month coverage fee. 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/