The National Investor

Here, I visit with Apollo's CEO Ross McElroy on coming next steps for the company's flagship Calico Project in California, following the recent upgrade to the Mineral Resource Estimate there.

Incredibly, STILL unbeknownst to many investors is the recently-bolstered significance of California's San Bernardino County wherein Calico is located. It's the home of Equinox Gold's Castle Mountain Project, which just won federal Fast 41 designation to expand.

More spectacularly of late, the U.S. Government/MP Materials high-profile deal likewise added to San Bernardino County's relevance, as that neighboring project to Calico likewise has been in the news!

Already up by multiples share price-wise, Apollo still has a LOT of potential as Calico's various resources are expanded and the main present resource moves toward development. And if that's not enough, the seasoned management team--Exec. Chairman Andy Bowering, of course, along with McElroy--is looking to make another hugely prospective project come to fruition in Mexico (where one of Andy's other "creations"--Prime Mining--was just bought out.)

LINKS: For my recent conversation with Bowering and Cali Van Zant of InvestrIdeas.com, as mentioned, go to:

-- https://podcasts.apple.com/us/podcast/silver-and-critical-mineral-powerhouse-apollo-silvers/id1483830602?i=1000728253997 (audio podcast)

OR

-- https://www.youtube.com/watch?v=KRLWHJdZuSE (YouTube video)

Apollo's web site -- https://apollosilver.com/

Here I catch up once again with Deepak Varshney, the C.E.O. of Formation Metals.

And "FOMO" is the mind set you should have here, folks!

This is yet another story of a micro cap gold exploration company that has indeed done well for us (up about 5X as of this writing after its spinoff from Usha Resources a year ago) ... BUT has potentially explosive upside still well beyond that.

Formation's flagship N-2 Gold Project in Quebec's Abitibi region has solid potential, as you'll hear anew, for a multi-million ounce gold resource to be fleshed out (likely, incrementally; but over just the next couple or three years or so.)

And the company is VERY nicely cashed up right now to expand once more its exploration program through the end of next year/early 2027 (which had been modestly anticipated to be in the 5,000 meter neighborhood but will now be well beyond the 20,000 meters even most recently announced.)

JUST as we recorded this, the news came out of Iamgold's buyout of fellow regional explorer Northern Superior Resources: yet another recent example of the growing hunger for intermediates/majors for the best exploration stories out there. Formation Metals has a lot of work ahead of it, to be sure. But the potential is notable to build yet another significant resource at N-2, which would likely put it on the auction block.

LINKS:

-- My discussion with Deepak from back in March, where we went into more of the details of the history of N-2 and others among FOMO'S management/financing team: https://www.youtube.com/watch?v=0z3YlZ5-AY4

-- Formation Metals' web site: https://formationmetalsinc.com/

North Peak Resources, as we have previously covered, is one of THE most interesting exploration projects in the U.S.!

The Prospect Mountain Mine Complex (PMMC), the Company's flagship project, lies in the Battle Mountain Eureka trend, one of the most prolific mining belts in Nevada, within the Eureka Mining camp. Remarkably, this property--featuring some past production, 11 miles of underground tunnels and related infrastructure and several targets for new resource exploration and development, has had NO modern exploration work on it in several decades. This is despite its location in the heart of the Eureka mining district, with the Ruby Hill property of i-80 Gold to the north and McEwen’s Eureka property to the south.

Now enabled by proven leadership and sufficient funding, the company is now embarking on a new exploration campaign to, primarily, define two at- and near-surface gold targets.

Listen to Chris and Rupert lay this out, which will help you to understand that North Peak--with little more than a US$30 million market cap--is a potential sleeping giant!

LINKS:

Chris and Rupert's original profile of North Peak from this past summer: https://www.youtube.com/watch?v=q7Wu8igkjQU

North Peak Resources' web site: https://northpeakresources.com/

As you'll hear, I have been familiar with Nevada Organic Phosphate's story for quite some time now. It's in one sense as "clean" a story, potentially, as is the pure raw rock phosphate they could literally be sitting on a mountain of in NE Nevada!

And now that they have permits in hand and have closed on the biggest financing of the company's life (in part, where the latter is concerned, as some investors realize that NOP's story is one whose time might finally have come) I've 1. recommended NOP to my Members and 2. Encouraged CEO Robin Dow to share this story more widely.

LINKS:

Nevada Organic Phosphate's web site: https://www.nevadaphosphate.com/

My New FAANGs presentation from June, discussing agriculture, in part: https://www.youtube.com/watch?v=MbymrzBtfEA

I catch up again here with Amex's President & CEO Victor Cantore, following the company's updated PEA on the Perron Project (announced on Sept. 4) and the subsequent news this past week of the bulk sample permit already having been submitted.

As we discuss and you'll learn anew, Victor has been vindicated more lately in the markets: not just due to gold's record run (though that sure helps!) but as investors have come to understand anew that this accelerating path to initial production--while we still see MASSIVE exploration upside--has indeed added robust economics to one of North America's juiciest exploration projects.

LINKS:

https://www.youtube.com/watch?v=3HgGPk7n_V8&t -- This is Amex's own more technical/thorough webinar replay from earlier this month, in conjunction with the updated Preliminary Economic Assessment

https://www.youtube.com/watch?v=n-4DVJ7surU -- This is our late May discussion, where Victor covers that updated Mineral Resource Estimate, leading to the most recent PEA upgrade.

Ahead of this coming week's Fed meeting and universally expected rate cut, Chris discusses the parallels to the late 2024 Fed rate cutting...which resulted in a substantial RISE in longer-term interest rates.

Much of the setup is same this time around; but there are a few key differences we discuss. Still in all, the gargantuan levels of federal debt/deficits, set to continue, will combine with sticky inflation to keep borrowing costs high for most everyone BUT the federal government.

Meanwhile, both economic activity and some credit markets dynamics (high delinquencies for credit card debt, sub-prime auto loans and commercial mortgages, to name a few biggies) suggest more chickens coming home to roost.

Risks are tilted toward long-overdue corrections for virtually all "risk asset" categories...gold will most likely be the ongoing big winner.

SOME LINKS:

Better In Our Back Yard's Oct. 1-3 Mining & Energy Expo in Bloomington, MN -- https://betterinourbackyard.com/2025fallexpo/

Economic Commentator Wolf Richter's discussion of the Fed's lingering and worsening inflation problem -- https://wolfstreet.com/2025/09/11/cpi-inflation-dishes-up-another-nasty-surprise-as-it-tends-to-do/

Here, Chris sits down with BacTech's Ross Orr to get an updated picture of where the company is at these days on two major projects/initiatives:

-- Its Tenguel Project in Ecuador, now in the stage of looking for the right financing and/or offtake partner. As you'll see--especially with gold's price more than doubling since the original Bankable Feasibility Study here--this will be a cash cow for BacTech, local Ecuadorians and shareholders if the company can make it to the finish line!

-- More recently, the emerging story of the company's ability to successfully and economically treat mining waste in various settings is especially exciting and might well become the bigger story going forward.

Chris points out that these technologies and some related ones to improve "downstream" processing of ores/tailings and environmental remediation are finally set to enjoy some more notable adoption.

LINKS:

BacTech's web site -- https://bactechgreen.com/

Better In Our Back Yard's Oct. 1-3 Mining & Energy Expo in Bloomington, Minnesota -- https://betterinourbackyard.com/2025fallexpo/

Here, Dennis joins me to discuss the company's AEC system, about to go "live" in a commercial setting in New Jersey with the company's first municipal client! This system arguably represents the BEST current technology to remove PFAS substances -- known as "forever chemicals" from drinking water and elsewhere; a multi-trillion dollar job for the years ahead globally.

BioLargo's Calvert also recaps and updates us here on his work with the U.S. Department of Commerce’s Environmental Technologies Trade Advisory Committee (ETTAC) where he also chairs its Enabling Innovative Technology Subcommittee. In this role, he and his fellow members collaborate with industry and policy leaders to support the deployment and export of innovative environmental solutions. His work emphasizes practical, scalable technologies that strengthen infrastructure, create high-tech jobs, and meet the demands of rapidly growing markets; all while showcasing U.S. ingenuity.

Moving on, we take a quick lap through BioLargo's other key stories:

-- Its key revenue generator to date -- sales of Pooph! pet odor removal and related products -- is under some stress as the company has been discussing. Dennis updates us on that.

-- Hopefully more than compensating for this headache "within weeks," sales are slated to commence of subsidiary Clyra's wound care products. Revenue from this subsidiary is likely to far exceed that from Pooph! pretty much out of the gate.

-- And we get an added snippet on the company's Cellinity battery, which is being positioned as a key technology in the emerging energy storage market.

LINKS:

BioLargo's home page: https://www.biolargo.com/ -- BE SURE TO CLICK ON THE LINKS UNDER "About BioLargo" as they will take you to separate home pages and a wealth of information on each BLGO subsidiary.

My late June visit with Dennis following the 3rd party validation of Cellinity -- https://www.youtube.com/watch?v=0FSVEzktFPQ

My early June visit, where Dennis focuses on his role with the Commerce Department's ETTAC -- https://www.youtube.com/watch?v=N33ocpJQc8U

Registration link -- (in person or virtual) for the Gabelli PFAS Conference upcoming September 17 at The Harvard Club in New York City -- https://gabelli.com/event/3rd-annual-pfas-symposium/

Prairie Operating Co. (NASD-PROP) has been the epitome recently of a dynamic I discuss from time to time: How a "broken stock" does not always reflect a broken company.

That was starkly evident in recent days, as some ignored what was a phenomenal Q2 financial and operational update!

Here, Chris sits down with Chairman / C.E.O. Ed Kovalik to get his take on things and have some questions answered as to "Why the disconnect?"

LINKS:

Prairie's web site -- https://www.prairieopco.com/

Our mid-year visit with Ed, discussing more of the details of the company's several accretive acquisitions -- https://www.youtube.com/watch?v=DlpnXt8DIIQ

Ed's recent presentation to the Enercom conference in Denver -- https://enercomdenver.com/company/prairie-operating/