The National Investor

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/

Seabridge Gold (NYSE-SA; TSX-SEA) Chairman, Co-Founder and C.E.O. Rudi Fronk joined me for a brief catch-up visit this past week on the exciting news of an apparent BIG new gold/copper porphyry system having been intercepted at the company's Iskut Project.

More work is to be done, certainly; but here again is the growing realization that Seabridge has yet another multi-million gold ounce--and multi-billion pound copper--asset!

ADDITIONAL RESOURCES AS MENTIONED:

-- Seabridge web site -- https://www.seabridgegold.com/

-- My most recent visit with Rudi at mid-year -- https://www.youtube.com/watch?v=h8eGdw5pMQw

-- Seabridge's Iskut-centric video -- https://www.youtube.com/watch?v=y22JZjiX33o

As promised, Terry Lynch, C.E.O. of Power Metallic Mines (TSXV-PNPN; OTCQB-PNPNF) returns here as we engage in a sober, engaging and--in the end--hopeful discussion on the future of Canadian resource companies specifically and that of the Canadian capital markets and broader economy generally.

In today's context, Lynch is chiefly visiting with Chris about Canada's potential to unlock vast national wealth and have a dramatic rebirth of the country and its economy. He agrees that the recent semi-antagonistic behavior toward his country by President Trump has served as a needed (and intended?) wake-up call to Canada to enact the regulatory, permitting, market and broader financial reforms needed to reinvigorate the national economy and allow Canada to be a major player in a world needing vast quantities of all the substances Canada has in abundance.

In the end, suggests Lynch, "a crazy bull market" for Canada generally and its mining industry specifically awaits, IF the Carney government and others play their cards right!

We were also thrilled to hear of the imminent plans to broaden the scope of Save Canadian Mining (which Lynch co-founded with Eric Sprott) into Save Canadian Markets, so as to be inclusive of the rest of Canada's sectors which, likewise, have suffered from the country's "broken capital markets."

LINKS:

My prior visit with Terry Lynch, profiling Power Metallic specifically: https://www.youtube.com/watch?v=Ek8svN8g-2E

My recent visit with Des O'Kell of Alberta-based Enterprise Group (TSX-E; OTCQB-ETOLF) on Canada's energy sector specifically: https://www.youtube.com/watch?v=MNSLZtFh45A

Save Canadian Mining's site: https://savecanadianmining.com/

A recent article from Canadian Mining Journal detailing the evolution of Canadian policy, game plan, etc. on these things: https://www.canadianminingjournal.com/featured-article/canadas-critical-advantage-a-natural-resources-superpower/

Terry Lynch's article comparing the Cod fishery off Newfoundland being damaged due to mismanagement and overfishing with the fate of Canada's capital markets in recent years: https://x.com/terrybali/status/1938258502998511914?s=46&t=7hRo-UP09lH1btHROU-KZg

Here, I catch up with Terry Lynch, C.E.O. of Power Metallic, whose Nisk Project in Quebec hosts one of today's spectacular advancing exploration stories: that of the Lion Zone, discovered just over a year ago and a potential "super giant" of a polymetallic play.

Aggressive drilling and related work are ongoing, as the overall Nisk Project--the size of which was recently nearly quadrupled by the acquisition by Power of adjoining ground--seeks to continue adding size and scale to already astonishingly high grades.

If that's not enough, Power just added some substantial further "Blue sky" to the company's story: recently-granted concessions in the Kingdom of Saudi Arabia as that country seeks to build out its mining industry.

Said Lynch during our discussion, in part, "If you could roll into the Abitibi in the 1940's with today's technology and have your shot at staking this ground and just going and exploring it, wouldn't that be wonderful? That's what the Kingdom of Saudi Arabia is like today..."

LINKS:

Company web site -- https://www.powermetallic.com/

Save Canadian Mining -- https://savecanadianmining.com/

In this episode, I start off with another sector update/conversation: this time, on U.S. energy markets with my buddy Phil Flynn, a FOX Business Network Contributor as well as Senior Market analyst at the Price Futures Group in Chicago.

Notwithstanding the current challenges to U.S. oil in particular due to the recent low prices and resulting low rig count/rollover in production levels, Phil paints an encouraging policy picture (as have I.) Unlike during the Biden years, at least energy knows it has a champion in The White House rather than an adversary!

Unquestionably, we'll see activity recover for oil generally as prices move back up. Elsewhere, natural gas--while even more treacherous at times from a trader's viewpoint such as Phil's--has an incredibly bright future in the U.S. (and as we've previously covered, perhaps even more so in Canada.)

"The natural gas story is the Story of America," says Phil.

Moving on, I talk about the BLOCKBUSTER news out late in the week on the Pentagon's major, aggressive and unique investment in Rare Earths company MP Materials - a story I'll be discussing more in the days ahead as it affects other companies/metals.

Finally, I briefly discuss the broad markets, keying in on America's path to a $60 TRILLION or so debt in the next decade...the Treasury market being increasingly dictated once more by market forces (i.e.--those famed bond market vigilantes) ... and the apparently intensifying efforts on the part of Team Trump to move "Too Late Powell" out of the way NOW and put someone in charge of the Fed who will really "Print, Baby Print!"

LINKS & RESOURCES:

--- For Phil Flynn's FREE daily energy blog, go to: https://blog.pricegroup.com/2025/07/11/rare-earth-shattering-the-energy-report-07-11-2025/

NOTE: PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investing in futures can involve substantial risk & is not for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses. Member NIBA, NFA.

--- For my previous discussion of the needed economic policies to undergird permitting reform, etc., see https://www.youtube.com/watch?v=JEaj5ddwJKQ

--- On the MP Materials news, see

https://www.ft.com/content/6693da6f-7cb7-4c74-8c4f-45b1bf533cbe (Financial Times)

https://www.mining.com/mp-materials-lands-multi-billion-pentagon-deal/ (Mining.com)

Energy Fuels is already a key anchor of rebounding U.S. uranium production, buoyed by the performance of its Pinyon Plain Mine in Arizona. This uber-high grade property has already vastly exceeded expectations and helped the company to meet most of its prior guidance for uranium production for all of 2025 by just the halfway point of the year!

Beyond that, Energy Fuels is making its case as a key part of the U.S. rare earth elements supply chain; and got some added attention this 2nd week of July as its own story and share price spiked in sympathy with the news of the Pentagon's investment in MP Materials (NYSE-MP).

I'm discussing that separately right now in both The National Investor as well as on my Your Money Today podcast.

As you get your head around Energy Fuels, you will see as I do a compelling, multi-faceted story of a company that will benefit substantially as it leads America toward a greater level of energy independence.