JRI – Junior Resource Investor

Time Stamps Below. @CosaResources

Link to Companion Article:
https://juniorresourceinvesting.substack.com/p/multiple-shots-at-a-game-changing

Cosa continues to grow into one of my favourite stories. This is due in large part to the fact that they’ve continually modeled what I see as pre-exploration best practice - demonstrating both clear commitment and ability to making (another) major uranium discovery.

With a whole host of news released in the preceding weeks - a new strategic advisor (CEO David Cates of Denison Mines) joining the team, their exploration plans for undrilled Darby, an upsized $7.5 million financing (interview was recorded prior to its announcement), and news out of their secondary properties, among others - there was much to discuss with CEO Keith Bodnarchuk. See the results of our conversation for yourself below.

With winter drilling fast approaching, things look like they’re going to start getting exciting again for Cosa’s exploration team very shortly.

Time Stamps
01:40 David Cates On as Strategic Advisor
05:15 What about Cosa impresses Denison?
08:00 Darby Targets Announcement
18:15 How do You Balance Darby and Murphy Lake North (MLN) this winter?
20:00 What do you do with your pre-Denison properties?

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

​@foundersmetals
Time Stamps Below

Link to companion article:
https://juniorresourceinvesting.substack.com/p/founders-metals-recent-sequence-of

Founders Metals keeps on building a world-leading gold discovery play. After a huge run of drill-led success, Founders has landed two major pieces the last week or two that look to fuel the next run of value creation for them:
1. A major increase in their land holdings (including significant alluvial mining and many similar traits to Upper Antino) going from 20,000 to 56,000 hectares.

2. A $50 million (and 10.6% stake) strategic investment from the 7th largest (by ounces) gold producer in the world, namely Gold Fields.$50 million,, a plethora of new discovery targets, and a world-leading technical team. This one remains a high confidence pick for ongoing

Time Stamps

00:10 Overview
03:30 The 36,000 Hectare Land Deal
08:30 Chris’ Role So Far in FDR
16:45 What’s the most compelling data from the new land for you?
25:15 Gold Fields Deal
35:30 Chris Ending Thoughts


Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Time Stamps Below
@FathomNickel

Link to Companion Article:
https://juniorresourceinvesting.substack.com/p/we-want-to-demonstrate-scale-an-update

The second and final interview out of my time in Calgary. This one with Fathom Nickel (FNI.CN) CEO Ian Fraser. Ian catches me up on progress at their Gochager Lake nickel+ project with some pretty compelling above ground work that 1. Has opened up a trend of at least 3.5km of favourable (mineralised) host rock for high-grade zones within it and 2. That the historic Gochager deposit itself is surrounded by anomalies (across multiple data sets) that meet and exceed its own signature.


Time Stamps

01:00 General Update
07:45 Nickel Macro Discussion
13:15 What’s Next for Fathom?

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

​ @tocvanventures Time Stamps Below


Companion Article:


I took the trip down the #1 highway to Calgary a couple weeks back for some sit downs with a few clients and industry members. Below is one of those sit downs, an interview recorded with CEO Brodie Sutherland of Tocvan Ventures.

Good news continues to flow out of Tocvan’s Gran Pilar gold project in Sonora, Mexico - newly-discovered zones, historical workings, positive geochem and aeromag results, warrants exercising, positive permitting developments, and aggressive future drilling plans (some 15,000-20,000m before end of 2026). It takes news flow to get noticed in this industry, and Tocvan promises to deliver a lot of it over the next 12-18 months.

Add in gold doing what it’s been doing (trading sideways at $4000 of all prices currently) and that’s a pretty powerful combination.


Time Stamps
00:10 Introduction
04:00 Compare and Contrast North Block to South Block
11:30 Macro Trends and Tocvan Strategy
16:30 When Do You Plan to Head to Full Production
23:45 Final Thoughts

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

​@contangoore9949 Summary and Time Stamps Below

Important Note: If you like my work, please click through here and subscribe to CTGO's newsletter to show CTGO the following I can bring to their story:

https://why-invest-in-contango.com/

Link to companion article:
https://juniorresourceinvesting.substack.com/p/aggressively-advancing-to-further

Here’s an October update from Contango Ore (CTGO.NYSE). Contango continues to produce high-grade, high-margin gold alongside gold’s historic march to over $4000. CEO Rick Van Nieuwenhuyse joins me to discuss numerous topics - shifting mine plans, debt payments, future plans, and why his company opted to go to the market for more cash despite their healthy revenue this year. CTGO continues to shed itself of its remaining debts and hedges as quickly as possible while still advancing both Lucky Shot and Johnson Tract to short term production.

With spot at these unprecedented levels, the time to move is now, and Contango is moving aggressively forward.

Time Stamps
01:45 How has the market changed for you with this run?
04:45 Where were you conservative in your mine plan that you are consistently beating quarterly guidance?
08:30 Update on hedged ounces and bank debt remaining?
10:30 Explain the recent $50 million public offering. Why?
14:45 Manh Choh News – Hope to begin blending ore with Kinross’ Fort Knox mill?
18:30 When will Lucky Shot begin drilling.
20:45 Meters needed to get Lucky Shot mine-ready?
22:30 JT Economics and News flow to expect for investors


Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Timestamps Below @thesisgold1473

Link to Written Companion Work:
https://open.substack.com/pub/juniorresourceinvesting/p/thesis-gold-imminent-pfs-a-still

Thesis Gold’s significant upward movement this year (+236% ytd) still hasn’t brought it to fair value by my estimation, as I demonstrated in my recent infographic. With the first 3 holes now back from the ongoing 2025 drill campaign, including a headline hole of 89.3m of 1.1 g/t Au (and ending in mineralisation) and a PFS at significantly higher spot prices due imminently, Thesis looks poised to further ride this unprecedented wave as gold continues to sharply rerate.

01:00 Ewan walks through the news
04:00 Different mineralisation at bottom of hole.
06:00 Geochem and IP work news - when?
08:50 When can we expect remaining drill results.
09:30 PFS – when can we expect it, any changes?
13:30 Ewan’s Thoughts on Gold’s Run
16:00 Final Thoughts

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

@kodiakcoppercorp.4849

Link to Companion Article and Written Summary:
https://juniorresourceinvesting.substack.com/p/big-and-getting-bigger-kodiak-coppers

Kodiak Copper is in the middle of a critical milestone, having released part one of their maiden resource for their MPD project (with part two due before end of year). Including inferred tonnes, the resource for the first 4 zones reported is nearly 300Mt of 0.35% CuEq. The remaining three zones will be reported before the end of the year. With peer valuation comps favourable to Kodiak and copper pushing steadily higher, the timing appears good for Kodiak investors.

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Link to Infographic:
https://open.substack.com/pub/juniorresourceinvesting/p/canadian-gold-devco-peer-comparison?r=25pwww&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

Here's a quick video of me just walking through a few ideas I have regarding my gold developers peer comparison infographic.

This infographic compares four Canadian gold companies at different stages of the development pathway. Thesis Gold and Probe Gold both have imminent PFSes, Skeena Gold & Silver has a funded DFS, and finally Artemis Gold, who is swinging into full-scale production.

I have worked to better allow for 1:1 comparisons of NPV, IRR, etc. by standardising technical report sensitivity variables (exchange rate, spot price(s), etc.) between the individual base cases. This serves to increase both the breadth (by comparing across companies) and depth (by projecting a single company’s rerating potential over time) of understanding of these projects for the investor.
@thesisgold1473 @artemisgoldinc @skeenagoldsilver Probe Gold


Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

​@Arizonagoldandsilver
Time Stamps Below. AZS.V; AZSAF

Link to Companion Article:
https://juniorresourceinvesting.substack.com/p/boiling-over-a-critical-new-high

This is a big day for Arizona Gold and Silver. After months and indeed years of build-up, Arizona looks like it is finally, excitingly, be positively confirming the significant blue sky potential management has believed in all along at its Philadelphia project in Arizona.

This is because AZS has finally hit the interpreted epithermal boiling zone lurking beneath its Red Hills target. And initial results are excellent, with every indication that they're going to get even better as drilling progresses.

The headline numbers - 9.5 gpt AuEq over 20.43 meters (64% tw) are impressive. That this is the top of zone and AZS believes it will extend some 500-600m in total depth, with grade increasing along the way, makes for an even more tantalising scenario. That a clast of ultra high-grade - 45 gpt of Au vein - was found in the breccia higher up clearly supports this idea that with depth will come even better grade.

Excellent results here have opened up a whole new path of potential for Arizona. This boiling zone has the depth, grade, and strike length (not to mention epithermal veins over 25m thick - to be a major discovery. And that's pretty darn exciting.

Time Stamps

00:50 Mike’s Intro
02:30 Quote from Greg Hahn
04:10 Discussion of the System
07:30 The Financing – Why?

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.