The National Investor

Folks, this spinout from Usha Resources is compelling! Near-term, C.E.O. Deepak Varshney has aggressive exploration plans for Formation's now-flagship N2 Project in Quebec's part of the famed Abitibi-Greenstone Belt.

He and his management team--including Abitibi Metals' (CSE-AMQ; OTCQB-AMQFF) C.E.O. Jon Deluce--are proven leaders and asset managers, especially as we share in an anecdote about Jon's own stature at a recent very high-profile and exclusive conference.

Together, I like the odds of Deepak, Jon and Co. building a winner with Formation...check out the story, and keep in touch!

NOTE: For Formation's web site visit https://formationmetalscorp.com/.

Today (posted March 17 -- Happy St. Patrick's Day!) I share myriad thoughts about the still-unfolding stock market correction and growing recession odds...and both President Trump and Treasury Sec. Bessent recently channeling Jack Napier/The Joker.

I especially fret about the Trump Administration/Congressional G.O.P. leadership essentially having caved in and surrendered 1. their entire first year effort of trying to meaningfully reduce deficits and 2. the good, historic work done so far by D.O.G.E. Chalk one up for The Swamp, I must regrettably say!

As for the Fed meeting looming Wednesday, little to no help will be coming from it right off to allay either the recession or bear market thoughts (though I do point out that a change to the "dot plot" could be in the offing and would make the correction less bad near term.)

Finally I make some comments and offer coming attractions on a renewed theme: "From Y2K TO Y2Q: The Quantum Menace" --- plus some energy, uranium and other thoughts...and especially pointing out some comments of the past weekend on Gold $3K.

NOTE: For those Bessent comments referred to, see https://www.youtube.com/watch?v=xtT6pajnWf8.

AND for Membership in The National Investor to receive my looming new recommendations, go to https://www.nationalinvestor.com/subscribe-renew/.

I'm joined again here by Borealis' C.E.O. Kelly Malcolm, who was just able to announce the close of his company's first major accretive acquisition: the now-former Gold Bull Resources and its flagship Sandman asset in Nevada, north of the core Borealis project/properties.

As you'll hear anew, this wildly accretive (especially at the current gold price!) deal makes Borealis Mining that much more compelling as a woefully undervalued gold equity.

This week we fit a LOT in under the one hour mark!

First, I give fresh updates on my favorite 2025 commodity stories: Gold, "Old energy" and Uranium.

Gold continues to set new highs now even in USD terms to go along with recent highs in most other fiat currencies. Precious metals stories are prolific, though; and especially some nefarious sales pitches around so-called Gold IRA's and otherwise.

So while there's a lot of upside to Gold, Silver and the better equities and derivatives thereof, there are still some things to be careful of.

LEARN about all that at https://www.youtube.com/watch?v=uzceo81545o.

Next, I move on to natural gas and crude oil; and much of this in the context of remarks from Friday (2/7) from the newly sworn in Department of Energy Sec. Chris Wright. "Old Energy" is quite attractive at these levels even if a lot of policy and economic uncertainty continue to hobble sentiment; more so than is warranted, as I opine.

To listen to Wright's comments in his interview by Brian Sullivan on CNBC as mentioned, check the following links out (in order) --

https://www.cnbc.com/video/2025/02/07/u-s-energy-sec-chris-wright-doge-staffers-at-doe-donat-have-access-to-nuclear-secrets.html

https://www.cnbc.com/video/2025/02/07/u-s-energy-sec-chris-wright-we-will-not-follow-the-german-energy-model.html

and

https://www.cnbc.com/video/2025/02/07/us-energy-sec-chris-wright-on-natural-gas-reduction-nuclear-energy-and-more.html

Finally I move on to uranium; this week, mostly in the context of the "Landmark" deal announced by Energy Fuels on Jan. 29 between that company, the Navajo Nation, the E.P.A. and State of Arizona.

This brought to a successful conclusion a LONG process of negotiation, leading to a process where Energy Fuels--as capably explained by its Senior V.P. Curtis Moore--will now be imminently able to haul its ore from its Pinion Plain Mine through the Navajo Nation and to its White Mesa Mill in SE Utah.

The company will also start removing some of the vast quantities of previously-stockpiled ore, old dump material and such; this all as part of an E.P.A.-overseen cleanup process many years overdue.

LEARN MORE about Energy Fuels at https://www.energyfuels.com/

This week, we start with a guest: Ryan Sistad, the Executive Director of Better in Our Back Yard.

Ryan and I discuss the many positive signs--including some early Executive Orders among the avalanche of those from President Trump in his first few days--of better days for America's mining, critical metals and energy industries and companies.

There's still a lot to do: and some areas that have yet to even be addressed. But at least for now, the positive tone suggests more policy support for these industries than we have seen in decades!

LEARN MORE about Better in our Back Yard:

Its web site -- https://betterinourbackyard.com/

LinkedIn (its most-used social media presence) -- https://www.linkedin.com/company/betterinourbackyard/

Our coverage of BIOBY at StrategicMPR -- https://strategicmpr.com/our-causes

The National Investor -- https://www.nationalinvestor.com/

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Following my visit with Ryan, I dive into some of the early highlights (LOTS of them!) of the first days of Trump 2.0.

As one quipped, "We've gone from Droopy the Dog to Sonic the Hedgehog." And we can expect more of this pace to pick up as a LOT of idiocy is being unraveled and some positive measures put in place by President Trump.

Yet some added reality is set to hit the Trump agenda this coming week, when the Federal Reserve does NOT lower interest rates further as it has at its previous three meetings. That will cause some fireworks politically; and likely on Wall Street as well.

I discuss the rate outlook...the dollar's correction of recent days...stocks...and gold.

I also explain anew why "the math" simply does not support the president's "demands" that interest rates and oil prices come down substantially.

I also talk about the VERY disparate tariff battles (or threats thereof) between Trump and our top three trading partners: China, Canada and Mexico. I spend the most time on Canada: from the provincial election in Ontario coming up late next month to a looming federal election likely around midyear, give or take a bit.

To get the imminent print version of "This is Still NOT Your Father's Gold Market!" make sure you are on Chris' email list!! -- Go to https://www.nationalinvestor.com/.

ALSO, be sure to scroll down on this YouTube page and check out the various precious metals-related companies (and others!) Chris presently recommends to his Members.

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In this video/audio version of one of Chris' most popular (and at times, caustic) Special Reports in recent years, he again holds forth on how investors MUST approach the precious metals sector; one that has left even more damage in investors' portfolios over the years than profits.

Once again in 2024, he begins, gold had a great year, with silver a respectably close second. Yet most investors in precious metals continued to underperform even the metals.

Going forward, Chris says, the sector--including precious metals-related equities--will have better days. BUT, he points out, investors must look at gold, silver and related investments clinically: WITHOUT preconceived notions and the veritable blind "religion" some preach, and with sound advice from legitimate experts on the space (as opposed to the carnival huckster / Pied Piper types incessantly trying to "scare" you into certain kinds of investments based on warnings of "Biden Bucks", dollar collapse and similar nonsense.)

To help that cause, Chris gives a history lesson on gold and its behavior in markets since it became a free trading asset back in 1971. During this last half century-plus, gold has had a few different "eras":

-- The initial burst higher in the 1970's thanks to the Nixon-Burns tag-team dollar debauching. This ultimately saw gold soar from $35/ounce to a brief, manic peak around $875/ounce.

-- Two decades "in the wilderness" during the 1980's-1990's, during which at times gold's price was indeed "managed" in much the same manner as the DeBeers cartel managed diamond prices.

-- The pivotal event in 1999 that changed the attitude of markets once more in favor of gold, and set the stage for the more than 10-fold price rise for the yellow metal since.

-- The fickle nature of investors to the precious metals space, an important element to understand especially when it concerns the underperformance of mining-related equities versus the metals prices themselves of recent years.

-- WHAT factors, according to Chris, will bring generalist investors back to precious metals, a la the huge moves that peaked way back in 2011 for precious metals-related equities particularly.

Chris also takes a quick lap through the main ways investors can and SHOULD invest in precious metals...and importantly gives some warnings of the kinds of SCAMS to AVOID:

-- How to buy (and not) physical gold and silver.

-- Why you should avoid THE BIGGEST SCAM OUT THERE: "Gold IRA's"

--- ETFs as proxies for either gold or exploration/mining equities

-- How to research individual companies TODAY; and identify ones that GENERALIST investors will warm up to!

As always, pass along your questions and comments on this episode to chris@nationalinvestor.com

In the first long form podcast episode of 2025, Chris holds forth on the prospects of Trump 2.0 when seen through the eyes of non-partisan FACTS...and MATH.

From inflation, interest rates and DEBT...to a stock market priced for perfection (and lower inflation and rates!) ... to energy, metals and more...we look at what simple mathematics dictates for the economy, asset classes, markets and more in the near term.

Of all the intractable "math problems" facing President Trump specifically and the U.S. generally, pay especially close attention to our discussion of China and the challenges its inexorable slide into deflation represents for America in so many ways.

Tectonic Metals, Inc. (TSXV-TECT; OTCQB-TETOF), as you'll be learning, is a legitimate standout among junior gold explorers, checking pretty much ALL the boxes I as an analyst or you as an investor deem important:

* My "Jockeys" theme -- As you see below, Reda, his Co-Founder Eira Thomas and others have a solid track record of building value and monetizing it. Most notably in the same neighborhood, this included guiding the former Kaminak Gold in Yukon to a successful sale.

* Location -- It doesn't get much better than having a property--the Flat Gold Project, with numerous targets that could one day each be an independent, economic resource--in such a major gold trend as the Tintina Gold Belt. Ditto, the friendly State of Alaska.

* Potential Mine Dynamics -- As you'll learn, the attributes of a possible open pit operation at the main target (for now) Chicken Mountain, are very conducive to a low-cost, low-strip operation.

* Metal content/metallurgy -- Unlike, most notably, the huge Donlin Creek deposit to Tectonic's southwest, the target material at Chicken Mountain 1. is not refractory ore and 2. Has recently demonstrated a high recovery rate (96% in one test and 91% in another) that would come via heap leaching a mix of oxide and non-oxide ore.

* Support/Ability to Raise $ -- Well-known Crescat Capital is solidly behind Tectonic and its team and have become TECT's largest shareholders at about 20% presently.

* Native Alaskan Support and Direct, out-of-pocket investment -- Tectonic's second-largest individual shareholder is Doyon, Ltd., an Alaskan Native Regional Corporation which--Reda is both quick and proud to note--PAID for its near-10% stake in the company.

These and other attributes set Tectonic apart as something well beyond the typical speculative exploration play!

Here, I visit once again with Scott Melbye, this time in his capacity as Exec. Vice President of Uranium Energy Corp (NYSEArca-UEC.) Shares of what I've described as the best "pure play" in uranium in North America were recently up about 10-fold from their bear market low, even after the modest correction of 2024.

And 2025 is starting off on the right foot, with a big surge in the New Year's first trading day!

Scott lays out for this the game plan where UEC will be incrementally increasing its production from three "hub and spoke" operations in the U.S. Later, the world class Roughrider deposit in Saskatchewan is slated to add some 6 million pounds of annual production.

All told, as Scott recaps (and following the company's latest acquisition of this past year) UEC now is second only to Cameco in North America as to its asset base, etc.

With that "Act Two" of the uranium bull market poised to begin, we see a LOT of runway for investors still in UEC shares!