The National Investor

In this episode, I am joined by long-time friend and returning guest Des O'Kell, President of Canadian energy service, logistics and equipment provider Enterprise Group, Inc. (TSX-E; OTCQB-ETOLF).

Here, we visit about the enormous opportunity for Canada as a nation--and for investors in these stories--as the country's energy sector continues to gain momentum.

As Enterprise shareholders already have enjoyed over the last few years, BIG profits have already been logged in the best stories; yet the best of the overall sector's fortunes are quite possibly still to come!

We discuss many aspects of this: Canada's superior economics, still-low valuations versus peers in the U.S. and elsewhere, a likely wave of acquisitions to come...even down to many of the logistical and even weather-related advantages Canada enjoys!

And Yours truly once again stresses the especially outsized investment potential for U.S. investors in Canadian energy.

In this episode, a lot of ground is covered...but fairly succinctly, as I have added some links below for those of you who want to toll up your sleeves on one or more subjects!

Once again--made even more apparent by its reaction (or lack thereof) to the Israel-Iran war--the Treasury market is front and center. It was already a problem as you know from my many other recent comments. podcasts, etc; and that's all the more obvious now given its failure to rally late last week.

On the flip side, of course, it became clearer still that GOLD is replacing Treasury exposure as a "safe haven," etc.

And there are other subjects:

-- Yet another disappointing (to President Trump, at least) Fed meeting this week.

-- A G-7 meeting in Canada with a shifting agenda.

-- The breakdown of momentum for Trump's One Big Beautiful Motherhood, Hot dogs, Baseball, Apple Pie and the Flag bill in the Senate (and the looming market consequences as well as those for the long-term debt picture)

-- The mixed bag of commodity reactions to the new war

-- And MORE...

LINKS:

-- Jeffrey Gundlach on the unfolding reckoning for Treasuries, et al -- https://www.youtube.com/watch?v=98-vanEWj8E

-- My Boot Camp presentation on The New FAANGS -- https://www.youtube.com/watch?v=MbymrzBtfEA

-- Mohamed El-Erian on the broken Treasury market, etc. -- https://www.cnbc.com/video/2025/06/13/israel-iran-aggression-is-stagflationary-says-allianz-mohamed-el-erian.html

-- Senate bogging down on the One Big Beautiful Bill -- https://www.rawstory.com/trump-taxes-2672341627/

-- Sen. Ron Johnson (R-WI) on the "immoral" OBBB that STARTS from an assumption of adding another $20+ TRILLION of debt in the next decade. --https://www.youtube.com/watch?v=zLQRjEsmbhE

-- Misc. links on other markets subjects mentioned:

-- End Game Macro on:

--- Corp. insiders selling stock - https://x.com/onechancefreedm/status/1934274371557667201

--- More on shifting safe haven / reserve asset priorities -- "structural disrepair" and the post-Bretton Woods system - https://x.com/onechancefreedm/status/1934011910426624350

In this conversation I am joined anew by Co-Founder, Chairman and C.E.O. Ed Kovalik of Prairie Operating Company (NASD-PROP), a deeply undervalued emerging mid-tier oil (primarily) producer focused on the Denver-Julesburg Basin in northern Colorado.

As the newest analyst/investment banking report on the company just out (by Roth) succinctly describes the company, "Prairie Is an Organic Growth Story in a World of Flatness." While U.S. production has been rolling over in recent months following its hitting new all-time highs a year or so ago, Prairie is slated to grow production strongly: AND with solid economics, a tight cost structure and more.

Indeed, this same new report suggests that, by the end of 2026, Prairie's net earnings per share could equal its current depressed share price!

In what again recently has been a sector unduly beaten up, Prairie's growth profile stands out: check out this solid Made in America energy producer!

LINKS:

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

Scott Tinker / Switch Energy Alliance -- https://switchon.org/

Here, I'm pleased to visit with Dennis Calvert, C.E.O. of BioLargo, Inc., (OTCQX-BLGO) -- chiefly around a discussion of his recently announced role with the Environmental Technologies Trade Advisory Committee (ETTAC) of the U.S. Department of Commerce.

Calvert was appointed to this group in December for a two-year term; and Dennis since has been named to Chair a subcommittee specifically dealing with Enabling Innovative Technologies. Those who know him--and BioLargo's story--understand why!

ETTAC "... advises on the development and administration of programs to expand U.S. exports of environmental technologies, goods, and services and products that comply with United States environmental, safety, and related requirements. The ETTAC was established by Congress in 1994 under the Jobs through Trade Expansion Act.

"The Committee was most recently re-chartered in August 2024 for a two-year term. The ETTAC is comprised of senior executives who represent U.S. environmental technologies manufacturing and services companies, U.S. trade associations, U.S. private sector organizations, States or associations representing the States, and other appropriate groups and interested individuals involved in the promotion of exports of environmental technologies products and services."

GREAT stuff here to promote American inventions, technologies, etc. -- and kudos to Dennis Calvert for being recognized for his accomplishments as well as being given this responsibility and opportunity both!

LINKS:

-- To BioLargo's own site:

https://www.biolargo.com/

-- To Dennis' presentation to and update on BioLargo's story and various subsidiaries' progress to the past week's Noble Capital Markets virtual conference:

https://www.youtube.com/watch?v=FSM3LUhlG-s

-- To ETTAC's specific web site:

https://www.trade.gov/ettac

We finally sit down to visit anew with Blue Sky Uranium (TSXV-BSK; OTC-BKUCF) CEO Niko Cacos here to get a fresh update on the company's flagship Ivana Project in Argentina.

With energy and industrial giant COAM now on board to lead the way to development, it's understanding that there have been renewed glimmers of interest in this off-the-radar uranium-centric story.

But as Niko goes through this update, you'll feel--as we do--that there is still a LOT of catching up the market has to do with the biggest and best uranium play in Argentina!

And we throw in a couple "bonus" items as well...copper...lithium...and more !

LINKS:

--- My uranium/nuclear energy industry overview with Scott Melbye from early April: https://www.youtube.com/watch?v=3mnDQGCp2cw

--- Blue Sky Uranium -- https://blueskyuranium.com/

--- Argentina Lithium & Energy -- https://argentinalithium.com/

--- Golden Arrow Resources -- https://goldenarrowresources.com/

--- A brief overview of McEwen Copper's plans as mentioned -- https://www.youtube.com/watch?v=nYjHmHy5-4k

This is a video presentation I recorded recently at the request of the New York Section of the SME, where I will be speaking in person later in May on this and other topics.

The main message here is this: Though many who follow, work or invest in American mining companies and ancillary industries are understandably excited over President Trump's Executive Orders looking to streamline/speed up permitting and the like, "victory" is being declared much too soon.

Largely unaddressed are the many other bottlenecks and hurdles to reinvigorating U.S. production of many critical materials: labor shortages, no current technology, supply chains and a LOT more.

Most of all, given the budget constraints that will be placed on this agenda, President Trump's energy, permitting reform and critical materials agenda will be woefully lacking financially, economically and more.

So this is a BRUTAL reality check -- and explains why we desperately need leadership that thinks and acts "outside the box." That includes the enactment of a National Infrastructure Bank as well as similar measures to fund our national needs in a much more serious way than what appears to be the case otherwise.

LOTS on tap for this episode, though I do my best to keep my own remarks limited so that you'll spend time on the below as you can!

LINKS:

-- https://theequityexplorers.com/

Our Investor Boot Camp the week of June 2

-- https://www.smenet.org/

Society for Mining, Metallurgy & Exploration

-- https://www.youtube.com/watch?v=JEaj5ddwJKQ

My SME Presentation on what is needed to build a durable framework for U.S. Energy and mining, etc.

-- https://www.youtube.com/watch?v=uNEw3qq0Sok

Prof. Glenn Diesen and Alex Krainer discussion

-- https://x.com/onechancefreedm/status/1923343519642501285

Twitter / X user EndGame Macro -- one of several recent missives on bond market troubles (check him out!)

-- https://x.com/wolfofwolfst/status/1924693065060778127

Wolf Richter on the implosion in the Japanese bond market

-- https://finance.yahoo.com/news/citi-ceo-something-deeper-is-going-on-in-financial-markets-right-now-164730586.html

Citigroup's CEO Jane Fraser's recent poignant comments, in part, "We are entering a new phase of globalization — one less defined by cooperation, and more by strategic self-interest...Long-held assumptions are being challenged, not just by tariff announcements but by a deeper confidence shock. The near-term impact is already being felt, and the long-term trajectory is being rewritten in real time."

-- https://finance.yahoo.com/news/jpmorgans-dimon-sees-extraordinary-amount-of-complacency-as-markets-recover-from-tariff-shock-173513913.html

J.P. Morgan Chase CEO Jamie Dimon on "the extraordinary amount of complacency" in markets.

Here, Chris gets a fresh update from Victor Cantore, C.E.O. of Amex Exploration (TSXV-AMX; OTCQX-AMXEF) following the substantial increase in the Mineral Resource Estimate at the Perron Project.

HIGHLIGHTS:

-- Significant increase in the size of the resource, especially in the Measured and Indicated gold category (over 1.6 million ounces now there) and at a higher grade still.

-- Victor lays out a methodical but accelerating game plan toward production

-- Additional further increases to the resource are likely coming as expansion and more definition drilling takes place over the rest of 2025 and later.

-- NEW discoveries are also being targeted, especially with the massive overall size of Amex's footprint now following the acquisition recently of Perron West.

Here, and just after an in-depth, at-site visit with this Palm Beach County, Florida-based developer and construction company, Chris visits again remotely with C.E.O. Joe Basile of JFB Construction Holdings. This comes in the wake of the past week's release of the company's Q1 financials, its first such report as a public company (JFB went public back at the beginning of March.)

You'll learn here some of the key reasons JFB shares are HIGHER by about a third since their first trade after going public, while the construction/home building space generally has been weak (indeed, the iShares US Home Construction ETF -- CBOE-ITB -- is LOWER by about a third from its most recent 52-week high.)

A combination of a strong, conservative family culture, a well-deserved stellar reputation, sound management and being in MANY right places at the right times makes JFB a solid bet for your portfolio, as you'll find out!