Rule Symposium 2026 Preview
Rule Investment Newsletter #15
Welcome to issue #15 of the Rule Investment Media Newsletter, our free periodical in which we discuss investment themes. In this issue, the investment theme is the Rule Natural Resource Investing Symposium 6-10 July, where over 1,500 investors have already registered to attend in person in Boca Raton, Florida or via our live stream. To join them, click the banner above or the button below
2026 is an especially challenging year for investors to navigate, with so many narrative themes crisscrossing and superimposed by a new conflict of uncertain duration.
The Iran conflict has sent oil prices to about US$100/barrel, surging to their highest levels in four years, unleashing an energy shock of unknown duration that is impacting natural gas, coal, diesel and other energy prices. With limited strategic oil reserves, a prolonged conflict in the Persian Gulf will increasingly make availability an issue. Airlines have already cancelled flights due to concerns over the availability of A1 Jet fuel.
Exhibit 1: Products from a barrel of crude
Source: National Geographic, Bloomberg
Increasing fuel costs affect mining and exploration costs, though to varying degrees depending on project location and the power matrix available. Miners that rely more heavily on diesel, such as open pit miners, will likely see their costs rise more than those that have lower reliance on this fuel source. This could result in near-term underperformance for some, and the potential for a rebound once oil flows through the Straight of Hormuz returns to normal.
Oil is not the only commodity directly affected by the Iran conflict; ripples are also being felt in the sulphur and sulphuric acid markets. As with oil, the issue is rising prices and supply constraints, which will affect the costs and operations of miners that use sulphuric acid to process their ores, such as copper, nickel and uranium.
War is costly. A Pentagon official said in April that the Iran conflict has cost $25B so far, spending which will only see more debt pile on the $39T the US already has. The implications of US debt levels, monetary easing and their impact on inflation and the gold price have been continual themes at the Symposium in recent years and will retain top billing due to the Iran Conflict.
Fortunately, Rick has programmed an array of highly experienced and successful macro keynote speakers to help separate the signal from the noise. These include Grant Williams, Nomi Prins, Lynette Zang, Joseph Cavatoni, and Joel Litman.
In addition to guiding delegates through the implications of US debt levels, speakers will also provide insight into how the Iran Conflict is reshaping the world's geopolitical and economic orders. This should be both fascinating and thought-provoking.
The closure of the Staight of Hormuz oil tap has reinvigorated thoughts of breaking away from an oil-dependent economy. The nuclear and uranium sectors will likely be beneficiaries of this, alongside calls for greater electrification. Cameco reported an 87% increase in net profits in 1Q26 driven by higher sales and prices, with the company expecting much more to come. Here is President & COO Grant Isaac speaking during the conference call:
“The point I want to emphasise is the effort by multiple parties, by us as a reactor vendor, by us as a fuel supplier, by the utilities looking for the electrons, the hyperscalers and the industrial users, the constructors, as well as the federal and state government. This is an unprecedented coalitioning to really launch a revival of nuclear new builds in the United States.”
The reaction to this Iranian oil shock could substitute one dependency for another, warns Guyana’s President Irfaan Ali, if the world shifts too quickly to renewable energy, by creating dependence on critical minerals like lithium and copper. Ali obviously wants to protect Guyana’s rising place in the oil economy, but his words at the Offshore Technology Conference in Houston in early May are no less true for that:
“The world is at risk of moving from one form of dependence to another. We are not eliminating dependence, we are relocating it. From fuels beneath the ground to minerals within it.”
Symposium Companies
The Rule Natural Resource Investing Symposium features companies from across the resource sector and highlights the importance of building a diversified portfolio to manage risks and to benefit from the fact that different subsectors expand and contract at different times.
Many macro themes continue to play out to the benefit of resource investors, particularly gold, silver and copper, while the case for uranium and nickel is improving, and critical minerals are becoming a main-street topic of conversation.
Rick has begun interviewing Rule Natural Resource Investing Symposium participant companies, so watch out for the links to those below. More will be shared as the interviews happen.
Precious Metals Producers
Agnico Eagle (NYSE/TSX:AEM) www.AgnicoEagle.com
Agnico Eagle stands out as one of the world’s largest and lowest-risk gold producers, underpinned by strong free cash flow generation, a predominantly Canada-based asset base, and a deep pipeline of growth projects. The company combines scale, high-margin operations, and a long history of shareholder returns, making it a core holding for many investors seeking stability in the gold sector. Its portfolio is anchored in top-tier jurisdictions, particularly Canada’s Abitibi region, where it is advancing flagship assets like Canadian Malartic-Odyssey and Detour Lake towards potential production levels of 1Moz per year each. Looking ahead, Agnico is targeting 20–30% production growth over the next decade, with a pathway to exceed 4Moz annually in the early 2030s, supported by expansions at Detour Lake and Canadian Malartic, and new production from Hope Bay and Upper Beaver. The company is also a master at M&A, which saw it consolidate Canadian Malartic, and in April 2026, a C$3.5B consolidation in Finland’s Central Lapland Greenstone Belt to create a potential 500,000oz/y production hub centered on the Ikkari deposit, leveraging synergies with its existing Kittilä mine.
Agnico delivered record financial results in 2025, cementing its position as the best major gold producer, if not the largest. It generated record FCF of US$4.4B, repaid $950M of debt, increased its cash position by $1.9B to end 2025 with $2.9B, and delivering record shareholder returns of $1.4B, and now increasing its quarterly dividend by 12.5% to 45c. Agnico aims to increase its production by 20 to 30% over the next decade with a path to over 4Moz/y in the early 2030s including expanding Detour Lake in Ontario from 700,000oz/y to 1Moz/y, and Canadian Malartic in Quebec from 550,000oz/y to over 1Moz/y. Agnico also plans to bring Hope Bay in Nunavut online at up to 425,000oz/y, and Upper Beaver in Ontario at 220,000oz/y. President & CEO Ammar Al-Joundi told me in February 2026:
“Having record financial results, we should be returning record cash to our owners. … It’s not our cash, it’s our owner’s cash. Our job is to look for opportunities to invest it wisely and profitably with minimal risk.”
Aris Mining (TSX:ARIS) www.Aris-Mining.com
Aris Mining offers a blend of current production and meaningful growth. It operates the Segovia and Marmato underground mines in Colombia and has been expanding throughput while targeting an annual production base of more than 500,000oz/y. It is ramping an expansion at Segovia in Antioquia and advancing on the development of a large, bulk tonnage underground operation at Marmato in Caldas. Its successful small miner program has been a key factor in obtaining and maintaining its license to operate at both operations, and it is looking to deploy it at its Soto Norte development project in Santander, Colombia. Additional upside comes from the Toroparu deposit in Guyana, which, given the appetite for operations there, could also be an acquisition target for another company. If management executes, Aris could transition from a mid-tier regional producer into a meaningfully larger gold company. The opportunity Aris has seized is also its biggest risk: the emerging market in Colombia and, to a lesser extent, Guyana. Soto Norte has a permitting risk, as previous operators have stalled at the permitting stage, and other developers with projects in Santander have done so as well. However, the management team are adept mine and company builders at Leagold Mining and Endeavour Mining. Paul Harris undertook site visits 2024.
Aya Gold & Silver (TSX:AYA) Www.AyaGoldSilver.com
Aya is producing and developing silver mines in Morocco, and is currently a pure silver play with its recently expanded Zgounder operation, which will change with its Boumadine development, also in Morocco. Zgounder ore comes from open pit and underground mines, with the plant having 3,700tpd of processing capacity following an expansion in 2025, that is now ramped to capacity and a production run rate of 6Moz/y at a production cost of around $20/oz. In part, this is due to local infrastructure that the company equates to operating in Spain, including roads, grid power to site, and access to wind and solar power, and an effective mining code. The company’s main growth potential is at Boumadine where it is looking at more than 400,000oz/y of gold equivalent production, including 300,000oz of gold and 8Moz of silver. The company is looking to spend around $100 million in 2026 and 2027 to have Boumadine complete a feasibility study and reach an investment decision, including 360,000m of drilling. Here is president & CEO Benoit LaSalle.
“The move in the silver price makes our margin absolutely unbelievable.”
Americas Gold & Silver (NYSE-A:USAS) www.Americas-Gold.com
Americas has been an exciting production turnaround story since the appointment of Paul Huet at the helm, who, in a short space of time, has changed the mining method at the Galena complex in Idaho to improve efficiency and increase production towards a target of 5Moz/y and beyond, renegotiated smelter terms to get paid on antimony content, and negotiated other agreements, such as a JV with US Antimony, to increase precious metals and antimony upside in Idaho’s Silver Valley. The Galena and Crescent operations have been capital-starved over the years, but the company is injecting capital to fix infrastructure, including a shaft, buying a new fleet of underground mobile equipment, and changing the mining method to long-hole stoping. Growth-related capital projects at Galena and Crescent include the Galena paste backfill plant, No. 3 shaft hoisting upgrades, fiber optic and communications, Galena shaft repurposing, Galena mill upgrades and expansion, and Crescent mine rehabilitation and development. The critical mineral antimony component presents possible US government funding opportunities to develop the business. Here is CEO Paul Huet:
“We are spending capital to upgrade a hundred-year-old mine, change the mining method, and put in new equipment. And while we’re doing it, we’re still generating cashflow, so we are ecstatic. We bought a mill, and a second mill. We consolidated the district. There are so many great textbook synergies.”
Contango Silver & Gold (NYSE-A:CTGO) www.ContangoOre.com
Contango surprised a lot of people with the acquisition of Dolly Varden Silver earlier this year to add a silver exploration story in the Golden Triangle of British Colombia to direct shipping or (DSO) gold production model in Alaska. The deal paired Contango’s cash-flowing Manh Choh gold mine joint venture with Kinross Gold (NYSE:K) and its Johnson Tract gold exploration project with Dolly’s Kitsault Valley project. Kitsault Valley and Johnson Tract are seen as synergistic as both are high grade, have similar metallurgy, are located near tidewater and fit the direct shipping ore model employed at Manh Choh. With a treasury of more than $100 million, Contango will be able to fund ongoing exploration at Kitsault Valley, Lucky Shot and Johnson without further dilution, and maintain one of the tightest share structures in the business, at less than 50M shares issued and outstanding. Ore from Manh Choh is processed at Kinross’s Fort Knox mine. Paul Harris did a site visit in 2017. Kitsault Valley silver-gold project in British Columbia, which came with 64Moz of silver @ 300g/t and 1Moz of gold. An updated resource is underway. Paul Harris did a site visits in 2024.
At Lucky Shot, Contango is targeting the expansion of measured and indicated resources to 400,000 to 500,000oz grading more than 10g/t with a DSO feasibility study and mine go-ahead decision targeted by 2027. Johnson Tract hosts an indicated resource of 700,000oz of silver, 600,000oz of gold, and 400Mlb of zinc. Having closed the transaction, Contango raised $50 million with two existing institutional investors to buy back gold hedge contracts, reducing its exposure for 2026 and 2027 at 26,000oz, and spent $700,000 to buy gold put contracts for downside protection following a conveyor belt fire at Fort Knox. Here is CEO Rick Van Nieuwenhuyse:
“With the Manh Choh Gold Mine providing significant cash flows in a strong gold and silver price environment, the combined company will have a source of non-dilutive funding to advance development of its high-grade Lucky Shot and Johnson Tract projects in Alaska and Kitsault Valley project in British Columbia.”
First Majestic Silver (NYSE/TSX:AG) www.FirstMajestic.com
First Majestic Silver is one of the world’s largest primary silver producers, with multiple operating mines in Mexico and growing gold exposure in the US. In 2025, it produced 31.1Moz of silver equivalent including 15.4Moz of silver, 147,433oz of gold and lead and zinc. Its core assets include San Dimas, Santa Elena, and the recently expanded Los Gatos operations, in Mexico, and the Jerrit Canyon gold mine in Nevada, where it announced a restart plan in April 2026 that includes the completion of a prefeasibility study in 4Q26 as part of a $75M restart investment. Production is expected to commence in 2H27.
The company will spend about $50M on exploration in 2026, $80M on development, and undertake plant expansions to take San Dimas to 4,000tpd and Santana to 3,500tpd. In late 2025, First Majestic raised $350M in a convertible note with a minuscule coupon of an eighth of a percent, 0.125%, with and a generous premium on the convert, a record low coupon rate on any mining sector convertible. The company doubled its quarterly dividend from 1% to 2% of net quarterly revenues from January 2026. Here is CEO Keith Newmeyer:
“The cash flows we are generating are pretty outstanding. We had $250M in free cash flow in 4Q26 and we have $1B in the bank. These are pretty epic numbers.”
Hemlo Mining (TSXV:HMMC) www:HemloMining.com
Hemlo Mining came into existence in 2025 through the acquisition of the Hemlo gold mine in Ontario from Barrick Mining (NYSE:B) for US$1.1B. Wheaton Precious Metals (TSX:WPM) provided $400M in return for a 20% stream. The company sees an opportunity to leverage existing mine and mill infrastructure to extend the mine life and to explore for district-scale gold potential at an asset that has been underfunded in recent years, with production and a high gold price able to finance aggressive exploration. Exploration at the B-Zone is focused on resource conversion drilling to support the upgrading of indicated resources 100m below current mining areas. Growth drilling has validated mineralization continuity to depths up to 400m below existing mining areas, with highlights including 3.6m @ 14.5g/t. A resource and reserve update is planned in 2H27.
Luca Mining (TSXV:LUCA) www.LucaMining.com
Luca Mining is a small-cap producer with operations in Mexico, offering exposure to gold and base metals. It has transitioned from a turnaround story into a growing producer, with improving revenues and operational performance in recent periods. The company is working to optimize its Campo Morado and Tahuehueto mines to increase throughput, improve recoveries, and generate higher cash flow. 2025 showed a step up in throughput, revenue and cash generation, which will help strengthen its balance sheet. Long-term debt was reduced by more than 80% to $1.4M in 2025, with the balance to be repaid by mid-2026. As at March 31, its cash position increased to $36.4M.
In early 2026, the company added to its technical team with the appointment of Shakesby as COO, who has more than 30 years of operational and project leadership experience, including most recently, time at Mexico’s largest underground mining contractor. LUCA also approved a mill optimization and expansion study, and mine plan update for Campo Morado to be delivered in 2H26. A two-phase optimization and expansion will include a bulk sulphide flotation processing flowsheet with increased grinding capacity to achieve optimal separation of sulphide minerals and produce high-quality Cu & Zn concentrates. Phase 2 will evaluate the recovery to doré of Au & Ag contained in a precious metals-rich pyrite concentrate from the Phase 1 optimized flotation process. In late 2025, LUCA announced a three-year, $25M exploration program designed to unlock the district-scale, high-grade Au potential across Campo Morado and Tahuehueto. It will include 80,000m of diamond drilling, with 20,000m in 2026. LUCA will also use VRIFY's AI-assisted target generation. Here is CEO Dan Barnholden:
“We started 2026 on a strong footing, with solid operating performance and strong silver production in a favourable price environment. We remain focused on operational improvements at both mines, with particular emphasis on Campo Morado as we advance the Campo Morado Expansion study toward a technical report in the second half of 2026.”
McEwen Inc (NYSE/TSX:MUX) www.McewenMining.com
McEwen is a gold producer/developer with operations in Nevada, USA and Ontario, Canada, and a large ownership position in copper developer McEwen Copper. McEwen Copper owns the development-stage Los Azules copper project in San Juan, Argentina, which may be the world’s next greenfield copper development. An October 2025 feasibility study detailed the production of 148,200tpy of copper cathode for 21 years at a C1 cash cost of US$1.71/lb following an initial capital investment of $3.17B. With McEwen seeking to start construction in early 2027, financing is its main focus in 2026, likely combined with an IPO, possibly with a larger development partner to lead construction. Paul Harris did a site visit in 2024. Here is Rob McEwen:
“We did our feasibility at $4.35/lb and it had a NPV of $2.94B. At today’s price, you’re looking at an NPV of greater than $7B. It is beautiful. A 10% move in the price of copper results in an increase or decrease in the NPV, depending on the direction of the change, of $ 1 B. If the price of copper doubled from the price we used in our feasibility, the NPV would be $13B.”
Beyond Los Azules, McEwen Inc has faced execution and consistency challenges at its operations, having struggled to turn the corner to better days for a number of years. The company has had exploration success in Canada and has acquired several smaller juniors to increase the potential of its North American assets. Run by Rob McEwen, the company has a leader who is dedicated to the task and has the patience to see it through.
Mineros (TSX: MSA) (TSX:MSA) www.Mineros.com.co
Mineros is an established gold producer with around 50 years of production, from alluvial operations in Colombia and, more recently, hard rock sources in Nicaragua. A management change prompted by the arrival of a new majority shareholder has resulted in a more dynamic company that is placing more attention on exploration in Colombia and Chile, and a greater focus on operation efficiency and cost control. Paul Harris site visit 2018.
The dynamism is evidenced by the acquisition of the 28Moz, stalled La Colosa gold project in Tolima, Colombia from AngloGold Ashanti in early 2026, for what could be a bargain US$10M plus contingency payments of $60M if it can advance into production. However, La Colosa is the Helen of Troy of Colombia’s gold sector: the premature announcement of its maiden resource by former president Alvaro Uribe in 2007 kick-started a gold rush in the country, which saw it become the hottest exploration destination in the world until poor policy decisions and the bear market saw interest wane. AngloGold’s efforts to develop an open pit gold mine were frustrated by community resistance that culminated in a 2017 referendum that saw residents in Cajamarca municipality vote against exploration and mining activities. The task for Mineros is rebuilding trust in Cajamarca, but with more than 45 years of operating history in Colombia, and an extensive and award-winning environmental and social program, it is well-placed to show that a different approach to developers and local stakeholders is possible. An initial goal of stakeholder engagement will be to rename the project. There will also be technical challenges. AngloGold envisioned a massive open pit with a 400m high wall. Mineros will likely focus on something smaller to exploit the 9Moz @ 2g/t, probably via an underground development.
OceanaGold (NYSE/TSX:OGC) www.OceanaGold.com
OceanaGold is a mid-tier gold producer with a diversified portfolio of four operating mines across the US, New Zealand, and the Philippines that generated record performance in 2025, including record free cash flow and record net earnings, a 42% increase in the cash balance to $477M, the repurchase of $175M worth of stock, and tripling its quarterly dividend to 9c. The company is pivoting more to North America, with 2026 seeking a 35% production increase at Haile in South Carolina, and a New York Stock Exchange Listing completed in early April 2026. The company continues to have growth potential at its Didipio mine in the Philippines, and in New Zealand. The company hedged its diesel fuel for Haile and Dipidio in late 2026, meaning these operations are largely unaffected by the recent increase in oil prices. Paul Harris did a site visit to Haile in 2026. Here is president & CEO Gerard Bond:
“We have no long- or short-term debt. We have no gold price hedges, prepays, and no royalty financings that haircut the benefit of the rising gold price to our equity holders. … At $4700/oz gold, we could have a 40% payout ratio for 2026. We are projecting to generate a vast amount of free cash flow.”
West Red Lake Gold Mines (TSXV:WRLG) www.WestRedLakeGold.com
West Red Lake Gold Mines became a gold producer in 2025 at the high-grade Madsen mine in Ontario’s Red Lake district. With commercial production declared in early 2026, this year will see it ramp towards 60,000-65,000oz/y of production. In many ways it continues to be a drill play, to support resource expansion on its district-scale land package, as it seeks to develop a hub-and-spoke mining complex, with the Madsen plant reducing the capital intensity to develop new greenfield projects, as it looks to increase output towards 100,000ozpa. A successful ramp-up at Madsen would de-risk the story and potentially re-rate the stock from a developer multiple to a producer multiple. Backing by Frank Giustra has enabled WRLG to invest in the work programs and studies to deliver a viable mining operation (underground mine development, working faces, etc) that the previous operator could not, and ultimately led to its demise. The Rowan deposit, which hosts about 400,000oz, will be the next to be developed. Exploration success will enable WRLG to fill its 800tpd mill, and possibly increase throughput to 1,200tpd. A priority for the company is using cash flow to re-capitalize its balance sheet and restructure its debt. Paul Harris did a site visit in 2017. Here is CEO Shane Williams:
“We have done over 180,000m of underground drilling. That is very high-definition drilling, which is fundamentally what is needed, and we’ve used it to build a platform for a mine plan over the next five years. That gives me confidence that we have cracked the code and got a good runway of growth.”
Gold-Silver Developers & Explorers
Argenta Silver (TSXV:AGAG) www.ArgentaSilver.com
Argenta Silver’s El Quevar in Salta, Argentina may subsequently be seen as being one of the best bargains in the silver space ever. The Frank Giustra-supported company acquired the project from Golden Minerals in 2024 for about US$3.5M. In addition to a 90-person camp and other existing infrastructure, which make the price point a bargain, it also came with 104,000m of historical drilling and 50Moz of silver equivalent resources in the Yaxtché deposit, which the company is working hard to try and double. Step-out holes included very high-grade hits, including 1.07m @ 18,467g/t silver in hole 412, which extended the deposit to the west. Argenta has drilled 16,000m to date and plans to drill 45,000m in 2026. Exploration away from Yaxtché is also hitting grade, including in what could be a parallel structure about 800m to the south, that hit 7.5m @ 4,982g/t. Argenta may also have found a porphyry system at Carmen, 400m from Yaxtché. In terms of future development, Argenta will have to worry less about infrastructure than other projects, as a rail and a gas line pass the camp gate. A solar plant is visible from the project’s access road, and snow and rainfall ensure the project has access to water. Paul Harris site visit in 2026. Here is president & CEO Joaquin Marias:
“We have infrastructure, we have great metallurgy, we have very little Capex to consider, so there will be no struggle at this silver price.”
Banyan Gold (TSXV:BYN) www.BanyanGold.com
Banyan is a Yukon gold developer centered on the 7.6Moz AurMac project, with the potential to become a heap-leach or bulk-tonnage development story. Ounce building will increase the company’s appeal to larger producers, as will the recent addition of a silver component. The company first hit silver in drilling in 2021, but in 2025 it started hitting high grades, such as 1.1m @ 14,299g/t and 16.8m @ 1841g/t. The company has so far defined six veins within a 3km by 2km zone of high-grade Keno-style mineralisation, similar to what its neighbor Hecla Mining (NYSE:HL) is exploiting. The company plans 40,000m of drilling in 2026. Paul Harris did a site visit in 2025.
A consolidation M&A may be on the horizon is Singapore’s Boroo completes the acquisition of the adjacent Eagle gold mine, which went into liquidation following a heap leach pad slip in 2024. IN late April, Boroo entered into a 90-day exclusivity period.
Bravo Mining (TSXV:BRVO) www.BravoMining.com
Bravo Mining is a Brazil-focused explorer whose Luanga project offers leverage to PGMs, nickel, copper and gold. Bravo raised C$28.5M from Orion Mine Finance in February 2026 to bring its cash on hand to $134M to fund work at Luanga. This includes advancing to a PFS in 3Q26 and, if warranted, toward FS in 2027. A 28,000m drilling program is underway, comprising 22,000m of infill and extensional drilling at Luanga, and 6,000m of exploration over newly generated regional targets, including deep targets beneath Luanga. The company also created a Cu-Au exploration division to advance and expand its Cu-Au strategy on its Luanga licenses, with a budget for geophysics and geochemistry programs followed by an initial 8,000m of drilling. In January 2026, BRVO was selected as the first mineral project to be designated an anchor tenant of the Export Processing Zone of Barcarena in Pará where the company may develop processing infrastructure to produce metals from Luanga. ZPE Barcarena is an industrial district that hosts fertilizer and chemical producers, many of which rely on imported sulphuric acid. This creates a potential local market for sulphuric acid produced as a by-product of BRVOs smelting process, a more important opportunity given the impact of the Iran conflict on sulphur and sulphuric acid markets.
Dakota Gold (NYSE-A:DC) www.DakotaGoldCorp.com
Dakota Gold is a district revival story in the Black Hills/Homestake in South Dakota, where the company has a district-scale land position at a famous US mining address, near an existing operation (Coeur Mining’s Wharf mine) that provides infrastructure and M&A opportunities. Company strategy combines potential near-term oxide development at Richmond Hill with longer-term underground upside at Maitland and elsewhere. Founded by Robert Quartermain, who built Silver Standard Resources and Pretium Resources, the company is well-funded, having recently raised C$75M, giving it a C$105M cash balance to take it through feasibility for a 153,000oz/y open pit, heap-leach operation at Richmond Hill. Production could begin in 2029.
See Rick’s pre-event company interview here.
GoGold Resources (TSX:GGD) www.GoGoldResources.com
GoGold is a silver-gold producer and developer that combines cash flow from its Parral tailings project with a more long-term development story at Los Ricos South and Los Ricos North in Jalisco, Mexico. A FS on Los Ricos South detailed average annual production of 7.3Moz AgEq oz over first five years of a 15-year mine life from a 2,000tpd operation with a conventional leach project following an initial capital cost of $227M. Across the valley, Los Ricos North has a FS to produce an average of 8.8Moz AgEq in years one through twelve of a 13-year life following an initial capital investment of $221M. The company raised C$143.8M in December 2025 for the exploration and development of the Los Ricos projects. More recently, it advanced to the execution phase its Los Ricos South project in Jalisco, by launching detailed design activities and initiating the placement of orders for long lead items. Development at Los Ricos still requires the receipt of an environmental permit.
See Rick’s pre-event company interview here.
i-80 Gold (NYSE-A:IAUX) www.i80Gold.com
i-80 Gold is a Nevada-focused gold producer-developer building a multi-asset platform with a hub-and-spoke processing strategy centered on the Lone Tree smelter. Assets include Granite Creek, Cove, the Ruby Hill Complex and Lone Tree. The first two phases of the development plan seek to increase annual production to 300,000–400,000oz/y from less than 50,000oz/y, driven by three underground mines and one oxide open pit operation. In February 2026, the company secured a financing package of up to US$500M, including a gold prepayment facility of up to $250M, bringing its funding to more than $800M. Much now depends upon execution. Here is president & CEO Richard Young:
“With Granite Creek underground in operation, we are positioned to advance Archimedes and Cove underground projects plus Granite Creek open pit through to operation, complete the refurbishment of our central Lone Tree Plant, and continue to invest in exploration.”
New Found Gold (NYSE:NFGC) www.NewFoundGold.ca
New Found Gold is one of the highest-profile gold development stories in Canada due to a succession of high-grade gold intercepts and for being the largest single investment of legendary investor Eric Sprott. In April 2026, it announced a C$205M finance package to bring the first phase of its Queensway gold project in Newfoundland and Labrador into production. This included a C$100M bought deal with lead orders from EdgePoint Investment and Eric Sprott, with EdgePoint to also provide a C$105M senior secured credit facility. NFG published a July 2025 PEA to produce an average of 100,000oz/a for 15 years at Queensway at an AISC of $1,256/oz Au AISC via a two-mine plan. The first phase for a 700tpd operation to produce 69,300ozpa for an investment of C$155M, which will fund the development of the 7000tpd phase two to produce 172,200ozpa for an investment of $442M. Queensway hosts 1.39Moz of indicated resources and 610,000oz in inferred resources. The company is also advancing Hammerdown and Pine Cove operations in the same region to steady-state production, which are due to produce 50,000oz/y for five years. Overseeing things as chair is Paul Huet, who is executing a major turnaround at Americas Gold & Silver in Idaho.
Revival Gold(TSXV:RVG) www.Revival-Gold.com
Revival Gold is a US-focused gold developer built with a brace of projects, at Mercur in Utah and Beartrack-Arnett in Idaho. Beartrack-Arnett hosts 4.6 Moz across all categories at an average cost of less than US$10/oz. Drilling at Joss, last drilled in 2022, is showing potential, with results including 19.1m @ 6.4g/t in a step-out hole in April. Revival has never been splashy and has garnered less attention over the years than other companies, but the attention it has received has come from good sources, leading strategic investors EMR Capital and Dundee to support it. To augment its appeal and shorten its timeline to become a gold producer, the company bought the Mercur gold project in Utah in 2025, a former Barrick Gold mine with a shorter path to development than Beartrack-Arnett. Together, they would see the company produce about 160,000oz/y. The company is finally giving more financial gas to its efforts, as evidenced by a C$30M best-efforts private placement in April, after many competitors took advantage of the financing window to raise tens of millions of dollars to fund large drilling programs and accelerate development studies. Paul Harris site visit in 2025 (Beartrack-Arnett), and 2024 (Mercur). Here is president & CEO Hugh Agro:
“Market capitalizations have turned around, so it could be the time to take a more aggressive stance on exploration. We are finding a lot of gold in this [Mercur] system for the amount of drilling done. Who knows how big it will be once we get 500km of drilling into it.”
See Rick’s pre-event company interview here.
Royal Road Minerals (TSXV:RYR) www.RoyalRoadMinerals.com
Royal Road is a gold-copper exploration company focused on Colombia, and with projects in Morocco and Saudi Arabia. The company is refocusing on Colombia after a return to drilling at its Güintar–Aleman–Margaritas (GAM) project in Antioquia delivered early evidence of scale and reinforced the company’s geological model. The restart follows the conversion of a key exploration application into a 30-year title in December 2025. Drilling suggests the company has hit the upper levels of a much larger porphyry system at Güintar. Drilling success in Colombia is putting its other projects on the back burner. The introduction of competitive tenders linked to committed exploration expenditure in Saudi Arabia’s licensing framework has raised the capital threshold for participation, particularly for junior explorers, making it less attractive. Conversely, elections in Colombia are likely to return a more business-friendly president, which could result in a more constructive and improved policy direction. Here is president & CEO Tim Coughlin:
“Early-stage exploration capital has become more selective and focus matters.”
Seabridge Gold (NYSE/TSX:SA) www.SeabridgeGold.com
Seabridge is one of the largest gold optionality plays in the market. Its flagship KSM project in British Columbia is enormous and also carries substantial copper exposure. The company’s long-standing model has been to add ounces and advance towards production whilst seeking a major partner for the construction. Securing a development partner would be a major catalyst. That is unlikely to happen until the company resolves a legal dispute with its neighbor, Tudor Gold, related to the access tunnels that it wants to develop. These pass through Tudor’s properties, which Tudor claims impacts its resource potential. Regulators have said they will not proceed with permitting until this is resolved. There may also be fallout from news that consultants who used to work for Seabridge are now working for the government to help it write KSM permits. Paul Harris did a site visit in 2024. Seabridge is not a one trick pony though. In April, it reported a maiden inferred resource for the Snip North deposit at its Iskut project in BC of 9.2Moz Au, 28.3Moz & 923Mlb Cu, and renamed the project Bronson Corridor.
See Rick’s pre-event company interview here.
Skeena Resources (NYSE/TSX:SKE) www.SkeenaResources.com
Skeena Resources plans to release a new economic study to show upside potential at its Eskay Creek gold-silver development in British Columbia, Canada by incorporating the high-grade Snip deposit. The inclusion of the 9g/t Snip orebody from year seven of the planned operation is expected to allow SKE to maintain a production profile in excess of 400,000oz/y AuEq. The Eskay Creek open pit operation is expected to produce at 450,000oz/y AuEq during its first five years, including 9.5Moz/y Ag. In March 2026, the company updated the project cost from $560M in the 2023 FS to $659M, that includes an updated project scope, engineering refinement, permitting conditions, IBA commitments, and project sanction/completion timing adjustments. In February 2026, it received an Environmental Management Act permit from the British Columbia Ministry of Environment and Parks for its Eskay Creek Au-Ag project in BC, which completes the permitting process and is the final regulatory approval to advance it into commercial development. Initial production remains on schedule for 2Q27. In April 2026, SKE raised US$750M of 8.5% senior secured notes due 2031 to refinance its debt development package. This included the cancellation and replacement of its undrawn senior secured loan of $350M and cost overrun facility under the Au stream of $100M, and the repurchase of 66.67% of the $200M Au stream. Paul Harris did a site visit in 2024. Here is VP IR Galena Meleger:
“Eskay Creek is 50% built. The permitting, discovery and financing risk is behind is. It is all about execution now.”
See Rick’s pre-event company interview here.
Tectonic Metals (TSXV:TECT) www.TectonicMetals.com
Tectonic is an Alaska-focused gold exploration story centered on the Flat gold project that has a district-scale discovery narrative. This has resonated in the market, and, combined with fortuitous timing, the company raised a massively upsized C$92M before the market sell-off in March. CEO Tony Reda admitted it was “rare” for a pre-resource exploration company. This included participation from its largest shareholder, Crescat Capital, to maintain its 16.45% stake. Drill assays from 2025 drilling at the Chicken Mountain target showed thick near-surface intercepts, reinforcing its potential as a bulk-tonnage, heap leachable, reduced intrusion-related gold system. 2025 drilling advanced Chicken Mountain from an exploration target into a kilometer-scale resource growth opportunity, which the company is well-funded to continue drilling. Additional metallurgical test work is also underway. Drilling is also delivering at the Black Creek intrusion target that is hosted in a different host rock to that at Chicken Mountain. Here is Reda:
“Chicken Mountain demonstrates a combination of scale, continuity and favorable metallurgy in a bulk-tonnage gold system. This style of mineralization has the potential to support simpler, straightforward open-pit development, with broad, continuous zones that begin at surface and remain open in all directions.”
Base Metals & Critical Minerals
Aldebaran Resources (TSXV:ALDE) www.AldebaranResources.com
Aldebaran is a copper-gold developer advancing the Altar project in San Juan, Argentina, adjacent to McEwen Inc’s (NYSE:MUX) Los Azules. The company spun out of Regulus Resources with whom it shares a senior management team, which successfully executed M&A during the last copper cycle, when it sold Antares Minerals to First Quantum Minerals for C$650M. Management history suggests that they ultimately want to sell the project rather than develop Altar. South32 owns 14.81% of the company, Sibanye Stillwater 14.34%, and Rio Tinto is testing the use of its Nuton leach technology on the project. In October 2025, ALDE announced a PEA with a base case 60,000tpd concentrator to process material from both open pit and underground sources to produce an average of 92,891t/y Cu, 27,020oz/y Au & 525,192oz/y Ag, or 101,413t CuEq for more than 40 years at a C1 cash cost of US$2.02/lb following an initial capital investment of US$1.59B, giving the project a capital intensity of $15,713/t. Upfront capital is minimized by taking a staged approach to the tailings storage facility and underground construction. In addition to Nuton, which would reduce the life-of-mine capital expenditure and operating costs, the installation of a molybdenum recovery circuit may also be possible. ALDE intends to apply for Alter to be included in the RIGI legal and tax stability regime by 1Q27. A PFS is one of the next catalysts in late 2026. In preparation for a potential sale, ALDE plans to spin out its other exploration properties into a newco to create a cleaner vehicle for a potential sale. The obvious suitor is McEwen Copper, however, while it makes sense not to develop two sets of infrastructure in the area, ALDE needs MUX more than MUX needs ALDE, which could mean Altar is essentially under siege until MUX wants to take it. ALDE needs to attract another bidder or adopt a strategy it has not followed in the past and move to develop the project. Here is president & CEO John Black:
“We hit a sweet spot of a mine size to be of interest to a copper company, but it could be scaled. This gives us more flexibility on potential suitors by providing a simpler and quicker pathway to get into production. We don’t want to over-scale something.”
Amarc Resources (TSXV:AHR) www.AmarcResources.com
Amarc is a copper-gold explorer in British Columbia with a district-scale strategy. In addition to targets, like IKE, JOY and DUKE, the junior has major partners validating parts of the portfolio and financing their exploration. Recognition has been growing of the JOY district drill program in the Toodoggone region, focused on defining the AuRORA deposit that hosts high-grade near-surface, Cu-Au-Ag mineralisation over an area of 1km by 1km, which is being explored with Freeport-McMoRan (NYSE:FCX). The TWINS sulphide system discovery forms the largest porphyry lithocap in the JOY District, which could conceal a large Cu-Au porphyry system below. FCX elected to proceed to Stage 2 of the JOY mineral property earn-in agreement having completed the Stage 1 requirement of C$35M of expenditures and it now has a 60% interest. Under Stage 2, FCX can earn a further 10% interest by spending an additional C$75M within five years. Amarc recently announced that Boliden will continue to participate in the exploration of the DUKE District. Boliden completed a C$30M investment to earn a 60% interest and form a JV but declined to exercise an option to increase its interest to 70% by investing a further $60M. The partners will now invest according to their pro rata shares.
Amerigo Resources (TSX:ARG) www.AmerigoResources.com
Amerigo is one of the more unusual copper names in the market because it produces copper by reprocessing tailings from Codelco’s El Teniente mine in Chile instead of operating a conventional open pit or underground mine. This model gives the company decades of feed to its plant and a differentiated ESG angle and a comparatively lower geological risk profile, since the material has already been mined once. The company has guided the production of 64Mlb of copper and 500Mlb of molybdenum in 2026. The investment case is built on copper-price leverage, predictable operating performance, and shareholder returns through dividends and buybacks. In a stronger copper market, Amerigo can convert cash flow directly into dividends, which gives it one of the most attractive yields in the mining space. The trade-off is that it is not a growth story as a developer or explorer is; upside depends more on copper prices, plant performance, and capital discipline than on a new discovery. For investors wanting a cash-generating copper exposure with a practical recycling angle, Amerigo stands out. It is less speculative than many juniors, though still exposed to copper-price swings and Chilean operating conditions. Paul Harris site visit in 2021. Here is president & CEO Aurora Davidson:
“As we reach copper prices of $6/lb there is new economic incentive for the owners of tailings to look at how they could monetize them. We are looking at those opportunities. It is not the same thing to monetize tailings at 80c/lb, which is when we started doing that at Amerigo than to do that at $6/lb.
Centaurus Metals (ASX:CTM) www.CentaurusMetals.com
Centaurus is a nickel development story centred on the Jaguar nickel sulphide project in Brazil’s Carajás region. Management has been advancing towards a final investment decision as approvals and land matters progress. The upside comes from building a long-life Class-1 nickel asset at a time when high-quality future supply remains strategically important. Nickel is a notoriously volatile base metal. However, while nickel markets and sentiment have been weak, they are improving as market dynamics and the critical minerals narrative evolves. With low-cost nickel laterite operations in Indonesia under pressure from rising energy and Sulphur prices, and the host country finally seeking to improve the environmental performance of its nickel industry, nickel economics are improving.
Cerro de Pasco Resources (CSE:CDPR) www.PascoResources.com
Cerro de Pasco is a higher-risk, base metals project focused on reprocessing historical tailings, stockpiles, and mining waste in Quiulacocha, Peru. The company aims to unlock value from legacy material by tying it to environmental remediation. To this end, in March, the company obtained surface access to the entire Quiulacocha tailings storage facility, including areas outside of its El Metalurgista concession in a strategic collaboration with Peruvian state-owned entity AMSAC, which is responsible for the remediation of legacy mining environmental liabilities. This allows Cerro de Pasco to complete a comprehensive resource estimate, feasibility study, and prepare an Environmental Impact Assessment for the development of the tailings reprocessing project. Success will depend upon the metallurgical recoveries, financing, permitting, infrastructure, and proving economic recoveries at scale.
Copper Giant (TSXV:CGNT) www.CopperGiant.co
It is a Frank Guistra-backed company exploring for Cu-Mo at the Mocoa project in Putumayo, Colombia. It recently began a PEA that will evaluate multiple development scenarios, scales, capital requirements and mining approaches for completion in 2H26. This follows the National Mining Agency (ANM), which is integrating its mining titles into a single unified concession that resets the concession term to a new exploration stage. Resource conversion drilling in early 2026 returned highlights of 285m @ 0.47% Cu & 0.026% Mo for a 0.61% CuEq in hole 60. Mocoa has an existing resource, with the company looking to increase that beyond the 1Bt resource mark.
See Rick’s pre-event company interview here.
Homeland Uranium (TSXV:HLU) www.Homeland-Uranium.com
Homeland is an early-stage uranium exploration and development company focused on building a US-based uranium resource base by acquiring and advancing brownfield uranium projects, including assets in Colorado’s historic Maybell district. Homeland aims to capitalize on the structural bullish outlook for uranium, driven by growing nuclear energy demand and the need for domestic US supply by consolidating historical resources and advancing them toward modern compliance standards. It is still at the exploration and resource-definition stage. The Cross Bones project hosts a historical resource of 7.1Mt @ 0.31% U3O8 containing 44.2Mlb from surface. Permitting is in progress to drill later in 2026
Hot Chili (ASX:HCH) www.HotChili.net.au
Hot Chili is a copper-gold developer in Chile, anchored by the Costa Fuego project and supported by strategic water assets through Huasco Water. That combination matters because in Chile, water access for copper development projects is as important as geology. At Costa Fuego, it has a large copper resource in the Coastal Copper Belt that, with rising copper prices, is no longer marginal but production-grade. Drilling from its nearby La Verde Cu-Au porphyry discovery could make it a higher-grade starter pit for Costa Fuego. La Verde has a footprint of at least 1km by 750m and extends to a vertical depth of up to 400m. Having permitted a water solution, Hot Chili and/or Costa Fuego may attract strategic interest. Financing, permitting, construction inflation, and the long timeline between study-stage economics and mine build are risks. While the project is becoming more financeable for the company, becoming a developer would require it to expand its team with mine building experience. Paul Harris did a site visit in 2022. The company raised A$40M in February 2026
Ivanhoe Electric ( NYSE-A:IE) www.IvanhoeElectric.com
Ivanhoe Electric is a copper explorer focused mainly on the Santa Cruz project in Arizona, using proprietary geophysical technology. A July 2025 US PFS / Canadian FS for Santa Cruz to produce about 61,000t/y of cathode for 23 years from 2028 following a US$1.24B investment, with production in the first 15 years of 72,000t/y, with a capital intensity of about $20,000/t. With the Trump administration showing increasing support for copper mining and producers of refined copper cathode, there is a window of opportunity to permit and finance new copper developments in the US that Ivanhoe Electric could benefit from. In April 2025, it lined up a possible $825M financing with US EXIM.
In January 2026, the company signed a three-year collaboration and exploration agreement with Sociedad Química y Minera de Chile (NYSE:SQM) to explore for Cu on one of the largest portfolios of mining concessions in Chile. IEs Typhoon geophysical surveying system can penetrate the sediments of the salt flats. Upon identifying a qualifying deposit, one with the potential for at least 1Mt of contained Cu or CuEq, IE will have the option to acquire a 50% interest and form a 50/50 JV with SQM by paying a price equal to twice SQM’s exploration expenditures to date.
Magna Mining (TSXV:NICU) www.MagnaMining.com
Magna is a base-metals story in with a pipeline of brownfield growth projects in Sudbury, Ontario and production. The company seeks to use existing infrastructure to restart or expand known assets to grow its copper, nickel, and PGM output without the extreme capex burden of a greenfield build. Sudbury is a proven mining district with long-life optionality. A November 2025 resource estimate for the past-producing Levack mine includes an indicated resource of 6.1Mt @ 3.5% CuEq comprised of 1.1% Cu, 1.4% Ni, 0.6g/t Pt, 0.7g/t Pd, 0.1g/t Au & 2g/t Ag. Initial reserves for its McCreedy West Mine of 987kt @ 1.59% Cu, 0.32% Ni, 0.01% Co, 1.15g/t Pt, 1.23g/t Pd, 0.32g/t Au & 6.65g/t Ag, with indicated resources of 5.6Mt @ 1.1% Cu, 0.98% Ni, 0.03% Co, 0.82g/t Pt, 0.92g/t Pd, 0.23g/t Au & 5.15g/t Ag. These reserves will support an initial three-year production profile. A PEA is underway.
See Rick’s pre-event company interview here.
Meteoric Resources (ASX:MEI) www.Meteoric.com.au
Meteoric is a REE developer with the Caldeira high-grade ionic clay project in Minas Gerais, Brazil, one of the three leading REE projects in Brazil. In March 2026, the company submitted documentation for the granting of an Installation Licence (LI), the second stage of a three-staged licensing process. In February 2026, it said that its mixed rare earth carbonate (MREC) pilot plant at Caldeira achieved an average magnet rare earth recovery of 70% to MREC and reached nameplate MREC production capacity of ~2 kg/d. MREC production included 32.7% magnetic rare-earth oxide containing 1% Dy & Tb. Samples are being provided for qualification by offtake partners. In April 2026, the company raised A$40M to fund the completion of a FS, environmental licensing, continued pilot plant operation, pre-development activities and infill drilling to increase confidence in the reserve, advancing the project to FID.
Royalty & Project Generators
Aldebaran Resources (TSXV:ALDE) www.AldebaranResources.com
The 2026 Rule Natural Resource Investing Symposium will also feature the following royalty and project generator companies.
Altius Minerals (TSX:ALS) www.AltiusMinerals.com
Ecora Resources (LSE:ECOR) www.EcoraRoyalties.com
Elemental Royalty (NASDAQ:ELE) www.ElementalRoyalty.com See Rick’s pre-event company interview here.
Empress Royalty (TSXV:EMPR) www.EmpressRoyalty.com
Nations Royalty (TSXV:NRC) www.NationsRoyalty
OR Royalties (TSX:OR) www.ORRoyalties.com
Orogen Royalties (TSXV:OGN) www.OrogenRoyalties.com See Rick’s pre-event company interview here.
Kenorland Minerals (TSXV:KLD) www.KenorlandMinerals.com See Rick’s pre-event company interview here.
Latin Metals (TSXV:LMS) wwww.Latin-Metals.com
Mundoro Capital (TSXV:MUN) www.Mundoro.com
Riverside Resources (TSXV:RRI) www.RivRes.com See Rick’s pre-event company interview here.