Teck Resources just staked over 12,000 hectares of mineral claims surrounding one of our portfolio’s smallest holdings.

I found out about this during one of my routine reconaissance crawls through a public claims registry.

The investing public has no idea this happened, because the major will never announce their stealth move.

In fact, only a handful of folks outside of the mining company know this happened.

One would need to have access to this specific portal and know exactly where to look.

In 35 years I have seen juniors stake around majors hundreds of times.

I can count on one hand the times I’ve seen it go the other direction.

All claim blocks were filed on the same day, two weeks ago.

They named them after the geology beneath the junior’s flagship project.

One claim is shaped like a corridor connecting the new blocks directly to Teck’s existing mining and processing infrastructure. Because they’ll need a conveyor system to ship ore from their new blocks to their hungry mills.

After nearly five years of being largely dormant, this entire district is now alive with activity, with billions of dollars being invested to access the mineral endowment desperately needed by the Western world.

Simply put - majors take decisive action like this only once thorough due diligence has passed all of their requirements.

Not one claim block is left free between our junior explorer and Teck’s mining operation. This mining company wants to control all of it.

Once word gets out I suspect this junior exploration company is going to get a significant amount of attention.

The junior trades under ten cents with a market cap below $4 million.

The junior explorer is in the process of defining drill targets for the projects first ever drill program - you can be assured the major will be paying attention.

Full breakdown, claim maps and ticker below.

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The Fall season is showing up on schedule.

Stocks that have been dormant throughout the summer are showing signs of life. Assays are starting to flow in earnest. Investors and management are back at their desks.

Two of our holdings put drills in the ground, one delivered assays, and one spent the week frustrating investors on a messy cross-border listing transition while institutional investors quietly stacked bids.

Below I go through what’s happened in the portfolio last week, a “Word on the Street” section highlighting macro events of interest, and the popular “Weekly high grade hits” series is back.

Subscribers have been asking about Pacific Ridge Exploration (TSXV: PEX) since I’ve been quiet on that ticker – It’s still in my portfolio and I’ll tell you why below.

In case you missed it - Portfolio news August 24-28

Tactical Resources (Nasdaq: TREO)
Last trade: $5.24 USD
Market capitalization: $71 million USD

The transition from the TSX Venture Exchange to the Nasdaq has been glitchy and frustrating for investors.

Shares took days to appear in accounts, the consolidation lagged the conversion in several systems, and the stock ran from $7.17 on debut (hitting an intraday high of $9.20) down to $4.43 Wednesday before closing Friday at $5.24 on 27,832 shares.

The frustration is fair.

However, the light in this tunnel is quite interesting with shares settling down and trying to find a floor while Canadian shareholders hoping for a quick buck are selling and being replaced by American shareholders looking for real upside in an advanced REE development play.

In fact, shares of TREO traded 230,000 shares in the first 7 sessions. This is more volume than the Canadian listing produced in nearly two months. The story is gaining steam and has hardly begun.

Here’s what the Order Book looked like on Friday.

210,000 shares bid at $5.00 sitting on a single exchange, Nasdaq BX, with another 80,000 at $4.70 on NYSE Arca. That’s $1,050,000 USD of buying power looking for shares at $5.00.

Level 2 aggregates by venue, so how many separate orders make up that 210,000 is not disclosed.

Point is, Tactical has 13.6 million shares outstanding and traded 27,832 of them Friday.

One venue carrying 210,000 shares of demand in a single price bucket is roughly seven times a full day’s volume.

Somebody with a mandate is working orders here, and when a buyer that size cannot get filled at these prices, the bid moves up.

That is what I expect over the coming weeks.

I am holding my core position for at least six months while the company shows its cards.

American Critical Minerals (CSE: KCLI / OTCQB: APCOF)
Last trade: $0.23
Market capitalization: $22.2 million CAD

Over 10 years in the making, the drill is turning at Green River, where the company is currently drilling into a formation consisting of an estimated 500 million to 950 million tonnes of 19% - 29% potash; lithium and bromine is 600,000 to 1.7 million tonnes lithium carbonate equivalent grading from 91 to 152 ppm and 3.3 million to 9.1 million tonnes bromine grading from 2,647 to 4,412 ppm.

On August 27th KCLI announced lowering its current $2 million raise to 0.20 from 0.25, raising questions from investors.

It’s important to understand the back story: KCLI has been a play over 10 years in the making. It fought its way through multiple permiting regimes over that time, while high level brokers funded it over those lean years keeping the lights on - because they know what KCLI was sitting on. It was too important to fail.

That timeline accelerated last year when veteran natural resource company builder Simon Clarke came on board after being introduced to the opportunity by his associates.

Since joining the company as CEO, now Executive Chairman, Clarke oversaw the formation of a high level executive team capable of managing a project of this complexity and calibre, brought in a new President and CEO with decades of experience developing potash brine formations, he oversaw the completion of permiting, drill bonds, updating the 43-101 exploration target to include lithium and bromine potential, the hiring of RESPEC drill contractors, raising over $7 million and ultimately mobilizing and commencing drilling into a high probability target for the first time ever.

Deep drilling is expensive, and KCLI wanted contingency funds in their bank before the drill hits its target. That’s the purpose of the $2 million financing. I suspect brokers supporting the deal for over a decade wanted better terms.

Overall, in the big picture, if KCLI hits what they are expecting to hit, a nickel difference in price won’t matter.

Amanda van Dyke named KCLI in her August 26 Substack piece and on X.

Her article is about the US and Canada tariff dispute, and her argument is that Washington deliberately spared potash, energy and critical minerals from the new 50% tariffs because those are the imports America still cannot afford to disrupt.

She was explicit that she was not endorsing the company, using it instead as one example of the domestic projects being built to make those imports optional rather than necessary.

Amanda writes macro and almost never drops a junior ticker into it, proving the KCLI potash-lithium story is reaching screens beyond the usual junior mining echo chamber.

Assays are expected to drop Q4. This remains a personal accumulation target in my portfolio.

GoldHaven (CSE: GOH / OTCQB: GOHNF)

On August 24 the company arranged up to $2 million in critical minerals flow-through at $0.265 with no warrants attached.

On August 27 the maiden drill program commenced at Magno, with the first holes targeting the historic Kuhn high grade tungsten zone, also targeting a suite of high grade showings identified across the district scale property: zinc, indium, silver, copper and gold.

Drills are also about to start turning on Copecal, GoldHaven’s bluesky gold target in Brazil.

Investors not familiar with the GoldHaven opportunity should read this article.

Kirkland Lake Discoveries (TSXV: KLDC / OTCQB: KLKLF)

Four holes reported August 26 from Mirado. KLM26-029 and KLM26-031 returned 2.13 g/t Au over 29.0 m and 2.11 g/t Au over 14.1 m, extending the near surface South Zone.

This is the broad shallow system continuing to grow west and south, consistent with the connected dilation model the company laid out in June. Ten holes remain pending.

KLDC has assembled a 420-km² exploration portfolio in the Kirkland Lake region of Ontario's Abitibi Greenstone Belt, one of the world's most prolific mining districts.

The company is in the late stages of a 25,000 metre drill program on KL West, fully funded from a financing backed by Eric Sprott, Rob McEwen and Crescat funds.

A note on Pacific Ridge Exploration

PEX is in the portfolio even though I do not write about it often, because it has moved from discovery toward development, which makes it a longer term hold rather than a name with weekly news to react to.

Investors have complained that insider ownership is low.

Frank Giustra has invested, and I expect him to keep backing it. That is enough alignment for me.

Look at what he did with Libero Copper & Gold (now trading as Copper Giant).

In February 2024 he took an 11.2% position through Fiore Aviation, 4.2 million units in a C$3 million placement, then kept adding through open market purchases and warrant exercises to 13.12%.

The company renamed itself Copper Giant Resources in May 2025 around its Mocoa copper-molybdenum project in Colombia.

Copper Giant reported 771 metres of 0.54% CuEq at Mocoa on Wednesday.

He buys copper early and he stays.

Both drills are turning at PEX right now, roughly 3,000 m at RDP and 2,500 m at Kliyul, with Kliyul testing the never-drilled M39 target.

That is a full targeting package on virgin ground inside a 6km trend that already hosts 334.1 Mt at 0.33% CuEq inferred, 2.42 billion lbs CuEq or 5.7M oz AuEq, still open.

Minsur’s Cumbres del Sur holds about 13.8% and a right of first refusal that expires around early April 2027.

Results land inside that window.

I am willing to ride this out while they advance the asset. In my opinion real upside exists at this valuation.

Word on the street - Macro news affecting metals markets

Washington stopped regulating and started buying

Trilogy Metals executed definitive agreements Thursday for a strategic equity investment by the US Department of War. Same day, mining.com ran a piece on how state involvement in critical minerals is increasingly taking forms once reserved for commercial investors, including equity stakes.

A different animal from a grant program.

For anyone holding a US-facing critical minerals junior, the question has shifted from whether policy support exists to whether your company is on the list.

Copper is quietly doing something

Copper closed at $6.54 per pound on August 28, up 4.09% over the month and up 44.77% year over year. LME warehouse inventories have fallen by almost half since mid-May following a 42-day streak of declines.

Supply is not answering. Codelco’s copper production fell 11% on operating restrictions, lower output and weaker ore grades, even as the price rally lifted its profit. The largest producer on earth cannot grow.

Demand has a new leg. Data centre buildout and grid strengthening are now a core part of the copper investment case.

That is a structural bid meeting a structural shortfall.

Investor sentiment in copper is high and it is why I am focusing on greenfield copper assets with high probability discovery potential (an explosive one exists in our Premium portfolio, and developers such as PEX.

Critical minerals finally get a price

S&P Global published new reference prices for gallium, germanium, tungsten, antimony and NdPr, and the US Treasury issued a statement welcoming them as a step toward market-based price discovery.

The reports also carry structural cost benchmarks that could inform border-adjusted price floors being considered by the US and its trading partners.

The gap those prices will expose is enormous.

The IEA reports tungsten prices up sixfold, European gallium and heavy rare earth prices around five times Chinese domestic levels, and germanium prices almost three times higher.

Every antimony, tungsten and gallium junior sitting in the Western world is priced today against a market with no benchmark.

The top 50 miners are beating the Magnificent 7

The world’s 50 biggest miners added $206 billion in a fortnight in August and have run ahead of the Magnificent 7 all year, though big tech is still worth ten times the entire ranking.

Capital rotation starts at the top and works down. The seniors moved first, the mid-tiers followed, and the juniors are where that money ends up when the seniors get expensive.

High grade hits of the week

Heritage Mining (CSE: HML) — Melba, Ontario 15.57 g/t Au over 9 m from 43 m, including 28.98 g/t Au over 4.80 m in ML3800-004. A one metre sample inside that ran 122.87 g/t, and true width is closer to 6 m because the shear zones were cut obliquely.Melba sits 22 km northeast of Kirkland Lake on the Ross Fault, a splay off the Porcupine-Destor. That is the right address for coarse gold in shear.

Lake Victoria Gold (TSXV: LVG) — Imwelo, Tanzania 28.71 g/t Au over 2.75 m from 21 m and 12.20 g/t Au over 4.50 m from 32 m, with individual quartz vein samples to 142.90 g/t. Near surface, high grade, fully permitted. I have had my eye on Tanzania for a while. It is an overlooked jurisdiction for exactly this profile of asset and I expect to be writing about it more in the near future.

Avanti Gold (CSE: AGC) — Akyanga, Misisi, DRC 3.85 m at 12.30 g/t Au and 3.55 m at 7.73 g/t Au from MSDD0147, hit within and below the US$1,500/oz pit shell used to constrain the current resource.Akyanga already holds 40.8 Mt at 2.37 g/t for 3.11 million inferred ounces. Ounces below the pit shell at $4,700 gold are ounces that were never in anyone’s model.

Cygnus Metals (TSXV: CYG) — Copper Rand and Gwillim, Chibougamau, Quebec First drilling at Copper Rand returned 20.3 m at 4.2 g/t AuEq, and the maiden program at Gwillim hit gold in every hole. I am high on Chibougamau. Portfolio holding Auriginal (TSXV: AUME) is drilling toward an updated MRE at Roger, on a property nobody has properly worked since the 1980s. When a camp starts producing first-pass results like this, the whole district must get re-examined.

Nine Mile Metals (CSE: NINE) — Bathurst Mining Camp, New Brunswick DDH WD-26-10 returned 31.95 m of 2.52% CuEq and 14.15 m of 3.73% CuEq, including 4.15 m of 5.16% CuEq and a separate 27.25 m at 2.87% CuEq. Massive sulphide widths at those grades are rare in a camp this well drilled.

Canstar Resources (TSXV: ROX) — Mary March, Newfoundland 15.6 m of massive sulphide grading 2.3% CuEq, including 9.75 m at 3.3% CuEq, with all four Phase 1 holes intersecting mineralization. Four for four on a first phase is a hit rate that usually means the geological model is right. On my watchlist, not in the portfolio yet.

Churchill Resources (TSXV: CRI) — Black Raven, central Newfoundland 19.23% antimony over 1.40 m at Frost Cove North, plus a new prospect at PC Pond grading 0.78% copper with 61.2 g/t silver over 6.22 metres. Nineteen percent antimony is a number, not a grade. Newfoundland has been a pleasant surprise this year with recent antimony discoveries and keeps producing antimony hits in a world short of it.

Spark Energy Minerals (CSE: SPRK) — Boa Vista, Brazil A project-record 114.3 g/t Ga2O3, with all five maiden Boa Vista holes returning gallium from surface and rare earths below, 7 to 8 km south of Cruzeta. Second gallium and rare earth discovery on the same land package. Gallium is on the S&P reference price list I mentioned above.

Xcite Uranium (CSE: XRI) — Don Lake, Saskatchewan First three drill holes all returned anomalous radioactivity, with a peak hand scintillometer reading of 51,978 cps at 55 m in DN26001. Scintillometer counts are not grade and never will be. Fifty-two thousand counts in a first-pass hole still gets the follow-up funded.

That’s it for this weekend. I’ll see you in the markets on Monday!

IMPORTANT DISCLAIMER AND RISK DISCLOSURE

This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy, sell, or hold any securities. The author is not a licensed financial advisor, investment advisor, broker-dealer, or registered investment advisor and does not provide personalized investment advice or recommendations tailored to any individual’s financial situation.

All information presented is the author’s opinion based on publicly available information and should not be relied upon as the sole basis for any investment decision. Readers should conduct their own due diligence, research, and analysis before making any investment decisions and should consult with qualified, licensed financial professionals before investing.

Junior mining and exploration stocks carry substantial risks, including but not limited to: potential total loss of investment, extreme price volatility, liquidity risk, operational risks, regulatory changes, commodity price fluctuations, exploration failures, and dilution from future financings. These investments are speculative in nature and may not be suitable for all investors.

The author may hold positions in securities mentioned and may buy or sell such positions at any time without notice. Past performance does not guarantee future results.

Forward-looking statements and projections are inherently uncertain and subject to numerous risks and uncertainties. Actual results may differ materially from any projections or expectations expressed herein.

This content is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. By reading this analysis, you acknowledge that you understand and accept these risks and limitations.

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JMP Founders: I have interviewed the CEO and dug through public findings. This new listing I believe is worth your attention.

Krait Critical Minerals (CSE: KRIT) began trading yesterday with 12,010,496 shares outstand…

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The TSX Venture Composite index has gone on an impressive run, rallying 15.7% in 5 weeks.

Individual names have done considerably more.

Following a patience-testing summer decline a relief rally is common, and welcome. However the swings will continue as the market attempts to find a new floor and fresh wind to keep the bull going.

A rising index lifts good companies and bad ones together as positive sentiment brings speculators back to the sector.

With that in mind, we are heading into the busiest season in the junior resource sector.

Executives and investors are tanned, refreshed and back at their desks ready for action.

Last summer/fall saw a record rally in juniors, record capital raises and a record amount of exploration and development.

This Fall/Winter we’re eagerly awaiting results from all of that activity.

The work now is separating the stocks that rose because the tide came in from the stocks that ran because something changed.

For instance, our core gold explorer holding Formation Metals (CSE: FOMO) was profiled in the July 19 piece.

It is up 38% since.

A good example of quality over promotional fluff.

Their flagship N2 project in the Abitibi has eight kilometres of strike, nearly $30 million in the treasury, and a fully funded drill program that got expanded to 75,000 metres.

They won’t need to go back to the market to dilute for at least a year, maybe more. The maiden resource is the event. Everything between now and that number is positioning.

What the Fall/Q4 looks like for the JMP Portfolio

The portfolio is loaded to deliver what we have been patiently waiting for across several holdings.

Below the paywall I lay out the September to December catalysts for each name and what I expect from them.

Upgrade to unlock actionable intel on TEN of our most-covered holdings.

Two score high enough in my book that I am modelling realistic 2x to 5x rerates in Q4.

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For those who missed the launch, JMP Trades is a premium-only service running alongside the core portfolio.

It pays to pay attention across hundreds of stocks. That is what I do.

I introduce short-term positions in more liquid names, taken where a technical setup and a real underlying asset line up at the same time.

I look for surprise selloffs that have nothing to do with current fundamentals, take profit on the bounce, and let the rest ride on a low cost base if the situation warrants.

Every trade goes out with a defined entry, a hard stop and my personal upside target. Downside is further protected by choosing companies with an asset that holds its own if the market breaks down.

The first pick is up 34% in thirty days.

Prior to formally introducing JMP Trades, two picks I pounded the table on following surprise selloff’s returned 200% within two weeks.

A few important All-Access JMP Portfolio developments before we get into the Fall Catalyst Stack

UraniumX Discovery (CSE: STMN / OTCQB: STMXF). The Zoo Bay transaction went definitive this month, and the terms are better than the LOI implied. STMN receives 17 million post-consolidation Pond Technologies shares over 36 months at a deemed value of $0.64, keeps a 2% NSR, stays on as operator, and gets $4.5 million of partner-funded exploration at Zoo Bay. No treasury spent and no STMN shares issued to do it.

At a CAD$9 million market cap, the paper coming in from that one deal is worth more than the entire company today.

The other piece is Dieter Lake with 24.4 million pounds of uranium in Quebec.

STMN acquired the property from IsoEnergy (TSX: ISO), and IsoEnergy took a 15.6% position in STMN as part of the consideration, with the right to a board seat.

Quebec still has a uranium moratorium in place, and the federal pressure to ease it is building.

The moment this moratorium shows signs of breaking, the market is going to ascribe value to those 24.4 million pounds.

Murphy Lake assays remain the immediate trigger that forces the market to do the arithmetic. They are still in the lab and a few weeks out.

STMN has tested us. It has also gotten structurally better every quarter I have owned it.

American Critical Minerals (CSE: KCLI / OTCQB: APCOF). The drill is turning. The maiden hole spudded and I was told they were at 500 feet as of Thursday.

This play is over ten years in the making: Permits, bonding, a government shutdown, a technical report, a leadership change, and a maiden hole that kept getting pushed.

This is where KCLI separates from the rest of the portfolio.

The confirmation target is not speculative geology.

It’s backed by 33 historic O&G well logs, a 2,000-foot offset that logged 24.3% KCl over 5.9m, a neighbouring potash mine that’s been producing from the same formation for 50+ years, and an adjacent lithium project that just attracted POSCO and $358M in Utah state incentives.

If this hole confirms grade and thickness on potash plus meaningful lithium brine concentrations, the re-rate from a $20M market cap is 3-5x minimum on the path to a maiden resource.

Downside floor is the land package and the existing 43-101 target, which don’t disappear on a thinner than expected intercept. The project is permitted and bonded - a decade worth of work invested.

We’re eagerly awaiting assays.

Tactical Resources (Nasdaq: TREO). The SPAC is closed and the Venture listing is gone.

TREO began trading on the Nasdaq on Thursday, August 20.

Two consolidations along the way mean each of your post-December 2025 RARE shares became roughly 1.11 TREO shares, and the company now has about 13.6 million shares outstanding.

That is a very small float for a Nasdaq-listed rare earth developer, which cuts both ways.

The first session traded between $6.50 and $9.20 and settled at the low end.

The stock is going through price discovery as the SPAC arb crowd and the long-term holders swap seats.

A tight float and a hot Heavy Rare Earths development story in Texas, 2 miles from US Rare Earths Round Top project, working its way into the American investor market is the setup I initially bought this for.

The game has just begun.

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Somewhere in one of Canada’s most prolific copper districts, an unnoticed junior explorer with a miniscule market cap is preparing to launch the geophysical survey that will define targets on a property that has never been drilled.

They’ve been quietly building a detailed geological dataset across the property for years and just announced an integrated geophysical model incorporating all of this data for the first time.

The project sits on the same geological complex that hosts two major mines.

A neighbour has increased their drill program and trades at a market cap 20 times this company’s size.

Over a century ago, a provincial government mining official documented the property’s surface expression as a “spectacular” mineralized zone stretching for kilometres, with “a large body of ore, carrying gold and silver, but principally copper.”

Miners drove an adit in and pulled copper out by hand.

Nobody has come back with modern tools since.

This company is about to change that and at sub-$4 million market cap, the market is giving you first-mover pricing on what could be one of the most significant exploration catalysts in this district in decades.

The company and update is below. Upgrade here, for only $20/month, to access this and all Premium articles on the site including our Premium-only Chat channel where I deliver real-time takes on breaking news and movers.

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I’ve been reading John Kaiser for decades. He’s a junior resource sector veteran covering hundreds of companies.

He published a note on PJX Resources recently that caught my attention and I believe is worth your attention.

PJX Resources has spent two decades quietly buying up the ground around one of Canada’s great…

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Tactical Resources: Our REE Developer trades on Nasdaq this week

Market capitalization: $80M CAD.

The wait is over and it wasn’t that bad.

JMP introduced Tactical Resources to premium subscribers at C$5 in April.

The stock hit C$10.50 in July. And as of August 13, the business combination with SPAC Plum Acquisition Corp. III is officially closed.

RARE has been delisted from the TSX Venture and the new entity trades on the Nasdaq under TREO imminently.

Share conversion confusion explained

We originally communicated to subscribers, based on press releases, the TSX-V to Nasdaq share conversion was 4.24:1, later confirmed at 4.454:1 in the July 22 press release.

There were two consolidations. The first was a 5-for-1 rollback on the TSXV in December 2025 to meet Nasdaq price requirements.

If you bought after that date, which those of us did, this doesn’t affect you.

The second just happened... Each Tactical share was exchanged for approximately 4.454 New PubCo shares at closing on August 13.

On August 17, the board approved a 4-for-1 consolidation of those New PubCo shares, again to satisfy Nasdaq listing standards.

The net result: every post-December 2025 Tactical share you held converts into approximately 1.11 TREO shares on the Nasdaq.

The total shares outstanding post-consolidation will be approximately 13.6 million.

This is a tight float for a Nasdaq-listed company.

The bottom line here is that economic value hasn’t changed.

The higher per-share price means TREO clears institutional mandates that won’t touch stocks under $5, and the micro-float means any meaningful buying pressure moves the stock.

Of those 13.6 million shares, 37% are locked up for six months. The remaining 63% are freely tradeable from day one.

No action is required on your part. If you hold through a broker, your TREO shares will be credited to your account automatically.

What happens now.

Several things activate simultaneously.

The Yorkville US$140M financing facility goes live. The 36-month clock starts on the US$29M quarry acquisition option.

The company can begin pursuing government funding applications, offtake agreements, and processing partnerships from a U.S.-listed platform.

And as the company markets their story to institutions and investors, the story gets in front of every screen that matters in America.

For subscribers new to the Tactical opportunity:

Tactical controls over 4 million tons of REE-bearing feedstock at the Peak Project in Sierra Blanca, Texas.

Peak is an active quarry with 20+ years of operations producing new tailings daily.

Metallurgical testing shows 88-93% rare earth extraction via direct leach.

USA Rare Earth (USAR) sits 2 miles away in the same geological complex with a market cap north of US$4.8B.

The REE sector has pulled back over the summer, which means TREO is listing into a quieter tape.

In other words, they’ve sat on the sidelines while the rest of the junior resource markets corrected this summer.

The listing comes at a time when metals and miner stocks are on the rebound.

If the company executes as planned and markets cooperate, we could be looking at a $150-$200M company within 6-9 months.

UraniumX Discovery Corp

CSE: STMN / OTCQB: STMXF
Share price: 0.07

This is pre-catalyst drift at its finest.

We’re Getting There

$3.83M deployed to properties over nine months is an unusually large exploration spend for a company this size.

The bulk of it, $2.58M, went into Murphy Lake, funding the 4,092-metre drill program that returned anomalous radioactivity in five of six target areas and defined two prospective trends totalling nearly 1.7 km of combined strike.

Assays remain pending at SRC Saskatoon and remain the primary catalyst.

This level of spend against the treasury confirms management’s confidence in the geology and data.

It’s unusual, and intriguing.

The value stack has also quietly gotten thicker underneath.

STMN’s Zoo Bay is now vended out to Pond Technologies for up to $4.5M in exploration expenditures, 16M Pond shares, and $350K in cash over three years.

NeoCore is optioned to Gold’n Futures for up to $2.75M in exploration, 11.58M Gold’n shares, $550K cash, plus a retained 2.0% NSR with UraniumX operating the property during the option period.

Combined, that’s up to $7.25M of partner-financed exploration and 27.58M shares in two listed issuers flowing to UraniumX shareholders without a dollar drawn from treasury.

Shareholders now hold exposure to Murphy Lake with the entire treasury behind it, plus Zoo Bay drilled on someone else’s dime, plus NeoCore drilled on someone else’s dime with a royalty attached.

Management is executing. So far, so good.

The IsoEnergy Angle Is Worth Watching

IsoEnergy’s pending 15.6% strategic stake in UraniumX coming through the Dieter Lake transaction adds a fourth layer worth noting.

I’m looking at what IsoEnergy just did with DISA Technologies on August 4th: contributed their entire Utah conventional portfolio into a new vehicle in exchange for roughly 33% of the combined entity.

This is a repeatable IsoEnergy playbook… divest a non-core asset for equity in a promising venture, retain optionality, take board influence.

With UraniumX, IsoEnergy hands over Dieter Lake, takes 15.6% and board nomination rights, and gains a strategic seat at the table on the junior drilling directly adjacent to their own Hurricane operating footprint.

Blue Sky on Quebec

Dieter Lake’s 24.4M historical pounds sit in a jurisdiction under a de facto moratorium, for now.

Federal pressure on Quebec is mounting as uranium supply tightens and Canada’s nuclear ambitions accelerate.

Once this iceberg breaks that optionality re-rates overnight.

Murphy Lake assays remain the trigger. Everything else is stacked behind it.

IMPORTANT DISCLAIMER AND RISK DISCLOSURE

This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy, sell, or hold any securities. The author is not a licensed financial advisor, investment advisor, broker-dealer, or registered investment advisor and does not provide personalized investment advice or recommendations tailored to any individual’s financial situation.

All information presented is the author’s opinion based on publicly available information and should not be relied upon as the sole basis for any investment decision. Readers should conduct their own due diligence, research, and analysis before making any investment decisions and should consult with qualified, licensed financial professionals before investing.

Junior mining and exploration stocks carry substantial risks, including but not limited to: potential total loss of investment, extreme price volatility, liquidity risk, operational risks, regulatory changes, commodity price fluctuations, exploration failures, and dilution from future financings. These investments are speculative in nature and may not be suitable for all investors.

The author may hold positions in securities mentioned and may buy or sell such positions at any time without notice. Past performance does not guarantee future results.

Forward-looking statements and projections are inherently uncertain and subject to numerous risks and uncertainties. Actual results may differ materially from any projections or expectations expressed herein.

This content is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. By reading this analysis, you acknowledge that you understand and accept these risks and limitations.

tl;dr: Our core portfolio holding American Critical Minerals (CSE: KCLI / OTCQB: APCOF) announced today that its drill rig is mobilizing to the Green River Project in Utah’s Paradox Basin. A drill program over 10 years in the making, delayed primarily by former permitting regimes. Permits in hand, and a newly assembled senior management team in place is now executing. The Duma Point AP-S-02 well will core through potash horizons and sample lithium-bromine brines at depth. It sits 2,000 feet from a historic well that logged 24.3% KCl potash over 5.9 metres. The company has a $20M market cap and is targeting 500-950 million tonnes of potash plus up to 1.7 million tonnes of lithium carbonate equivalent. Approximately 35 days to well completion.

[ Link to press release ]

The backstory in brief:

American Critical Minerals has been assembling this land position for over a decade.

The project covers approximately 32,530 acres across 11 SITLA mineral leases, 1,094 federal lithium brine claims, and 11 federal potash prospecting permits. All 100% owned.

The company is authorized to drill 7 wells across the property.

Permitting was the long game. BLM approval for the Plan of Operations came in October 2024. Final bonding was confirmed in May 2026.

Drill site prep, casing purchase, and subcontractor selection have all been completed. The company engaged RESPEC to execute the drill program and J.A. Drake Well Service to provide the rig.

This is the first confirmation hole ever drilled on the property.

Why the odds of confirmation are unusually high:

This is not a greenfield wildcat.

The Paradox Basin has been drilled extensively by the oil and gas industry for decades.

KCLI’s 43-101 exploration target is built on downhole electric log data from 33 historic wells on or within 8 km of the property. That database gives the geology team a level of subsurface confidence that most first-time drillers simply don’t have.

The Duma Point well is positioned 2,000 feet from the historic Quintana Fed 1-1, an oil and gas well that intercepted thick potash zones within Cycle 5 of the Paradox Formation.

Downhole logs measured 24.3% KCl over 5.9 metres. That same potash cycle has been mined commercially for over 50 years at the nearby Intrepid Potash Moab Solution Mine, America’s only domestic potash producer.

Historic 2D seismic data shows the well location sits within a flat-lying portion of the regional anti-form, a structural setting that favours solution mining.

The seismic also indicates that the deeper brine-bearing Leadville Formation and Paradox clastic zones dip to the northeast with structural lows favouring brine accumulation.

Wells in and around the project have reported lithium concentrations up to 500 ppm, bromine up to 6,100 ppm, and boron up to 1,260 ppm (Gilbride & Santos, 2012).

The neighbourhood tells you everything:

Intrepid Potash (NYSE: IPI) operates its Moab Solution Mine nearby, producing potash from the same Paradox Formation stratigraphy that KCLI is targeting.

That operation has been running for over 50 years.

Stratigraphic continuity across this part of the basin is well established.

Anson Resources (ASX: ASN) has an advanced lithium DLE project contiguous to KCLI’s northern boundary, targeting the same Leadville Formation and Paradox clastic brine zones that underlie KCLI’s entire property.

Anson signed a binding agreement with POSCO Holdings in June 2026 to build and operate a DLE demonstration plant at Green River, with POSCO paying Anson a US$5.2M facilitation fee and taking full responsibility for design, construction, and operation. Demo plant operations are expected to begin in 2027.

On August 5, 2026, Anson disclosed that the Economic Development Corporation of Utah issued a formal Letter of Advice outlining proposed state and local incentive programs valued at approximately US$357.7 million for the Green River Lithium Project.

That includes roughly US$127.75M in post-performance state tax reimbursements, US$229.9M from the Utah Inland Port Authority, and workforce training subsidies. Final approval is expected in September 2026.

The geological thesis has already been partially de-risked by someone else’s money.

The team that’s drilling it:

The leadership transition in April 2026 brought in Dean Pekeski as CEO and President.

Pekeski spent 17 years in potash exploration and development, including seven years as EVP of Western Potash Corp. where he led the discovery and development of the Milestone Potash Solution Mining Project in Saskatchewan, now 80% complete.

He has raised over US$120M in capital across his career. Critically, he has direct experience applying for US government funding from USDA and the Export-Import Bank.

Chairman Simon Clarke, who had served as CEO since September 2024, has been focused on critical minerals development for over 10 years, including serving as CEO of American Lithium leading it to a valuation of over $1 billion.

At the GIGA USA 2026 conference in Washington in June, Clarke and Pekeski presented alongside director Eric Miller, whose DC-based Rideau Potomac Strategy Group advises mining companies on government affairs and critical minerals policy.

Both potash and lithium were added to the USGS Critical Minerals list in 2025. The US imports over 90% of its potash.

This is a team assembled specifically for this moment.

The drill program:

Core recovery through the potash horizons will determine grade and thickness. Core goes to the SRC Laboratory in Saskatoon for specialized potash analysis, with detailed logging and prep at RESPEC’s facility in Rapid City.

Brine sampling follows well completion and wireline logging, with geochemical analysis at ACZ Laboratories in Steamboat Springs, Colorado.

The well is expected to take approximately 35 days to complete. That puts well completion around mid-September. Assay results will follow based on lab turnaround times.

At $0.23 per share with 90.5 million shares outstanding, the market cap is roughly $20.8 million.

Actionable intel:

This is a company that spent a decade assembling land, fighting through permitting, and waiting on federal bonding while the market paid zero attention.

That dead period is over.

The risk/reward math at this stage is straightforward.

The 33 historic well logs and the geology next door all point in the same direction.

If KCLI’s first hole confirms what the existing data already shows, this is not a $20M company anymore.

If the confirmation data holds up, the path forward is clear: mobilize a second rig, expand the drill program across the 7 authorized well locations, build toward a maiden mineral resource estimate, and enter the institutional conversation for the first time.

The window between rig mobilization and assay results is historically the cheapest point on the curve for companies with this kind of pre-existing geological confidence.

Once results hit the tape, the price discovery happens fast.

IMPORTANT DISCLAIMER AND RISK DISCLOSURE

This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy, sell, or hold any securities. The author is not a licensed financial advisor, investment advisor, broker-dealer, or registered investment advisor and does not provide personalized investment advice or recommendations tailored to any individual’s financial situation.

All information presented is the author’s opinion based on publicly available information and should not be relied upon as the sole basis for any investment decision. Readers should conduct their own due diligence, research, and analysis before making any investment decisions and should consult with qualified, licensed financial professionals before investing.

Junior mining and exploration stocks carry substantial risks, including but not limited to: potential total loss of investment, extreme price volatility, liquidity risk, operational risks, regulatory changes, commodity price fluctuations, exploration failures, and dilution from future financings. These investments are speculative in nature and may not be suitable for all investors.

The author may hold positions in securities mentioned and may buy or sell such positions at any time without notice. Past performance does not guarantee future results.

Forward-looking statements and projections are inherently uncertain and subject to numerous risks and uncertainties. Actual results may differ materially from any projections or expectations expressed herein.

This content is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. By reading this analysis, you acknowledge that you understand and accept these risks and limitations.

If the confirmation data holds up, the path forward is clear: mobilize a second rig, expand the drill program across the 7 authorized well locations, build toward a maiden mineral resource estimate, and enter the institutional conversation for the first time. That sequence is what turns a $20M explorer into something materially larger.

The window between rig mobilization and assay results is historically the cheapest point on the curve for companies with this kind of pre-existing geological confidence. Once results hit the tape, the price discovery happens fast.

On July 19 I published my bottom fishing piece. That same session the TSX Venture printed its 52-week low at 849. It trades at 950 today.

My gut told me July 19th felt like the correction has run its course. It’s been upticks since then, with the index rocketing 12% from that low point.

Friday brought three more pleasant surprises.

1. Gold and silver continued their rip on Friday, capping a week long rally. Gold’s week over week: +7.48%, silver’s week over week: +10.28%.

2. A wall of Q2 results from the major producers

3. A mining roundtable at the State Department announcing $2 billion to revolutionize mining in America, affecting every portfolio that hold’s juniors with high quality assets.

The opportunity here is that many under the radar explorers have not yet caught up to the rally.

Washington finally put money on the table

President Trump hosted the largest gathering of mining industry leaders and a sitting president in over 120 years. Apart from the usual Trump zingers, this is the boldest move America has ever made in the mining sector: YouTube video here.

Over $2 billion into critical mining and mining-related projects across eight companies, spanning bauxite, rare earth free magnets, battery anodes, scandium, boron, graphite, tantalum and niobium. [FACT SHEET LINK]

Alongside it, over $180 million into American mining education. One hundred million to the country’s 14 mining schools, plus north of $80 million into workforce and technology hubs.

America’s accredited programs graduate fewer than 170 mining engineers a year. China graduates more than 3,000. Half the current American mining workforce is set to retire inside three years.

The administration has cut federal mining permits from three to five years down to as little as 25 days.

Since January 2025 the administration has signed or approved 160 minerals deals worth close to $40 billion.

Robert Friedland, at the table, said: “We’ve been sleepwalking through many administrations. And this is a revolution that will just electrify the millions of people in the United States that understand that everything you touch, we either mine it or we grew it agriculturally.”

What this means for our portfolio

Of the 20 companies in the Junior Mining Pro portfolio, 18 are based in North America and five have operations in the United States.

I’ve been vocal on social media about investing in America. The Trump administration, whether you like it or not, has pumped new life into the mining sector and America is sprinting to catch up to China.

I have a number of names under review with American projects, with a view to increase our exposure to the American mining and exploration sector.

Dumb Money

It is one of the oldest ideas in the market and it works out for patient investors nearly every time.

Retail gets shaken out on corrections. That is where legends are made.

Rick Rule says constantly that he loves dumb money, because dumb money made him very wealthy. He is not being cruel. He is describing a transfer that happens in every cycle, and it happens fastest in months that look like the last three.

In a recent interview with Jesse Day of Commodity Culture, Gianni Kovacevic said “ if you had told anyone eighteen months ago that gold would hold $4,000 and silver would blast through its all-time high to $60 and stay there, they would have been doing cartwheels down Bay Street. Instead we got the spring and summer of discontent, and investors are crying in their beer.”

He also mentioned that a very wise man told him that whenever First Majestic hits $7 “buy it”. In 52 weeks its rallied to $32 and sits at $19 today.

On the juniors, Gianni wants drill hole plays with almost no market cap attached. His risk framing is precisely where this newsletter lives: a nickel on the downside, a dollar or two on the upside.

Rule and Kovacevic created their wealth by investing into unpopular narratives with significant upside potential, and holding patiently for the inevitable rally’s.

A higher metals pricing regime is taking hold, and the juniors are catching up

Gold sits at $4,344 an ounce, up 7.5% on the week. Silver is at $63.62, up better than 10%. Year over year gold is up 27.9% and silver 65.7%.

Friday’s bump came from a slew of miners releasing bumper quarterly earnings.

B2Gold ripped 23% and IAMGOLD 11.8% on Q2 results, while Barrick and Wesdome each added 4% to 5.5% on no news at all.

Critical minerals ran harder still, with Critical Metals up 13%, MP Materials 11.2% and USA Rare Earth 11%.

The producers are finally getting paid for a price environment that has been in place for a year.

The rising tide lifts all boats

That is the opportunity.

The producers repriced on Friday. The explorers behind them mostly did not, and a good number are still sitting at 52-week lows with drills either turning or about to.

One of them is already in our Premium portfolio [Link to Intro Article].

Unlock the Ticker

It’s trading at a 52-week low and a market cap I (and the CEO) find hard to believe, but happy to keep buying “dumb money” share sales.

Power is the spice, and the spice needs metal

Chamath Palihapitiya posted this week that power is the binding constraint on the AI buildout. Data centres shutting down, GPUs sold out, spot rates rising.

“Get your hands on power. It’s the spice.”

He is right, and the trade does not stop at the utility.

You cannot energize a megawatt without copper. You cannot build the turbine without tungsten. You cannot run the optical layer moving data between the racks without indium.

The spice needs critical metals. Own mining stocks, own early stage discoveries, own developers, own smart grassroots teams.

One of our critical minerals speculations with two drill programs turning later this month:

GoldHaven Update (CSE: GOH / OTCQB: GHVNF), market cap ~$17.5 million

Those not yet familiar with GoldHaven, and why I have been accumulating shares, can read my thesis here and here.

GoldHaven Resources holds a Brazilian gold asset and a B.C., Canada critical minerals project targeting high grade tungsten, zinc, copper, silver and gold. Both are being drilled this month.

Their leadership team consists of seasoned mining executives, geologists and capital markets professionals, anchored by Director Gerry Diakow, who has been working the premium Cassiar region since 1973 when he began tungsten exploration with Union Carbide in the same district GoldHaven is now drilling for the first time with modern technology.

On August 6 GoldHaven awarded the contract for an eight-hole, 1,650-metre Phase II program at the Copeçal West target in Brazil. Drills turn imminently, with assays to follow mid-late Fall.

The target sits inside a 6-kilometre gold-in-soil anomaly that AngloGold Ashanti defined through systematic exploration between 2010 and 2016, the majority of which has never been drilled.

Meanwhile in British Columbia, Canada, the rig is preparing to turn the first hole at Magno, targeting high grade tungsten, silver, indium, zinc and copper.

It’s a 5000 – 7000 meter drill program designed to test the hottest prospects on the geological heat map generated from a 2,320 line kilometer airborne magnetic survey, which demonstrated, for the first time, an interconnected, mineralized, district scale structural corridor.

A recent re-submitted metallic screen fire assay analysis delivered a more sophisticated method that better captures coarse gold that conventional assays can miss.

The 55.3 g/t result from a sample at the Magno target is a metallic screen result, which means it likely came back higher than the original screen assay because coarse gold was present.

Grab samples across the project have delivered high grades in every metal in this basket, and the heat map points to a large, connected porphyry body buried at depth.

Drills expected to turn in B.C. this month with high expectations of a material discovery.

As with all of our picks, it’s a speculation I want on the book right now - not a certainty, and I size my positions accordingly.

[PREMIUM CONTENT BELOW – An update on a sub $15 million market cap sitting on four high grade assets, with a brownfield project being spun out to shareholders this year]

Read more

During last years bull rally two core JMP picks rallied 1000% within 3 months, one jumped 200% in 20 days and 2 others rallied 190% and 160% within 4 months.

This year our portfolio has seen a few 200%+ “overnight” gainers on drill results and PEA drops, despite harsh market conditions.

Our portfolio is positioned to leverage a Fall and Winter rally on the back of a strong, steady catalyst calendar across most holdings.

Our Premium subscribers enjoyed early entry into my top picks and a Premium chat room to discuss plays in real time, including trade opportunity drops as they happen.

Today, Premium subscribers get an exclusive update on:

1. A critical minerals processor, backed by a mining major, transitioning from R&D to commercialization into a trillion dollar market; I’ve watched its development for 10 years before presenting the opportunity here. It touched a 52-week low on Friday, and is at the exact stage where the Lassonde Curve takes over to the upside. The last Premium stock we presented at this stage of development saw its stock run 200% in 2 months.

2. A microcap lithium explorer waiting for its big name CEO to turn his attention back to this project, managed by the same team that made a billion dollar discovery in the same district.

3. Actionable intel: How I’m positioning in the 4 stocks mentioned today.

Access this and every Premium article on the site for only $20/month. This includes access to our JMP Chat Room where I drop breaking news and short term trade opportunities as they happen.

Founding level subscribers receive direct access to my e-mail for one on one portfolio discussions and whatever else is on your mind.

Fall is coming and you’ll want to be set up for the next rally.

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What’s going on now?

The market has been brutal to the impatient this Spring/Summer.

Trading volume and sentiment are in the basement. This is the environment investors were stuck in early last year before the rally started taking hold in May 2025.

The rest is history.

But here we are again.

The rare earth complex has been taken apart since June, lithium got towelled in July, and our REE holding is still at $9 against a $5 entry while the blue chips, and most of the sector saw 50% drops.

If macro bores you, scroll down for updates on our lithium and REE holdings, including exclusive updates on picks you don’t want to risk not owning for the coming cycle.

Macro snapshot: What has happened to the lithium and REE market

Neodymium-praseodymium completed a V-shaped recovery through June and hit a new 2026 high as of July 1, above the March peak. Terbium oxide jumped roughly 30% in the same stretch. Dysprosium held near its highs.

Lithium carbonate is up 102% year on year.

SMM inventories in China are now near the lowest reading since early 2024.

Metals are printing highs. Inventories are draining.

And the equities behind the metals got slammed.

Metals high, stocks low.

When the majors get sold off, juniors get dragged into the undertow.

Why the stocks dropped – Policy changes and oversupply fears

MP Materials is down 33% over one year, having touched a 52-week low. USA Rare Earth closed at $14.15 on July 24, below its 20, 50 and 200-day moving averages, against a 52-week range of $9.32 to $43.98. Sprott’s REE ETF, REXC, and last year’s REE separation darling Ucore (UCU) were sold off hard this month.

Policy rerated the sector and policy unwound it. The DoD floor of US$110 per kilogram for NdPr created a Western benchmark where none existed. In late January, Reuters reported Washington would not extend that support to other federally backed projects, and the sector dropped 11% to 16% in a session.

On the lithium side, the bear case is the wave of spodumene concentrate restarts due in Q4 2026. Jianxiawo adds roughly 46,000 tonnes per year, and Australia has brought Bald Hill and Finniss back with a Mt Marion expansion behind.

The market priced an expected 2027 glut.

Lithium stocks thrashed: Albemarle is down 48% from its mid-April high, Pilbara 39%, Lithium Argentina 49%. Most producers trade below their 200-day moving averages, developers have fared worse, and junior explorers are fighting for survival.

Is it the bottom?

The supply problem did not move. Outside China, some buyers cannot source qualified heavy rare earth material at any price, which makes availability the constraint rather than cost.

Fernley at Battery Materials Review notes inventory decline is “very much akin to what we saw last year before lithium prices spiked.” Last year inventories topped in July and drained to year end. This year they topped in April and have been draining three months.

Depending on which SMM series you follow, inventories are down 17% to 20% since April 30 alone. Measured in days of consumption, with demand growing, the drawdown is steeper still.

Morgan Stanley now models an 80,000 tonne LCE deficit this year, versus a 61,000 tonne surplus in 2025.

Washington still cannot buy the stuff. The DLA has pushed its bidding deadline again, to August 5, on a contract worth up to US$300 million for roughly 16,000 tonnes of battery-grade carbonate for the national stockpile.

What is going to turn them around

Stationary storage is gaining momentum, rapidly. J.P. Morgan has BESS at 30% of global lithium demand this year, rising to 36% by 2030. BloombergNEF expects global deployment to clear 100 GW in 2026.

US data centre expansion alone converts to roughly 160 GWh of battery storage requirement.

The autonomous layer, including a forecasted 100 million robots by 2040, which few have in their model, is a demand segment that did not exist in the last lithium cycle.

Add autonomous delivery, eVTOL and defence drones and you have a perfect demand storm blowing into an already tight supply situation.

The REE and lithium thesis being right and the stocks working are two separate events, often separated by years. We’re in that gap.

Stocks I am buying and why

Rare earths

Tactical Resources (TSXV: RARE / OTCQB: USREF), a JMP Portfolio holding, is listing onto the Nasdaq into a bottom, not the top.

It’s stock trades in the $9.00 CAD range, still significantly up from our Premium entry at $5 in April, despite the REE sector sell-off.

Tactical is near closing its business combination with Plum Acquisition Corp. III and moving from the TSX Venture Exchange to the Nasdaq under TREO.

Of the shares issued to Tactical holders, 37% carry a six-month transfer restriction. Far more lenient than initially reported.

Had this listed in April, at the peak, with generalists bidding every ticker with the word in its name, TREO would have opened into euphoria and spent June and July handing it back alongside MP and USAR.

Instead it arrives with the correction largely behind it, a financing package attached, tailings already on surface at a permitted operating quarry they own, and a domestic buyer base short of exactly what it produces.

I am in contact with the company and will update Premium subscribers in our Substack Chat as intel arrives on the Nasdaq listing date.

The Premium pick, below the paywall, is the other side of the rare earth trade.

• A sub $50 million company that has dropped two press releases all year, while a major funds the engineering on its processing technology.

• One of two names competing for a trillion dollar waste market, nearly a decade in, now at the inflection from R&D to pilot to commercial ramp.

• I published UCU at $1.25 last year before it ran to $13.00 within months. This one has a similar set-up, with a major backing it, into a larger market.

Upgrade here

Our stealth lithium pick:

American Critical Minerals (CSE: KCLI / OTCQB: APCOF), a core JMP holding, is our stealth lithium pick, with most eyeballs paying attention to the legacy potash story.

• Weeks away from a first ever confirmation hole into a large scale potash, lithium and bromine target, within trucking distance of a potash mine and an advanced lithium operation next door.

• Drilling up to 10,000 feet into the same Paradox Basin Cycle’s that Intrepid Potash has been mining its potash from for over 50 years; and where Anson Resources is developing a large scale pilot plant funded by Korean giant POSCO.

• A positive brine result forces a reclassification, which forces a major rerate.

• At a $20M market cap, still cheap in my book.

• The risk: Low grade brine sends this back to the office to re-target with more stock dilution needed.

• The reward: Hitting what they expect results in an instant multiples rerate and institutions writing large cheques to develop the resource.

The hunt for our next lithium explorer, three tickers narrowed down to one.

I screen for companies strict on capital raises, surgical on exploration spend and supported by technical and leadership teams with a proven record of success.

Then one question about the ground: what would it fetch if lithium were at 200,000 yuan and holding?

The explorers that kept working through the downturn are in better shape than twelve months ago, with more data and cleaner capital structures. That subset is worth owning into a sentiment turn.

One company survived the acid test.

A call with the CEO is scheduled next week, and if the story holds up against my interrogation, I publish to Premium subscribers shortly thereafter.

[PREMIUM CONTENT BELOW]

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GoldHaven Reports High-Grade Gold Assays Up to 55.3 g/t Au at Magno

GoldHaven closed at $0.21, up 23.4% on 577,000 shares after reporting high-grade gold assays up to 55.3 g/t at the Magno Project.

The company collected 354 grab and chip samples during the 2025 field season and submitted a subset for follow-up metallic screen fire assay analysis, a more sophisticated method that better captures coarse gold that conventional assays can miss.

The 55.3 g/t result at the Magno target is a metallic screen result, which means it likely came back higher than the original screen assay because coarse gold was present.

These results materially expand the story ahead of what is now an imminent inaugural drill program, with Northtech mobilizing toward August.

A note on Three Guardsmen copper project (Yukon): Before the gold assays dropped this morning, GoldHaven also completed its IP survey at the Three Guardsmen copper project in Yukon (July 22nd press release). The field team documented molybdenite in altered granitic host rocks adjacent to high-grade magnetite-copper skarn plus a broad gossan zone that seasonal snow made partially inaccessible. That result, when it comes back, is the next catalyst at Three Guardsmen. File that one for the fall.

Before today the property was being presented as a tungsten-indium-silver play with copper optionality.

Gold adds economic optionality that tungsten alone doesn’t carry at the junior exploration stage.

GoldHaven just became a critical minerals niche story with a district-scale multi-commodity discovery thesis.

How metallic screen analysis caught what was missed before

Standard fire assay dissolves a fixed sample weight and measures what dissolves.

Coarse gold particles (visible specks, micron-scale free gold in quartz veins) can be underrepresented or missed entirely if they don’t happen to fall in the assay split.

Metallic screen analysis separates the sample by particle size, assays each fraction separately, and recombines the result.

It is the industry-standard method for accurately characterizing coarse gold mineralization in vein-hosted systems.

The 55.3 g/t result almost certainly came back higher than the original screen result because coarse free gold was present.

Where the Gold Is Sitting

The highest-grade gold values cluster directly at the Magno and D Zone targets, the same areas where the QMAGT airborne survey defined the strongest structural features within the north-south magnetic corridor.

Gold, arsenic anomalies to 10,000 ppm, tungsten to 6,550 ppm, silver to 2,370 g/t, indium to 334 ppm, zinc to 19.25%, and copper to 2.87% all share the same structural framework and are consistent with a single, long-lived hydrothermal system rather than a collection of unrelated occurrences.

The arsenic context

Arsenic as a pathfinder element is significant. Elevated arsenic spatially associated with gold in a hydrothermal system is a classic proximity indicator.

The highest arsenic triangles on the map cluster directly with the highest gold circles at Magno and D Zone.

In exploration geology, that kind of coincidence is not noise. It tells you the samples are close to the source.

What This Means for the Drill Program

The inaugural program targets 5,000 to 7,000 metres across the Kuhn tungsten corridor, the Magno and D Zone CRD targets, and QMAGT-generated intrusive targets.

Before today, a discovery hole at Magno meant intersecting tungsten skarn or high-grade silver-zinc CRD mineralization.

Now a discovery hole could mean tungsten skarn with coincident gold. Or a CRD zone with coarse gold in quartz veins. Or a structural intersection that hits multiple metal assemblages in a single interval.

That’s a materially richer set of outcomes than existed six months ago when this was a tungsten story.

The Setup

The stock has held a tight band on generally low volume between 0.16 and 0.18 since mid-June while the resource sector continued its slide.

This gives more confidence in the story, showing us a pattern of accumulation occuring.

Today it closed at $0.21 on volume significantly higher than the rest of the month.

The LIFE offering investors who hammered the stock from $0.35 in May have largely been absorbed.

It appears new buyers, interested in the gold angle, are emerging on the back of genuine technical advancement.

The geology just got more compelling and drills turn next month.

Three Guardsmen IP results are expected in the fall. Copecal Phase II in Brazil advances to Q3.

Catalyst stack: Loaded.

IMPORTANT DISCLAIMER AND RISK DISCLOSURE

This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy, sell, or hold any securities. The author is not a licensed financial advisor, investment advisor, broker-dealer, or registered investment advisor and does not provide personalized investment advice or recommendations tailored to any individual’s financial situation.

All information presented is the author’s opinion based on publicly available information and should not be relied upon as the sole basis for any investment decision. Readers should conduct their own due diligence, research, and analysis before making any investment decisions and should consult with qualified, licensed financial professionals before investing.

Junior mining and exploration stocks carry substantial risks, including but not limited to: potential total loss of investment, extreme price volatility, liquidity risk, operational risks, regulatory changes, commodity price fluctuations, exploration failures, and dilution from future financings. These investments are speculative in nature and may not be suitable for all investors.

The author may hold positions in securities mentioned and may buy or sell such positions at any time without notice. Past performance does not guarantee future results.

Forward-looking statements and projections are inherently uncertain and subject to numerous risks and uncertainties. Actual results may differ materially from any projections or expectations expressed herein.

This content is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. By reading this analysis, you acknowledge that you understand and accept these risks and limitations.

Today, a reminder on why one of our core picks (free for all subscribers) is about to lose its accumulation window, plus a critical Premium-only gold developer update following my two-hour in-person meeting with their COO.

For $20/month (or $200/year) you’ll receive exclusive access to our Premium chat room and a first look at intel I gather from C-Level meetings, press release interpretations and stocks on the move. Upgrade here.

Our Premium gold holding: A microcap gold developer with an institutional shareholder register that is almost unheard of at this market cap.

On a per-ounce basis, it is one of the cheapest developers I have ever covered. On the metric institutions rely on to influence their buy decision, market cap against the project’s own after-tax NPV, it trades at less than half the multiple of its nearest peer.

According to recent filings, the top 3 institutions, including a trillion dollar fund manager who recently added millions more on the dip, own 34% of the stock. Three others, including a mine engineer with over 5 decades of experience, own 11%.

Their board of directors reads like a blue chip mining company.

Here is the catch. There is one scratch left on this toy, and management knew about it when they acquired the project. The solution was already underway.

Once that scratch is buffed off, the rerate will be instant. The last time this stock dropped a major catalyst, it tripled within 48 hours. It’s drifted back to an attractive accumulation window, thanks to the summer sector market correction.

Founding Members receive fresh intel on trades and our portfolio stocks shortly after I receive it, directly via e-mail. Through our private e-mail interactions, I’ve gotten to know many of you and enjoy our portfolio talk. Keep in touch!

My experience in your inbox

35 years in the business has taken me through more peaks and troughs than I can count. A battle-hardened portfolio is the best portfolio. Just ask Rick Rule and Eric Sprott - they’ve seen more 50% corrections leading to a 10x return than a typical investors age.

I spend hours every week meeting with CEO’s, Directors and geologists on the phone or, preferably, in person where possible.

Since my portfolio is your portfolio, I do this to ensure our holdings are tracking well, the thesis intact.

My experience in having lived through nearly every permutation of every challenge in the resource business has taught me to ask questions average investors would not think to ask.

I dig in and uncover what is not being said in press releases. That’s where the value lies.

These ‘nuggets’ of intel have proven to be transformative for my own portfolio.

I end up with a clearer understanding of where the company is on the progress bar and what they are doing to address specific challenges as they arise.

I then process and package the intel and pass it along to you. Our supporting Premium subscribers get it first.

Here are the updates.

American Critical Minerals (CSE: KCLI, OTCQB: APCOF)
Market cap (July 24): $21.7M CAD

KCLI is entering the final stretch before the first ever confirmation drill hole on their large scale potash, lithium and bromine exploration target located in Utah’s Paradox Basin, America’s only Super Basin.

New subscribers can catch up on the full thesis here.

Field crews mobilized in late June and drill pad construction is complete at Duma Point AP-S-02, adjacent to the historic well that returned 24.3% eKCl (potash) over 5.9 metres.

Rig mobilization is targeted for August, with results expected in October.

The company announced a non-brokered private placement this week, 8 million units at $0.25 with a full three-year warrant at $0.35, targeting $2 million CAD gross.

Combined with an estimated $6.1 million CAD already in treasury, 7 fully permitted and bonded wells and our belief that discussions around federal funding with USDA and DOE are underway, this raise is sized to complete the inaugural well with contingency room.

For subscribers positioning, this is likely the final opportunity to accumulate at pre-confirmation drill program pricing.

If KCLI hits grades anywhere near what the historic oil and gas wells, the Agapito-authored NI 43-101 exploration target, and Intrepid’s 60+ years of Cycle 5 production suggest, this stock re-rates hard.

If they miss, the story stalls.

Management has recognized this and has taken serious steps to mitigate execution risk.

The company describes the first hole as “over-engineered,” a deliberate choice given the depth (9,000 to 10,000 feet), complexity and cost.

But the prize of being able to test for potash, lithium and bromine in one hole is well worth it.

RESPEC, with 39 procurement programs completed in the Paradox Basin, has been engaged to run the program.

The project has been de-risked before a single confirmation hole has turned. KCLI sits adjacent to one of the most advanced lithium DLE developments in America (Anson Resources, backed by Koch, POSCO, and LG Energy Solution) and 20 miles from Intrepid Potash’s Moab Mine (NYSE: IPI), Intrepid is the only potash producer in the country. Intrepid’s former VP of Business Development advises the Company.

Everything is set, drills turn in a few weeks.

Below the paywall, an exclusive update following a 2 hour meeting with the COO of our core gold holdings and why I believe it is one of the most undervalued situations in the gold developer tier.

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Setups in names more liquid than what we normally feature.

These are higher-risk, higher-reward than our core portfolio holdings, and this is the first of many I expect to bring you in the weeks ahead as the tape firms up.

Two rules govern every one of them:

First, each trade will have a floor: enough story and asset heft underneath it that if the broader market keeps breaking down, you’re not left holding a shell.

Second, I keep every one on a tight leash. A defined entry, a hard stop, and a target so I’m engineering maximum upside and minimum downside on each and every one.

Important: I am not a licensed financial professional and none of this is advise to buy or sell securities. These are trades I am making in my own portfolio, with commentary on how I’m structuring my own personal risk and reward.

Below the paywall is the first of many.

Coiled at the bottom, a very liquid stock that has demonstrated strong technical bounces on market rebounds.

Downside is protected by strong fundamentals that will hold up under further market volatility for those interested in a longer term hold to leverage maximum upside potential.

Liquid enough for quick exits when needed.

Subscribers can upgrade here to access this, and every Premium pick on the website, including the Premium-only section of the JMP Portfolio page.

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Before we get into the meat of the newsletter, some housekeeping.

Premium Subscribers: Don’t forget to join our JMP Chat

You can find me there throughout the trading day, where I offer quick takes undervalued situations, stocks on the move and on press releases as they cross the wire, before the full commentary makes its way through a more thorough process and published to everyone via e-mail.

It’s also a space where members can trade ideas with each other and ask me JMP portfolio related questions in real time.

Founding Tier subscribers. You have my e-mail address. Feel free to reach out to discuss your portfolio holdings. I’ve gotten to know a many of you through direct contact. Take advantage of your benefits, and reach out.

All subscribers: Don’t forget to regularly check out the JMP Portfolio page where you can find the latest commentary on every stock in our universe, along with the actions I am taking on each.

Let’s get into the sector wide correction and where I believe we are on it.

Agnico Eagle, one of the most successful gold miners on the planet, has seen its share price drop from $255 to $135 since March.

Osisko Development lost over a billion dollars in market cap since then, its stock collapsing from $6.60 to $3.20.

Alamos Gold, from its March high of $75, trades at under $40 today.

The sell-off has dragged most juniors down with it, not being as liquid and at early stages of development. Although some quality names, including many in our portfolio, have held up well.

This is textbook sector-wide capitulation, and in my view, based on my experience, it’s time to start bottom fishing the sector.

The TSX Venture has nearly round-tripped over twelve months — back near where it started, having gone nowhere and everywhere in between.

That’s not a discouraging setup. What we’re seeing is fear and uncertainty doing what they always do: selling begets more selling, the pressure builds on itself, and it gets amplified by the summer doldrums, when trading activity thins out the way it does nearly every year.

But the calendar is turning. As we move out of July and into August, with September around the corner, we’re heading into the window where sharp investors get ready to lean back in and the market tends to find a strong bid.

And buying begets buying the same way selling does.

Nearly every serious resource investor I follow is still calling for a structural bull market in metals.

Nearly every metal that matters is still significantly higher than it was a year ago, yet most stocks exploring, developing and mining them are back near 52-week lows. It simply doesn’t make sense other than to look at it as a sector that has oversold itself.

I believe a strong fall and winter rally is coming, and the technical and fundamental cases line up behind it. The time to position is when things look bleakest. That’s now.

What am I buying?

I am particularly attracted to the advanced developers in our portfolio that have gone silent with depressed share prices.

Formation Metals (CSE: FOMO / OTCQB: FOMTF) — A recently closed, oversubscribed $22 million financing has opened the drilling floodgates, expanding the ongoing 30,000-metre program to a fully funded 75,000 metres at its flagship N2 gold project in Quebec, host to a historic resource of roughly 871,000 ounces. Before the raise, shares traded at $0.365 for a $35 million market cap. Fully diluted at $0.26 today, the market cap is again about $35 million. But with roughly $30 million in treasury, the market is assigning just $5 million to an 871,000-ounce resource that this aggressive drill program is expected to more than double. A rare setup, and a strong bottom-fish candidate in my view.

There’s one Premium-only gold developer I’m especially accumulating. A company advancing a target that already carries a large resource, with real potential to grow it meaningfully from here. Its VP of Exploration also holds a senior role at a blue-chip gold miner, the kind of pedigree that rarely shows up at this stage. Well positioned for a re-rating, and I have high expectations for strong returns in the coming quarters.

Bets that are more speculative in nature, whose share prices are trading at levels significantly lower than their recent highs include GoldHaven (CSE: GOH / OTCQB: GHVNF) with two fully funded drill programs on tap, including a large-scale, sexy tungsten, silver, indium and zinc target in B.C.; UraniumX (CSE: STMN / OTCQB: STMXF) with IsoEnergy on board as a 15.6% shareholder, and assays pending from a 4000m drill program located 5km from IsoEnergy’s Hurricane deposit; and Auriginal Mining (TSX-V: AUME0, backed by Stephen Stewart’s Ore Group and reinterpreting a historic gold target (with over 50,000 meters of historic drilling already defining 535,000 ounces) through a VMS lens.

Fresh picks are coming

There’s a handful of new companies under the microscope. Names I found overpriced in March that look deeply undervalued today.

All are led by veteran teams with a track record of shareholder returns, and all have stayed quiet, building the groundwork and preparing to deliver.

They hardly trade, and nobody’s talking about them on any channel I follow. This is precisely where Junior Mining Pro lives: tracking companies, sometimes for years, waiting for the right moment to bring them to you.

Founding members are always the first to hear about these special situations.

Premium supporters also get top level intel on stocks I am positioning in. Many have not been affected by the market correction, and a few of them are considerably higher than they were in March.

For those considering upgrading from your free subscription, a note on pricing.

I’ve kept the same pricing model intact for 12 months. The newsletter has grown substantially since then and demands more time and effort to serve you well.

Starting Monday, premium moves to $20/month or $200/year (from $8 and $88).

A Founding Member subscription to $350/year (from $240) and includes direct access to my email, where we go deep on personal portfolios and individual tickers.

Current subscribers keep their original rates forever.

For the depth of research, the 35 years of sector experience, and the legwork behind it, on the ground and off, this is the best value you’ll find.

Come take advantage of it.

A few quick updates that deserve your attention, including two Premium-only stocks.

UraniumX Discovery Corp (CSE: STMN / OTCQB: STMXF)

One of our more frustrating tickers.

On July 10, $850M IsoEnergy took a 15.6% stake plus a board nomination and handed STMN the Deiter Lake project (24Mlb U3O8 historical).

The news should have moved it. STMN traded over 6 million shares that day and went nowhere. My guess? A legacy holder(s) using the liquidity event to cover losses elsewhere. Same pattern hitting the whole sector – traders selling into liquidity, moving elsewhere for their own personal reasons.

Why I still hold it: a top-tier Athabasca technical team, and the flagship Murphy Lake asset (assays pending on a 4,000m program) sits 5km from IsoEnergy’s Hurricane discovery, the richest on the planet.

Why would IsoEnergy bother taking a material position in a $7M explorer? Murphy Lake. Orano, Cameco and Denison are all in the district and if STMN hits, Iso is first in line in a bidding war.

American Critical Minerals (CSE: KCLI / OTC: APCOF)

One of few tickers that have survived the sector-wide rout, trading 40% higher from it’s February lows, and a chart that demonstrates a steady clip of accumulation.

Recently exercised warrants topped up their treasury by over $1 million, allowing the company to mobilize for their Green River project’s maiden drill program.

Green River sits along the same stratigraphy as Intrepid Potash, 20 miles away, America’s only potash miner, with its mine in continuous operation for over 50 years.

Drills are expected to turn in August.

Tactical Resources (TSX-V: RARE / OTCQB: USREF)

I introduced Tactical to Premium subscribers at ~$5. On Friday shares rallied 24% to close at $9.10, closing in on its mid-June high of $9.50, after a brief slide to $6.80 last week.

Why the rally? I believe the market is telegraphing their Nasdaq listing is closer than we think.

The CEO believes it should happen in August.

Once on the Nasdaq, all cylinders start firing: $140 million Yorkville finance; nationwide investor and institutional marketing, with 10x its current investor exposure in Canada; aggressively moving to leverage the REE-rich stockpiles from the operational quarry they control.

Exclusive Premium-only updates are below. One of them recently skyrocketed 276% in two weeks.

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Two quick, and important updates on two of our critical minerals holdings.

GoldHaven Resources (CSE: GOH / OTCQB: GHVNF)
Market cap: ~$11.5 million CAD

GoldHaven’s 2,320 line-kilometer Magno Survey Reveals A Massive, Coherent Mineralized System

Link to press release here

GoldHaven dropped one of the most important press releases to date regarding its flagship, district scale tungsten-silver-zinc-indium Magno project.

It confirms what this newsletter has been saying for months: Magno is not a collection of isolated historical showings. It is one, massive connected mineral system.

The QMAGT airborne survey flew 2,320.7 line-kilometres at 100-metre spacing, the largest modern magnetic dataset ever collected over this property, and it has been fully interpreted.

The result is a continuous north-south magnetic and structural corridor extending across the entire 37,000-hectare land package, linking the Kuhn tungsten skarns, the Magno and D Zone silver-zinc CRD system, the Storie molybdenum occurrence, and the newly staked Cassiar Moly target within a single regional geological framework.

The warm colours running north-south through the centre of the property represent the magnetic signature of the structural corridor.

Every known mineral occurrence on this project (tungsten, silver, zinc, indium, molybdenum, copper) sits within that framework.

CEO Rob Birmingham: “The survey demonstrates that Magno is not a collection of isolated historical showings — it is one connected mineral system with coherent structural architecture that we can now systematically map, model and drill.”

For the first time, the company has a property-wide geophysical picture that ties everything together.

The metal zonation at Magno is textbook: lead-silver carbonate replacement at the property margins, zinc-tungsten skarns tightening toward the core, copper elevated in the granite. Classic pattern, radiating outward from a heat source that has never been drill-tested.

The target is a potentially massive mineralized porphyry system buried at depth.

Northtech Drilling is engaged. The inaugural diamond drill program targets 5,000 to 7,000 metres across the Kuhn tungsten corridor, the Magno and D Zone CRD targets, and QMAGT-generated intrusive targets.

Mobilization is planned for approximately August 1, subject to final permits.

A Quick Note on the Copecal gold project in Brazil

On June 4th, GoldHaven announced plans to commence Phase II drilling at its Copecal Gold-Copper Project in Brazil during Q3 2026, targeting the eastern extension of the East Target where copper-bearing bornite mineralization identified in maiden drilling provides a temperature vector toward a potentially larger system at depth.

Two drill programs in Q3. Two jurisdictions.

One discovery hole is going to send the stock soaring.

Tactical Resources (TSXV: RARE) — Final hurdle cleared. Nasdaq listing expected within weeks.
TSXV: RARE / OTCQB: USREF
Market cap: ~$60 million

I spoke with Tactical’s CEO this week. One of the final regulatory hurdles for the Nasdaq listing has been cleared. If it doesn’t happen in July, it’s looking like August. Either way, we are very close.

He also shared an important update on the share lock-up.

When the SPAC deal was first structured roughly a year ago, 80-85% of shares were expected to be locked for six months post-listing.

That has changed significantly. It is now looking like only 35% of shares will be locked up, with 65% freely tradeable from day one.

That is a major shift in favor of existing shareholders who want flexibility around the listing event.

Note that these numbers have not been finalized and are estimates.

Let me remind everyone, particularly newer subscribers, what Tactical actually controls.

The Peak Project sits inside the Sierra Blanca Quarry in Texas, an operation that has been crushing rock around the clock for over 20 years, producing railroad ballast for Union Pacific.

Two miles away sits USA Rare Earth’s (Nasdaq: USAR, $4.2 Billion) Round Top project.

The quarry’s crushing process generates rare earth bearing fines as a byproduct, stockpiled on site as waste.

Tactical owns 1.5 million tons of that material outright and has access to over 4 million tons total, with new feedstock being added daily. They hold a 36-month option to acquire the entire quarry for US$29M. Metallurgical testing shows 88-93% rare earth extraction via direct leach, bypassing the capital-intensive processing that kills most REE projects.

Now consider the environment this company is about to list into.

MINING.COM reported this month that U.S.-backed rare earth producers MP Materials, Energy Fuels, and Phoenix Tailings are shipping most of their output to Japan and South Korea because American magnet manufacturing hasn’t caught up with demand.

Phoenix Tailings CEO Nick Myers told the Financial Times: “Unless the primes move quickly, I will sell out. Other companies are paying top dollar faster.”

Billions in government capital are chasing domestic rare earth supply.

The U.S. International Development Finance Corporation committed US$565M to fund Serra Verde’s expansion. The Department of Commerce has a US$1.6B commitment on the table for USA Rare Earth. Energy Fuels just received conditional government funding worth US$725M. Phoenix Tailings secured US$500M. MP Materials operates under a federal pricing agreement guaranteeing minimum prices for its products.

The money is real, the demand is real, and there aren’t enough domestic producers to absorb it.

Tactical is about to walk onto the Nasdaq with a Texas-based REE asset, secured feedstock, proven extraction metallurgy, and a quarry that produces new material every single day.

Once listed, the Yorkville US$140M financing activates, the quarry acquisition can proceed, and the company appears on every institutional screen in America.

Every share you hold today converts into 4.24 PubCo shares at close.

The window is still open.

IMPORTANT DISCLAIMER AND RISK DISCLOSURE

This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy, sell, or hold any securities. The author is not a licensed financial advisor, investment advisor, broker-dealer, or registered investment advisor and does not provide personalized investment advice or recommendations tailored to any individual’s financial situation.

All information presented is the author’s opinion based on publicly available information and should not be relied upon as the sole basis for any investment decision. Readers should conduct their own due diligence, research, and analysis before making any investment decisions and should consult with qualified, licensed financial professionals before investing.

Junior mining and exploration stocks carry substantial risks, including but not limited to: potential total loss of investment, extreme price volatility, liquidity risk, operational risks, regulatory changes, commodity price fluctuations, exploration failures, and dilution from future financings. These investments are speculative in nature and may not be suitable for all investors.

The author may hold positions in securities mentioned and may buy or sell such positions at any time without notice. Past performance does not guarantee future results.

Forward-looking statements and projections are inherently uncertain and subject to numerous risks and uncertainties. Actual results may differ materially from any projections or expectations expressed herein.

This content is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. By reading this analysis, you acknowledge that you understand and accept these risks and limitations.

This summer I’ve been vocal on JMP’s more prominent positions, for good reason. KCLI, STMN, GOH, RARE, WDGY.

Below I’m going to give you my take on several companies in our portfolio that I haven’t mentioned in a while.

This includes the personal action I am taking on each, and what I’m expecting to happen in the coming months.

Below the Premium paywall are stocks exclusive to our supporting subscribers. I’ve been building my positions, and while the fundamental undertow builds I’m anticipating multi-bagger returns on every one of them.

At only $8/month (or $88/year) it’s by far the best value you’ll find for this level of coverage. A Founding membership, $275/year, gets you access to my e-mail for one on one portfolio and ticker discussions. I’ve come to know many subscribers personally through this Tier, and would encourage you to take advantage of this door.

First, a word on the current state of the junior resource sector

It’s a rough patch, and it’s happening despite most metals holding firm after last year’s wild bull run.

It’s also happening despite legendary resource investors like Rick Rule and Robert Friedland calling for a renewed bull market on the back of a supply crunch that stretches across the metals spectrum and shows no sign of loosening.

The markets are choppy right now, and I’ve been here more times than I can count.

It’s not a good feeling to watch your stocks slide or stall with no clear sense of where the bottom is.

That feeling gets worse if you didn’t take profits into recent rallies and pops.

This is exactly why diversification across commodities matters.

A few of our tickers have held up through this correction without giving back much.

A few are still considerably higher than our entry, despite the fact that most junior explorers have seen up to a 50% hair cut in recent months.

Plenty of others are underwater and waiting on catalysts that I believe will put us well ahead of the game once they land.

Bear in mind, confidence is not certainty.

The drill can miss. Assays can disappoint.

Most of the companies we cover are pre-discovery. That is where the high-risk, high-reward math lives, and positions should be sized accordingly.

A handful of our names have already found something and defined a resource.

They are working to grow it or push it through the development cycle. These are the safer bets, but understand what “safer” actually means here.

The risk shifts rather than disappears. Geological risk gives way to engineering, financing, and permitting risk. The Lassonde Curve spikes on discovery, then sags through the feasibility and permitting years, and only turns back up as the mine gets built and de-risked.

A resource-stage company can grind sideways for a long time while the market waits out that middle stretch. Positions should be managed accordingly.

Finally, while I’m not licensed to give investment advice and I never do, I’ll say this much. It’s rarely a bad idea to take some profits into the first major spike. It lowers your cost basis and leaves you with dry powder to reposition on the corrections, which almost always come.

Where does my portfolio strategy actually sit?

I get a lot of questions about how I personally position my portfolio.

When do I take profits? Do I ever cut a name loose entirely? When do I sell, when do I buy?

I would love to answer those. I can’t.

I don’t know your risk tolerance, your time frame, your capital needs, your holding power, or the dozen other things that shape your decisions.

My responsibility to you is this: present a company with a strong thesis and a clear path to a rerating, built on sound geology and a management team that can execute.

I allocate a larger portion of my total portfolio to this sector than most people should. I’ve been doing this for around 35 years. I am willing to take the hits and keep adding to positions that are seriously depressed.

Right now we’re in a risk-off environment. Sellers are trimming exposure to the sector and taking a wait-and-see approach until things settle.

In my experience summer doldrums is the most challenging time of the year to find bull runners. Also a great time to add to positions that have gone quiet on the market, but loud and busy on the ground.

One more thing before we get to the names.

I encourage you to check the JMP portfolio page regularly for the current situation on each company. Bookmark it and visit it often.

Now let’s dust off some legacy tickers

Formation Metals Inc. (CSE: FOMO / OTCQB: FOMTF)

Share price: $0.29 Market cap: $43.6M

Formation picked up the 4,400-hectare N2 gold project in Quebec’s Abitibi during the 2024 bear market, complete with an 871,000 oz historical resource. The A-Zone hosts a mineralized veining system 20 to 61m thick and at least 100m wide, with up to 8km of potential strike.

Goliath Resources (TSX-V: GOT) founder Roger Rosmus joined FOMO’s board in February.

Two rigs are turning on a fully funded 75,000m program, backed by $30.7M in working capital and zero debt. The recent 200m step-out west returned 1.05 g/t Au over 31m and confirmed the system runs laterally toward the high-grade RJ corridor, where historical holes returned up to 51 g/t. A 400m southern step-out hit visible gold in N2-26-24.

The maiden resource estimate is targeted for Q3 2026. That’s the number the market reprices on.

What I am doing: Accumulating under 0.30
What I’m expecting to happen: The Q3 maiden resource is the whole event. If the A-Zone, the western extension and the RJ corridor pull together into something approaching 2 million ounces of near-surface gold at these gold prices, the market has to reprice a $44M shell holding a deposit the majors on the Casa Berardi trend need.

Auriginal Mining Corp. (TSXV: AUME / OTC: KTRXF)

Share price: $0.05 Market cap: $15.8M

Peter Cashin drilled the Roger project in Quebec’s Chibougamau district back in 1985. Four decades later he’s back, running his own company on the same ground, reinterpreting 58,000m of historical drilling through modern VMS science.

That history matters because it explains the June 2 press release. Cashin’s model predicted massive sulphides sitting directly above the known porphyry, and the drill found them exactly where he said they’d be. AUR-26-03 cut 8.1m and 4.0m of massive to semi-massive pyrite-chalcopyrite, tying to an off-hole EM conductor identified last fall. Two holes 600m northeast traced the fault-offset porphyry over 400m of new strike, and the sulphide marker horizon shows strong similarities to Agnico Eagle’s LaRonde deposit.

In a November 2025 interview, Peter stated the company believes Roger could host up to C$2 billion in situ economic ore based on C$200-250 per tonne rock values observed at comparable regional VMS deposits.

Assays are expected throughout Q3. Downhole EM and gravity crews are surveying every new hole to hunt more sulphide bodies. If the numbers confirm what the core is showing, Roger becomes two deposit types in one system.

What I am doing: Accumulating under 0.06
What I’m expecting to happen: Q3 assays either confirm the VMS sulphides above the porphyry or they don't. If they do, Roger stops being a single tired porphyry and becomes a two-deposit system in a camp that hosts LaRonde. Cashin has been right about this rock for forty years, and at $15.8M the market is betting he isn't.

Kirkland Lake Discoveries Corp. (TSXV: KLDC / OTCQB: KLKLF)

Share price: $0.295 Market cap: $60.7M

420 sq km in Ontario’s Kirkland Lake gold camp, funded by a $10M raise with Eric Sprott, Rob McEwen and Crescat on the register.

The June 23 results gave us two things at once. KLM26-011 returned 0.98 g/t Au over 62.3m and pushed the broad shallow South Zone 100m west and 130m down. KLM26-010, drilled 120m south of any known mineralization, came back with 79.63 g/t over 2.1m. The company reads this as a network of connected dilation zones: gold pooled into broad zones where the rock pulled apart, and left narrow high-grade streaks in the tight cracks between them.

A second rig is turning and ten holes sit pending assay. Grades are uncut, and Chrysos PhotonAssay with screen fire on anything above 350 g/t is the right call in coarse-gold rock.

What I am doing: Holding
What I’m expecting to happen: Ten holes pending, two rigs turning. What I'm watching for is confirmation that the dilation model holds, that the broad South Zone repeats along strike rather than being a one-off. Once you can draw a continuous corridor tying the South Zone, North Zone and those southern high-grade hits together, the conversation shifts to a resource.

Pacific Ridge Exploration (TSXV: PEX / OTCQB: PEXZF)

Share price: $0.19 Market cap: $18.4M

Two copper-gold porphyry projects in BC, and the numbers at Kliyul are the part people miss. The Kliyul Main Zone, just one target area on the property, holds 2.42 billion pounds of copper equivalent, or 5.7 million ounces gold equivalent, in the inferred category. Last year’s drilling there returned 289.0m of 0.77% CuEq (0.26% Cu, 0.75 g/t Au, 1.54 g/t Ag).

The $8.46M placement closed July 2 and put the treasury above $9.0M. Real dilution, and I won’t pretend otherwise. What it buys is two high-impact drill programs without a mid-season hat in hand. The bigger news is who showed up: Minsur, the Peruvian tin and copper producer, took the entire final tranche through Cumbres del Sur and is now the largest shareholder at roughly 13.8%. They also took technical access to RDP and a nine-month right of first refusal to acquire the project outright.

RDP earned that interest. Hole RDP-25-011 cut 112.2m of 1.35% CuEq (0.76% Cu, 0.86 g/t Au, 3.16 g/t Ag), one of BC’s best porphyry intervals of 2025. This season they drill the interpreted porphyry centre at Day and chase the western magnetic lobe, while flow-through money goes into resource expansion at Kliyul. A producer does not take a ROFR on a single asset unless it is thinking about owning it, and that clock is now running.

What I am doing: Holding
What I’m expecting to happen: The nine-month ROFR clock on RDP is the thing. Minsur bought a seat at the table and the right to buy the asset outright, and producers don't do that casually. Either they exercise and the market gets a real price for a BC porphyry, or the drill hits the Day porphyry centre and Pacific Ridge gets a rerate without them.

Ucore Rare Metals Inc. (TSXV: UCU / OTCQX: UURAF)

Share price: $5.19 Market cap: $604M

One of our biggest winners at +1,088% in 92 days during the 2025 run, and the story has moved from proving a technology to selling a product. Ucore owns the RapidSX separation process, the Louisiana Strategic Metals Complex, and Bokan in Alaska.

On July 7 the company produced 99.9% dysprosium oxide at Kingston for qualification sampling with Japanese, South Korean and US magnet makers. Dysprosium is what keeps a magnet working hot, in EV motors, robotics and defense, and there is no qualified non-Chinese source of it. As Pat Ryan put it, the Western first-mover advantage is about qualification status, not volume.

Watch for the first definitive offtake agreement. That’s what turns a qualification sample into revenue.

What I am doing: Holding long term
What I’m expecting to happen: Qualification samples become definitive offtake agreements. Dysprosium and terbium have no qualified non-Chinese source, and Ucore is furthest along the on-ramp. The first binding supply contract is the number that turns this from a technology story into a revenue story.

The rest of this update is for Premium subscribers.

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CSE: STMN / OTCQB: STMXF | July 9 Close: $0.10 | Market Cap: ~$9.75M CAD

This morning UraniumX announced a transaction that changes the shape of this story.

IsoEnergy (TSX: ISO / NYSE American: ISOU), the ~$925M market cap owner of the Hurricane deposit, and one of the most credible uranium developers in the world, is taking an approximately 15.6% strategic equity position in UraniumX.

IsoEnergy, through its wholly-owned subsidiary Consolidated Uranium, receives 18,000,000 UraniumX shares at a deemed price of $0.10 and a 2.0% NSR.

In exchange, UraniumX acquires 100% of the Dieter Lake uranium project in North-Central Quebec. And also gets a Board nomination right.

There’s more. Iso also gets participation and top-up rights on future issuances.

What UraniumX Just Got

Dieter Lake carries a historical estimate of 19.3 million tonnes at 0.057% U₃O₈.

Approximately 24.4 million pounds of U₃O₈, (historical estimate) traced over 6 km of strike, open to the southwest, with most of the 8,106-hectare property having seen little or no modern drilling.

A higher-grade subset within the historical model comes in at approximately 6.8 million tonnes at 0.108% U₃O₈.

But this is pounds already identified in the ground, acquired for shares.

Why IsoEnergy Is Doing This

IsoEnergy already owns Hurricane in Saskatchewan’s famed Athabasca Basin, the most productive uranium mining district in the world, and is drilling directly north of UraniumX’s Murphy Lake ground on the same Larocque corridor.

They know exactly what Murphy Lake is, and exactly what F4 Uranium and UraniumX have been finding on it.

Visually identified pitchblende in hole one, two mineralized trends now defined across 1.6+ km of combined strike, anomalous radioactivity in 5 of 6 target areas drilled.

Why did IsoEnergy take a major stake in shares of STMN now?

My read: IsoEnergy wants an early seat at the table on the most likely takeout target adjacent to their own operating footprint.

If Murphy Lake hits meaningful uranium at assay, IsoEnergy is now positioned as an insider on the acquiror side rather than a bystander watching a competitor bid.

They get a board seat nomination, and rights to maintain their percentage position on future financings. IE: They do not want to be diluted out if there is a discovery.

That’s the deal underneath the deal.

Quebec: The Regulatory Iceberg is Breaking, not Melting

First I want to place the ugly fact on the table: Dieter Lake sits in a jurisdiction with a de facto uranium moratorium since 2013.

I believe STMN took the deal and gave 15.6% of their company away for this asset because they know the blockage is starting to show major cracks.

This moratorium was not legislated, never formally reconducted, and increasingly at odds with federal policy.

Canada named uranium a critical mineral.

Ottawa is running a $2B Critical Minerals Sovereign Fund and calling 2026 a pivotal year for the nuclear industry.

Global uranium demand is rising while supply is tightening.

Nova Scotia tabled a bill in February 2025 to lift its own decades-old ban.

The pressure on Quebec, and Canada, is mounting.

Icebergs like this don’t melt gradually in this business, they break.

Any credible signal of provincial movement re-rates Quebec uranium assets overnight, and UraniumX just acquired 24.4M historical pounds for shares.

Murphy Lake Is Still the Story

Do not lose sight of what’s actually turning drill bits.

Murphy Lake, 5km south of IsoEnergy’s Hurricane, 4km from Cameco’s La Rocque Lake Zone, 4km from Cosa Resources’ Cyclone trend — just wrapped a 4,092-metre drill program.

This drill program was expanded from 2,500m mid-campaign and returned anomalous radioactivity in 5 of 6 target areas and defined two mineralized trends totalling 1.6+ km of combined strike length.

Assays are pending for Q3.

A reminder of who is directing STMN’s uranium development strategy:

Directing exploration: Ken Wheatley (47 years Athabasca, 8 discoveries including McArthur River and Cigar Lake)

Vincent Martin (former CEO of Orano Canada, 12 years running Cigar Lake, McArthur River, and McClean Lake)

Dr. Yuanming Pan (30+ years Athabasca unconformity research at U of Sask)

and Matthew Schwab (Arrow discovery team, Roughrider sold to Rio Tinto for $654M).

This is the most experienced technical roster ever assembled at a $10M junior in this basin.

Now they have IsoEnergy sitting alongside them.

Actionable Insight

CEO Esen Boldkhuu said: “On closing, UraniumX becomes a multi-jurisdiction Canadian uranium company, and we intend to reward that conviction.”

For a $9.75M market cap company to attract a strategic equity commitment from the owner of Hurricane, in exchange for 24.4M historical pounds of Quebec uranium and no cash (and an option for a board seat and future financing participation), is an impressive accomplishment and speaks to the quality of assets and people that STMN has assembled.

Assays from the 4,092-metre Murphy Lake program remain the primary catalyst.

Everything else is now stacked on top of that.

IMPORTANT DISCLAIMER AND RISK DISCLOSURE

This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy, sell, or hold any securities. The author is not a licensed financial advisor, investment advisor, broker-dealer, or registered investment advisor and does not provide personalized investment advice or recommendations tailored to any individual’s financial situation.

All information presented is the author’s opinion based on publicly available information and should not be relied upon as the sole basis for any investment decision. Readers should conduct their own due diligence, research, and analysis before making any investment decisions and should consult with qualified, licensed financial professionals before investing.

Junior mining and exploration stocks carry substantial risks, including but not limited to: potential total loss of investment, extreme price volatility, liquidity risk, operational risks, regulatory changes, commodity price fluctuations, exploration failures, and dilution from future financings. These investments are speculative in nature and may not be suitable for all investors.

The author may hold positions in securities mentioned and may buy or sell such positions at any time without notice. Past performance does not guarantee future results.

Forward-looking statements and projections are inherently uncertain and subject to numerous risks and uncertainties. Actual results may differ materially from any projections or expectations expressed herein.

This content is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. By reading this analysis, you acknowledge that you understand and accept these risks and limitations.

GoldHaven Resources (CSE: GOH / OTCQB: GHVNF)
Share price: C$0.17
Market capitalization: ~C$11.5 million

Announced this morning GoldHaven Commences Targeted IP Survey Following High-Grade Copper Discoveries at Three Guardsmen

I’ll unpack the significance of this PR below.

First a brief update for new subscribers: Where We Are on GoldHaven’s flagship Magno and the Copecal gold project in Brazil?

GoldHaven signed Northtech Drilling on July 2nd for the inaugural diamond drill program at Magno.

The program is designed for 5,000 to 7,000 metres targeting the Kuhn tungsten skarn system, QMAGT-generated targets across the 37,000-hectare land package, and the silver-lead-zinc CRD zones.

Permitting and drill mobilization is expected early August.

This follows completion of the 2,320-line-kilometre QMAGT airborne survey in late June, the largest modern magnetic dataset ever collected across the Magno project.

Preliminary data returned an extensive structural framework with multiple discrete magnetic anomalies, including features in areas that have never been explored.

Copecal in Brazil advances to Phase II drilling in Q3 2026.

The eastern extension of the East Target, where the initial program intercepted bornite-chalcopyrite sulphide zonation pointing toward a copper-gold source at depth, is the priority drill area.

The Copper Macro in Two Minutes

Every legendary resource investor out there, including Rick Rule, Frank Giustra, Robert Friedland - is a copper bull.

The world will need to mine more copper between 2026 and 2050 than has been mined in all of recorded human history.

That’s before data center demand is layered on top.

The structural problem is time, not price.

From first exploration success to first production typically runs 13 to 17 years.

This includes drilling, resource definition, permitting and construction.

New copper supply started today doesn’t reach the market until the late 2030s at the earliest.

That gap is where junior copper explorers live. The market rewards discovery long before production. A high-grade copper find in a geological setting with porphyry potential, infrastructure access, and a clear drill vector gets repriced fast.

GoldHaven’s third project, Three Guardsmen, fits that description.

Three Guardsmen: What We Know

This property has been in GoldHaven’s portfolio but largely out of the spotlight while Magno dominated the narrative.

Three Guardsmen covers 16,234 hectares across 14 contiguous claims in northwestern BC’s Rainy Hollow area.

The project sits in a Late Cretaceous tectonic setting that hosts major porphyry systems, including Casino and Red Mountain.

Access is via a 4-kilometre mining road to paved highway infrastructure.

The 2025 field program collected 126 surface rock samples.

Twenty-five came back amazingly above 1% copper.

The top results: 15.85%, 12.75%, 12.65%, 9.92%, and 7.19% copper.

High-grade mineralization has been confirmed in epidote-magnetite skarns with bornite and chalcocite, traced over more than one kilometre of strike.

The geological corridor between the Canadian Verdee and Mildred showings suggests a prospective skarn trend of approximately 2.6 kilometres.

More important than the surface grades is what the geochemistry is pointing toward.

The 2025 program identified porphyritic intrusive textures at lower elevations, elevated molybdenum values, and a systematic geochemical transition from copper-silver mineralization through bismuth-tellurium-gold into molybdenum in altered granites.

That transition is a textbook vector toward an intrusive heat source at depth.

In plain English: the exposed skarn system at surface may be the outer shell of a buried porphyry copper system.

The IP survey now underway is designed to find it.

What is the IP Survey Looking For?

Scott Geophysics commenced a “pole-dipole time-domain induced polarization survey” this month covering approximately three kilometres across priority target areas.

IP surveys detect chargeability and resistivity anomalies at depth to find the signature of disseminated sulphide mineralization.

When layered over the surface geochemistry, structural mapping, and geochemical vectors GoldHaven already has, the output is a subsurface picture of where the sulphide core likely sits.

If IP returns a coherent chargeability anomaly beneath the known high-grade skarn trend, Three Guardsmen moves from surface discovery to drill-ready target.

That step change in technical confidence is what drives re-ratings in early-stage copper exploration.

Results, including pseudosections and plan maps, are expected following completion of the survey.

Three Assets. Three Shots at Discovery.

Step back and look at what GoldHaven has assembled under one vehicle.

Magno: a district-scale tungsten-indium-silver porphyry system in the Cassiar District with drills mobilizing in August, targeting a buried heat engine that has never been tested and surface grades that include the highest indium values ever recorded in the district.

Copecal: a structurally controlled hydrothermal gold system in Brazil’s Juruena Gold Province with bedrock gold confirmed in maiden drilling and an independent geological review identifying clear vectors toward stronger mineralization at depth. Phase II turns in Q3.

Three Guardsmen: 16,234 hectares of high-grade copper-skarn geology with porphyry source indicators, 15.85% copper at surface, and an IP survey underway right now that could generate the district’s next drill program.

The company has $8M in the treasury from recently raised funds.

They’re active programs on all three assets.

The drill bit is the final arbiter in this business.

GoldHaven has given itself three separate chances to find something that matters. That’s an unusual amount of optionality for a company at this stage.

One discovery hole changes the conversation entirely, and it’s why I am invested.

IMPORTANT DISCLAIMER AND RISK DISCLOSURE

This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or a recommendation to buy, sell, or hold any securities. The author is not a licensed financial advisor, investment advisor, broker-dealer, or registered investment advisor and does not provide personalized investment advice or recommendations tailored to any individual’s financial situation.

All information presented is the author’s opinion based on publicly available information and should not be relied upon as the sole basis for any investment decision. Readers should conduct their own due diligence, research, and analysis before making any investment decisions and should consult with qualified, licensed financial professionals before investing.

Junior mining and exploration stocks carry substantial risks, including but not limited to: potential total loss of investment, extreme price volatility, liquidity risk, operational risks, regulatory changes, commodity price fluctuations, exploration failures, and dilution from future financings. These investments are speculative in nature and may not be suitable for all investors.

The author may hold positions in securities mentioned and may buy or sell such positions at any time without notice. Past performance does not guarantee future results.

Forward-looking statements and projections are inherently uncertain and subject to numerous risks and uncertainties. Actual results may differ materially from any projections or expectations expressed herein.

This content is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. By reading this analysis, you acknowledge that you understand and accept these risks and limitations.