Required Reading
This page is a list of links to other people's writing (and audio and video) that I consider totally worth your time. A lot of these are linked in various articles I've written, but I am putting them in one place for convenience. Updated periodically.
Investing Legends
Investing Strategies
I've compiled some of my blog stuff on the more mature investment strategies into their own page.
Basics
Independent Speculator's Drill Result Cheat Sheet is a great resource when looking at press releases of drill results. Like the you must be this tall to ride signs at roller coasters, it might still be a scary ride but this is the minimum level of knowledge you should have.
Crux Investor's "The Con" series by Merlin Marr-Johnson is really a great way to get the lay of the land.
(free 2 week trail, $30/month or $300/year thereafter)
https://www.cruxinvestor.com/
You should read/watch everything by Paul Gait (formerly of Bernstein, now at a European hedge fund). His charts on gdp to steel and gdp to copper are just fundamental. His insight that markets aren't forward looking with respect to existing producers building new mines is shocking. Or that existing producers are basically priced on a multiple of basket revenues. The breakdown in the Moore's law of mining. That a country's GDP is highly predicted by the amount of metal in its economy. The labor scale productivity gains in mining and their limits. Evaporation of the wall of supply in copper. The reasons different commodities trade at different margins above cash costs. https://naturalresourcesforum.com/-/resources/bernstein-paul-gait-slides.pdf
https://s-i-a.ch/wp-content/uploads/dlm_uploads/2019/09/03-Metals-and-Mining-Bernstein_Paul-Gait.pdf
Franco Nevada is the greatest of all time (GOAT). The first 21 pages of their asset handbook lays out how they do it.
https://s21.q4cdn.com/700333554/files/doc_downloads/asset_handbook/2021/05/2021-Asset-Handbook.pdf
How to value mining stocks with Kevin MacLean. He was a mining fund manager for many years and has a good track record. Here he shares a lot of details on how he invested.
Copper
Goehring & Rozencwajg wrote an amazing piece on copper supply. There are lots of bull cases for long term high copper prices, but this one is one of the best.
(name and email required for free download)
http://gorozen.com/research/commentaries/1Q2021_Introduction
Horizon Kinetics on Copper
Really, all of Horizon Kinetics writing is worth reading, especially their quarterly commentaries.
https://horizonkinetics.com/app/uploads/Q4-2021-Quarterly-Review_FINAL.pdf
Porphyries
I created a youtube playlist to talk about this deposit type that is responsible for most of the world's copper and a significant amount of gold.
Lithium
A detailed look at cost learning rates for lithium batteries.
https://arxiv.org/pdf/2007.13920.pdf
Iron
Champion Iron makes the (biased) business case for their spot in the industry. It's really good and educational. This is what a real well run business should do for presentation material, others take note. $VALE and $LIF also benefit from the DRI/EAF quality iron or products, an industry trend I believe in.