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

Legends Abridged - Pierre Lassonde
Pierre Lassonde is in my opinion the best mining investor of all time. Much of that success came as a co-founder of Fraco Nevada. He also was President at Newmont, ran a mining fund, and has had a lot of success investing his own private fortune. I’m going to compile
Legends Abridged - Eric Sprott
Eric Sprott made much of his money from financial services. Sprott physical metal trusts, investment advisory services, lending, and the like. However, there is no denying that he also has made a massive number of personal investments into individual companies in the mining space, that investors v…

And the only analyst to make the legends list:

Legends Abridged - Paul Gait
Paul Gait is my favorite analyst. His ideas are well thought out and well presented, with direct implications to natural resource investors. Transcripts are slightly edited for clarity. Please watch the original if you want all the “umm” and “sort of” and similar verbal artifacts. September 20, 202…

Investing Strategies

I've compiled some of my blog stuff on the more mature investment strategies into their own page.

Pre Production Sweet Spot
This page compiles from previous blog articles on this well supported investment strategy. IntroductionThe methodology is pretty simple. Buy at Construction Decision after financing and permits are in place. Sell at either First Pour (more reliable) or declaration of Commercial Production (some ad…
Project Generators
This page compiles from previous blog articles on this well supported investment strategy. Buy Prospect GeneratorsRick Rule transcript starting at 2:22 in the following video: I have done this with some very certain success over the last thirty years. I have been involved by my count in something li…
Royalty Overview
If I could pick one investment strategy to pound the table on this is it. Royalty is King! BacktestingPast results don’t indicate future results, but it’s worth looking at the backtesting data. Junior gold miners on average lose money and are only valuable as a short. Gold historically has lower

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.

Drill Result Cheat Sheet
Lobo Tiggre, The Independent Speculator provides investors with a quick reference guide for interpreting drill results in gold, silver, copper, uranium, or other resource exploration company press releases.

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.

porphyries
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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.

https://www.championiron.com/wp-content/uploads/2023/11/20231113-capital-markets-day-vfinal-asx-filing.pdf