THIS PART: "The explorecos that make the most of large land packages are almost always the ones that treat them as a portfolio that they acquired on accretive terms and with specific reasoning." The Tim Goyder playbook in all of his co's is to aggresively peg around the existing asset, then let the rock sniffers and drills then do the talking

There is a type of exploration company that shows up at every mining conference with a slide that is basically just a nice-looking map of many colored polygons on it. District-scale land position. Regional scale potential. Thousands of hectares. Multiple target types. And that potential is great ... sometimes. Some other times (read: more often), it's just a pain. The explorecos that make the most of large land packages are almost always the ones that treat them as a portfolio that they acquired on accretive terms and with specific reasoning. They have a strategic plan for the district/belt. They have a ranking system. They have a drop threshold. They concentrate their best technical resources on their best ideas, and they do not confuse the map area with the quality of the geological thesis underneath it. It's your job as a speculator to figure out which companies are served well by a large package, and which ones are just throwing catchphrases at you. Ask & dig. I did, in my interview with @DPGEO of @Kingfisher_KFR $KFR.V. His answer is in the clip below. The full interview is on YT and wherever you get your podcasts.

Love your content mate. Would love to see some more asx explorecos get the Antonio grill.

Agreed. That's why you have to keep asking until they explain it in a way that makes sense. In the end, there's no escaping geology. If you want to do well in explorecos, you have to know at least some geology.

So many overpriced gold explorecos with projects that will never become working mines. And so little time on this planet.

What would you do differently if you could go back? The questions sounds soft, but it’s actually a stress test (when you ask explorecos that, but please don't ask your wife that). As a non-geo, you’re not trying to out-log their core or argue about alteration like you’ve got a PhD and a pickup truck full of thin sections (though I will still keep trying to cosplay that). You’re trying to figure out whether the company genuinely believes it still has a shot at a discovery, and whether that belief is grounded in learning or just stubbornness. This question forces management to reveal whether they’ve updated their model, whether they understand why the last work didn’t deliver, and whether they can articulate what they’ve learned without spinning it into the usual “everything went perfectly” pitch. You’re not asking this to dunk on them. You’re asking because real discovery stories evolve, and the teams that still have a shot can tell you exactly how their thinking has changed. Exploration is a series of wrong answers until it isn’t. The question is whether management is learning their way toward the right answer, or just paying to repeat the same one louder. Ask. I did, in my recent interview with @QuimbayaGoldInc $QIM.CN. Short answer below. Long answer in the full interview, which is on YT and wherever you get your podcasts.

If you let me buy a basket of ExploreCos every line would look like this

My core portfolio trades like molasses. But I’m starting my rotation into energy today which has fallen from 15% to 5% of my AUM without me selling any energy. Will be trimming explorecos, royalty (valuation), diversified majors and producers with disappointing guidance.

Kind of feel like I arrived today. @NeilRingdahl mentioned me & @tom_woolrych told me to learn Australian. like to thank the OGs like @BlackAlex58 @Bernie_Kreft for helping me learn when I came on twitter during Covid. I’ve gone from a mining moron who bought explorecos because they were near a mine and had a cool name, to someone capable of professionally running a commodities fund. If you’re new in this space, keep learning and follow successful investors who monetize with outstanding results. This is the video series that got me started on my journey. Master this stuff, and you will be halfway there. Thank you to @sprottmedia for providing this content. youtu.be/e1voF9XxBPQ?si=BUIb…

This guy doesn't understand the relationship between security liquidity and account size. There's an appropriate ratio between (engaged) followers and market cap/trading volume of stocks publicly discussed. I don't know what that ratio is, qnd it'dcertainly be up for debate, but considering your account is still relatively small, and /especially/ your at early table pounding numbers, your recommendations are not materially responsible for price action. If you were positioning in $5M MCAP explorecos which trade $600/day, there'd be moral (and maybe legal) questions. But you're discussing companies with market caps in the hundreds of millions to billions. Even your own full porting does not move share price in a permanent way.

$sdr.v: silver was $26 when many of the nanocap silver explorecos were at ATH's in 2020. Still early. #silver

Heat map of the silver stocks with the word "silver" in it's name: Today, more selling than buying. This list is mostly explorecos.

Ideal Briargate property with tons of services, shops, parks, schools, etc. in walking distance! Plus, great setup for multigenerational living with a full finished basement, including a wet bar/kitchen, bedroom, and full bathroom! property.listreports.com/gbd… #UpdatedKitchen #MultigenerationalLiving #BriargateHomes #ColoradoSprings #GatehouseVillage #D20schools #ClassicHome #BHHS #ListingAgent #COsprings #COShomes #COSrealestate #COSresidential #COSd20 #ExploreCOS #HouseForSale #COSJustListed #Springs411 #NewToMarket

Happy New Year! Wishing you a 2026 full of health, happiness, and an endless bull market. I'm thankful for everyone who's ever liked a video or a post, stopped by for a chat in DMs or the comments section, reposted a post, said hi in real life, or interacted with me in any shape or form. I'm also grateful for what 2025 brought along. Outside the 250 interviews, I had the chance to do 12 site visits (reports linked below). That's a ridiculous privilege, and I don't take it lightly. Although I wouldn't have agreed 12 months ago, boots on ground beats hot takes from a desk. I tried taking you along for the ride with these video reports, but they still need a lot of work. The plan for 2026 is not more interviews or more site visits. It's better interviews and better site visits. Looking back, I see a lot of mistakes, missed opportunities for follow-up questions, tougher asks, etc, that I have to work on, and I will. Support, feedback, and criticism from all of you has been very helpful and I don't plan on disappointing you. Thank you, and please keep it coming. Mining doesn't need more content, it needs deeper and longer conversations as well as more digging for quality information in a sector that often confuses noise for signal, and a sector that rewards sales skills more than analytical skills... ...but don't get me started now, we're here to celebrate. On a more personal note, the bull market treated my portfolio very well in 2025. Multiple multi-baggers, no major losses, decisions taken for the right reasons, sold some stuff right on time, dodged some bullets, held onto good stuff, etc. Overall, a nice year. But I'm reminded not to confuse a rising tide with nautical skill or bull markets with brains. I've done it. You've done it. The newsletter writer who never appears to have any losses has done it ... but it can be dangerous to yourself and others around you. Even though I did have that nice year, I'm nowhere near to retiring the line 'I don't know what I'm doing' because I just don't, and it'll take me time. Two good years in a row, especially in a bull market, doesn't mean much. For me, being more comfortable with the markets starts at a sustained 5-year track record of good decisions, through different markets, different cycles, and a few gut checks. So, yeah, enough ranting; Happy New Year to you all, even the explorecos. May your drills behave, your metallurgy cooperate, your permitting not turn into a Greek tragedy, and your best decisions come from process, not luck.

In 2026 we'll see all the 2019 pgm explorecos kick their uranium/lithium/ree/antimony to the side and fire up the pgm news releases again.

Can you talk about - -speculation on a NexGen buyout. -Why are no explorecos going up last 10 years (NXE and FCU only big wins. ISO, PTU, CVV, SYH, SASK, FUU all down from 2021)? -were experts wrong on supply shortages based on commentary last 6 years and exploreco price action

Ramp Metals could be a good comeback story next year. It will be interesting to see the new Ranger targets from the recent fieldwork and mapping. Ramp is a rarity for junior mining explorecos 👇 1️⃣ 3 drilling areas for 2026: gold & copper 2️⃣ Cashed up ~$5M CAD 3️⃣ Low float: 45M shares outstanding @RampMetals $RAMP.v $RMPMF

Cosa has easily the best team among all #uranium explorecos. Discl: I'm a shareholder. DYODD.

Cordial reminder on TSXV trading today: The 3rd Thursday in November is one of the classic "cats away mice play" days for jr mining stocks. With US markets closed ( half day tomorrow), don't read too much into any rocket moves in sketchy explorecos.

Lots of folks dumping their great white north explorecos as the snow flies & tax selling season sets in. Advanced projects with 2 million oz gold don’t grow on trees. What if you can’t get back in?