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 [music] I'm Charlotte Mloud with investingnews.com and here today with me is Gerard Del Rail, co-owner of Digest Publishing. Thank you so much for being here. >> It's so good to be back. It's been a bit. >> Yes, it's been a little while since we caught up, but so good to have you back. And here at the New Orleans Investment Conference, we are we've made it to the end of day two. So I think I can ask about sentiment on the show floor. Any key takeaways among attendees that

you've been taking in. >> This is the best attended conference I've seen. And I've been coming every year since 2009 and is as upbeat as I've ever seen it. And so, um, look, I think with gold at 4,000, with silver at 48, with copper making, you know, new highs and and seemingly having a lot of room to run, there's a lot of money to be made and I I think people have done well um the last couple of years, but I think there's still a lot of money to be made and people are excited. You could sense

it. >> Yeah. Yeah. That's the vibe that I'm getting as well. So since it has been a little while since we had a chance to talk, I wanted to start with a bit of a broad question and ask how your portfolio is looking right now. What is the breakdown perhaps across commodity, size of company, that kind of thing? >> Yeah. No, great question. Um, so I'm still very bullish on copper. Um, copper and gold are are probably I would say 45% of my portfolio right now. Um, you could throw silver in there within that

copper, gold mix. uranium um is is probably a 30% wayne in my portfolio and you know then the remaining 25 it's like lottery picks right because at the end of the day I love exploration I love discoveries that's where trai traditionally that's been my sandbox that's where I've had the most success and so you know it's also where you have the most misses but you know we mitigate the risk and in in a bull market it becomes a little bit easier so hopefully we don't mistake brains for a bull

market and keep working hard try to deliver >> okay so we'll try to get into each of those different commodities. Maybe we start with gold because that's so in focus at this show right now. And I think what's on people's minds is we're in this pullback. I've been saying all day, many people see this as a buying opportunity, but I'm wondering if you can help situate us in terms of where we are in the cycle and when we look forward, what could be the trigger for the next move up?

>> You know, I I think there's two markets, right? I think there's one market that is the gold price, the the spot price of gold, right? And then we're talking the gold juniors, which is where I play exclusively, right? That's what I do. Those are two very different markets. If we're talking about the gold spot price, I think we're probably like in the fourth inning. If we're going to use baseball parlins, if we're talking about the equities, the junior companies, I

think we're like in the bottom of the second inning. I think it's really, really early days. And so, look, a lot of companies have done well. We've done very well, but there's still a lot of value out there. And I think as as as valuations grow because more capital comes into the sector, it's going to be critically important to find value and to not chase and and to be disciplined. It's very simple to get overly enthusiastic about $4,000 gold, right? And just want to buy 30 things. Um,

historically for me, I try to keep, you know, a portfolio, a personal portfolio of no more than 10 companies because I like to make big bets. And so when they work, they it counts. And when they don't, you know, hopefully the ones that do make up for the ones that don't, right? There's always going to be a miss here and there, >> right? And maybe a small follow-up question there. Is now the time to be buying gold juniors if it sounds like you're you're set already, but if you're

not, is now a good time to be looking at those types of companies and get in? >> Absolutely. Absolutely. I mean, I've been doing it since gold was $700 or $600, right? And so, in fairness, let me say that I'm biased because I love the sector, but there's a lot of value out there. There's a lot of juniors that are trading at valuations similar to when gold was $2,000 and here we are with $4,000 gold. Ditto for copper explorers and developers, right? Ditto for silver. And so I think if

you're able to find value in this market and you're may able to make, you know, whatever substantial means to you, but a substantial bet on that value, you can do really, really well. And then there's a lot of game left. A lot of game left. >> Yeah. And I know you made the distinction between the the juniors and the medals prices themselves. But I'll I'll ask you in terms of gold and silver prices. Do you have targets that you're looking for in this cycle or or how are

you feel how how are you looking at it? >> It's funny. I think the last time we chatted was a few years ago and I think I had mentioned 30 3,000 or $3,500 gold in a couple of years and I think I said silver, you know, would make new all-time highs. Well, we're there now, right? It it happened really quick. It happened in the past two years. Look, I I I I saw Rick uh Rick Rule present about an hour and a half ago, and he talked about the 38 trillion in debt here in the US. The fact that we're

adding 2 three trillion to that number, to that deficit every year, global debt isn't going in the right direction. And as long as we don't address that problem, there's going to be a lot of dollars chasing a finite supply of, you call it, copper, uranium, gold, silver, whatever they may be. So again, if I can find value and I can find it relatively early, I love pre-discovery stuff, um, could do just spectacularly well in this market. >> Do you have any examples of companies you would mention?

>> Absolutely. I I'll give you an example of a company that we financed at 25 cents. I initially bought it at 11 cents and then it went to 25 cents and we took the bulk of the financing. We helped raise the capital for the company. Um, and the company now trades at $160. The company's name is Kingsman Resources. It's my biggest silver, gold uh position, right? Exploration company in northern Mexico. You can look at the 11centent price and the 25cent price and look at the fact that it's a $160 now

and think, "Oh, I missed it." But it's still only a $40 million market cap and the analoges with similar companies are billion dollar market caps, right? So again, that's a prime example of yes, you could do very very well, but you have to know what you own. Um, last year I was uh doing some work for perpetual resources and it it hit like a low of $3 and recently hit a high of $40 and that's all within the last year and a half. The value was always there. I had visited that project twice in 2016 and

2019 if I'm not mistaken. And we knew that the value was there. we just didn't have the kind of market that was rewarding a deposit of that size. Now, it absolutely helped that, you know, this administration has been really, really aggressive in fast-tracking permitting. Um, and it also helped that they have a big antimony kicker that really fasttrack, you know, securing that permit and getting that done. So, they did a phenomenal job. They deserve the valuation that they have now some $3

billion market cap, but the value was easy to recognize two years ago when it was trading at three bucks. You just had to be willing to be patient. You had to know what you what you owned, right? >> Yeah. And this this brings up another question I've been thinking about recently because there's been a lot of people mentioning to me today that when gold and silver went way up the last couple of weeks ago, they took profits from some of their stocks. And I've been wondering, you know, you can do that or

when you have a company like you're mentioning with Milestones, you know where it's going to get. Would you still do that if the price is running along with the metalist prices or would you just leave it and say, "No, I know where this is going." >> Yeah, I that's a great question by the way. It it's tough because everybody's situation is different, right? And I I have been notoriously guilty and it's it's just been great sometimes and it's been not so great sometimes in in

holding too long, right? And so what I encourage everyone to do is know your risk timeline and your risk tolerance and then trim trim as you go. If if Kingsman Resources, right, I believe that company can be a $10 stock in the next year, a year and a half. It's a$150 stock right now. Um, if I sell some at a $150 or $2, am I going to be sad or mad or upset that I sold some because it wins at 10? No. That's a great problem to have, right? And look, my my cost basis was 11 cents initially.

So, I it gives me that leeway to hold a little longer than someone that maybe just got in at $1.50 and and and is hoping that it goes to $10. Still, you know, great four-fold win, but you just kind of have to know what you own, why you own it, what those milestones are supposed to be. make sure that the company's checking the boxes and doing the things that they say they're supposed to be doing. Um and and and then and then, you know, enjoy the market. We're not going to get one of these, I don't think, um in the next

decade or two. And I think this one runs for another three or four years at least. And I think it's broad. I think it's gold, copper, silver, uranium, lithium. I know lithium's out of favor, right? And your audience is going to say, "Here goes Gerardo again with his lithium thing." I did phenomenally well during that last lithium upcycle, right? And sure, we've had a tough consolidation the last year and a half, but I think this time next year, lithium comes back in favor. And you know, you

look at data centers, you look at, you know, AI and the ambitions there. You look at the government support for mining, especially in North America. And I think this is the golden age of exploration and development in the critical metal space, in the precious metal space. So take advantage of the market, folks. >> Okay. Well, we'll we'll take a look at lithium because I know I know you like that one. And I I mentioned before we turned the camera on, you might be a little bit lonely there, but that is

that is what you like. So, lithium, >> what what is what is telling you that maybe we've got a turnaround coming and maybe talk about how you are playing that >> in the lithium space specifically? I had the pleasure. So, Patriot Battery Metals is some a company that I helped finance at 16 cents, subsequently ran to $17. It trades just south of $4 today, right? And the CEO is a gentleman by the name of Ken Brinden who took Pilborough Minerals company penny stock to10 billion dollar market cap valuation.

Right? I had a great conversation with him a month ago and he's adamant that we bottomed a couple of months back. Um and look, you know, I I try to make sure that when I'm vetting my ideas and my bias that I'm asking people that are much smarter and much more tied in. So when he talks about um the price of battery cells coming down and that increasing the demand and how China can't continue to flood the market the way it has been because of its own environmental issues and how there's now

going to be a premium on North American critical metal supplies. And then I look at what Patriots's been able to do in terms of adding value. The shares aren't at all-time highs, but the value of the metals that they've discovered is is truly world class. And so you can see where the upside is going to come from. And again, I mean, I I had a blast from 16 cents to $17. I still own a bunch. And if it stays at these levels between now and year end, I'll likely add to that pretty substantial position.

>> All right. So, that's that's the lithium angle right now. And maybe we talk a little bit more about critical minerals in general before we move over to uranium copper. Are you looking anywhere else in terms of crit? Well, it seems like everything is a critical mineral now in some way, but are you looking anywhere else specifically there? >> North America and Australia. You know, I happen to have some very good contacts in Australia, people that I've I've worked with, you know, in this business

for over a decade. People that I trust, people that, you know, are are are very very very plugged into that region. And Australia does a great great job of securing, discovering, and advancing critical metals projects. And look, the administration here in the US just announced, I believe a week and a half ago, that is very interested in securing critical metals from Australia because we want to break away from that dependence on China. Right. And that isn't a um that that's not an issue

that's going to go away anytime soon. That issue will continue as tra it's trade wars now, but it really just is a cold war that's not so cold and it's not so silent anymore between the US and China, right? It's pretty much out in the open at this point. And so no, it's going to be pun intended critical. It's going to be critical to keep securing those metals. So those two jurisdictions I really like because of the independence from China, Russia and some of the other countries that you

know may not be our best of friends. >> So you would look for companies with critical minerals projects in those jurisdictions? >> America and Australia specifically. Absolutely. I still love Peru. Peru is Peru. It always gets in its own way sometimes politically, but look, geologically, it's it's just endowed beautifully, right? They are still the number two producer um in the world of copper. And so, Hannon Metals is a company that's one of, if not my largest holding, one of my largest holdings. And

it will continue to be. It's pre-discovery. They have a copper gold belt, 18 different copper, gold porefree centers that they've discovered. And they've only explored like 10% of their land package. And so in an environment where copper's at an all-time high and gold is consolidating at 4,000 and silver's consolidating at 48, to have a company that's got $120 million market cap and owns an entire belt potentially of these deposits is is is exactly my kind of play. It's got scale. It's got a

management team that's technically competent, has capital markets experience, um, and then we just wait for a discovery and got to get ahead of it if you want to make the real money, right? >> That's that's true. Okay. I have a question there though because copper we hear about these very long timelines and if this is pre-discovery how does that fit in with your narrative I guess on where the copper sector is going. >> Yeah, look I think you like for me because exploration is where I like to

see value added. I I wouldn't hold a hen and metals until it turned into a mine because that's going to take 15 20 years, right? I'm I I I'm not holding it that long. Frankly, they're not going to hold it that long. They are explorers, right? And so they do what they do best is they explore and they find economic deposits of copper and gold and and and other things, right? Um and they do a really really good job of it. So for me, I like riding that exploration wave, right? A Patriot battery metals in

the lithium space is different to me because I think that'll be permitted in the next couple of years. And so I I'm happy to hold it for another couple of years, let lithium do what it's going to do, and then come back into favor and have the stock be in double digits again. But two very different approaches, right? One much more near-term um as far as permitting and production goes. Uh and and then the other one it's just an exploration play. It's a drill play. And I love those.

>> Yeah. Yeah. So I guess that goes back to you said you got to know what you have. All right. >> And let's let's make sure to touch on uranium as well. So that one is a a favorite for our audience. Definitely. And yeah, how how are you approaching uranium right now? because we're in this interesting time in this sector where it feels like maybe the prices are a little bit like this, but there's so many positive developments. So, how are you approaching it? >> Very aggressively. I mean, the past two

years, uh, Nick and I have financed several several uranium companies of private deals that became public through management teams that we've made money with in the past, right? I'll give you one name, um, URZ3 Energy. We've done very well in bare markets. When uranium was $20 a pound with that team, it made you know 12,300% gains on on what was formerly a Zara. They are back now. Same management team. It's a similar group. Uh they have the former CEO of Encore Energy, uh the former billion dollar

market valuation is now on the board of directors. And yet the company has a market cap of like 1520 million. It's early stage. It's structured well. We know where the shares are at. And I think uranium has some of the best supply demand fundamentals I've ever seen for any commodity. And so I absolutely expect the utilities to get caught sleeping at the wheel the way they always do in every cycle, right? And and they'll start contracting at $1 and $125 because it's a it's a tiny input to

them. Whether they pay $125 or $40 for them isn't consequential. It's consequential to me as a uranium speculator and and again playing that very aggressively. We have been for the past couple of years. um with several positions, earlier stage positions, exploration and development in the United States primarily >> looking earlier. Yeah. Okay. All right. Well, I think I think we've run through what you're doing right now, the main things you're covering. Any final points

you would share with investors right now? >> Summer, >> find values. >> You know, I'll give you an example. The rare earth um boom of the past six months, right? It's been amazing. Yeah. companies like energy fuels go from $34 to$25 $30 and that's fantastic and now we're getting a consolidation in that space because it's very very headline driven and if you chase it at $25 $30 you might not be the happiest right now you know now that it's pulled back a bit

do I think energy fuels continues higher absolutely do I think it's a great speculation because of the rare earth and the uranium combination absolutely um but again the time to buy that was when it was $3 not when it was $30, right? And so find value and if you can find pre-discovery or pre-development value um by by using, you know, newsletter writers, whoever your favorite newsletter writer is, a group of them, um that that's where the real money is going to be made in this cycle. It's going to be really easy to chase.

Gold will be higher here soon. Consolidation will be over. Everybody will forget and everybody will pile in. Should be buying it when it's pulling back, right? >> Well, great takeaways. And I I forgot I almost forgot my fun question. So, let me ask that one before I send you off onto the show floor. No, it's a fun one. All right. If we look forward to 2026, what would be your pick for best performing asset for the year? >> Between now and then >> between for for 2026 and yeah, the whole

year >> and Meadows. >> Oh, okay. >> Hen and Meadows. And again, I'm okay. Yes, >> I'm biased. Yeah, I own a lot of it. We help finance it at 25 cents. We help finance it at 35 cents. Um, I know the management team did extremely well. I visited the site. Um, and and yeah, we're one drill hole away from from that really really really taking off. Um, if we're talking commodity, copper and uranium, I mean, I I I love them both. And you know, I I I I had said uranium, I think a couple of years

ago, and that's worked out well. I had said copper a couple of years ago as well. That continues. I think this is one of those bull markets that the deficit s are structural in nature, and so it it's going to continue to run. This isn't a problem that we're going to solve with production and supply in the next two years or three years. There's a lot of bull market left. >> Okay. All right. Well, thank you so much for coming coming on. We'll have you back sooner again next time. Great.

>> All right. Cheers. Thank you. >> Once again, I'm Charlotte Mloud with investingnews.com and this is Gerardo Del Ral.