1 00:00:13,640 --> 00:00:17,239 Speaker 1: Hey, everyone, welcome to another episode of the Market Disruptors Show. Today, 2 00:00:17,320 --> 00:00:20,360 Speaker 1: I am joined by Max Porterfield. He is the president, CEO, 3 00:00:20,680 --> 00:00:24,319 Speaker 1: and the director of calin X Minds. Um. He is 4 00:00:24,560 --> 00:00:27,200 Speaker 1: maybe what a lot of people would call a disruptor 5 00:00:27,240 --> 00:00:29,520 Speaker 1: in the mining space, which is awesome because of course 6 00:00:29,520 --> 00:00:33,080 Speaker 1: we're talking about disrupting markets on this show. Um. So, Max, 7 00:00:33,120 --> 00:00:34,640 Speaker 1: I've been I've been really excited to talk to you. 8 00:00:34,680 --> 00:00:37,159 Speaker 1: Thanks for joining us today. Yeah, thanks so much for 9 00:00:37,159 --> 00:00:39,319 Speaker 1: having me. I'm really excited to be here. Yeah. So, 10 00:00:39,440 --> 00:00:42,040 Speaker 1: you know, I've been following what your company has been 11 00:00:42,040 --> 00:00:43,720 Speaker 1: doing for quite a while. We've talked about it in 12 00:00:43,760 --> 00:00:45,479 Speaker 1: the past on this show. I'll get to that a 13 00:00:45,479 --> 00:00:47,199 Speaker 1: little bit later. So I'm kind of familiar with you, 14 00:00:47,240 --> 00:00:49,479 Speaker 1: but for those who really aren't familiar with you, just 15 00:00:49,479 --> 00:00:51,519 Speaker 1: give us a little bit on your background and what 16 00:00:51,520 --> 00:00:55,960 Speaker 1: you're doing. Yeah. So I'm originally from Texas. I got 17 00:00:56,000 --> 00:00:59,600 Speaker 1: my undergraduate Texas Tech University, Border Raged, Texas out of 18 00:00:59,640 --> 00:01:03,640 Speaker 1: West Exist originally and um again, starting my career in 19 00:01:03,640 --> 00:01:07,160 Speaker 1: the natural resource space with a comic a US Global Investors. 20 00:01:07,160 --> 00:01:09,800 Speaker 1: Spent nearly six years there and that's a fuch boutique 21 00:01:09,800 --> 00:01:13,080 Speaker 1: investment firm. That specializes as in natural resources investing the 22 00:01:13,200 --> 00:01:16,679 Speaker 1: run a mutual fund portfolio there really known across the 23 00:01:16,720 --> 00:01:18,800 Speaker 1: world for their their expertise with that, and so that 24 00:01:18,840 --> 00:01:22,320 Speaker 1: was a tremendous amount of education really on what does 25 00:01:22,360 --> 00:01:24,760 Speaker 1: an institutional investor look at when looking at to make 26 00:01:24,800 --> 00:01:27,480 Speaker 1: investments into the mining space in particular, which is what 27 00:01:27,760 --> 00:01:31,000 Speaker 1: my next move was. So then I moved to Canada. 28 00:01:31,040 --> 00:01:35,880 Speaker 1: In I did some investor relations there's some two notable 29 00:01:35,880 --> 00:01:38,959 Speaker 1: companies for a couple of years to really understand the 30 00:01:39,000 --> 00:01:41,759 Speaker 1: capital markets, and then went all in, so to speak, 31 00:01:41,800 --> 00:01:46,680 Speaker 1: and taking over klin X and refocusing the company to 32 00:01:47,000 --> 00:01:51,840 Speaker 1: these exploration within these prolific mining camps in Canada to 33 00:01:51,960 --> 00:01:55,480 Speaker 1: make the next discoveries to really continue those long lived 34 00:01:55,800 --> 00:02:00,400 Speaker 1: histories within those communities. Yeah, so that's cool. Worked with 35 00:02:01,160 --> 00:02:03,680 Speaker 1: at US Global Investors. I had Frank Holmes on the 36 00:02:03,680 --> 00:02:07,920 Speaker 1: show UM a few months back. He was he was great. 37 00:02:07,960 --> 00:02:09,880 Speaker 1: I I learned a lot from him until he was awesome. 38 00:02:09,919 --> 00:02:11,600 Speaker 1: So that's cool. That's a good person to mentor under, 39 00:02:11,600 --> 00:02:15,400 Speaker 1: I would imagine. Yeah, so you went to uh you 40 00:02:15,440 --> 00:02:17,960 Speaker 1: went to Canada in two thousand and twelve UM and 41 00:02:18,000 --> 00:02:21,000 Speaker 1: started working in the capital markets. UM. I guess specifically 42 00:02:21,000 --> 00:02:24,640 Speaker 1: trying to like maybe raise money for mining companies, but 43 00:02:24,680 --> 00:02:26,680 Speaker 1: that probably wasn't the best time, right, That was kind 44 00:02:26,680 --> 00:02:28,200 Speaker 1: of like at the peak before we went into a 45 00:02:28,200 --> 00:02:31,400 Speaker 1: long bear market. Yeah, I know, I'm my whole career, 46 00:02:31,520 --> 00:02:33,359 Speaker 1: I in a lot of ways has been in a 47 00:02:33,440 --> 00:02:35,720 Speaker 1: bear market. I mean I came out of a university 48 00:02:35,720 --> 00:02:38,600 Speaker 1: in two thousands and six, joined US Global and it 49 00:02:38,639 --> 00:02:41,320 Speaker 1: was a nice you know right up watching the assets 50 00:02:41,360 --> 00:02:44,679 Speaker 1: grow and really the last secular bull market for commodities. 51 00:02:45,639 --> 00:02:48,519 Speaker 1: But then that will popp ur the financial crisis and 52 00:02:48,520 --> 00:02:51,959 Speaker 1: and really it's been a tough time through throughout that past, 53 00:02:52,040 --> 00:02:54,919 Speaker 1: you know, over a decade at this point. But I 54 00:02:55,000 --> 00:02:57,480 Speaker 1: think we are re entering a new secular bull market 55 00:02:57,560 --> 00:03:00,720 Speaker 1: for the commodities space. And really always said to myself 56 00:03:00,720 --> 00:03:02,799 Speaker 1: that you want to ride the wave when the wave comes, 57 00:03:03,840 --> 00:03:05,760 Speaker 1: and yeah, certainly that's what we're doing. You're with calin 58 00:03:05,919 --> 00:03:08,680 Speaker 1: x and hitting these discoveries when the winds really behind 59 00:03:08,680 --> 00:03:11,360 Speaker 1: our sales in a lot of ways. So you know, 60 00:03:11,800 --> 00:03:14,480 Speaker 1: these cycles they come, and when they come, they come 61 00:03:14,520 --> 00:03:16,720 Speaker 1: really big. And we're in the middle a very big 62 00:03:16,760 --> 00:03:19,080 Speaker 1: cycle coming force in the basic process metal space. In 63 00:03:19,080 --> 00:03:21,560 Speaker 1: my opinion, Yeah, I love. I love what you said. 64 00:03:21,639 --> 00:03:24,160 Speaker 1: So I'm in I'm in California. I'm a surfer. So 65 00:03:24,200 --> 00:03:26,440 Speaker 1: I always talk about like investing like a surfer. Right, 66 00:03:26,480 --> 00:03:28,560 Speaker 1: I can see a storm brewing from far away, I 67 00:03:28,560 --> 00:03:30,639 Speaker 1: contract that the storm's coming, and then I wait and 68 00:03:30,680 --> 00:03:32,880 Speaker 1: I just ride that wave. Um. And so that's kind 69 00:03:32,880 --> 00:03:35,240 Speaker 1: of what you're talking about. So it's kind of always 70 00:03:35,280 --> 00:03:36,720 Speaker 1: work with my analogy. But the other thing I like 71 00:03:36,760 --> 00:03:39,880 Speaker 1: about what you said is, you know you've kind of 72 00:03:40,000 --> 00:03:43,160 Speaker 1: been through these bear markets and so um. I love 73 00:03:43,160 --> 00:03:46,360 Speaker 1: the quote that a smooth seas never made a skilled sailor. Right, 74 00:03:46,360 --> 00:03:48,080 Speaker 1: you have to go through these tough times and you've 75 00:03:48,120 --> 00:03:50,920 Speaker 1: made it, so you're definitely prepared for that. But talking 76 00:03:50,920 --> 00:03:53,560 Speaker 1: about this wave coming or you said the wind at 77 00:03:53,560 --> 00:03:56,600 Speaker 1: our back, Um, what do you see being the catalyst 78 00:03:56,640 --> 00:03:58,680 Speaker 1: with the gold price? I mean, obviously we were in 79 00:03:58,720 --> 00:04:03,160 Speaker 1: this gold you know, bull market recently, but now we've 80 00:04:03,200 --> 00:04:05,320 Speaker 1: seen this weakness in the price and some people maybe 81 00:04:05,320 --> 00:04:07,360 Speaker 1: are starting to doubt that. But you think we have 82 00:04:07,400 --> 00:04:10,760 Speaker 1: this bull market head, talk to me about that. Yeah, 83 00:04:10,880 --> 00:04:13,560 Speaker 1: most certainly. I think we're in the early stages of 84 00:04:13,840 --> 00:04:16,280 Speaker 1: a secular bull market for the real assets out there. 85 00:04:16,320 --> 00:04:19,440 Speaker 1: And that's just do basically, you know, simply to the 86 00:04:19,720 --> 00:04:23,120 Speaker 1: what's going on and the government spending. The amount of 87 00:04:23,160 --> 00:04:26,240 Speaker 1: printing of dollars is unprecedented. The last time you've seen 88 00:04:26,360 --> 00:04:28,640 Speaker 1: anything like this was during the financial crisis, and that 89 00:04:28,680 --> 00:04:31,520 Speaker 1: was probably three trillion dollars of the FED and that 90 00:04:31,640 --> 00:04:35,480 Speaker 1: took a gold move from six dollars announced north announce 91 00:04:35,520 --> 00:04:37,520 Speaker 1: at that time, right, and that was you know what 92 00:04:37,560 --> 00:04:39,960 Speaker 1: I got to experience the end of that in terms 93 00:04:39,960 --> 00:04:42,800 Speaker 1: of the last rodeo for a very very short period 94 00:04:42,800 --> 00:04:45,520 Speaker 1: of time. And you know, this is the situation now 95 00:04:45,600 --> 00:04:47,560 Speaker 1: with the COVID. Whether you agree with the reaction or not, 96 00:04:48,279 --> 00:04:50,960 Speaker 1: I'll leave that up to other people's debate a different conversation. 97 00:04:51,560 --> 00:04:54,000 Speaker 1: But the amount of money printing is just next level. 98 00:04:54,040 --> 00:04:57,480 Speaker 1: You're looking probably three times that in terms of money printing. 99 00:04:57,640 --> 00:05:00,440 Speaker 1: In the magnitude that's going to have on real sets, 100 00:05:01,000 --> 00:05:03,760 Speaker 1: it's gonna be tremendous. And you know, ideally placed you know, 101 00:05:03,839 --> 00:05:08,440 Speaker 1: owning real estate, goal precious medals, based medals art I 102 00:05:08,480 --> 00:05:11,039 Speaker 1: think is it's gonna have a big run to Yeah. 103 00:05:11,240 --> 00:05:14,120 Speaker 1: Is again, you know, you just can't print that kind 104 00:05:14,120 --> 00:05:17,360 Speaker 1: of currency and think nothing's gonna happen. Just like you 105 00:05:17,560 --> 00:05:19,479 Speaker 1: or anybody out there can't run a big credit card 106 00:05:19,520 --> 00:05:22,320 Speaker 1: debt and think that's not gonna be ramifications to that. 107 00:05:22,640 --> 00:05:25,080 Speaker 1: And anytime you have a negative real interest rate environment, 108 00:05:25,120 --> 00:05:27,960 Speaker 1: you're gonna see the precious medals ride and perform very 109 00:05:28,040 --> 00:05:31,159 Speaker 1: very well during those periods of time. And that's, you know, 110 00:05:31,360 --> 00:05:33,800 Speaker 1: certainly what we have today. And I don't see that 111 00:05:33,920 --> 00:05:36,159 Speaker 1: changing that for the foreseeable future. And you know, the 112 00:05:36,200 --> 00:05:40,320 Speaker 1: Fed's reiterated that too, So it's not like I'm coming up. Oh, 113 00:05:40,360 --> 00:05:42,479 Speaker 1: they've they've they've they've given us a lot of words 114 00:05:42,480 --> 00:05:46,520 Speaker 1: like infinity. Yeah, they're not even thinking about thinking about 115 00:05:47,040 --> 00:05:49,960 Speaker 1: changing Uh now they've projected out you know, five years, 116 00:05:49,960 --> 00:05:52,200 Speaker 1: so yeah, definitely, they've they've told us that. And it's 117 00:05:52,200 --> 00:05:54,800 Speaker 1: interesting what you said. The three trillion dollars and two 118 00:05:54,800 --> 00:05:56,560 Speaker 1: thousand and eight drove it from you know whatever, six 119 00:05:56,680 --> 00:05:59,479 Speaker 1: eight to two thousand, just that same move, what could 120 00:05:59,520 --> 00:06:02,479 Speaker 1: push us up a four or five thousand, But as 121 00:06:02,520 --> 00:06:05,599 Speaker 1: you've just said, they've actually done three times that amount, 122 00:06:06,000 --> 00:06:10,039 Speaker 1: So yeah, that could be conservative, we don't know. But 123 00:06:10,040 --> 00:06:12,520 Speaker 1: but there's other drivers as well. So I think we're 124 00:06:12,520 --> 00:06:15,120 Speaker 1: almost seeing this kind of perfect storm. Um, I know 125 00:06:15,160 --> 00:06:17,760 Speaker 1: a lot of people think it maybe just depends on 126 00:06:17,800 --> 00:06:20,640 Speaker 1: a strong or a week dollar, which has kind of 127 00:06:20,680 --> 00:06:24,200 Speaker 1: been been that historically. But I think you've probably seen 128 00:06:24,200 --> 00:06:26,720 Speaker 1: it move up against either or strong or a week 129 00:06:26,920 --> 00:06:31,120 Speaker 1: would you say that's correct? Yeah, yeah, you will see that. 130 00:06:31,160 --> 00:06:34,320 Speaker 1: And I think what's also overlooked is gonna supply side 131 00:06:34,360 --> 00:06:36,400 Speaker 1: of things. I mean everyone thinks that you look at 132 00:06:36,400 --> 00:06:39,880 Speaker 1: a price and the price is just set by you know, 133 00:06:40,520 --> 00:06:44,360 Speaker 1: stronger demand, but you know, stronger demand met with stronger 134 00:06:44,400 --> 00:06:46,960 Speaker 1: supply coming online will net out, you know, really a 135 00:06:46,960 --> 00:06:50,760 Speaker 1: flat move in any kind of commodity. So you're seeing 136 00:06:50,760 --> 00:06:54,240 Speaker 1: this new demand come on both on investment demand in 137 00:06:54,279 --> 00:06:57,440 Speaker 1: different types of consumption, certainly on the gold side, but 138 00:06:57,480 --> 00:07:01,280 Speaker 1: then on the supply side. These discoveries are becoming very, 139 00:07:01,360 --> 00:07:04,520 Speaker 1: very difficult to make. You look at how many multimillionaiuts 140 00:07:04,560 --> 00:07:07,960 Speaker 1: gold discoveries are made, and it's becoming more and more rare. 141 00:07:08,200 --> 00:07:10,880 Speaker 1: So a lot of that is going to be supply 142 00:07:10,960 --> 00:07:13,320 Speaker 1: side driven as well. When you have increasing demand but 143 00:07:13,400 --> 00:07:15,720 Speaker 1: you don't have supply that can meet you meet up 144 00:07:15,760 --> 00:07:17,680 Speaker 1: and keep over with that demand, that's when you have 145 00:07:17,760 --> 00:07:21,600 Speaker 1: big moves and price action and not online medals seeing 146 00:07:21,640 --> 00:07:24,800 Speaker 1: happening in gold. You saw that happen in silver, and 147 00:07:24,840 --> 00:07:27,320 Speaker 1: more recently, I think, you know, again, silver can continue 148 00:07:27,360 --> 00:07:29,520 Speaker 1: to have a big run with it. I mean the 149 00:07:29,520 --> 00:07:31,160 Speaker 1: move that silver had this year, you haven't seen a 150 00:07:31,200 --> 00:07:36,160 Speaker 1: moving silver like that since the nineteen eighties. Um So, again, 151 00:07:36,280 --> 00:07:38,280 Speaker 1: it's a supply side story in a lot of ways 152 00:07:38,320 --> 00:07:40,760 Speaker 1: as well, because while you had that big movement and 153 00:07:40,800 --> 00:07:43,320 Speaker 1: it's been a tough period, you've also had lack of 154 00:07:43,400 --> 00:07:47,720 Speaker 1: investment into exploration across the board base meals in particular, 155 00:07:48,160 --> 00:07:51,960 Speaker 1: because you know, seventy of all exploration dollars raised, believe 156 00:07:52,000 --> 00:07:56,120 Speaker 1: it or not, go to gold. Um So again, Uh, 157 00:07:56,200 --> 00:07:57,800 Speaker 1: you know, I do see a bright future and it's 158 00:07:57,800 --> 00:08:01,200 Speaker 1: gonna be both supply and demand oriented. Yeah. Well, I 159 00:08:01,280 --> 00:08:03,880 Speaker 1: love that you say that because, um I always, you know, 160 00:08:04,280 --> 00:08:06,760 Speaker 1: try to break things down very simply, and you know, 161 00:08:06,920 --> 00:08:09,040 Speaker 1: there's a lot of complex ways to look at the markets, 162 00:08:09,040 --> 00:08:10,440 Speaker 1: but at the end of the day, really it all 163 00:08:10,440 --> 00:08:13,600 Speaker 1: boils down to supply and demand, and so, um you 164 00:08:13,720 --> 00:08:17,280 Speaker 1: have increasing demand for a bunch of different reasons. But 165 00:08:17,320 --> 00:08:19,360 Speaker 1: then the simple sides, you can see the supply side 166 00:08:19,400 --> 00:08:21,800 Speaker 1: going down as you're seeing, and so that leads to 167 00:08:21,880 --> 00:08:25,360 Speaker 1: that that price increasing. Um. You know you talked about 168 00:08:25,440 --> 00:08:29,000 Speaker 1: you know, the FED printing all this money, and when 169 00:08:29,040 --> 00:08:32,440 Speaker 1: they print the money, fake money values are dropping and 170 00:08:32,480 --> 00:08:35,360 Speaker 1: it seems like that's gonna naturally push people into real 171 00:08:35,480 --> 00:08:38,360 Speaker 1: things like possibly commodities, which is the space you're in. 172 00:08:38,400 --> 00:08:40,520 Speaker 1: I mean, do you see that that migration of people 173 00:08:40,520 --> 00:08:44,680 Speaker 1: wanted to leave fake money into like real assets like commodities. Yes, 174 00:08:44,760 --> 00:08:47,080 Speaker 1: for sure, you know it's you're seeing a new wave 175 00:08:47,120 --> 00:08:50,160 Speaker 1: of an investor coming into the commodity space. And you 176 00:08:50,160 --> 00:08:53,280 Speaker 1: can always tell that's the telltale sign. Um. You know. 177 00:08:54,320 --> 00:08:56,360 Speaker 1: I like to think of money and when in terms 178 00:08:56,400 --> 00:08:58,679 Speaker 1: of that flows as the water, you know, you can 179 00:08:58,720 --> 00:09:00,880 Speaker 1: like that as the waves and a knowedge. But when 180 00:09:00,880 --> 00:09:03,480 Speaker 1: you have asset flows into a sector, a small sector 181 00:09:03,559 --> 00:09:06,400 Speaker 1: like the mining businesses, you know, all ships are gonna 182 00:09:06,480 --> 00:09:08,480 Speaker 1: rise in the rising tide, and you've certainly seen that. 183 00:09:09,080 --> 00:09:11,880 Speaker 1: But I think again you don't have anywhere near which 184 00:09:11,880 --> 00:09:15,360 Speaker 1: you saw into doesn't six yet and the market really 185 00:09:15,360 --> 00:09:17,720 Speaker 1: has it's truly caught on another big thing you know 186 00:09:17,760 --> 00:09:19,679 Speaker 1: that's been changed in the market, which I think is 187 00:09:19,800 --> 00:09:21,800 Speaker 1: very very healthy. Do this pandemic and when have you? 188 00:09:21,880 --> 00:09:26,320 Speaker 1: Is the advent of the day trader or the personal investor, 189 00:09:26,360 --> 00:09:28,120 Speaker 1: and that was something I thought. It was a loss 190 00:09:28,120 --> 00:09:30,360 Speaker 1: so which I really I give a lot of credit 191 00:09:30,400 --> 00:09:33,400 Speaker 1: to you know, outfits like yourselves that educate investors out 192 00:09:33,440 --> 00:09:35,559 Speaker 1: there about the markets and what have you. But it 193 00:09:35,720 --> 00:09:38,640 Speaker 1: was the one big concern I saw overall in the 194 00:09:38,720 --> 00:09:43,440 Speaker 1: markets in general is you know, investors stopped taking responsibility 195 00:09:43,480 --> 00:09:46,840 Speaker 1: for their own futures. You go to a financial advisor, broker, 196 00:09:46,840 --> 00:09:48,800 Speaker 1: get stuck into a mutual fund that's supposed to be 197 00:09:48,920 --> 00:09:50,320 Speaker 1: you know, slated for you, and then you kind of 198 00:09:50,320 --> 00:09:55,240 Speaker 1: walked away. And that whole uh commanditization, I would say, 199 00:09:55,240 --> 00:09:58,240 Speaker 1: of the financial industry that actually heard it, because it 200 00:09:58,280 --> 00:10:01,440 Speaker 1: took away people's connect them to their own money and 201 00:10:01,480 --> 00:10:04,200 Speaker 1: this adamant of robin Hood and the monials coming in 202 00:10:04,280 --> 00:10:06,360 Speaker 1: and you know, sports being shut down and people moving 203 00:10:06,400 --> 00:10:09,360 Speaker 1: to the markets. I think while it's building some you know, 204 00:10:09,520 --> 00:10:12,000 Speaker 1: unique price action some of these stocks, of these momentum 205 00:10:12,080 --> 00:10:14,760 Speaker 1: that's drawn into them, it's gonna be longer term, very 206 00:10:14,840 --> 00:10:17,920 Speaker 1: very healthy for the capital markets. And something that I 207 00:10:18,120 --> 00:10:20,599 Speaker 1: like to see. Uh you know, one of the unfortunate 208 00:10:20,600 --> 00:10:22,839 Speaker 1: things I think being you know anno cap stock or 209 00:10:23,080 --> 00:10:27,080 Speaker 1: microcap stock today is that those investors don't aren't able 210 00:10:27,120 --> 00:10:30,440 Speaker 1: to readily access us a certain trading platforms. And you know, 211 00:10:30,760 --> 00:10:33,600 Speaker 1: we'll get to fix that in the future. Um, you know, 212 00:10:33,640 --> 00:10:36,040 Speaker 1: as we get them hire more market cap, will be 213 00:10:36,040 --> 00:10:38,600 Speaker 1: able to uplist and what have you. And uh, you 214 00:10:38,640 --> 00:10:41,240 Speaker 1: know see where it carries out from there. Yeah, that 215 00:10:41,240 --> 00:10:44,320 Speaker 1: that has been amazing phenomenon of of the rise of 216 00:10:44,320 --> 00:10:46,400 Speaker 1: the robin Hood trader, as you say, and and a 217 00:10:46,520 --> 00:10:48,960 Speaker 1: very welcome one. I mean, I'm trying to encourage people 218 00:10:49,000 --> 00:10:51,520 Speaker 1: to take control of their financial future and so uh, 219 00:10:51,600 --> 00:10:54,640 Speaker 1: we're definitely seeing that happen, which is cool. Um. Now, 220 00:10:54,800 --> 00:10:57,440 Speaker 1: as far as the mining goes, I know you're you know, 221 00:10:57,880 --> 00:11:04,360 Speaker 1: you operate across multiple front commodities gold, coppers, beeing, silver, etcetera. Um, 222 00:11:04,800 --> 00:11:08,160 Speaker 1: but talk to me about how the mining um is 223 00:11:08,200 --> 00:11:10,440 Speaker 1: set up. So we have this move where people are 224 00:11:10,440 --> 00:11:13,079 Speaker 1: going to be demanding you know, more commodities, whether that's 225 00:11:13,120 --> 00:11:16,320 Speaker 1: gold or silver or copper. Um, we have a supply 226 00:11:16,440 --> 00:11:19,000 Speaker 1: side that's down and so we're expecting these big moves up. 227 00:11:19,240 --> 00:11:22,000 Speaker 1: But how does that work for a mining company? So 228 00:11:22,040 --> 00:11:23,880 Speaker 1: it's easy I see, you know, gold jumps up a 229 00:11:23,920 --> 00:11:26,439 Speaker 1: hundred bucks or silver jumps up you know, three or 230 00:11:26,440 --> 00:11:29,120 Speaker 1: four bucks, But how how do you look at moves 231 00:11:29,160 --> 00:11:32,000 Speaker 1: in the physical and then kind of compare that to 232 00:11:32,320 --> 00:11:36,600 Speaker 1: a mining company and the share price. Yeah, so it 233 00:11:36,640 --> 00:11:38,679 Speaker 1: really depends on stage of the mining company. So there's 234 00:11:38,720 --> 00:11:41,400 Speaker 1: three different stages in the mining business. You have the 235 00:11:41,440 --> 00:11:45,960 Speaker 1: explorers that Calnex fits in, and that's kind of really 236 00:11:45,960 --> 00:11:48,720 Speaker 1: gonna be heavily based upon making discoveries which will create 237 00:11:48,720 --> 00:11:50,240 Speaker 1: a lot of value for your shoulders, and that's where 238 00:11:50,280 --> 00:11:53,079 Speaker 1: you can make the biggest wins in the businesses through exploration. 239 00:11:53,160 --> 00:11:55,280 Speaker 1: But also it's very hard to make a discovery, so 240 00:11:55,320 --> 00:11:58,880 Speaker 1: that carries obviously the biggest risks. And in the kind 241 00:11:58,880 --> 00:12:01,120 Speaker 1: of the our, you make a discovery and you start 242 00:12:01,160 --> 00:12:03,679 Speaker 1: going through the engineering phase that's called the development page 243 00:12:03,679 --> 00:12:07,120 Speaker 1: for the developers, and then the final group is gonna 244 00:12:07,120 --> 00:12:09,920 Speaker 1: be the producers. So when you ever, ever you see 245 00:12:09,920 --> 00:12:12,120 Speaker 1: a you know, price action movement in a short period 246 00:12:12,120 --> 00:12:16,679 Speaker 1: of time like you mentioned, that's gonna obviously immediately impact 247 00:12:16,880 --> 00:12:19,120 Speaker 1: the producers because those are the companies that are immediately 248 00:12:19,120 --> 00:12:23,400 Speaker 1: generating revenues. And so again you have rising metal prices, 249 00:12:23,600 --> 00:12:27,520 Speaker 1: you have increasing revenues, and then your margins should expand 250 00:12:27,520 --> 00:12:30,079 Speaker 1: because your profit margins. All that's being equally going to 251 00:12:30,120 --> 00:12:33,280 Speaker 1: say the same you fixed costs. So those are the 252 00:12:33,320 --> 00:12:35,559 Speaker 1: three different sectors. Now, once you have a move in 253 00:12:36,040 --> 00:12:38,719 Speaker 1: underlying moving the metal, and then the market realize that 254 00:12:38,720 --> 00:12:41,360 Speaker 1: that's that's gonna be a stabilized price going forward, and 255 00:12:41,520 --> 00:12:44,000 Speaker 1: there's confidence that this isn't like a you know, a 256 00:12:44,080 --> 00:12:46,360 Speaker 1: fluke move up and then you know, shorter term move 257 00:12:46,440 --> 00:12:48,559 Speaker 1: up and then gonna come back down type of situation. 258 00:12:49,040 --> 00:12:52,120 Speaker 1: That's when you're gonna see the developers and then even 259 00:12:52,120 --> 00:12:58,040 Speaker 1: more so the explorers follows suit and actually outperform the producers. 260 00:12:59,080 --> 00:13:01,040 Speaker 1: So again that's kind of how the sector is broken 261 00:13:01,120 --> 00:13:03,679 Speaker 1: up in terms of those three different subsectors and how 262 00:13:03,760 --> 00:13:07,280 Speaker 1: the underlying commodity prices can have an impact on them 263 00:13:07,320 --> 00:13:10,440 Speaker 1: depending on where you are in the cycle. Okay, and 264 00:13:10,480 --> 00:13:12,400 Speaker 1: so you have like the producers are the ones that 265 00:13:12,440 --> 00:13:15,439 Speaker 1: are actually producing the gold hence the name producers putting 266 00:13:15,440 --> 00:13:18,520 Speaker 1: that gold to market. Um, but they they constantly need 267 00:13:18,559 --> 00:13:20,880 Speaker 1: to be refilled, so they're kind of like draining their 268 00:13:20,920 --> 00:13:23,760 Speaker 1: reserves of gold, and so they're leaning on the developers 269 00:13:23,760 --> 00:13:27,360 Speaker 1: and the explorers to then keep bringing them uh fresh gold. 270 00:13:27,640 --> 00:13:30,720 Speaker 1: So it looks like the market is really um kind 271 00:13:30,720 --> 00:13:32,360 Speaker 1: of set up for like M and A, you know, 272 00:13:32,400 --> 00:13:34,400 Speaker 1: mergers and absolutely all the way up. So that is 273 00:13:34,440 --> 00:13:37,120 Speaker 1: that kind of the typical play. That's absolutely so you know, 274 00:13:37,240 --> 00:13:41,360 Speaker 1: calin x per Se has a potential um to go 275 00:13:41,440 --> 00:13:45,240 Speaker 1: into production. But more realistically, what you'd see as a 276 00:13:46,000 --> 00:13:48,319 Speaker 1: producer mid tier major come out and I want to 277 00:13:48,360 --> 00:13:51,560 Speaker 1: acquire that asset say then again to kind of go 278 00:13:51,600 --> 00:13:54,800 Speaker 1: into their pipeline and production. Typically when you make a 279 00:13:54,840 --> 00:13:58,880 Speaker 1: discovery from you know, discovery hole to producing seven years 280 00:13:58,880 --> 00:14:01,520 Speaker 1: for copper and it's really no different for a lot 281 00:14:01,559 --> 00:14:03,520 Speaker 1: of these other minds, and you can compress that timeline. 282 00:14:03,640 --> 00:14:06,199 Speaker 1: You know, there's obviously permanent environmental studies that need to 283 00:14:06,240 --> 00:14:08,839 Speaker 1: be done and what have you, but that's typically how 284 00:14:08,840 --> 00:14:12,280 Speaker 1: it goes. And so the only way these these mid 285 00:14:12,280 --> 00:14:17,199 Speaker 1: tiers really kind of replenish their future cash flows is 286 00:14:17,280 --> 00:14:20,240 Speaker 1: buying these development stage assets and taking into production because 287 00:14:20,480 --> 00:14:23,080 Speaker 1: again there's a lot of expertise and skill sets. I mean, 288 00:14:23,240 --> 00:14:25,280 Speaker 1: it's one thing to find a mind, then there's amount 289 00:14:25,320 --> 00:14:28,160 Speaker 1: of engineering and then actually going in and producing uh 290 00:14:28,520 --> 00:14:30,680 Speaker 1: is you know, it's a lot of work and it's 291 00:14:30,680 --> 00:14:33,040 Speaker 1: broken down in those subsectors and it's not you know, 292 00:14:33,080 --> 00:14:36,640 Speaker 1: in terms of explorations, it's like a biotech stock. You know, 293 00:14:36,680 --> 00:14:39,800 Speaker 1: you come up with your exploration thesis, which be simply 294 00:14:40,000 --> 00:14:42,360 Speaker 1: like someone's trying to come up with those cure for 295 00:14:42,440 --> 00:14:45,840 Speaker 1: cancer or concoction or what have you. And then you 296 00:14:45,920 --> 00:14:48,440 Speaker 1: go and you test that hypothesis and we test our 297 00:14:48,520 --> 00:14:52,360 Speaker 1: HYPOTHESI students our business by doing geophysical tests that will 298 00:14:52,520 --> 00:14:55,040 Speaker 1: you know, further build up what that hypothesis is, and 299 00:14:55,200 --> 00:14:58,120 Speaker 1: build our exploration model on different data sets. And then 300 00:14:58,160 --> 00:15:00,200 Speaker 1: ultimately we've drill test it, which is the most sense 301 00:15:00,200 --> 00:15:02,520 Speaker 1: of part of the business is drilling. Uh. And then 302 00:15:02,560 --> 00:15:04,520 Speaker 1: once we drill it, that's really the truth machine they 303 00:15:04,560 --> 00:15:07,000 Speaker 1: call it in the business, to see what you hid, 304 00:15:07,320 --> 00:15:09,960 Speaker 1: is your hypothesis correct or incorrect, or what you need 305 00:15:10,000 --> 00:15:13,200 Speaker 1: to do to continue vectoring to make that discovery no 306 00:15:13,320 --> 00:15:15,960 Speaker 1: difference than a biotech cycle will have when a drug 307 00:15:16,000 --> 00:15:19,080 Speaker 1: goes through celinical trials to see what are those results 308 00:15:19,120 --> 00:15:21,240 Speaker 1: for those trials. Our trials happened to be the droll. 309 00:15:22,320 --> 00:15:24,520 Speaker 1: But you can't create wealth in any other business as 310 00:15:24,560 --> 00:15:27,080 Speaker 1: quickly as you can through a discovery. And then you know, 311 00:15:27,160 --> 00:15:29,480 Speaker 1: that's really what we're focused on set out to do, uh, 312 00:15:29,520 --> 00:15:32,840 Speaker 1: you know with caln X. Yeah. So as an investor 313 00:15:33,080 --> 00:15:35,680 Speaker 1: looking to invest into the market, I mean, I I 314 00:15:36,160 --> 00:15:38,080 Speaker 1: love the mining sector. That's why I've been talking about 315 00:15:38,120 --> 00:15:40,360 Speaker 1: a lot lately. I mean, I see this massive need 316 00:15:40,400 --> 00:15:42,960 Speaker 1: for gold, this demand as you say, and you know, 317 00:15:43,000 --> 00:15:46,760 Speaker 1: the miners give us that asymmetric return. But as so 318 00:15:46,840 --> 00:15:50,680 Speaker 1: as an investor looking into the space, um with that 319 00:15:50,760 --> 00:15:53,920 Speaker 1: sustained gold price being up, like you said, the miners 320 00:15:54,160 --> 00:15:57,240 Speaker 1: have um leverage to that, right, So they have so 321 00:15:57,320 --> 00:15:59,720 Speaker 1: much gold or silver copper in the ground, so when 322 00:15:59,720 --> 00:16:04,240 Speaker 1: the ice moves up, they have multiples on that UM. 323 00:16:04,320 --> 00:16:05,920 Speaker 1: And I think that's why we get those big moves. 324 00:16:05,960 --> 00:16:08,080 Speaker 1: I know in our portfolio we've we have several that 325 00:16:08,080 --> 00:16:10,200 Speaker 1: have gone up a d percent. I think I talked 326 00:16:10,240 --> 00:16:14,280 Speaker 1: about calin X on a video back in July, and 327 00:16:14,680 --> 00:16:17,520 Speaker 1: it's up about I think sixty five percent just since 328 00:16:17,560 --> 00:16:19,640 Speaker 1: I mentioned it in that video back in July. It 329 00:16:19,680 --> 00:16:22,920 Speaker 1: was much higher. It's a little bit down um. And 330 00:16:23,040 --> 00:16:25,160 Speaker 1: is that because of the reserves that you have in 331 00:16:25,160 --> 00:16:27,280 Speaker 1: the ground is why it's really moved up? Or was 332 00:16:27,360 --> 00:16:31,480 Speaker 1: it more? Uh? What was the driver for that? So 333 00:16:31,480 --> 00:16:35,080 Speaker 1: it's twofold. Obviously we we had we have existing resources 334 00:16:35,120 --> 00:16:37,760 Speaker 1: in the ground in the portfolio and you know, coming 335 00:16:37,800 --> 00:16:41,040 Speaker 1: out of the negative sentiment, and that's really when I 336 00:16:41,040 --> 00:16:43,840 Speaker 1: picked market bottoms on anything, whether it be an individual 337 00:16:43,840 --> 00:16:47,080 Speaker 1: commodity or their overall capital markets. It's really when this 338 00:16:47,200 --> 00:16:50,040 Speaker 1: peak fear, and there was certainly peaked fear in March, 339 00:16:50,120 --> 00:16:52,440 Speaker 1: and so coming out of that and cerainly's gonna help us. 340 00:16:52,760 --> 00:16:56,600 Speaker 1: But with that, we're also coming out of this you know, 341 00:16:56,640 --> 00:16:59,760 Speaker 1: downturn so to speak, with key discoveries across our portfolio. 342 00:17:00,400 --> 00:17:03,320 Speaker 1: And so we did hit two silver discoveries that are 343 00:17:03,400 --> 00:17:05,560 Speaker 1: near surface with potential be a minimal to an open 344 00:17:05,560 --> 00:17:08,359 Speaker 1: pit operation which has one third mining costs of an 345 00:17:08,400 --> 00:17:12,960 Speaker 1: underground um again very widely space in New Brunswick near 346 00:17:13,000 --> 00:17:16,640 Speaker 1: an International Creek property which also hosts a zinc lead deposit. 347 00:17:17,240 --> 00:17:19,960 Speaker 1: And then in tantem to that we were vectoring in 348 00:17:20,800 --> 00:17:24,199 Speaker 1: UH to a big target in Flint Fond, which is 349 00:17:24,480 --> 00:17:26,960 Speaker 1: a community that's been in production for almost a hundred 350 00:17:27,040 --> 00:17:30,000 Speaker 1: years and thirty two minds in County. That's an area 351 00:17:30,080 --> 00:17:32,920 Speaker 1: that is due to have their flagship MIND shutdown in 352 00:17:33,240 --> 00:17:37,240 Speaker 1: Q two two UH and we just made a significant 353 00:17:37,240 --> 00:17:42,760 Speaker 1: discovery there UH and that discovery is going to be copper, gold, silver, 354 00:17:42,840 --> 00:17:45,800 Speaker 1: and zinc rich which is in high grade, which is 355 00:17:45,840 --> 00:17:48,360 Speaker 1: what Flint fond is known for a very very critical 356 00:17:48,400 --> 00:17:51,080 Speaker 1: time for that community. And so right now again we're 357 00:17:51,280 --> 00:17:53,919 Speaker 1: going to continue drilling there. We're gonna be following up 358 00:17:53,960 --> 00:17:56,240 Speaker 1: also to the silver discoveries. But that was what drove 359 00:17:56,280 --> 00:17:59,000 Speaker 1: that move. And as as just like I was mentioned 360 00:17:59,040 --> 00:18:01,880 Speaker 1: in terms of a biotech stock, as we go forward 361 00:18:01,880 --> 00:18:04,480 Speaker 1: and continue to drill and step out from that extra 362 00:18:04,600 --> 00:18:08,680 Speaker 1: discovery hole and show the size of the deposit, then 363 00:18:08,680 --> 00:18:11,399 Speaker 1: people can start really seeing, hey, the potential of what 364 00:18:11,480 --> 00:18:14,960 Speaker 1: the discovery is. The rainbow discovery Manitoba, uh, and then 365 00:18:14,960 --> 00:18:17,679 Speaker 1: the two silver discoveries in New Brunswick you know have 366 00:18:18,520 --> 00:18:20,879 Speaker 1: and you know, and that's when you get a huge 367 00:18:20,880 --> 00:18:24,720 Speaker 1: move in terms of equity valuation. And an explorer like ourselves, 368 00:18:25,080 --> 00:18:27,919 Speaker 1: particularly callin X, has such a type capital structure with 369 00:18:27,960 --> 00:18:31,960 Speaker 1: just eleven million shares out and some very very strong supporters, 370 00:18:32,560 --> 00:18:36,600 Speaker 1: you know, within that scheerbase. So if I'm gonna summarize that, 371 00:18:36,840 --> 00:18:41,119 Speaker 1: and then basically, you know, being being the the explorer 372 00:18:41,200 --> 00:18:44,000 Speaker 1: is kind of the riskiest part because you don't know 373 00:18:44,040 --> 00:18:47,400 Speaker 1: if you're gonna discover, but you're the greatest upside. So, 374 00:18:47,520 --> 00:18:49,959 Speaker 1: just like most things of risk and reward, as you 375 00:18:50,040 --> 00:18:52,840 Speaker 1: get further along, the price goes up. So you made 376 00:18:52,880 --> 00:18:55,359 Speaker 1: a couple of big discoveries which brought the share price up, 377 00:18:55,720 --> 00:18:58,280 Speaker 1: which now you're less risky, but if people jump in, 378 00:18:58,359 --> 00:19:00,960 Speaker 1: now there's less upside. So as you get further along, 379 00:19:01,000 --> 00:19:03,400 Speaker 1: back to your biotech example, as you get further along 380 00:19:03,400 --> 00:19:06,440 Speaker 1: clinical trial, as you're closer closer, closer, the price moves up, up, up, 381 00:19:06,600 --> 00:19:09,040 Speaker 1: and people can jump in. There's less risk, but there's 382 00:19:09,080 --> 00:19:10,840 Speaker 1: less reward. Kind of a thing, right, and so it 383 00:19:11,000 --> 00:19:14,000 Speaker 1: actually it's very unique right now with caln X coln X. 384 00:19:14,640 --> 00:19:16,280 Speaker 1: When we were you know, as you mentioned, we traded 385 00:19:16,359 --> 00:19:18,600 Speaker 1: to four dollars to share, but that's actually before we 386 00:19:18,680 --> 00:19:20,879 Speaker 1: hit the discovery hole in Flint, Flont. We were just 387 00:19:20,960 --> 00:19:24,919 Speaker 1: merely announcing we started that discovery hole in Flinn fund 388 00:19:25,359 --> 00:19:28,440 Speaker 1: And in fact, now with you know calns trading roughly 389 00:19:28,480 --> 00:19:31,720 Speaker 1: two dollars and fifty cents two thousand and sixty cents Canadian, 390 00:19:32,119 --> 00:19:34,879 Speaker 1: you're able to buy the stock, if you're able to 391 00:19:34,880 --> 00:19:38,760 Speaker 1: buy into these prices today at a cheaper price than 392 00:19:39,040 --> 00:19:42,119 Speaker 1: before we actually physically hit on the discovery which is 393 00:19:42,160 --> 00:19:44,800 Speaker 1: why you saw myself and in our team. You know, 394 00:19:44,880 --> 00:19:46,879 Speaker 1: we we obviously can only purchase after we have a 395 00:19:46,960 --> 00:19:49,920 Speaker 1: news go public um and you know we have significant 396 00:19:49,960 --> 00:19:52,720 Speaker 1: blackouts during drilling. But you know, I was a purchaser 397 00:19:52,720 --> 00:19:54,280 Speaker 1: of the stock and end of my own position about 398 00:19:54,320 --> 00:19:56,840 Speaker 1: three dollars because I really did see us having a 399 00:19:56,840 --> 00:20:00,159 Speaker 1: big move off of that base. And and you know, 400 00:20:00,400 --> 00:20:02,520 Speaker 1: in my own own way, it's it also worked out 401 00:20:02,560 --> 00:20:04,399 Speaker 1: better for me. I had to buy some stock a 402 00:20:04,400 --> 00:20:06,720 Speaker 1: bit cheaper. But now is a very unique situation where 403 00:20:06,720 --> 00:20:09,160 Speaker 1: you can buy a stock and actually a much higher 404 00:20:09,160 --> 00:20:14,399 Speaker 1: evaluation before you confirmed and actually derisked it significantly. And 405 00:20:14,440 --> 00:20:17,880 Speaker 1: now between now and our step out from that discovery hole, 406 00:20:18,160 --> 00:20:20,119 Speaker 1: as I think, a tremendous opportunity to look at the 407 00:20:20,160 --> 00:20:22,879 Speaker 1: stock uh and again because you know, when once you 408 00:20:22,960 --> 00:20:25,200 Speaker 1: go out to confirm the discovery, which is something that 409 00:20:25,240 --> 00:20:27,280 Speaker 1: we didn't you know, we've we've had a big hole 410 00:20:27,320 --> 00:20:31,119 Speaker 1: in Flint Fund before in the company, in before we 411 00:20:31,119 --> 00:20:33,199 Speaker 1: had any of the assets in Eastern Canada, we we 412 00:20:33,240 --> 00:20:35,639 Speaker 1: had a discovery UH and you know the company went 413 00:20:35,680 --> 00:20:38,760 Speaker 1: to nearly sixty million dollar valuation on that one discovery hole. 414 00:20:39,480 --> 00:20:42,280 Speaker 1: So this time we've hit the discovery hole. We had 415 00:20:42,320 --> 00:20:45,120 Speaker 1: the target going into that, which we didn't have in ten, 416 00:20:45,640 --> 00:20:49,159 Speaker 1: with a much tighter capital structure because we restructure the 417 00:20:49,160 --> 00:20:51,280 Speaker 1: company last year leading into this, you know, new wave 418 00:20:51,359 --> 00:20:55,800 Speaker 1: coming and um, the market hasn't really believed that we're 419 00:20:55,800 --> 00:20:58,080 Speaker 1: gonna it's been confirmed yet because we've hit a hole 420 00:20:58,080 --> 00:21:00,560 Speaker 1: there before but haven't be able to confirm it. But 421 00:21:00,600 --> 00:21:02,840 Speaker 1: this is a much different scenario. And I'm really really 422 00:21:02,840 --> 00:21:05,719 Speaker 1: excited about the drilling campaign and that's underway there and 423 00:21:05,760 --> 00:21:07,879 Speaker 1: that could be a big, big catalyst for us in 424 00:21:07,920 --> 00:21:11,119 Speaker 1: the next month as we step out to confirm that 425 00:21:11,200 --> 00:21:15,560 Speaker 1: discovery and in in Manitoba. Yeah, I love what you 426 00:21:15,600 --> 00:21:18,800 Speaker 1: said there about how how you're buying your You hold 427 00:21:18,840 --> 00:21:20,560 Speaker 1: a lot of the stock and you even were buying 428 00:21:20,560 --> 00:21:23,080 Speaker 1: more more stock at that price. You know. One thing 429 00:21:23,119 --> 00:21:25,520 Speaker 1: that I talked about is as investors and we're looking 430 00:21:25,560 --> 00:21:27,959 Speaker 1: at the market, UM, I always like to look at 431 00:21:27,960 --> 00:21:30,600 Speaker 1: the team because you know that takes a lot of 432 00:21:30,600 --> 00:21:32,600 Speaker 1: the workout right, And one of the things that I 433 00:21:32,600 --> 00:21:34,159 Speaker 1: look for in the team is like do they have 434 00:21:34,200 --> 00:21:37,040 Speaker 1: skin in the game? You know, are they are they investing? 435 00:21:37,119 --> 00:21:39,959 Speaker 1: Are they buying into their own company? Um? Can you 436 00:21:40,119 --> 00:21:43,000 Speaker 1: tell us roughly you know what the kind of insider 437 00:21:43,040 --> 00:21:46,399 Speaker 1: participation is with the company. Yeah, again, I own just 438 00:21:46,440 --> 00:21:50,920 Speaker 1: under five percent of the company myself. My family collectively 439 00:21:50,960 --> 00:21:52,800 Speaker 1: has been a big supporter in my career and their 440 00:21:52,800 --> 00:21:56,399 Speaker 1: own roughly twelve percent across the board with you know, 441 00:21:56,880 --> 00:21:59,600 Speaker 1: my family to extended families. So we're really happy to 442 00:21:59,640 --> 00:22:03,359 Speaker 1: have that support. In terms of reformer chairman Mike Maslawski, 443 00:22:03,359 --> 00:22:06,760 Speaker 1: remember the Canadian Mining Hall of Fame, Ban's just under 444 00:22:06,800 --> 00:22:10,159 Speaker 1: five percent of the shares outstanding as well. Uh And 445 00:22:10,200 --> 00:22:12,359 Speaker 1: so you know, forms of management, we do have a 446 00:22:12,359 --> 00:22:14,359 Speaker 1: big stake in the company, and you know our board 447 00:22:14,400 --> 00:22:17,360 Speaker 1: also has has positions. Our technical team have all been 448 00:22:17,359 --> 00:22:19,640 Speaker 1: buyers in the stock more recently, but they're not filers 449 00:22:19,680 --> 00:22:24,040 Speaker 1: per se, so that's not a but again, we all 450 00:22:24,080 --> 00:22:26,600 Speaker 1: believe in what we're doing, and you know, I plan 451 00:22:26,720 --> 00:22:28,840 Speaker 1: on creating a lot of wealth for myself and obviously 452 00:22:28,840 --> 00:22:32,040 Speaker 1: my family that's been supporting me and my endeavors personally, 453 00:22:32,800 --> 00:22:35,240 Speaker 1: and more importantly, we want to create long term job 454 00:22:35,280 --> 00:22:38,280 Speaker 1: creation within these communities. That need is discovery and I 455 00:22:38,280 --> 00:22:40,720 Speaker 1: think that truly in life is a rescue for success, 456 00:22:41,720 --> 00:22:44,479 Speaker 1: much like yourself, Mark, I mean your professions to educate 457 00:22:44,520 --> 00:22:47,280 Speaker 1: people to make people happy and you know, help their 458 00:22:47,359 --> 00:22:50,560 Speaker 1: with their financial decisions. And the more people that you mark, 459 00:22:50,720 --> 00:22:54,320 Speaker 1: you help them more successful. Marks point to be financially 460 00:22:54,320 --> 00:22:56,679 Speaker 1: as well as probably how he feels about himself. And 461 00:22:56,720 --> 00:22:59,680 Speaker 1: one of the things that drives myself is saving fun. 462 00:22:59,760 --> 00:23:02,960 Speaker 1: Fun was one saving you know, the very high unemployment 463 00:23:02,960 --> 00:23:04,800 Speaker 1: where you see in the bathrooms district and new runs 464 00:23:04,800 --> 00:23:08,199 Speaker 1: like well Over pre pandemic. And you know, when I 465 00:23:08,240 --> 00:23:10,439 Speaker 1: achieve those goals and our team achieves those goals of 466 00:23:10,480 --> 00:23:13,520 Speaker 1: helping people, you know, our shoulders are gonna be rewarded 467 00:23:13,640 --> 00:23:16,840 Speaker 1: and the we're big shareholders of that. Yeah, I h 468 00:23:17,359 --> 00:23:19,119 Speaker 1: I love the fact that you have five percent, But 469 00:23:19,160 --> 00:23:20,920 Speaker 1: I'm even more impressed that you got your family in 470 00:23:20,960 --> 00:23:25,080 Speaker 1: a twelve percent. Because if you're gonna bring your Jewish guilt, 471 00:23:25,119 --> 00:23:27,280 Speaker 1: who knows if you bring your friends and family and 472 00:23:27,280 --> 00:23:29,880 Speaker 1: you better be doing good. I let deliver. I'll tell 473 00:23:29,880 --> 00:23:31,720 Speaker 1: you that. You know, there's no question because the first 474 00:23:31,720 --> 00:23:33,399 Speaker 1: people are gonna call you when something goes wrong, as 475 00:23:33,440 --> 00:23:36,240 Speaker 1: your friends and family. It's easy to let yourself down, right, 476 00:23:36,280 --> 00:23:38,240 Speaker 1: but man, and we let your friends and family down, 477 00:23:38,240 --> 00:23:40,840 Speaker 1: That's that's a tough one. No, Well, I'm not. First 478 00:23:40,840 --> 00:23:42,720 Speaker 1: of all, I won't let myself down. I mean, I 479 00:23:43,280 --> 00:23:45,600 Speaker 1: you know, when the kind of the company got the 480 00:23:45,640 --> 00:23:47,600 Speaker 1: baby got thrown out with the bathwater. You know, I 481 00:23:47,600 --> 00:23:49,560 Speaker 1: when the zink price came down and we were known 482 00:23:49,600 --> 00:23:51,600 Speaker 1: for calling the bottom of the zinc cycle in in 483 00:23:51,680 --> 00:23:54,960 Speaker 1: ten making those acquisitions because there's a zinc component to 484 00:23:55,000 --> 00:23:58,840 Speaker 1: those those acquisitions in Eastern Canada. Um. But when when 485 00:23:58,880 --> 00:24:01,000 Speaker 1: I saw the company go down to three and Apple 486 00:24:01,040 --> 00:24:03,159 Speaker 1: into our evaluation, I really said to myself, Hey, what 487 00:24:03,200 --> 00:24:06,200 Speaker 1: am I doing with my own career and what why 488 00:24:06,240 --> 00:24:08,720 Speaker 1: am I doing this? And again I stated why I'm 489 00:24:08,720 --> 00:24:11,960 Speaker 1: doing this. We're doing this to make discoveries to help 490 00:24:12,000 --> 00:24:14,879 Speaker 1: these communities. And uh and I said, you know, if 491 00:24:14,880 --> 00:24:16,400 Speaker 1: I'm gonna do this, I'm gonna put my money where 492 00:24:16,400 --> 00:24:18,480 Speaker 1: my mouth is and and put pretty much everything I had, 493 00:24:18,840 --> 00:24:22,000 Speaker 1: you know, my age that I could into caln X 494 00:24:22,080 --> 00:24:24,320 Speaker 1: and look forward to being rewarded with our shoulder basis 495 00:24:24,320 --> 00:24:27,800 Speaker 1: we have success. But before now you talk about callin X, 496 00:24:27,880 --> 00:24:30,560 Speaker 1: you know, copper, gold, zinc, silver. I mean, when I 497 00:24:30,600 --> 00:24:33,119 Speaker 1: talked about it back in July, I think I was 498 00:24:33,160 --> 00:24:34,920 Speaker 1: just talking about the silver, which I guess is those 499 00:24:34,960 --> 00:24:39,000 Speaker 1: deposits that you made. Um, are you just like a 500 00:24:39,040 --> 00:24:42,399 Speaker 1: general miner or are you really specializing in one. If 501 00:24:42,400 --> 00:24:44,000 Speaker 1: I was looking at the company, what I considered a 502 00:24:44,000 --> 00:24:46,439 Speaker 1: silver miner, a copper miner, a gold miner, or I 503 00:24:46,440 --> 00:24:49,119 Speaker 1: just look at all of that, Well, yeah, that's what 504 00:24:49,400 --> 00:24:51,359 Speaker 1: you know. A lot often times in the industry, everybody 505 00:24:51,400 --> 00:24:53,320 Speaker 1: wants to pure play. They want to get exposure for 506 00:24:53,359 --> 00:24:57,760 Speaker 1: this and then and quite frankly, I mean if you 507 00:24:57,800 --> 00:24:59,480 Speaker 1: were to buy Apple, I don't think you're buying Apple 508 00:24:59,520 --> 00:25:01,879 Speaker 1: just because they have iPhone. Uh. And a lot of 509 00:25:01,880 --> 00:25:04,040 Speaker 1: people look at one key driver to drive something in 510 00:25:04,080 --> 00:25:07,399 Speaker 1: their investment thesis. And that's fine if you're only looking 511 00:25:07,400 --> 00:25:09,840 Speaker 1: for a leveraged play. But the reality is is where 512 00:25:09,840 --> 00:25:13,240 Speaker 1: a v MS explorer. V MS stands for volcano genic 513 00:25:13,280 --> 00:25:17,560 Speaker 1: massive sulfide deposits, and these deposits why I like them 514 00:25:17,840 --> 00:25:21,040 Speaker 1: is because bloom or Bus, when a v MS mind 515 00:25:21,040 --> 00:25:23,040 Speaker 1: goes into production, more likely than that it's going to 516 00:25:23,080 --> 00:25:25,320 Speaker 1: stay in production. And that was a tribute to Flint Funds. 517 00:25:25,359 --> 00:25:28,119 Speaker 1: You know, a hundred year almost track record, um. And 518 00:25:28,200 --> 00:25:31,520 Speaker 1: that's because of the polymetallic nature of the deposits. So 519 00:25:31,600 --> 00:25:35,000 Speaker 1: oftentimes when you're marketed a zinc story or a silver story. 520 00:25:35,640 --> 00:25:37,480 Speaker 1: You know, it's particularly in silver. If you ever market 521 00:25:37,480 --> 00:25:39,200 Speaker 1: a silver story, you should really go look at the 522 00:25:39,240 --> 00:25:42,560 Speaker 1: by products from either zinc, lead or copper because a 523 00:25:42,640 --> 00:25:44,920 Speaker 1: majority of the world silver production really truly comes from 524 00:25:44,920 --> 00:25:49,479 Speaker 1: their copper dominant discovery or deposit or a zinc lead deposit. Uh. 525 00:25:49,640 --> 00:25:53,320 Speaker 1: So again we're we look after these VMS deposits because 526 00:25:53,320 --> 00:25:56,880 Speaker 1: they're high grade. They're polymetallic with a spread between base 527 00:25:56,920 --> 00:26:00,600 Speaker 1: and precious metals. Uh. And again some of them be 528 00:26:00,960 --> 00:26:04,680 Speaker 1: higher grades in various minerals and as supposed to others. 529 00:26:04,720 --> 00:26:07,160 Speaker 1: For example, if you look at Nash Creek deposit itself, 530 00:26:07,800 --> 00:26:11,320 Speaker 1: that's a zinc lead mindali minilization. But adjacent to that, 531 00:26:11,400 --> 00:26:14,639 Speaker 1: over that very long strike extent, we hit the silver 532 00:26:14,840 --> 00:26:17,600 Speaker 1: discoveries and a majority of that has discovered a silver 533 00:26:17,640 --> 00:26:21,120 Speaker 1: which is tremendously rare to find, you know, silver dominant 534 00:26:21,520 --> 00:26:24,520 Speaker 1: near surface and open pittable grades. And then moving over 535 00:26:24,560 --> 00:26:27,920 Speaker 1: to Flinn Flon. Flynn Flon is known for the high 536 00:26:27,960 --> 00:26:31,360 Speaker 1: grade copper gold uh the flint media Flint Flon area 537 00:26:31,359 --> 00:26:33,280 Speaker 1: at the Triple Seven mine. But then you also have 538 00:26:33,359 --> 00:26:37,200 Speaker 1: the zinc silver lead as byproducts so to speak for that. 539 00:26:37,800 --> 00:26:40,600 Speaker 1: Um So, again, our discovery in the Manitoba as it 540 00:26:40,640 --> 00:26:43,720 Speaker 1: stands today is is very copper rich, but also as 541 00:26:43,800 --> 00:26:47,480 Speaker 1: significant precious metals components as well as that the zinc there. 542 00:26:47,600 --> 00:26:49,560 Speaker 1: So you know, I don't like to say that we're 543 00:26:49,600 --> 00:26:52,280 Speaker 1: one one metal company. I think you know, we're an 544 00:26:52,280 --> 00:26:54,880 Speaker 1: exploration company that has a purpose and let's to discover 545 00:26:55,119 --> 00:26:59,600 Speaker 1: a big economic deposits in proximity infrastructure, particularly where there's 546 00:26:59,600 --> 00:27:02,959 Speaker 1: an immediate need for discoveries, because that really accelerates your 547 00:27:03,000 --> 00:27:06,920 Speaker 1: ability to fast tracks your discovery. Yeah. Now I talk 548 00:27:07,000 --> 00:27:09,959 Speaker 1: a lot about gold and silver on this channel, mostly 549 00:27:10,000 --> 00:27:12,360 Speaker 1: because you know, the money falling apart in the need 550 00:27:12,400 --> 00:27:14,040 Speaker 1: for like kind of back that real town money. But 551 00:27:14,080 --> 00:27:16,359 Speaker 1: like we already already talked about, that's also going to 552 00:27:16,440 --> 00:27:19,840 Speaker 1: push people back. Just two real assets commodities. UM I 553 00:27:19,840 --> 00:27:22,199 Speaker 1: don't really talk a lot about copper. And since I 554 00:27:22,240 --> 00:27:25,320 Speaker 1: have you on, maybe you can tell us maybe what 555 00:27:25,480 --> 00:27:27,720 Speaker 1: you see as far as the cycle and copper. What 556 00:27:27,760 --> 00:27:31,119 Speaker 1: are the drivers, like what are we expecting with copper? 557 00:27:32,080 --> 00:27:33,720 Speaker 1: You know, I think copper and zinc are both in 558 00:27:33,760 --> 00:27:36,119 Speaker 1: the you know, tight supply side markets and that's due 559 00:27:36,160 --> 00:27:39,560 Speaker 1: to a really tough decade in terms of base metal exploration. 560 00:27:39,600 --> 00:27:42,119 Speaker 1: When I took over klin X, it was actually a 561 00:27:42,200 --> 00:27:45,600 Speaker 1: focus on graphite exploration in northern Manitoba. And so what 562 00:27:45,640 --> 00:27:48,040 Speaker 1: are we doing here, Yeah, we gotta go look for 563 00:27:48,080 --> 00:27:51,080 Speaker 1: these these base metals b MS deposits in flint Fall 564 00:27:51,200 --> 00:27:55,760 Speaker 1: and beyond um and and again. Copper overall as a 565 00:27:55,760 --> 00:27:57,640 Speaker 1: as a commodity though is is one of the most 566 00:27:57,680 --> 00:28:00,480 Speaker 1: consumed metals in the world. It's often refer to his 567 00:28:00,600 --> 00:28:03,560 Speaker 1: doctor Copper because when you can really look at copper 568 00:28:03,560 --> 00:28:05,960 Speaker 1: as a bell weather to the global economy, if you 569 00:28:05,960 --> 00:28:07,679 Speaker 1: want to see how the global economy is, you go 570 00:28:07,760 --> 00:28:10,760 Speaker 1: look at copper because coppers are pretty much and every 571 00:28:10,880 --> 00:28:13,960 Speaker 1: thing that you're using daily life between the electricity that's 572 00:28:14,000 --> 00:28:16,080 Speaker 1: turning your lights on. So when you get in your 573 00:28:16,080 --> 00:28:19,480 Speaker 1: car to drive to work. You know, everything in terms 574 00:28:19,560 --> 00:28:22,200 Speaker 1: of the world is base metals is the building blocks 575 00:28:22,240 --> 00:28:24,439 Speaker 1: of the global economy in a lot of ways. So 576 00:28:24,600 --> 00:28:26,399 Speaker 1: in terms of copper, right now, you've got in a 577 00:28:26,480 --> 00:28:29,040 Speaker 1: tight supply, but you've got steady demand growth, particularly out 578 00:28:29,040 --> 00:28:32,040 Speaker 1: of China. Uh and you know, as you see the 579 00:28:32,040 --> 00:28:34,199 Speaker 1: world continue to come out of this, you know, want 580 00:28:34,200 --> 00:28:36,080 Speaker 1: to call it a recession that we're already probably in 581 00:28:36,160 --> 00:28:39,240 Speaker 1: pre pandemic. But as we come out of that with 582 00:28:39,280 --> 00:28:41,760 Speaker 1: all the stimulus going on, I do see the base 583 00:28:41,800 --> 00:28:44,360 Speaker 1: medals performing very very well in tandem with the precious 584 00:28:44,360 --> 00:28:47,160 Speaker 1: metal space. And I do think the government policy is 585 00:28:47,200 --> 00:28:49,160 Speaker 1: going to be a key driver of that. And I 586 00:28:49,200 --> 00:28:52,240 Speaker 1: don't mean for the money printing standpoint. Well, they're really 587 00:28:52,240 --> 00:28:54,760 Speaker 1: really good at printing money. I hope that they're really 588 00:28:54,760 --> 00:28:56,440 Speaker 1: really good at spending that money in a much better 589 00:28:56,440 --> 00:28:58,480 Speaker 1: way than they have in the past. And I think 590 00:28:58,520 --> 00:29:00,040 Speaker 1: that the way that needs to be done is to 591 00:29:00,120 --> 00:29:03,160 Speaker 1: infrastructure spending. If you look at infrastructure spending is a 592 00:29:03,240 --> 00:29:06,200 Speaker 1: key driver for job creation. Right you look at there's 593 00:29:06,240 --> 00:29:08,040 Speaker 1: a great depression. How did the FDR get us of 594 00:29:08,080 --> 00:29:10,360 Speaker 1: the Great Depression? I don't know, speaking in from an 595 00:29:10,400 --> 00:29:15,240 Speaker 1: American standpoint, now, is infrastructure spending? You know, the interstate 596 00:29:15,920 --> 00:29:18,640 Speaker 1: build out in the nineteen fifties, the build out of 597 00:29:18,680 --> 00:29:21,680 Speaker 1: the national parks, all this type of stuff, you know, 598 00:29:21,720 --> 00:29:23,680 Speaker 1: creates jobs. And it seem it's called the cous net 599 00:29:23,720 --> 00:29:26,560 Speaker 1: cycle where we see job creation for twenty years. And 600 00:29:26,600 --> 00:29:29,880 Speaker 1: if you look in terms of what China has done, um, 601 00:29:30,120 --> 00:29:33,840 Speaker 1: China has used infrastructure spending to really facilitate the growth 602 00:29:33,840 --> 00:29:37,440 Speaker 1: for the economy in terms of really the urbanization of 603 00:29:37,480 --> 00:29:41,080 Speaker 1: their economy and their population, and then connecting their urban 604 00:29:41,160 --> 00:29:44,440 Speaker 1: centers to the rural centers through their rail lines. They're 605 00:29:44,480 --> 00:29:49,560 Speaker 1: Telegoni communication networks there, their highways, their ports, they're in airports. 606 00:29:49,880 --> 00:29:53,959 Speaker 1: All that is tremendous base and precious medals and UH consumption. 607 00:29:54,480 --> 00:29:56,880 Speaker 1: And if you look in terms of their one wealth'm sorry, 608 00:29:56,960 --> 00:30:00,280 Speaker 1: one Belt, one road plan, you're talking an infrasture actual 609 00:30:00,320 --> 00:30:02,680 Speaker 1: plan that's never been seen before in terms of its scale, 610 00:30:03,000 --> 00:30:06,360 Speaker 1: connecting China and rebuilding their old silk Road so to speak, 611 00:30:07,200 --> 00:30:09,680 Speaker 1: as they moved to the west. And in the United States, 612 00:30:09,720 --> 00:30:12,280 Speaker 1: I know it's being a talking point, but I travel 613 00:30:12,680 --> 00:30:15,440 Speaker 1: prior pandemic, I traveled the world quite frequently, and then 614 00:30:15,440 --> 00:30:17,160 Speaker 1: one of the things I can assure you of as 615 00:30:17,200 --> 00:30:20,680 Speaker 1: the infrastructure the United States needs to be updated as well, 616 00:30:20,760 --> 00:30:23,520 Speaker 1: particularly in Eastern Canada, I think there's a total lack 617 00:30:23,560 --> 00:30:26,000 Speaker 1: of infrastructure investments, you know, like in the profits of 618 00:30:26,080 --> 00:30:29,640 Speaker 1: Quebec in particular, in that infrastructure spending is going to 619 00:30:29,680 --> 00:30:32,800 Speaker 1: create jobs, that's gonna be I think something that bipartisan 620 00:30:32,880 --> 00:30:35,920 Speaker 1: groups can agree upon uh and and again it's gonna 621 00:30:35,960 --> 00:30:38,080 Speaker 1: see be something that everybody can look at and go, 622 00:30:38,280 --> 00:30:40,400 Speaker 1: you know what, I see my tax sellars go to 623 00:30:40,400 --> 00:30:42,880 Speaker 1: work and I can appreciate where it's going, as opposed 624 00:30:42,880 --> 00:30:44,440 Speaker 1: to many of us that look at what's going on 625 00:30:44,520 --> 00:30:46,080 Speaker 1: and think that the dollars are being flushed on the 626 00:30:46,080 --> 00:30:49,520 Speaker 1: toilet right after their printed. And again, that's gonna be big, 627 00:30:49,560 --> 00:30:52,480 Speaker 1: big for the base metal space. Yeah, yeah, I agree, 628 00:30:52,480 --> 00:30:54,120 Speaker 1: And I've talked about that quite a bit that I 629 00:30:54,160 --> 00:30:57,640 Speaker 1: believe that there is big infrastructure spending coming um in 630 00:30:57,640 --> 00:31:00,640 Speaker 1: in my portfolio. I've actually been positioned for some of that, 631 00:31:00,680 --> 00:31:03,080 Speaker 1: and we're starting to see some really good moves there. 632 00:31:03,440 --> 00:31:06,520 Speaker 1: UM And I think regardless speaking in the US, I 633 00:31:06,560 --> 00:31:08,840 Speaker 1: mean you did talk about the world in Canada and China, 634 00:31:08,920 --> 00:31:12,200 Speaker 1: et cetera. But specifically in the US, regardless of who wins, 635 00:31:12,200 --> 00:31:15,479 Speaker 1: we're gonna have that, and specifically if the UM if 636 00:31:15,480 --> 00:31:17,440 Speaker 1: the Democrat Party wins, I mean they're trying to push 637 00:31:17,440 --> 00:31:19,200 Speaker 1: this Green New Deal or the Biden Deal or whatever, 638 00:31:19,240 --> 00:31:21,720 Speaker 1: and they're talking, you know, thirty to ninety trillion dollars 639 00:31:21,720 --> 00:31:26,080 Speaker 1: of spending you have the that'd be real problem. I mean, 640 00:31:26,120 --> 00:31:28,440 Speaker 1: it's gonna be a real problem as far as uh 641 00:31:28,600 --> 00:31:30,880 Speaker 1: as far as what that's gonna do to the economy, 642 00:31:30,960 --> 00:31:35,200 Speaker 1: but as far as the demand for base metals, right, 643 00:31:35,240 --> 00:31:36,920 Speaker 1: So I know, I know, I mean, I'm just looking 644 00:31:36,960 --> 00:31:40,320 Speaker 1: at the it's a very very big problem. I would 645 00:31:40,360 --> 00:31:43,640 Speaker 1: be very very great for my life. But I'd say, 646 00:31:43,720 --> 00:31:46,120 Speaker 1: you know, that amount of jeck going out there is 647 00:31:46,120 --> 00:31:48,400 Speaker 1: is something that you know I would never want to 648 00:31:48,400 --> 00:31:52,320 Speaker 1: see for my future generations. But that's exactly why you 649 00:31:52,360 --> 00:31:54,680 Speaker 1: are where you are. And I'm even talking about putting 650 00:31:54,680 --> 00:31:57,320 Speaker 1: this on a video because this is coming whether you 651 00:31:57,400 --> 00:31:59,600 Speaker 1: like it or not, and everybody's going to be in 652 00:31:59,680 --> 00:32:02,520 Speaker 1: jet the over this. And if you don't as an 653 00:32:02,520 --> 00:32:04,880 Speaker 1: individual person, as you said the Robin had Trader taking 654 00:32:05,040 --> 00:32:07,960 Speaker 1: responsibly for the future, if you don't make these moves, 655 00:32:08,400 --> 00:32:10,480 Speaker 1: you're gonna be in the side that gets left behind 656 00:32:10,520 --> 00:32:13,360 Speaker 1: and gets damaged by this. But if you position yourself right, 657 00:32:13,480 --> 00:32:17,080 Speaker 1: so the economy gets wrecked but copper goes up, maybe 658 00:32:17,080 --> 00:32:20,200 Speaker 1: I should be in copper and I can offset that loss. Yeah, 659 00:32:20,240 --> 00:32:22,760 Speaker 1: I know. I honestly, I've told some of my friends 660 00:32:23,160 --> 00:32:28,000 Speaker 1: you know, I always plan on doing well for myself 661 00:32:28,080 --> 00:32:30,200 Speaker 1: and and just really matter what I put my mind 662 00:32:30,240 --> 00:32:32,480 Speaker 1: to you, I've always had that, and then I'm dying 663 00:32:32,640 --> 00:32:34,920 Speaker 1: belief and wavering belief that we're gonna make these discoveries 664 00:32:34,920 --> 00:32:38,760 Speaker 1: as well, um, putting a lot of ways COVID is gonna, 665 00:32:38,880 --> 00:32:41,560 Speaker 1: you know, create the well threefold what I could have 666 00:32:41,600 --> 00:32:45,160 Speaker 1: ever dreamt of because of the you know again what 667 00:32:45,200 --> 00:32:47,920 Speaker 1: this is all set into place. You know, making a 668 00:32:47,960 --> 00:32:52,040 Speaker 1: discovery is one thing, and then making multiple discoveries is 669 00:32:52,080 --> 00:32:55,160 Speaker 1: a completely other thing, which I'm super excited about. To 670 00:32:55,240 --> 00:32:58,480 Speaker 1: make these discoveries with the fore side of restructuring the company, tightening, 671 00:32:58,480 --> 00:33:02,800 Speaker 1: the tightening that capital's structure up last year and really 672 00:33:02,880 --> 00:33:04,600 Speaker 1: to put us in a position to catch that wave 673 00:33:05,440 --> 00:33:08,560 Speaker 1: um with these discoveries, and then layering on what's going 674 00:33:08,600 --> 00:33:12,040 Speaker 1: on in terms of globally monetary policy and fiscal policy. 675 00:33:12,840 --> 00:33:14,600 Speaker 1: You know, that's what's gonna, you know, make the wave 676 00:33:14,800 --> 00:33:20,280 Speaker 1: really swell in this scry um. It's the tsunami of money. Yeah, 677 00:33:20,840 --> 00:33:23,040 Speaker 1: you know, to protect yourself, you're absolutely right, by your 678 00:33:23,040 --> 00:33:26,000 Speaker 1: real assets is the way to go. And I'm obviously 679 00:33:26,000 --> 00:33:28,920 Speaker 1: a heavily lever to that. Yeah, yeah, definitely, And so 680 00:33:28,960 --> 00:33:31,360 Speaker 1: that's what I continue to pound the table on. And uh, 681 00:33:31,480 --> 00:33:34,480 Speaker 1: you know, it is unfortunate that the majority of people 682 00:33:34,480 --> 00:33:37,040 Speaker 1: are not going to do well in this money transfer, 683 00:33:37,720 --> 00:33:39,600 Speaker 1: but the few people that get it right are going 684 00:33:39,640 --> 00:33:41,760 Speaker 1: to do extremely well. I think you said three times 685 00:33:42,040 --> 00:33:45,040 Speaker 1: extremely well. So um, that's why I continue to encourage 686 00:33:45,040 --> 00:33:47,160 Speaker 1: people to do that. One other thing that I want 687 00:33:47,200 --> 00:33:48,840 Speaker 1: to talk about because you have a background in it. 688 00:33:48,920 --> 00:33:51,960 Speaker 1: I know you're not currently engaged in it, but talking 689 00:33:52,000 --> 00:33:54,080 Speaker 1: about you know, potentially as Green New Deal or the 690 00:33:54,080 --> 00:33:57,160 Speaker 1: Biden Deal whatever. And there's this massive push to renewable 691 00:33:57,240 --> 00:34:00,200 Speaker 1: energy and so you know a lot of solar and 692 00:34:00,240 --> 00:34:02,720 Speaker 1: wind and stuff like that, which probably also helped base 693 00:34:02,760 --> 00:34:06,560 Speaker 1: medals UM. But there's talk and I did a video 694 00:34:06,600 --> 00:34:09,200 Speaker 1: on this recently where really, you know, maybe wind solar 695 00:34:09,239 --> 00:34:10,799 Speaker 1: isn't the best option, maybe we should take a look 696 00:34:10,840 --> 00:34:13,839 Speaker 1: at um at nuclear and so a lot of people 697 00:34:13,840 --> 00:34:17,080 Speaker 1: are thinking that uranium could be a good mining play, 698 00:34:17,239 --> 00:34:18,560 Speaker 1: and I talked about mine in the lots. I could 699 00:34:18,560 --> 00:34:20,200 Speaker 1: ask this question a lot, and I know you have 700 00:34:20,239 --> 00:34:22,760 Speaker 1: a background in uranium. So what do you see happening 701 00:34:22,760 --> 00:34:25,880 Speaker 1: in the world in regards to that? Uh, Well, in 702 00:34:26,040 --> 00:34:28,880 Speaker 1: terms of uranium, I think uranium is gonna do okay, 703 00:34:29,040 --> 00:34:32,080 Speaker 1: just given the back that again, my the thesis we've 704 00:34:32,080 --> 00:34:35,440 Speaker 1: been talking about for the next greeps half hour really 705 00:34:35,680 --> 00:34:39,320 Speaker 1: all ships rising, rising tide, and so I think uranium 706 00:34:39,320 --> 00:34:42,840 Speaker 1: will do okay to that end. Um. But you know, 707 00:34:43,640 --> 00:34:47,279 Speaker 1: I came to Canada on the pretense of uranium. I'm 708 00:34:47,320 --> 00:34:50,520 Speaker 1: a big admirer of the country of Japan. I've been 709 00:34:50,560 --> 00:34:53,080 Speaker 1: to Japan probably once a year over the past five years, 710 00:34:53,120 --> 00:34:54,840 Speaker 1: and I'm really quite frankly, if I could go anywhere 711 00:34:54,960 --> 00:34:58,200 Speaker 1: right now, would probably be back to Japan. But the 712 00:34:58,200 --> 00:35:00,120 Speaker 1: first time I actually went there, and the reason why 713 00:35:00,160 --> 00:35:01,400 Speaker 1: I went there was I really wanted to get a 714 00:35:01,520 --> 00:35:04,799 Speaker 1: pulse in terms of one of the Japanese perspectives on 715 00:35:05,560 --> 00:35:09,520 Speaker 1: nuclear reactors, you know. And the one thing about Japanese, 716 00:35:09,760 --> 00:35:12,279 Speaker 1: if anybody's been there, is that Japanese overall have a 717 00:35:12,320 --> 00:35:15,080 Speaker 1: great sense of pride um and that's one thing you 718 00:35:15,080 --> 00:35:18,120 Speaker 1: can never take away from Japan there. The amount of 719 00:35:18,120 --> 00:35:20,600 Speaker 1: pride that country has is something that's very, very unique 720 00:35:20,840 --> 00:35:22,920 Speaker 1: that you don't see anywhere else. I in a lot 721 00:35:22,920 --> 00:35:26,600 Speaker 1: of places, I should say, and you know, just mentioning 722 00:35:26,920 --> 00:35:32,439 Speaker 1: Fukushima nuclear reaction to anybody that came across um that 723 00:35:32,480 --> 00:35:36,680 Speaker 1: you could see was a big, big, ego hit right. 724 00:35:36,800 --> 00:35:38,560 Speaker 1: It was something that they didn't like to speak about 725 00:35:38,840 --> 00:35:42,360 Speaker 1: because of you know, obviously what it did to the country, UM, 726 00:35:42,400 --> 00:35:46,840 Speaker 1: not just from the act accident perspective, but the global 727 00:35:46,880 --> 00:35:50,520 Speaker 1: perspective of of howevere looks at Japan UM. And they 728 00:35:50,560 --> 00:35:53,520 Speaker 1: had a tremendous amount of reactors come on offline because 729 00:35:53,560 --> 00:35:56,040 Speaker 1: of that. And that's when immediately knew that the kind 730 00:35:56,040 --> 00:35:59,040 Speaker 1: of mindset that the reactors were gonna come back online, 731 00:35:59,640 --> 00:36:03,640 Speaker 1: I kind of strong order was was unlikely. UM. And 732 00:36:03,719 --> 00:36:06,000 Speaker 1: so that's when I kind of personally turned a more 733 00:36:06,160 --> 00:36:10,120 Speaker 1: negative outlook on on uranium. But on the again the 734 00:36:10,120 --> 00:36:12,360 Speaker 1: supply side, I we always talk about demand and everybody 735 00:36:12,400 --> 00:36:14,840 Speaker 1: wants to talk about, you know, the solution that uranium 736 00:36:14,880 --> 00:36:18,319 Speaker 1: should have and should have on the baseload power. And 737 00:36:18,360 --> 00:36:20,879 Speaker 1: I am a proponent for your for nuclear power. By 738 00:36:20,880 --> 00:36:23,400 Speaker 1: the way, I do think the disaster that occurred in 739 00:36:23,400 --> 00:36:27,480 Speaker 1: Fukushima was extremely unique and it went back down to 740 00:36:27,640 --> 00:36:30,799 Speaker 1: a design flaw. Basically, your backup generators were located below 741 00:36:30,880 --> 00:36:34,520 Speaker 1: sea level. Probably don't need that to happen, and it 742 00:36:34,600 --> 00:36:37,240 Speaker 1: was all old technology and yeah, it's just a design 743 00:36:37,280 --> 00:36:40,360 Speaker 1: flaw really and and that needs to be addressed, but 744 00:36:40,480 --> 00:36:42,800 Speaker 1: you can't get baseload of power as cheap as you 745 00:36:42,880 --> 00:36:46,200 Speaker 1: can everywhere else. But with that being said, what also 746 00:36:46,320 --> 00:36:50,040 Speaker 1: is very unique about the power is the cost of 747 00:36:50,160 --> 00:36:54,600 Speaker 1: fuel is very very inexpensive relative you're operating costs for 748 00:36:54,600 --> 00:36:56,840 Speaker 1: the fuel relative to all other costs being equal for 749 00:36:57,000 --> 00:36:59,720 Speaker 1: nuclear power. So I do think the nuclear plowers should 750 00:36:59,719 --> 00:37:04,400 Speaker 1: have a place, but it's fighting overall public perceptions. Obviously, 751 00:37:04,960 --> 00:37:09,040 Speaker 1: more of a trouble with nuclear power UM going forward 752 00:37:09,200 --> 00:37:11,040 Speaker 1: in the fact that there's a lot of low cost 753 00:37:11,040 --> 00:37:14,960 Speaker 1: production for uranium globally, particularly at the Kazakhstan where you're 754 00:37:14,960 --> 00:37:20,040 Speaker 1: producing uranium eight a pound and the Russians. Basically, if 755 00:37:20,040 --> 00:37:22,879 Speaker 1: you buy a new reactor from UM, it's cause ATA 756 00:37:22,920 --> 00:37:26,719 Speaker 1: prompt uh. You know, they'll guarantee you fuel for your 757 00:37:26,760 --> 00:37:31,239 Speaker 1: reactor for a decade, you know. And really it's like, hey, 758 00:37:31,239 --> 00:37:33,200 Speaker 1: we're gonna give a spare tire if you buy our car, 759 00:37:33,600 --> 00:37:37,120 Speaker 1: you know. So you know again, and if you look 760 00:37:37,160 --> 00:37:39,640 Speaker 1: in terms of the discoveries out of the Athabasque region 761 00:37:39,680 --> 00:37:43,600 Speaker 1: of Canada, there's some monster high grade discoveries, uh. And 762 00:37:43,640 --> 00:37:46,160 Speaker 1: as US go online, you know you're gonna have enough 763 00:37:46,320 --> 00:37:51,319 Speaker 1: uranium to feed in this whole notion about domestically source uranium. Yeah, 764 00:37:51,320 --> 00:37:54,279 Speaker 1: I think, you know, Americans can be rest assured that 765 00:37:54,280 --> 00:37:56,120 Speaker 1: you can look north to Canada to get that feed 766 00:37:56,120 --> 00:37:58,640 Speaker 1: in the future, while the Chinese have bought a lot 767 00:37:58,640 --> 00:38:01,239 Speaker 1: of that. Um you know there there's more discoveries been 768 00:38:01,239 --> 00:38:05,240 Speaker 1: made up there and that's just take on uranium. Yeah. 769 00:38:05,520 --> 00:38:08,960 Speaker 1: So um it sounds like uh if I've summarize your 770 00:38:09,000 --> 00:38:10,640 Speaker 1: view and and it seems like it does kind of 771 00:38:10,680 --> 00:38:13,279 Speaker 1: line up with what I've been seeing, is that the 772 00:38:13,320 --> 00:38:15,920 Speaker 1: demand side is still on its way down. I know 773 00:38:15,920 --> 00:38:18,520 Speaker 1: in California we've shut down two of three reactors, the 774 00:38:18,560 --> 00:38:20,879 Speaker 1: third one schedule to be shut down. As you said, 775 00:38:20,920 --> 00:38:23,120 Speaker 1: Japan's pulling them down. Germany has been pulling them down, 776 00:38:23,120 --> 00:38:25,760 Speaker 1: so we're kind of seeing them going down and probably 777 00:38:25,760 --> 00:38:28,200 Speaker 1: haven't hit the bottom and definitely not going back up yet. 778 00:38:28,239 --> 00:38:29,960 Speaker 1: So on the demand side is going down, and then 779 00:38:30,000 --> 00:38:32,960 Speaker 1: you're talking about the supply side. We have an overabundance 780 00:38:32,960 --> 00:38:35,920 Speaker 1: of supply and it's pretty cheap, so there's a ton 781 00:38:36,000 --> 00:38:38,480 Speaker 1: of uranium out there. So that was another thing. So 782 00:38:38,920 --> 00:38:43,759 Speaker 1: in terms of the the demand, I'd say demand is 783 00:38:43,800 --> 00:38:45,640 Speaker 1: probably flat because you do have a lot of reactors 784 00:38:45,640 --> 00:38:48,719 Speaker 1: being coming online in China. Uh, that's been a big 785 00:38:48,719 --> 00:38:51,279 Speaker 1: thing is the reactors that they've built. The quality of 786 00:38:51,320 --> 00:38:53,799 Speaker 1: those reactors that was that I can't speak to, but 787 00:38:53,800 --> 00:38:55,440 Speaker 1: those are supposed to be coming on a lot. You're 788 00:38:55,440 --> 00:38:57,600 Speaker 1: gonna be like kind of a situation where you you'd 789 00:38:57,640 --> 00:39:01,560 Speaker 1: have a flat demand type situation. And then for a 790 00:39:01,600 --> 00:39:04,560 Speaker 1: long time, there's been the down blending of the highly 791 00:39:04,640 --> 00:39:08,480 Speaker 1: enriched uranium that seems to be never really ending. It 792 00:39:08,560 --> 00:39:10,279 Speaker 1: was a twenty year deal that was supposed to end 793 00:39:10,280 --> 00:39:13,080 Speaker 1: a couple of years ago. We're basically as part of 794 00:39:13,160 --> 00:39:16,040 Speaker 1: the Non Proliferation Treaty or one of the treaties that 795 00:39:16,120 --> 00:39:19,000 Speaker 1: you'd see the Russians down blend they're highly enriched uranium 796 00:39:19,000 --> 00:39:21,080 Speaker 1: that was used for their warheads and there were thousands 797 00:39:21,080 --> 00:39:25,840 Speaker 1: of them during the Cold War into a lowly lower 798 00:39:26,040 --> 00:39:28,280 Speaker 1: enrichment of uranium that can go as a fuel source 799 00:39:28,320 --> 00:39:32,480 Speaker 1: for reactors, and then that was sold to the United States. 800 00:39:32,760 --> 00:39:35,320 Speaker 1: The down blended uranium for a number of decades. It 801 00:39:35,320 --> 00:39:37,360 Speaker 1: is supposed to end, it didn't need just got rechanged 802 00:39:37,400 --> 00:39:40,840 Speaker 1: and reject around. Uh. And you know, the last lobbying 803 00:39:40,880 --> 00:39:44,040 Speaker 1: effort was trying to u get all this uranium source 804 00:39:44,600 --> 00:39:46,560 Speaker 1: at the United States, which is quick really just not 805 00:39:46,560 --> 00:39:50,240 Speaker 1: going to happen. So yeah, yeah, I would agree in general, 806 00:39:50,280 --> 00:39:53,000 Speaker 1: but there is some demand growth out of China, but 807 00:39:53,080 --> 00:39:54,719 Speaker 1: it's not going to be a you know, big move 808 00:39:54,840 --> 00:39:57,200 Speaker 1: or demand growth like you see in electric cars for example. 809 00:39:57,560 --> 00:39:59,680 Speaker 1: But there's a big missnomer in my opinion when people 810 00:39:59,719 --> 00:40:01,719 Speaker 1: look at electric car and say, hey, look how clean 811 00:40:01,719 --> 00:40:05,560 Speaker 1: it is, because they don't understand the whole business cycle 812 00:40:05,840 --> 00:40:07,680 Speaker 1: in terms of how do you get to get in 813 00:40:07,680 --> 00:40:10,640 Speaker 1: the car, and there's you know, a lot of energy 814 00:40:10,640 --> 00:40:14,640 Speaker 1: intensity that goes into these, um, these green deals and 815 00:40:14,640 --> 00:40:17,200 Speaker 1: these green technologies because it just doesn't happen by magic, 816 00:40:17,320 --> 00:40:19,560 Speaker 1: you know, out of the thin air, right, and a 817 00:40:19,600 --> 00:40:21,279 Speaker 1: lot of it um And I recently just did a 818 00:40:21,360 --> 00:40:24,240 Speaker 1: video on this, I think last week UM talking about 819 00:40:24,440 --> 00:40:28,279 Speaker 1: you know, the booming in electric vehicles and really what 820 00:40:28,320 --> 00:40:30,879 Speaker 1: that means for every car needs a battery, and every 821 00:40:30,920 --> 00:40:34,640 Speaker 1: battery needs minerals to go into it, right, right, A 822 00:40:34,680 --> 00:40:37,200 Speaker 1: lot of copper, A lot of copper. So again right, 823 00:40:37,280 --> 00:40:40,520 Speaker 1: so with uranium we see uh, too much supply and 824 00:40:40,560 --> 00:40:43,479 Speaker 1: not enough demand. But with copper and gold we see 825 00:40:43,600 --> 00:40:45,879 Speaker 1: too much demand and not enough supply, which is what 826 00:40:45,960 --> 00:40:49,160 Speaker 1: we want to see as investors. So um yeah, with that, 827 00:40:49,239 --> 00:40:52,719 Speaker 1: we'll we'll wrap it up and and I appreciate you 828 00:40:53,080 --> 00:40:55,840 Speaker 1: doing that, taking the time to explain that klin X 829 00:40:55,880 --> 00:40:59,479 Speaker 1: minds again copper, gold, zinc and silver um now again. 830 00:40:59,520 --> 00:41:01,680 Speaker 1: I talked about it back in July. I think I 831 00:41:01,719 --> 00:41:04,359 Speaker 1: think it's up six since then, but I'll go ahead 832 00:41:04,360 --> 00:41:06,640 Speaker 1: and link to it down below in the description as well. 833 00:41:06,800 --> 00:41:08,640 Speaker 1: Is there anywhere else people should go to follow up 834 00:41:08,640 --> 00:41:11,879 Speaker 1: with you or or follow you or follow the company? Yeah, 835 00:41:11,920 --> 00:41:14,399 Speaker 1: are on our website. The easiest is calin x dot 836 00:41:14,480 --> 00:41:18,240 Speaker 1: c a uh and there you can get our corporate 837 00:41:18,239 --> 00:41:22,120 Speaker 1: presentation or contact information. I'd always like to interact with 838 00:41:22,160 --> 00:41:25,160 Speaker 1: different shielders and investors out there. I'm not too busy 839 00:41:25,160 --> 00:41:29,120 Speaker 1: on the Twitter or anything like that. I'm really solely 840 00:41:29,160 --> 00:41:32,600 Speaker 1: focused on making these discoveries. And and that's about it. Good, 841 00:41:32,800 --> 00:41:34,880 Speaker 1: all right, Well, without we're gonna gohea and sign it out. 842 00:41:34,880 --> 00:41:36,680 Speaker 1: Thanks so much for joining us today, Max, Thank you 843 00:41:36,760 --> 00:41:38,200 Speaker 1: very much for having me. I've had a great time