EB Tucker
Author | The Tucker Letter | Strategic Investor in Gold and Natural Resources
"Macro-driven gold and mining stock analysis, and early-stage resource investing"
Biography
E.B. Tucker is a strategic investor and financial analyst focused on natural resources, particularly precious metals and mining equities. He is the author of The Tucker Letter, a publication that blends macroeconomic analysis with specific, actionable resource investment ideas. He is perhaps best known to mining investors as a founding member and former director of Metalla Royalty & Streaming, a company that built a portfolio of gold and silver royalties. His career combines direct involvement in building resource companies with a public platform for sharing his investment thesis.
Tucker's track record includes early recognition of the royalty and streaming model as a superior way to gain exposure to precious metals. As a director at Metalla, he helped grow the company's asset base, providing investors with a vehicle that offered leverage to gold and silver prices without the operational risks of running a mine. He also actively invests in early-stage and junior mining companies, often identifying overlooked projects before they attract broader market attention. His analysis frequently highlights specific opportunities in sectors like uranium, where he has recently pointed investors toward companies like Noble Plains Uranium.
His approach to evaluating resource opportunities is rooted in a distrust of fiat currency and a strong preference for hard assets. He looks for companies with strong management teams, favorable jurisdiction, and the potential for significant resource expansion. He often emphasizes the importance of aligning with insiders—founders and managers who have significant personal capital at risk. While he covers a range of commodities, his core focus remains on gold and silver as monetary metals, though he actively explores opportunities in uranium, copper, and other metals driven by supply shortages and macroeconomic shifts.
For mining stock investors, Tucker offers a practical, thesis-driven perspective. He focuses on the underlying value of the asset and the integrity of the people managing it. By following his work, investors gain insight into not only which companies he finds compelling, but also the disciplined framework he uses to evaluate risk and reward in a notoriously volatile sector. His current focus spans the precious metals sector and emerging critical minerals like uranium, reflecting a broader view of a shifting global resource landscape.
Videos (3)
A Gold Stock Doug Casey Owns, Now 36% Below What He Paid
Reopening the McCabe mine through its ventilation raise cuts planned drilling costs about 95% — 60 holes for $200,000 instead of $9.6 million from surface. Arizona Eagle Mining's historic estimate is about 887,000 ounces at 11.7 g/t (grams per tonne), and lower modern cut-off grades should expand it. CEO Kevin Reid says C$5.5 million in cash covers the US$3.7 million underground re-entry budget, with drilling guided for May or June. Phase 1 surface drilling hit two economic intersections in seven wildcat holes, including a zinc-rich VMS (volcanogenic massive sulfide) copper discovery. The panel flags narrow veins, illiquidity and tax-loss season as near-term risks, while insiders hold roughly half the company.
A Gold Miner That Could Earn Its Market Cap Every Year: Scottie Resources (TSXV: SCOT | OTC: SCTSF)
Scottie Resources plans 2028 production from a BC Golden Triangle gold project using DSO, shipping crushed ore directly to a Taiwan offtake buyer with no mill or tailings facility. A 2025 bulk sample pulled $9 million from 4,600 tons at ~14.5 g/t over nine days, validating the road-to-port shipping model ahead of a Q1 feasibility study. Management targets roughly $150 million in annual free cash flow at $2,600 gold, with average production near 65,000 ounces per year over a seven-year mine life. Eleven commentators split on the plan: a few endorsed the team, while others flagged the $225 million valuation and tight two-year timeline as key risks. Indicated-versus-inferred resource conversion, project financing, and a joint IBA with the Nisga'a are the milestones Thomas pointed to as the path from PEA to first pour.
Doug Already Bought It - Noble Plains Uranium (TSXV: NOBL | OTC: NBLXF)
- Top takeaway Tucker sizes the opportunity in the debrief: echoing Casey's ten-x point, a ~US$50M market cap on real progress is 'not outrageous,' and around C$7M is where you want to buy it — not C$70M.
- He works through the share history: rollback compression (a 1-for-6 around 2020, then 1-for-2 before the uranium switch) and three small financings mean about half the 88M shares trace to legacy shell holders, whose 'what is this doing in my account' selling is psychology the stock must work through.
- He puts the warrant overhang at roughly 30M at $0.10-0.15 — a real amount that has to be chewed through — but calls it a speed bump rather than fatal.
- He likes that no promoter holds 25% of the company, the flaw that makes such shells recycle forever, and praises the Zimmerman-Cowley pairing: the CEO takes the heat and steps aside cleanly for the technical depth.
Noble Plains Uranium (TSXV: NOBL) buys historic Wyoming uranium ground and converts legacy drill data into compliant resources, skipping grassroots exploration risk. Flagship Duck Creek holds a maiden 6.36-million-pound uranium resource (83% indicated) beside Cameco's and Uranium Energy's Powder River Basin projects. In-situ recovery (ISR — leaching uranium with solution underground rather than mining it) underpins the plan; management wants 20-25 million pounds before a production decision. Ur Energy took a 6.2% stake and signed a processing LOI, so Shirley Central pounds could pipe into its brand-new adjacent ISR plant. The panel flags a 30-million warrant overhang, serial commodity pivots, and thin cash, yet most agree the nano-cap valuation already prices much of the risk.
Key Quotes
"We're going to have a real crack-up in the currency markets. That's the big trade. And you want to own real assets."
— Interview on macroeconomics and the case for hard assets
Key Works
A financial newsletter focusing on contrarian investment ideas, macroeconomic trends, and opportunities in the natural resource and precious metals sectors.
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