Rick Rule

Stuart Gale, Managing Director of Meteoric Resources | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule judges Caldera a good project by Jonathan Goodman's standard of at least 2:1 NPV to capital intensity, calling it likely in the best quartile worldwide on return on capital employed and the lowest cost quartile on all-in sustaining costs.
• Rule discloses he has been a Meteoric shareholder for a substantial period and says his symposium admits only exhibitors whose shares he or his sponsors own.

Stuart Gale frames Meteoric's Caldera ionic clay project in Brazil as shifting from resource growth into development, with a definitive feasibility study due shortly. Its reserve grades over 4,000 ppm (parts per million — rare-earth content per tonne), roughly quadruple what Chinese and Southeast Asian ionic clay mines run. Gale cites a $1.3 billion NPV (net present value — future cash flows valued today) against $450 million capital, repaying it in just over two years. Century-old bauxite mining, three-lane highways, and hydro power give this part of Brazil a brownfields cost edge over greenfield builds like the Pilbara. Pilot-plant work with ANSTO (Australia's Nuclear Science and Technology Organisation) shows good grades mean little without proven recovery from ionic clays.

Amir Adnani, CEO of Uranium Energy (UEC: NYSE-AMERICAN) | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule discloses he is a UEC shareholder ('shareholders, including this one') and interviews long-time friend and mentee Adnani on what supports the company's $6B valuation and US fuel ambitions.
• He frames the strategic setup for the interview: the US is the world's largest uranium consumer but far from the largest producer of either uranium or finished fuel.
• He promotes the 2026 Natural Resource Investment Symposium (July 6-10 in Boca Raton or via livestream), arguing it is unique in admitting only exhibitors whose shares the sponsors themselves own, backed by a money-back guarantee.

UEC built the largest US uranium resource base, over 500 million pounds, by buying assets cheaply through uranium's 17 bear-market years. In-situ recovery (ISR — extracting uranium without conventional mining) keeps UEC's production costs near $35 per pound, the lowest in the country. The US consumes about 50 million pounds of uranium yearly but produces under 2 million, importing over 95% — including from Russia and China. Bipartisan policy support and big-tech nuclear buying for data centers are aligning market and political signals behind US uranium for the first time. UEC is combining mining with conversion — what China and Russia already do — to capture more of the nuclear fuel value chain.

Jason Kosec and Jonathan Awde of Hemlo Mining Corp. | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule argues Hemlo is valuable even before any upgrade — the mine is already found, permitted and built — and presses the guests to size its worth at gold prices approximating those of mid-May 2026.
• He suggests Hemlo's operators of the past 8-10 years treated it as a cash cow that lacked focused intellectual capital, quipping that Mark Bristow 'had his eyes on other prizes.'
• He recalls Hemlo as Canada's preeminent gold mine of the last 50 years, with cumulative production he remembers as approaching or exceeding 30 million ounces across its three mines.
• He discloses he is himself a Hemlo shareholder and that the company sponsors his educational efforts, and frames Kosec's on-site meetings with geologist Dick Sillitoe as work that benefits shareholders.

A veteran management team bought Hemlo — Canada's preeminent historic gold mine — from Barrick, betting decades of underinvestment left value behind. The mill runs at 3,800 of 10,000 tons per day; a planned $130 million investment aims to lift output toward 200,000 ounces a year. Barrick ran Hemlo as a rounding error — about 5% of output — spending $2 million on exploration where the new owners plan $38 million. The sellers' technical report shows a 14-year mine life, about 140,000 annual ounces, and $1.1 billion NPV5 (value discounted at 5%) at $2,610 gold. A 130,000-metre drill program targets an updated technical report in mid-2027; management says it has over $40 million of its own money invested.

Live Q&A with Rick Rule, hosted by Steve Barton 📱

• Top takeaway Rick's central argument: natural resource equities are not excessive despite two-year runs - gold free cash flow and rising M&A suggest they have a long way to go - yet a 2008-style liquidity crisis is a strong enough possibility that investors must size positions against their account liquidity.
• He advocates putting part of a portfolio in likely takeover beneficiaries, arguing consolidation driven by G&A elimination, index inclusion, and passive buying should remain a good strategy for a couple of years.
• He reads oil's move from $65 to $105 as anticipatory of rationing by price; with strategic reserves running down and jet fuel shortages curtailing flights, he sees prices going higher unless the Gulf conflict resolves soon.
• He flags copper's breakout against his muted economic outlook, high rates, and selling by speculative holders as exactly the opposite of his expectation - noteworthy, though he offers no conclusion.
• He discloses owning i-80 Gold, Marimaca, NexGen, IsoEnergy, and the Sprott Physical Uranium Trust, and repeatedly declines to rank names he cannot judge rather than padding answers.

Rick Rule argues resource equities remain reasonably priced after two years of gains, but a 2008-style liquidity crisis could force overexposed investors to sell. Consolidation keeps rewarding shareholders: mergers cut duplicated overhead, and larger miners gain index inclusion, passive buying, and a lower cost of capital. Oil's move from $65 to $105 is anticipatory pricing for rationing, so an unresolved conflict points to higher energy prices ahead. Copper holding firm despite oil-driven slowdown and speculator selling defies Rule's expectations, an anomaly he flags without claiming an answer. In the Q&A, Rule calls Cameco's flood a buying opportunity, favors debt-free Uranium Energy, and explains net present value's blind spots on tier-one deposits.

Matthew Allen, CEO of Andean Silver Ltd | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule frames Andean Silver as a value-versus-price story: a year before the interview its market cap roughly matched the replacement cost of its infrastructure, which he described as getting 25 million ounces of silver for free, and the market cap has since roughly tripled, so he pushes for study-level NPV data to anchor the valuation.
• He argues silver has been particularly generous to his investment audience over 30 years, going back to the Silver Standard and Pan American Silver days, and expects audience interest to follow the sector.
• He tells viewers every public company exhibitor at his July 2026 Boca Raton symposium is vetted through sponsor ownership of the shares, backed by a money-back guarantee he says has cost only about one-tenth of 1% of tuitions over 30 years.
• He expects attendees at his mid-2027 conference to have a reasonable picture of Andean's bankable feasibility study and what its reserves and resources are worth.

Andean Silver grew its Cerabio silver-gold resource to 111 million silver-equivalent ounces after buying the Chilean project for $4 million in 2024. Upcoming catalysts include a resource update this quarter, 65,000 metres of drilling over 12 months, and a feasibility study due mid-2027. Australian listing rules block publishing scoping-study economics while the resource is substantially inferred — a constraint TSX-listed peers avoid via preliminary economic assessments. Institutions including Sprott, Equinox, and Scotia hold 54 percent of the register; the company reports A$410 million market cap and A$54 million cash. Management targets a mill restart in 2028, with an internal scoping study indicating a 10-year-plus mine life from the current resource.

Keith Henderson, CEO of Latin Metals Inc. | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Discloses he has been a Latin Metals shareholder for about two years, closing the interview by thanking Henderson 'particularly of course this shareholder'.
• Argues prospect generators should be judged by the quality of the partners they attract, since a farmed-out project gets the partner's staff — often 150-200 earth scientists — at no cost to the small company.
• Says he likes that a partner writing a check does the technical due diligence for him — calling himself a 'lazy securities analyst' — rather than sending a consultant's bill.
• Sees prospect generators increasingly morphing into the merchant banking model that built Altius and later EMX Royalty, advancing projects off balance sheet while retaining equity.
• Promotes the July 6-10, 2026 Natural Resources Investment Symposium in Boca Raton or via livestream, noting organizers own paid-for shares in every public exhibitor as his form of quality control and offer a money-back guarantee.

Prospect generator Latin Metals favors asset-level dilution over shareholder dilution, expecting no equity raise through 2027 and possibly 2028. A prospect generator (explorer that farms out projects to partners) is measured by partner quality; past partners include Newmont, Barrick and AngloGold Ashanti. CEO Keith Henderson's track record: sold a Peruvian iron ore deposit for $100 million cash and Velocity Minerals' Bulgarian assets for C$80 million. Majors consolidating (Teck and Anglo American) increasingly need tier 1 projects, which raises the value of high-potential exploration assets. A Latin Metals spin-out holds two projects and will pursue acquisitions, with shareholders starting at 25% ownership and Latin Metals retaining 6%.

Jason Attew, President & CEO of OR Royalties | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule argues that very large tier-one assets are almost always undervalued because they are brought into production before being fully drilled off and NAV math effectively ignores cash flow beyond year 10 or 11 of multi-decade mine lives.
• He stresses that OR Royalties' Malartic interest is one where 'gross is effectively net': the company gets no bill for the underground transition's enormous upfront capital expense or for cost inflation — it just gets a check.
• He vouches for portfolio quality, saying the Canadian assets discussed (Lamac, Island Gold) likely hold more than 5 million ounces of ultimate mineable resource each and that Mantos Blancos is clearly a tier-one asset.
• A long-time OR shareholder including predecessor companies, he likens the company's lean headcount to the early Franco Nevada years and calls its asset base extraordinarily high quality relative to what is on offer in the market.
• He notes Agnico Eagle, Malartic's operator, has sponsored his conference on and off for 30 years and officially shares the view of Malartic as a very long-lived, absolutely tier-one asset.

OR Royalties holds royalties rather than streams in safe jurisdictions, earning near-97% cash margins because royalty holders receive revenue without paying mine costs. Its cornerstone royalty is a 5% NSR (net smelter return — a cut of mine revenue) on Canadian Malartic, with operator guidance of life to 2060. CEO Jason Attew grades every acquisition on a per-share basis and walked away from 2025's $9.3 billion royalty deal wave rather than overpay for scale. Four early-2026 royalty deals — from Gold Fields, in Ghana, and at Nevada's Spring Valley — deploy about $500 million from a debt-free balance sheet. Attew argues OR still trades below mid-tier and senior peers on most financial metrics, with catch-up expected as commodity-price-adjusted per-share growth delivers.

Alastair Still, President and CEO of GoldMining Inc. | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule frames GoldMining as a classic optionality play he has favored for decades: buy a portfolio of assets when nobody else cares, then work to improve them.
• He draws out the sum-of-the-parts point that cash plus marketable securities nearly equal to the market cap implies the mineral projects are not yet reflected in the share price.
• He promotes his July 2026 symposium by stressing that sponsors own shares of every public-company exhibitor, presenting it as a vetting guarantee, alongside an unconditional money-back guarantee.

Assembling good projects when nobody else is bidding, then improving them, is the optionality strategy the interview credits for value creation. Cash plus stakes in US GoldMining and Gold Royalty nearly equal GoldMining Inc.'s market cap, so its 20-million-ounce portfolio trades at little implied value. Seven projects in Canada, Brazil, Colombia and Peru hold over 13 million indicated and 9 million inferred gold-equivalent ounces (metal values restated in gold terms). A PEA (preliminary economic assessment) on the La Mina project in Colombia shows a $1 billion NPV (net present value) at a $2,500 gold price. News flow centers on drilling at San Jorge in Brazil, near G Mining's newly producing mine, with internal economics studies beginning.

Live Q&A with Rick Rule, hosted by Steve Barton

• Top takeaway Rule argues resource equities are not excessive despite two years of gains, but warns a 2008-style liquidity crisis is a real enough risk that overexposed investors could become involuntary sellers — position sizing has to balance both.
• He says the mining consolidation he has forecast for two years is playing out — Equinox's takeover of Orla being the latest example — and owning likely takeover beneficiaries should remain a good strategy for a couple more years.
• He is struck that copper is breaking out against the pressures he expected — high rates and soft economics — and calls the move very interesting while offering no conclusion and conceding it may be a false start.
• He views the oil move from $65 to $100-105 since the Gulf conflict began as anticipatory of rationing by price, and expects higher prices if the conflict is not resolved soon.
• He reports high-quality exhibitors at reasonable prices for the Boca Raton conference, says the live portion is sold out, and backs the live stream with a money-back guarantee.

Rule argues resource equities are not excessive despite two years of gains, but liquidity-crisis risk means checking your own exposure. Mining consolidation looks set to continue; Rule favors owning likely takeover beneficiaries because mergers cut overhead and lower capital costs. Rule calls Cameco's flood-driven sell-off a buying opportunity, since a three-month outage barely dents reserves measured in decades. Build NPV (net present value — discounted future cash flow) from measured and indicated resources only, then add back optionality for growth and tail. Development-stage mining assets deserve a basket approach across several names, Rule says, never a single speculative position.

Tony Reda, CEO of Tectonic Metals Inc. | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rick Rule presses the CEO on whether the high-grade hits are feeder zones into a broader disseminated halo, and on how the $92 million will turn the 'largest deposits' claim into demonstrated certainty.
• He frames the Rule Symposium as fully vetted — every public company exhibitor is held in sponsor-managed accounts — and stands behind it with an unconditional money-back guarantee, with about one-tenth of 1% of tuitions refunded over 30 years.

Tectonic Metals raised $92 million before publishing a resource, which its CEO calls possibly the largest pre-resource junior financing ever. The Flat Gold Project may host up to six deposits; flagship Chicken Mountain shows 191 drill holes with a 100% gold hit rate. High-grade intercepts like 9.95 g/t (grams per tonne) over 35 metres sit within a bulk-tonnage system analogous to Alaska's producing Fort Knox mine. A first mineral resource estimate is planned for early 2027, followed by a PEA (preliminary economic assessment), with metallurgical testing already positive. Recorded placer gold production of 1.4 million ounces in nearby streams and creeks signals a sizable underlying hard-rock gold source.

Robert Villaflor, CEO of Sprott Wealth Management | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule says every public company exhibitor at his symposium is owned in his own accounts and that he vets every exhibitor and service provider, backed by a money-back guarantee he has run for 30 years with refunds of less than 0.1% of tuitions charged.
• He endorses Sprott Wealth Management's research setup — an organization-wide weekly call and daily geologist meetings feeding its reps — as "very impressive" and unlike other wealth managers.
• He argues the July 6-10 Boca Raton symposium delivers more content than attendees can absorb, which is why he previews every speaker and exhibitor in pre-conference interviews and records all sessions including breakouts.
• He notes the event was previously named the Sprott Natural Resources Investment Symposium and says he believes he remains Sprott's largest shareholder.

Sprott Wealth Management staffs geologists who review drill results every morning, and CEO Rob Villaflor argues that specialist depth separates it from generalist advisors. Rick Rule highlights the firm's access to the wider Sprott organization, which he says manages over $80 billion in resource assets. Its private resource exploration and development fund can buy PIPEs (Private Investment in Public Entities — discounted blocks of listed stock). Villaflor says the firm invests alongside clients in the same products, so advisor incentives stay aligned with investor outcomes. Prospective clients can reach CEO Rob Villaflor directly by email or phone before the July 6-10 Rule Symposium in Boca Raton.

Aurora Davidson, CEO of Amerigo Resources Ltd. | Rule Symposium 2026: Rick Rule interviews

• Top takeaway The interviewer argues NPV analysis misprices Amerigo: with cash flows after year 10-11 discounted away, a producer whose resource is not depleted ends up with a valuation tail worth as much as the whole, so depletion is irrelevant and the durability of its dividend understates its value.
• He pushes back on the CEO's modesty about growth, contending Amerigo sits on one of the largest copper resources on the planet with roughly three decades of resources to exploit.

Amerigo reprocesses tailings (mined waste still holding recoverable metal) from El Teniente, the world's largest underground copper mine, rather than mining ore. Tailings recovery brings geological certainty and capital discipline: the feed is already mined, so exploration risk disappears and growth self-funds. A contract with CODELCO (Chile's state-owned copper company) running since 1992 provides tailings access, with compensation tied to output and copper prices. A three-part framework — quarterly dividend (doubled to four Canadian cents), buybacks, and copper-price-linked performance dividends — returned a record 16-cent payout in early 2026. Conventional NPV (today's value of future cash flows) understates such generational assets; the guest says think utility, not mining company.

Joaquin Marias, CEO of Argenta Silver | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rick Rule closes by endorsing the CEO's summary of Argenta as a large, rich deposit whose known envelope is growing with exploration upside, where the grade makes concentrate penalties irrelevant.
• He discloses that the symposium sponsors own shares in every exhibitor, including Argenta, and counts himself among the company's shareholders.
• He says Frank Giustra brought Argenta to his attention, and he presses the CEO to respond to the metallurgical concerns being raised online.

Historical metallurgy points to 90-96% silver recoveries, and refiners told the CEO his high-grade concentrate would face no arsenic penalties. Smelters blend concentrates to hit furnace grades, so exceptionally high-grade silver concentrate can be diluted and stay fully economical. The project holds about 50 million ounces of silver, 45.3 million of them indicated at 482 grams per ton, with only 8% of ground explored. Infrastructure serving Salta's lithium industry — rail, gas pipeline, power line — reaches within 3 kilometers of camp, keeping future capex low. Geologist CEO Joaquin Marias followed the Salta project for 16 years before taking Argenta from creation in October 2024 to drilling by May 2025.

Keith Boyle, CEO of New Found Gold | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Discloses he is a New Found Gold shareholder and says the five-metre drill spacing at Queensway was what let a tired old credit analyst like himself finally tie the dots together and buy the stock.
• Says he cannot disagree with the characterization of Queensway as a generational-type deposit, and judges the plan stays investable even with a small capital overrun under Jonathan Goodman's 3:1 standard.

Queensway's high-grade core (75% of ounces in 25% of tonnes) lets New Found Gold start small and fund a bigger mine from early cash flow. Acquiring the Pine Cove Mill and Hammerdown mine means no new mill is needed for Queensway phase one — a cheaper, faster path to production. Management estimates NPV (net present value — today's worth of future cash flow) at C$2.8–3 billion against under C$200 million of planned capital. Five-by-five-metre infill drilling where mining starts returned grades above the block model, de-risking the narrow-vein plan before a formal investment decision. Exploration upside remains large: over 90% of drilling sits above 250 metres along a 110 km fault, with the Dropkick zone 11 km north.

Marc Bishop Lafleche, CEO of Ecora Royalties PLC | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule argues investors systematically undervalue very large, multi-decade deposits because net-present-value math front-loads value into the first decade.
• He notes projects enter production with only enough reserves to amortize capital, so a mine’s reserve profile at year 20 can match its year-one profile.
• He frames royalty economics for newcomers: gross is effectively net before G&A because operators bear the operating and sustaining capital costs.
• He discloses he holds Ecora shares and thanks the CEO for efforts on behalf of shareholders, including himself.

Ecora's inflection: 2025 is the first year over half its royalty income came from assets beyond the depleting Kestrel met coal (steelmaking coal) royalty. Short-dated royalty cash flows earn weak multiples; extending them to multiple decades is management's case for revenue growth and re-rating. The critical minerals portfolio grew from under $5 million in 2020 to about $37 million in 2025, guided toward $60-70 million, then above $100 million. Growth is layered: ramping producing royalties, brownfield restarts, Santo Domingo nearing a final investment decision, and early-stage uranium at Patterson Corridor East. Drawn debt hit nearly $130 million for a $50 million copper royalty, then returned to starting levels within the year, restoring capacity for disciplined diversification.

Adrian Day, President of Adrian Day Asset Management | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Argues Adrian Day's UK, Hong Kong, and Brazil picks are a valuation call after a decade of underperformance — companies 'too cheap and too globally competitive to ignore' — rather than a bet on political turnarounds.
• Promotes the July 6-10, 2026 Boca Raton symposium on the grounds that every exhibiting public company must be owned in the sponsor's accounts as vetting, backed by a money-back guarantee he says has been claimed on only about one-tenth of 1% of tuition over 30 years.
• Contends the City of London is the least ethnocentric capital market on the planet and says ignoring it leaves an investor under-informed on Africa, Europe, and parts of Asia.
• Notes he has known Adrian Day since 1987 and says the conference pre-interviews every speaker and exhibitor and re-records all sessions so attendees can allocate their time and attention efficiently.

Adrian Day argues gold still offers the best risk-reward of any asset class over the next three to five years. He sees copper, oil and gas, uranium, and agriculture as significantly undervalued relative to gold, with more upside in mid-cycle. Fifteen years of US outperformance have left foreign stocks at 50-year relative lows, setting up a multi-year period of international leadership. As a bottom-up value investor, he favors well-stocked ponds like Britain, Hong Kong, and Brazil, where quality companies stayed cheap for decades. Day says investors should assess risk-reward at the starting point rather than make predictions — cheap markets with visible problems can still be attractive.

Teo Dechev, CEO of Mundoro Capital | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule argues prospect generators are the most efficient way to finance exploration: across about 70 public prospect generators he has backed over 35 years, he counts 23 economic discoveries, an almost 30% success rate he says is three standard deviations above the TSX Venture Exchange median.
• He argues prospect generator shareholders effectively get majors' technical teams for free, citing BHP and Rio Tinto's roughly 150 earth scientists, and that partners do the due diligence and pay the generator rather than charging it.
• He highlights Mundoro as cash flow positive most years, which he reads as a sub-zero cost of capital, and points to its spending discipline.
• He promotes the 2026 Natural Resources Investment Symposium in Boca Raton on July 6-10, saying every public company exhibitor is owned in the sponsors' accounts and attendance carries a money-back guarantee.

Prospect generators (junior explorers whose partners fund the drilling) deliver roughly ten times the exploration spending without diluting shareholders. Mundoro spent $3 million on exploration over four years while partners funded $35 million, on roughly $5 million raised in a decade. Porphyry deposits (giant copper systems) host about 70% of world copper output, which is why majors hunt billion-tonne resources. BHP in Serbia and JOGMEC in Bulgaria currently fund Mundoro's programs, following past partnerships with Vale, Freeport, First Quantum, and Kinross. Rick Rule reports about 30% of his 70 prospect generator investments made economic discoveries, far above typical exploration success rates.

Walter Coles, Executive Chairman of Skeena Gold & Silver | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule applies his own screening benchmarks — net present value at least twice upfront capital, IRR above 25% a year, payback within three years — and says the Skeena project clears them by wide margins, with IRR about four times his hurdle.
• Rule frames the investment as paying less than 4 times after-tax profit and roughly a 65% discount to net present value at the prices current when the interview was published.
• Rule argues the symposium's vetting rule — exhibitors must be owned in producers' accounts — and his money-back guarantee set the event apart.

Skeena's Eskay Creek restart averages 5.5 g/t gold in its first years — roughly four times a typical open pit — on 4.6 million ounces of reserves. Management cites a spot net present value approaching $7 billion versus $565 million upfront capital and roughly $1.1 billion yearly after-tax cash flow. A $750 million high-yield bond led by KKR replaced 12% Blackstone and Orion loan commitments with 8.5% notes, cutting financing costs before production. The partnership gives the Tahltan First Nation a 0.5% royalty plus shares worth over $100 million, anchoring social license in the Golden Triangle. The guest argues investors pay under 4 times after-tax cash flow and a 65% discount to net present value before any exploration upside.

Charles Downie, President/CEO of Eagle Plains Resources | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule discloses he has been an Eagle Plains shareholder for a very long time and frames the value case as a roughly $10 million Canadian enterprise value against $20-25 million of hoped-for partner spending on its projects.
• He argues the company is effectively cash-flow positive in its exploration activities — a 'negative cost of capital' — because its consulting geologists are effectively paid by third parties.
• He cites the company's record and discipline: over 30 years listed, the fourth-oldest company on the venture exchange and never rolled back, with about $150 million of value distributed.

A prospect generator — it stakes projects, then lets partners pay for exploration — gives Eagle Plains exposure to roughly 100 projects with minimal dilution. Spin-out "dividends" — bundling projects into separate companies that later get sold — have returned about $115 million to Eagle Plains shareholders over 20 years. A wholly owned geological consulting firm brought in almost $2 million last year, keeping the exploration company cash-flow positive without returning to market. About $20 million market cap holds $7 million cash plus $3 million equities, so investors pay roughly $10 million for the projects and the team. Catalysts ahead: an $800,000 copper-gold program at the Theory project and a partner-funded uranium option covering six projects with up to six drill programs.

John-Mark Staude, CEO of Riverside Resources Inc | Rule Symposium 2026: Rick Rule interviews

• Top takeaway Rule's core test for a prospect generator is whose capital it attracts: he argues that turning a project over to Teck brings not just Teck's money but about 120 earth scientists Riverside does not have to pay for.
• He asserts that Riverside has returned more capital to shareholders than it has ever raised, and says as a major shareholder of long standing he has personally benefited from the spin-outs.
• He pushes on the merchant-banking side, asking how Riverside monetizes projects on Vancouver capital markets and hands affiliate shares to existing holders, treating that distribution mechanism as central to the investment case.
• He presses for concrete catalysts over the next 12 to 18 months and asks what the company has done for shareholders lately, treating the unfinished spin-out as a claim that still has to be tested.
• He frames the pre-conference interviews and free recordings as a deliberate effort to get investors to allocate time and capital more efficiently, applying his own resource-discipline argument to his audience.

The guest's prospect generation model hands projects to partners who fund the work and run their own due diligence, so shares stay undiluted. Partners including BHP, Antofagasta and Kinross fully funded project generation, adding earth scientists and crews Riverside never paid for. Riverside pairs C$180 million of partner spending on its projects with a C$22 million market cap and C$5 million in cash. The guest says spin-outs have returned over three times Riverside's value to shareholders, with BlueJet expected to double that again. The next 12 to 18 months bring partner drill results in Mexico, rare earth results in British Columbia, and one more spin-out.