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Guy Goulet, CEO of Cerro de Pasco Resources Inc. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 19, 2026

Summary

Cerro de Pasco Resources owns mineral rights to tailings at what was once the world's largest gold, copper, and silver mine, says CEO Guy Goulet.

Historic flotation recovered only about 60% of metals before processing stopped, so the tailings (processed waste) grade above average underground mines, Goulet argues.

An 80-hole drill program starts by end of June; Goulet targets a feasibility study by Q3 2027, skipping a PEA (preliminary economic assessment).

The company holds about C$450 million in market cap, C$40 million cash including a US$5 million United States grant for gallium, and no debt.

Reprocessing avoids mining entirely; Goulet may use neighboring Volcan flotation plants first, then possibly build a new 20,000-tonne-per-day facility.

Key points on Cerro de Pasco Resources

  • Goulet says CDPR shareholders own the mineral rights on the historic Cerro de Pasco tailings and stockpiles, which he expects to be the largest above-ground mineral resource on the planet.
  • Per Goulet, only about 60% of contained metal was historically recovered (flotation stopped after 24 hours versus a possible 85-87%), leaving average tailings grades of lead, zinc, copper, gold and silver above the average underground mine — and because the material is already above ground, the project avoids mining, which he puts at roughly 40% of typical production cost.
  • First-phase drilling on the 96-hectare permit matched the historical compilation except for slightly low copper, which sits in a still-undrilled area from the early-1900s underground workings; a government easement annexes about 180 further hectares, where roughly 80 more holes are planned once drills arrive by the end of June 2026.
  • The company will skip a PEA and run mineralogy, metallurgy, hydrogeology, geotech and environmental studies straight toward a feasibility study that Goulet targets for Q3 2027, using sonic drilling of the wet southern zone with frozen samples over about five months.
  • Goulet reports a market cap of about C$450 million, C$40 million in cash and no debt, plus a US$5 million US government grant tied to the project's gallium and Eric Sprott holding a $10 million position.

Rick Rule's takeaways

  • Top takeaway Rule frames CDPR's challenge as threefold — sampling enough to prove the quantum of recoverable reserves and resources to regulators, advancing permitting, and finalizing processing-facility options — and calls verified information on the 'size of the prize' the key catalyst for the next year.
  • He discloses personal alignment, introducing Goulet as a friend and 'a manager of a bit of my money,' and notes the symposium vets every exhibitor, including Cerro de Pasco, whose shares it holds in the sponsor's accounts.
  • After hearing the financials, he judges the company adequately funded and describes the path to a Q3 2027 feasibility study as fairly clear and fast progress.

Eric Sprott's takeaways

  • Top takeaway Per Goulet, Eric Sprott still holds a $10 million position in Cerro de Pasco Resources, cited alongside the cash balance as evidence the company is funded.