Skip to main content

Keith Bodnarchuk, CEO of Cosa Resources | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media Jun 30, 2026

Summary

Cosa Resources drilled uranium at Murphy Lake North in March 2026 — 5m at 0.55% plus 0.5m at 1.7% — roughly doubling its share price.

Denison Mines took just under 20% of Cosa in 2025 in exchange for 70% of three projects, including Darby, sitting next to Cigar Lake.

Athabasca Basin rock runs far richer than the global average of 0.1% uranium, and the Hurricane deposit the guest helped find averaged 34.5%.

Hitting uranium at only 250-260 metres, near the McLean Lake Mill, cuts exploration cost and lowers the deposit size needed to build.

Cosa holds just over C$18 million after a recent raise, funds drilling at roughly C$200,000 a hole, and sees runway into 2028.

Rick Rule's takeaways

  • Top takeaway He sets the test for exploration management as the ability to answer valuable, unanswered questions, saying that in exploration you make money by focusing on management teams that can do that, and asks what the company can accomplish in the next 12 to 18 months to raise market knowledge of its asset base and reproduce the share-price response it saw before.
  • He pushes on the share register rather than the geology, asking how much of the stock is closely held and arguing that the concentrated ownership behind Iso Energy, where NexGen held roughly half, is what let identical news move the stock further than a normal peer, framing float as an amplifier of results.
  • He demands financial specifics instead of narrative, asking first for market capitalization and the closely held percentage and then pressing on what fully funded actually means in cash terms and how long it lasts before the next financing.
  • He frames the company for attendees as a joint effort between Inventa Capital, which he calls a multi-company incubator, and Denison, which he describes as an established 50-year-old player in the Athabasca Basin, staffed by explorationists with a track record of discovery and holding assets Denison could not address during its mine construction.
  • He also promotes his own 2026 Natural Resources Investment Symposium, held July 6 to 10 in Boca Raton, noting the money-back guarantee on attendance, the vetting of every exhibitor and the pre-conference interviews, and closes by disclosing that he is a shareholder in Cosa Resources and thanking the company for its support and sponsorship.