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Live Interview with Brien Lundin

Rule Investment Media Oct 2, 2026 59:26

Summary

Brien Lundin says gold and long bond yields are sending one signal — currencies will be depreciated to manage unpayable government debt.

He favors producers: majors offer 4-5x potential with dividends and net cash, and eventually they must turn to M&A to refill depleted pipelines.

Better-funded juniors now drill seriously, but developers advancing projects alone may cap takeover premiums near 20% instead of the 200% of past cycles.

Strategic-metals politics invite government and generalist capital that ignores project economics, reviving deposits the industry had written off as uneconomic.

Lundin stays bullish on K2 Gold's Mojave drilling, Prospector Metals around $0.80-$0.90, and Cabral's low-capex early production funding exploration without dilution.

Key points on Equinox Gold

  • Lundin says Ross Beaty's goal with 'the new Equinox' has been to create a high-level mid-tier producer, and that he is just about achieving it.
  • He adds that 'you would not bet against Ross ever,' noting Beaty has retired a couple of times over the years but keeps getting pulled back in.

Key points on Cabral Gold

  • Lundin personally owns Cabral Gold and says 'I love Cabral right now,' with no plans to sell any shares anytime soon, even though the stock is no longer in his recommended portfolio because it 'got away' from his earlier call.
  • He says Cabral has just started producing and selling gold at Cuiu Cuiu, with the first gold sale worth about $10 million in revenue.
  • He argues Alan Carter's low-capex early-production strategy fits the new market: at today's gold prices the company may never need to dilute shareholders again to fund what he calls an extraordinary exploration project.

Key points on K2 Gold Corp

  • K2 Gold is on Lundin's recommended list and he is 'really bullish': the multi-kilometer Dragonfly trend at the Mojave project in California is the primary driver, with the company aggressively drilling it and getting results similar to its discovery hole.
  • He recalls a great discovery hole drilled around 2020-2022 of tens of meters at roughly 4-5 g/t, followed by a long wait of about five years for permits before follow-up drilling could start.
  • He flags the Stega target as a likely 'next big thing' for K2, reading between the lines of management's enthusiasm when that target comes up.
  • He cites a $25 million financing done before drilling, at no discount to market and with no warrants, as evidence of how smart, deep-pocketed investors regard the project.

Key points on Prospector Metals Corp

  • Lundin calls Prospector Metals a buy at current levels (around $0.80-$0.90), saying it was probably a near-term sell at $1.50 and that a lot more drill news is coming.
  • He says last year's hole 31 was an extraordinary discovery hole, and the follow-up holes that disappointed the market are what you expect from structurally controlled mineralization that pinches and swells along the trend.
  • Prospector was his top Gold Newsletter recommendation for about 18 months before the drills ever turned, based on the ML prospect and the team's new geological interpretation.
  • He has stood on hole 31's drill pad, judges the prospect and its main trend highly prospective, and expects continued intersections of roughly 10-20 meters at about 5 g/t.
  • He sees the Phoenix zone (formerly the skarn zone, which he thinks was never an apt name) as underappreciated, already developing parallel zones and drilled targets.

Ross Beaty's takeaways

  • Top takeaway Lundin says Ross Beaty has retired a couple of times over the years but keeps getting pulled back in, and that with the new Equinox Beaty's goal has been to create a high-level mid-tier producer, which he is just about achieving.
  • He adds 'you would not bet against Ross ever,' echoing the view (attributed to Rick Rule) that Beaty is willing to advance a project himself if the right buyer does not come along.

Alan Carter's takeaways

  • Top takeaway Lundin calls Cabral Gold's Alan Carter 'an extraordinary manager of a company,' crediting him with seeing that in today's market it makes sense to scoop gold out of the ground at low capex rather than only chasing a big resource.

Grant Williams's takeaways

  • Top takeaway Lundin bills Grant Williams as a highlight of this year's New Orleans Investment Conference.
  • A question from Grant about Northisle Copper and Gold is read on the stream; Lundin says he has no opinion on it.

Rick Rule's takeaways

  • Top takeaway Lundin calls Rick Rule one of his longest-serving friends in the industry and says Rule was one of his mentors when he pivoted from metals to mining stocks in the late 1980s and early 1990s.
  • He says Rule is one of the few people who probably has an even wider industry network than his own.
  • He credits Rule with preaching to use volatility to your advantage - buy on dips but skim off the froth - since 'volatility brings victors and victims,' and calls Rule the best at it.
  • He repeats Rule's line that 'there's no more dumb money than government money' when arguing that strategic metals will attract government funding that ignores project economics.

Peter Schiff's takeaways

  • Top takeaway The host recalls that Peter Schiff's years-ago calls for $5,000 gold sounded insane even to gold bugs at the time, and observes 'here we are' now that they have largely played out.
  • Schiff is also named among the 40-plus expert speakers for this year's New Orleans Investment Conference.

Brien Lundin's takeaways

  • Top takeaway Lundin argues gold and bond yields rising together signal that currencies face rapid depreciation under debt loads, and says gold 'wins out in just about every realistic scenario' going forward.
  • He calls this the first time in his career that major producers offer junior-explorer-level upside of 4-5x with less risk, since they are making money hand over fist yet pay dividends, buy back stock and sit on net cash while the market undervalues them.
  • He expects the Fed cannot sustain a rate-hike campaign because debt-service costs are already unaffordable, so short-end yields will be forced lower while bond vigilantes demand higher long-end yields.
  • He predicts the anticipated M&A wave will disappoint: developers advanced enough to build their own projects will not sell for ~20% takeover premiums, so mid-tier producers will grow rather than majors going on buying sprees.
  • His New Orleans Investment Conference (October 28) has a sold-out exhibit hall and attendance surging past last year's, which he ties to gold at about $4,500 an ounce and what he sees as the biggest metals bull market since the 1970s.

Doug Casey's takeaways

  • Top takeaway Lundin says Doug Casey is calling this year's New Orleans Conference appearance his final public one, and plans to ask him on stage whether his old prediction that live events were dead now looks wrong given this year's crowds.
  • He describes Casey as one of his longest-time friends in the industry, a man with no ego who will gladly admit when he is wrong.

Mr. Jodie L. Gibson M.B.A., M.Sc., P.Geo.'s takeaways

  • Top takeaway Lundin says he was excited by Jody Gibson and Rob Carpenter and their team's new interpretation of the geology at Prospector Metals, which he says proved out with last year's hole 31 discovery.

Albert Lu's takeaways

  • Top takeaway The host (also emcee of Lundin's New Orleans Conference) argues that with the size of the debt, gold's signal and foreign creditors' increasing reluctance, the US can no longer just play games with interest rates - if America were any other country, the IMF would be prescribing austerity.
  • He points to the OpenAI IPO being pushed back, while Anthropic reportedly still plans one soon, as evidence the aggressive competition for capital has to cool and some spending must slow.