Rick Rule: I’m Buying This Type of Junior Mining Stock (Ignored Value=Opportunity)

MiningStockEducation.com Jun 16, 2026

Summary

Rule is buying junior mining explorers now, expecting a rough summer in the gold market to deliver the lower entry prices his watchlist requires.

Drill results are landing, yet markets no longer price them in, leaving what he sees as quality discoveries underpriced.

He trades the gap between price and value, ignoring pre-market moves and analyst signals that carry no information for him.

At-the-market (ATM) programs, which sell stock gradually into the market, give large miners cheaper capital than brokered placements.

Small Abitibi deposits now work if their ore can be trucked to existing mills instead of building a plant of their own.

Rule names Agnico Eagle as the sector's relative-value anchor: he sees its valuation running above the juniors, and says that gap is what lets him rotate back down into sub-$250 million market cap stocks.
He notes Agnico Eagle is acquiring Orion Resources in an all-cash deal, and says that type of transaction was flagged to him on stage at his own conference a year earlier.
Two years ago he would have advised paying up for quality names such as Agnico Eagle and Franco-Nevada despite rich valuations; he says he only made that call four or five months ago and has since turned to the beaten-down juniors.

Rule tells a cautionary story from Indaba years ago in which he watched a company founder socialise with Barrick representatives, missed the signs of a takeover, and calls ignoring that one of the dumbest moves of his life.

His top call is to keep the G2 Goldfields shares rather than sell on the announcement or the close, because they convert into G Mining Ventures shares that he expects to be tucked away at current levels.
He calls G Mining a work in progress whose Guyana holdings are better understood as one district than two mines, and sees the emergence of a million ounce producer inside it.
He expects production to roughly triple over a five-year horizon, helped by a gold market he forecasts over the same window and by another development-stage asset in Brazil.
He argues the G Mining and G2 Goldfields combination made obvious sense: the mineralisation sits close enough that two processing facilities made no sense, the G2 side lacked mine-building experience and G Mining had plenty.
He has known the Zinyak family for about 30 years and says they have delivered on everything they said they would do.

Rule cites IAMGOLD as one of the Abitibi operations he expects to have spare milling capacity, the kind of existing infrastructure that lets smaller nearby deposits be built and trucked instead of needing their own mill.

He points to Eldorado Gold as another Abitibi operation likely to have spare capacity, part of the infrastructure behind his new willingness to consider sub-million-ounce deposits.

Top takeaway Rule says he is in buying mode with no intention of selling, and expects a rough summer in the juniors to bring the prices on his watchlist closer to where he wants to buy.
He argues the market is not yet in a discovery phase: recent spectacular drill holes with large geophysical signatures are not being fully priced, and he expects the market for very high quality projects to improve over the next two to three years.
He avoids private placements in this market because too many writers are pushing deals through without warrants, and prefers open-market buying, sometimes offering to help a company tighten its market before it raises.
His view on deposit size shifted after an interview at his own conference: he now looks for 700,000 to 1.2 million ounce Abitibi deposits that can be trucked to existing mills instead of avoiding them like a plague.
He expects AI to be good at analysing large datasets such as geochemistry, satellite imagery and a thousand well logs, but says it cannot replace the judgement built on 50 years of asking the right questions.

Top takeaway Powers opens by arguing that the market's reaction to good drill holes has become far more muted than in earlier cycles, when a successful hole was priced in before an investor could build a position.
He reports that Orion Resources is being acquired by Agnico Eagle in an all-cash deal and asks Rule for his read on the transaction.
He presses Rule on whether AI in mining is becoming a bubble, citing community opposition to data centres in his home state and Microsoft cancelling its Claude subscription for coders because of the cost of correcting its output.
He notes he told Rule on a previous show that AI could replace his investment process in about five years, and asks whether that four-year horizon still holds.