John Feneck: Big Supply Crunch Coming to This Critical Mineral & Quality Gold Miners On Sale

[00:00:00] John Fennec: And right now, tungsten is not a replaceable metal. They're so advanced that they're putting out a PFS. They just picked up a huge project in tungsten. They have it, we don't. Japan doesn't, right? Like, this is a major problem. Anytime a new Fed chair gets in an office, so now you've got two large silver projects with low all-insustaining costs. But he doesn't need to really do this because he's got 17 billionaires in the cap structure. Why would these guys be putting that kind of money behind a project if it's going to fail? Their technology can hold more than just about any other company they've run across in North America. [00:00:30] Speaker 2: John Fennec, financial analyst and CEO of the Fennec Consulting Group. It is a true pleasure to host you on, let us say, it's called radio today. [00:00:38] John Fennec: Thanks for having me again. Appreciate it. [00:00:40] Speaker 2: Excellent, John. Very excited for our chat today. And I would love to start off our chat talking about tungsten, a very opaque market that seems to be going through a severe supply crunch. As Japan recently announced, it's shuttering around 25% of global tungsten hexafluoride supply, which is a precursor to semiconductors. So, John, I'll be very curious to hear, what is your sense of the lay of the land of tungsten? How severe can the supply crunch get? And how are the longer-term supply and demand dynamics balancing? [00:01:12] John Fennec: Yeah, it can get worse from here. We've been talking about this for at least two years now, and that means talking about China cutting off the rest of the world. When tungsten got cut off from Japan January 1st of this year, that was a real shock to a lot of people. Not really me. I think that China just isn't going to share it. They produce 80% of it, roughly. North Korea and Russia produce about 5%. So, you have 85% of world production going into three countries that have no interest in helping the U.S. whatsoever, in my opinion, with critical minerals, at least. So, then you have to look at where else it's produced, right? And the U.S. hasn't produced an ounce since 2015. That's 11 years ago. So, we have these projects in the U.S. We have these projects in Canada. But we don't have production, which is crazy, right? Like, you know, we're in, like, how many months or years does it take for the government to get serious about this? And I will say, on a positive note, that I just did a Washington, D.C. conference, and I spoke there. And after my speech were a couple of U.S. government, you know, officials that I brought in to speak. And I went up to them afterwards and brought up Tungsten, actually. And they said, you know, it's interesting you mentioned that. We heard you talking about it. This is something we're much more focused on now. And we're writing a white paper on it this summer. So, I'm going to contribute to that. And I'm going to ask some people that are in the industry to do the same. Because I think the world needs to understand just how crazy this is. It's semiconductors, as you mentioned, and technology that's one use. But the main use that I focus on is defense. You know, when you don't have metal to make tanks, missiles, bullets, this is a real problem. And I think, you know, just my thesis, one of the reasons we didn't initiate a ground war, we didn't go deeper in Iran with missiles, is because we just don't have the capabilities to do what Russia, Ukraine's doing right now, right? Four and a half years of back and forth. By the way, the worst foray was just last Friday in Russia, where Moscow got attacked, right? It's getting crazy. And so, we don't have that kind of armory that we need to fight the Middle East in a long-term war, in my opinion. And so, the US is now, I wouldn't say laser-focused, they're much more focused on what's happening, which is really positive. And I hope that I can help my country. And, you know, my dad did two tours in the Marines and I hope I can help my country to understand how crazy it is in terms of the supply-demand imbalance that exists in tungsten. [00:03:55] Speaker 2: How much supply was historically coming from China and are there any advanced stage projects in North America or even Europe, for that matter, that could scale up quickly? [00:04:07] John Fennec: Fireweed in Canada is one that I hear a lot of. That's F-W-E-D-F in Canada. It's one that we owned right around a buck and we sold it around two and a half and it's now come back down to about two and a half. So, I was just looking at it today because it ran up like everything else. But, they have a nice big deposit in Canada. But, again, no production yet. The one thing that's really positive there, though, is the Lundin family, the billionaire family, is behind that project. So, you know, that's always a plus. You have to look behind the curtain and see who the players are in some of these projects, right? Europe, there's one in Portugal, Allied Critical. They presented at my DC conference as well. I had General Marks on stage talking about their story. They just got a big check. So, I think that's going to be the theme is that more and more companies like Allied are going to get checks, whether they're in Europe, Canada, the U.S. This is something that I think nations that are not, you know, trying to really cut off supply and be a problem have to band together and put their differences aside and say, like, how do we figure out this problem? So, it is a problem. And right now, tungsten is not a replaceable metal, right? When we talked in previous interviews, we talked about catalytic converters once, I remember. And, you know, palladium has been said for years to be replaced by platinum. Well, it still really hasn't happened. I mean, I've been hearing that forever that, oh, who needs palladium? Well, look at the palladium price. A lot of people need it, apparently. You know, there's not one use for a metal. There's multiple uses. And so, with tungsten, I've heard rumors of Mali, you know, being replacing that. And show me, show me. Just show me how it's going to work. It's not going to take months. It'll take years for this stuff to transpire. So, what are we doing in the meantime? That's my argument to anyone, is that we need to be thinking about this right now. I would love to see something like what Trump did last April with fast-tracking certain mines in the U.S., right? Why don't we fast-track some of these companies that just need permitting? They need certain things to advance the project, right? It's not just about money. It's getting through the red tape in whatever country you're in. And that is the $64,000 question. And, you know, I'm probably using a quote that most of your young viewers don't even know what the heck that means. But it is the serious question, right, on people's minds is how do we get these things moving in the right direction? There's no panacea. It takes time and work. [00:06:49] Speaker 2: Are there any Western producers one can even invest in? [00:06:54] John Fennec: Yeah. So, I heavily invest in the U.S. There's three that are on my, you know, kind of list that I buy on dips, and I did it again today. Western Star, I bought today. It got absolutely pummeled in the market. I haven't talked to the CEO because he's based overseas, and with the time change, he's already asleep. But I'll be calling him tomorrow just to get his feeling on what happened. But that one is WSRIF in the States and WSR in Canada. I met Blake, the CEO, in February, right before PDEC. You know, we had dinner, first night of PDEC in Toronto. You know, we were literally at war at that dinner one day in. And he's like, look, the properties we have are going to get a lot more notoriety because our grade is off the charts. And I said, well, tell me about it. He said, historically, we're over 3% tungsten, which is insane. When you look at the average junior out there, they're at 0.3. They're at 0.4 grade. This is 9 to 10 times that grade. And that's what investors are missing, is grade matters in mining. [00:08:05] Speaker 2: Today's episode of Palisades Gold Radio is proudly brought to you by our parent company, Palisades Gold Corp. Canada's leading junior resource investment vehicle trading on the Toronto Venture Exchange under ticker symbol PALI. With equity and warrant positions in over 200 companies, ownership of mineral projects and royalties, and a significant stake in newfound gold. Palisades offers investors powerful, leveraged exposure to precious metals, uranium, copper, and other critical minerals. Palisades shareholders directly benefit from our team's extensive industry knowledge and access to deal flow. Opportunities historically reserved for a small group of investors. To learn more, visit us at palisades.ca and join us in our mission to level the playing field for investors. Now, back to the show. [00:08:53] John Fennec: A lot of these tungsten mines are low-grade. Doesn't mean they're not good projects or they're not economical at all because the spot price is $3,000, right? So, like, a lot of these things are economical at current prices. But grade, you know, matters. And Nevada matters. It's the number two jurisdiction globally. That's where his projects are, right? He just bought another project in New Mexico last week. So, he's diversifying out of Nevada into another state that is also mining-friendly, that has a history of working with the U.S. government, if you look back at that news release. So, that's positive. Guardian has been the leader in the space of the juniors, along with Almonte. Almonte is ALM. Guardian is GMTL on the NYSE and GMTLF on the OTC. I've known all over the CEO there for three and a half years now. He was one of the people that really challenged me to learn this subsector. And I'm really happy he did because it's been one of the best buys of my life. I mean, a lot of people probably come on your shows and talk about all their successes. You have to hold those shares to, you know, this point to really get success sometimes. And a lot of people don't make it because they trade out too early. So, what I do is I fact-check myself almost every month on the phone with him and just making sure that the story is still intact. And that story is still intact. In fact, they're so advanced that they're putting out a PFS on their project in Nevada by, he said, July 1st. So, that's what he's publicly said. We'll see if that happens, if it's July 4th, July 10th. Who cares? It's coming soon. And I'm really interested to see how that CapEx is going to be funded, right? If he says, hey, we're going to fund it heavily with debt, that's really a positive, right? You don't want to see a company fund a CapEx heavily with equity. I think that you could see the CapEx heavily funded by the government. I mean, I don't have that for, you know, know that for any other reason that I'm speculating. But I think that when you look at the U.S. government and my conversations with them at my conference, my follow-up conversation with them last week, they are on board with, like, handing out checks, and they know who Guardian is. So, they brought them up, in fact, before I even mentioned them. So, that's a second one. And then thirdly is Spartan, which is also in Nevada. So, you can tell I like Nevada. It's the second-best jurisdiction globally. Like, you know, there's no need to go to certain parts of the world to go find this stuff, necessarily, if it's right in your backyard. We just need, again, people to move the permitting forward and fast-track these projects. Spartan is SPRMF in the States and W in Canada. They just picked up a huge project in Tungsten. They call it the biggest project in the U.S., March 17th. So, it is low-grade, but, again, size also matters in mining. And when you have a district, you know, scale-type opportunity like that in a wonderful state, that one's worth tracking as well, if not buying. [00:11:54] Speaker 2: And, John, to shortly discuss the flip side of this discussion, of course, is Tungsten prices have already risen about 10 times since previous levels, before the supply crunch started occurring. So, the cure to high prices is, of course, high prices, as it incentivizes more production, like you outlined earlier. All the lower-grade projects all of a sudden become economical. So, when will high prices cure the supply crunch? And how long do we still have a tailwind in our bags for Tungsten? [00:12:26] John Fennec: I think this tailwind goes into next year for sure. And the reason I say that is Almonte is way behind in terms of getting their, you know, metal out of the ground. They've been talking about this since, you know, I think they were on track for Q4 or something last year, if not earlier. It's not happening yet. They're in South Korea. Who else? Fireweed's way behind on schedule, in my opinion, in terms of getting that metal advanced. They were talking about a game plan that, again, whether that's First Nations, I don't know. But it's not happening yet, right? And these problems contribute to a higher price because there is no metal. I mean, you were just pointing out about Japan, right? And, like, if Japan's getting cut off on the knees, why would they not cut off everyone, you know? I mean, globally. They have it. We don't. Japan does it, right? Like, this is a major problem. [00:13:23] Speaker 2: Well understood. I would love to transition to the precious metals complex for a second. We've taken a significant beating the last couple of months, down around 25% to 30% currently from the January peak. How are you thinking about risk-reward right now? Is there more downside ahead, do you think? Or is this potentially a great buy-the-dip opportunity? [00:13:45] John Fennec: Well, to play this out for everyone, I think it's helpful to use a timeline. So, you know, January, February were insanely good months for mining stocks and for both the metals. We're talking gold and silver here. Silver, you know, I went on your show and I went on a bunch of shows. And if you remember, I said, over 100 bucks, I'm going to be selling some. And I did, you know, and I didn't sell a lot. I sold maybe 15% to 20% of my silver. But I stuck true to what I was telling your listeners, right? Because the RSI, the Relative Strength Index, on silver got to like 85 plus. When it gets above 70, you have to start thinking about selling an investment. You don't necessarily have to sell right at 71, you know, but you have to start thinking about a game plan, an exit plan on whatever you're holding. Now, silver was sort of weird, right? It was a parabolic move that just fed on itself. And I think a lot of short covering happened there over 50 bucks, right? And so it just got new legs because 50 was the all-time high previously. And it just busted through to, I think, around 120. But, you know, did I clip 120? I don't even remember. It was pretty crazy. I mean, I was selling from 100 to 119 or something, right? And now I'm looking to buy back because we want to, you know, see 50 holds. I mean, that would be really bullish. We're seeing 60 hold as we record this, right? Barely. But I think a break of 60 to the downside brings in a test of, let's call it 48 to 54. You know, I don't see that as anything other than a retracement down to, you know, where we broke out from decades. I mean, you know, 50 was the all-time high, you know, going back to the Hunt brothers in the 80s. So, like, this isn't something that was a minor thing, in my opinion. A crack below 50 is going to hurt, but I would call that a brief crack if that even happens. And I think that would have to be driven by something like successive rate hikes by the Fed, right? Like, we're hearing Warsh talk about a rate hike. Who cares? Like, that's my feeling. This is a buying opportunity for people that are smart in precious metals and are smart in miners. They look at this and say, what are 25 basis points going to do? You know, I mean, sure, it's a change in narrative from rate cuts, but if you've been following Warsh's career, like, this wasn't a real surprise to us. We've been talking about this on your show and other shows, too, where we've been like, hey, watch June 17th. Anytime a new Fed chair gets in an office, he or she is going to have their own opinions and you're going to have to roll with it. And that's what the market is figuring out right now. It's absorbing what he was talking about with task force, with, you know, putting price stability first, watching inflation like a hawk. Like, these are all things that, you know, are being absorbed by market observers and participants. So, it's a buying opportunity, medium to long-term, but short-term, there's some pain. Getting to gold, like, 4,000 has been holding, right? I think when you break, if you break 4,000, you're going to test 3,800 pretty quickly, and then you would have a real test at 3,500, you know, sort of the big number in the sand, maybe 3,500 to 3,600. We don't want it to see it break there, just like we don't want to see it break 50 on silver, right? Because that is going to be painful. I will say on the positive side for gold, that if you look at Bank of America today on Kickco, they literally said, hey, we're not bullish in the near term, but we're also not giving up our $6,000 price target, which is pretty amazing from a large bank like that. Goldman's around 52 to 5,400 right now. JP Morgan's around 5,000. You know, many of the big banks are sticking in there, which is really bullish. So, let's hope they're right, right? We want to see this, you know, we want to break back into that channel for silver of 70 to 85, right? We want to see gold break back into that 4,500 plus, you know, price area and retest 5,000, hopefully within six months or so, right? The all-time high was close to 5,600, I believe. So, you know, will we get back there this year? Not the way I see things right now. I think we'll see that probably in Q1 of next year. [00:18:10] Speaker 2: I appreciate you taking us along there for the shorter term picture. So, I would love to also zoom out for a second and talk about the longer-term fundamental drivers that you're seeing for gold. Of course, we have an incredible tailwind in the form of debasement. And just keeping up with that and what we're potentially seeing there on government's printing currency would already be incredible. But is there also an opportunity for gold and as well as silver to really gain in relative value compared to other assets in the next few years? [00:18:40] John Fennec: Yeah, absolutely. But we have to see this momentum trade die off, right? Like, if you go to CNBC, I just did this this weekend, and look at the top 15 articles, 12 of them this weekend were on AI. I mean, it's just like that's the momentum trade, right, of all time. Bitcoin, momentum, right? Like, there's just a lot of hot money in this market that has to get washed out. Then you have what we call a sector rotation from growth into value. And I consider gold and silver and related investments, like in some mining stocks, especially the producers, as value stocks, value investments, right? I think if you look at the quarter that the big boys just put up, you know, the holdings in GDX, GDXJ, SIL, SILJ, those ETFs, if you look at the components of them, they had some great earnings, you know, April, February period. And then again, excuse me, January, February period, and then April and May. So two successive blowout quarters from a lot of those names, Agnico, AEM, Newmont, you know, Recovered, NEM, on the silver side, I mean, First Majestic, AEG, had a great quarter. I mean, you know, and you're looking at this stuff, and you're saying, wow, those prices have really come down here. Why is that? Well, it's been mass selling ever since the war. I mean, March 2nd, we had one good day coming out of PDAC. And then March 3rd, we had a huge reversal day. And we wrote about that. We wrote about the war as being a potential positive. We did. But then March 3rd, we started to say, wow, this was like not expected. And then March really got ugly. And we've, you know, sold a lot in January and February, some in March. But I'll be honest with you, in June, we've been net buyers. I mean, at some point, you have to hold your nose and buy, as the saying goes. And some of this stuff is really getting blown out here. There's some really quality companies on sale, in our opinion. So in the gold space, I'll give you two that are smaller, but I think have what we call our development companies. So they're not like exploring hardcore as much as they are, you know, setting up for production and down the road. [00:20:53] Speaker 2: With gold trading at new all-time highs, gold producers are printing money. And this means that for the first time in years, money is beginning to flow into expiration. This is a trend that we at Palisades Gold Corp have long anticipated. Which is why we spent the last decade assembling the largest junior held mineral claim package in the United States through our subsidiary, Made in America Gold Corp. Made in America Gold Corp holds over 700 square kilometers of prospective ground, located exclusively within America's most prolific gold mining trend, the Battle Mountain Eureka trend. Made in America's properties are nestled amongst several of Nevada's largest gold mines and resources, making it highly prospective for a potential discovery. To find out more, visit palisades.ca and join us on our mission to make Nevada's next multi-million ounce gold discovery. Now, back to the show. [00:21:43] John Fennec: Triumph Gold, you know, could be considered an explorer or a developer, in my opinion. That one is TIGCF in the States and TIG in Canada. I just interviewed John Anderson with my partner, Don Durrett, on my show, The Fennet Commodities Report, so people can check that out on YouTube. It's pretty recent. It's about a week old. And John was like, hey, I purposely mothballed the company. I didn't want to spend money until gold broke $2,200. To him, that was the line in the sand, right? Everyone has a different idea of where their projects are economical. But John said, hey, when it got to $2,200 to $2,500, I started to do marketing again. I started raising money again. And the stock really responded. It went from probably $0.13 to $0.15 U.S. at that point to now it's at $0.44 or $0.45. So it's been a, whatever that is, a triple in less than 16 to 18 months here. And unlike money mining stocks, it's actually based and is moving up right now. So I think the worst is behind that stock. They just raised $5.4 million. And he said on our interview, he brought in a 9.9% investor, but he didn't name them. I'm pretty sure it's not public yet in terms of who it is, but you can look at the filings and find out who it is. But he seemed pretty excited about that person coming in. And, you know, since we talked about tungsten, they have a ton of tungsten and antimony on that gold project. So 2 million ounces of gold with tungsten and antimony as byproducts plus a silver project in Utah. The other one I like right now, based on current valuation, is Norsemont. That is N-R-R-S-F in the States. And I believe it's N-O-G in Canada. Basically, I met Mark at my conference at 80, 85 cents, like, weeks ago. And he was very bullish at that price because it had pulled back from $1.30 U.S. to, you know, in the 80s. And I asked him, like, what do you think is holding the stock back right now? You know, and he said, well, Chile has gone through some, you know, iterations in the last few years in terms of the leadership. And there's always, you know, some type of overhang on the stock because of that. But he said, John, I'm telling you, we have a good relationship with the government. We think we're going to get our permits on time next year. So if that's the case, people might be handicapping this the wrong way. Because the stock is now trading at 53.5 the last I looked today. So it's down significantly from where Mark thought it was a value. And 47 to 50 on the chart is a pretty major support. So, you know, again, we look at upside and downside risk, right? When you're looking at a stock like that, if you're at 53.5 and your downside pain is 47, that's not a large drop, right? Like, your upside is probably where it hit, you know, earlier in January, February, which I believe is around $1.30, if I remember correctly, before the war. So, you know, that's a big move from 53.5. So we like projects like that that have a lot of upside and already have a lot of gold ounces in the ground. [00:24:59] Speaker 2: And in the producer landscape, are there still types of companies that are attractive to you, for example, geographically, perhaps, you know, seen as more risky, but perhaps in real life, not so much? Or the leveraging pledge, for example? [00:25:14] John Fennec: So we like Silverco, which is SICOF in the States and SICO in Canada. Mark has made some really good moves on the management side. He brought in executives from Silvercrest, which is now core CDE. He brought in a Wheaton exec, WPM, and he brought in the former CEO of MagSilver, which was MAG before it got acquired. So, you know, made some really strong moves there to bolster the team. Why did he do that? Well, he brought on a second Silver project in Mexico. So now you've got two large Silver projects with low, all-insustaining cost. And he just said, John, we've got a very ambitious plan to do a lot of production in Silver over the next two to three years. And we're going to surprise the market. So that one's trading at $5.20, you know, a much larger price, which I also like to buy both of those kind of stocks, where I'm buying small to micro cap, but I'm also buying things that are over two or three bucks. So the financial advisors that follow me can, you know, buy a stock like that because they have different restrictions, of course, at broker dealers. But yeah, Mark was one of my panelists on the Silver panel at my conference. He did a great job. He's very passionate. And I like to see that, you know. Another one that's very passionate is Paul Hewitt at America's Gold and Silver. S.A.S. in the States and U.S.A. in Canada. I mean, Paul was kind enough to attend both my conferences as well. And he said, John, you know, I have 93% of my net worth in this stock. Like, how much more conviction do you need from a CEO? I mean, Paul's got a lot of kids, too. This is someone who's not a bachelor who's just sitting out there like, you know, I'm just going to throw my money at this and hope it works. I mean, Paul's got a plan. He's very organized. That was the problem, I think, with the stock previously is that they didn't have a salient plan. Paul now has that plan, but he also has copper, antimony, other things that were hurting the stock in the past now helping him as of January 1st. And he's 90% silver. So those are two silver names, you know, in terms of producers or near-term producers that we like. [00:27:36] Speaker 2: And perhaps we can also quickly talk about copper, kind of on the other spectrum where it's near or at, very near to an all-time high and also a high point of this year. What is your outlook for copper currently? [00:27:50] John Fennec: Yeah, so we wrote it up at 580 a pound and said, this looks like it's going to break six, then broke six, so around 607, I think I put out a piece saying this is probably going to test the all-time high or break it. And it did. Now we're trading around 615, 620, I think. But it did, you know, hit a really nice price up there. And copper is not a precious metal, right? It's not gold and silver. It will not protect on the downside. But because of, you know, global infrastructure build-outs, AI, et cetera, copper is getting a lot more attention now and the need for it. And like any mine, as you know, you don't flip a switch and just start producing. It takes many, many years. And copper, man, it's probably one of the worst subsectors for permitting, you know, even in Arizona in the States, which is the number one jurisdiction in the U.S. It's hard to permit. It's not easy. And so it takes years. Two names that we like there. I just talked to Terry Lynch today who runs Power Metallic. So that's PNPNF in the States, PNPN in Canada. I love Terry's drive. You know, he's on the conference circuit constantly. He's always trying to find ways to educate shareholders. But he doesn't need to really do this because he's got 17 billionaires in the cap structure. So, I mean, I don't know any other copper junior with 17 billionaires in it. Do you? I mean, I've never even heard of, you know, 10 billionaires in a copper junior that I could name. So Robert Freeland, Rob McKeown, and 15 others, that's a huge thing, I think, when you're looking to invest in a company is why would these guys be putting that kind of money behind a project if it's going to fail, right? There's always risk, but look at their May results. Their copper hits were insane. 12% copper, 14% copper, like unbelievable, right? Anything over 3%, you're like, wow. But double digits is insane. They're coming out with their MRE in late July. So, again, another stock that you don't have to wait a year for a catalyst, right? You can wait a month. So I would, you know, suggest investors to look at that. Also, PTX Metals, that one's P-A-N-X-F in the States and PTX in Canada. Greg, you know, has been doing a lot of work with First Nations up in Canada. There's a lot of ways to win with that stock, but they are, when I think of them, I think copper and gold. You know, they have a good amount of gold. They have a lot of copper on the ground, and their cost of their copper in the ground is insanely low versus their peer group. You'd think that they'd be trading like in the Congo or something based on their valuation. It's a $0.07 US stock. I mean, it went from $0.07 in the fall to $0.16 US in Q1, and now it's all the way back to $0.07. So the chart looks like an inverted V. It's, that's the kind of stuff you look for. Why would you pay up here when you can now pay the same price that you could last fall, knowing that all the, you know, the drill results, their game plan, they're going to spin off their uranium play, Green Canada. So as, as, you know, if you buy this now, you're going to get Green Canada shares for free. Like, these are the little things you look for as an investor. [00:31:15] Speaker 2: And John, are there any other type of opportunities that are currently catching your eye? For example, rare earth elements, fertilizers, et cetera. [00:31:23] John Fennec: Yeah. Rare earths, you know, that subsector really got smoked in November when what I call the Trump high five with China. You know, that's not going to last. China and the US doing deals together. That's kind of funny to me. So we look at rare earths as, as a real subsector. However, you know, like lithium and some other subsectors, you've gotten burned on rare earth stocks in the past. And people that were in those stocks, let's say last summer, really got smoked in the fall, right? So like, you always have to understand where you are in the cycle and what the risks are. One that I don't think has a lot of risk is Eastport Critical. That one is EVI in Canada and it's E-V-I-I-F in the States. They just launched a US ticker a few months ago, so it doesn't trade great every day. But E-V-I trades well and they have rare earths at surface. They've got a uranium hit at Foley. That's really exciting. They just put out two news releases since late May talking about their proximity to Lotus Resources and how they're just building out this new uranium discovery they announced. And the market didn't even pick up on it. It's amazing in this sector, isn't it? Like you could have weeks to like, you know, get behind an investment where if it was a tech stock, you'd have seconds. You know, it's just, it's hilarious. So I would encourage people to go to Eastport Critical's website, take a look at what they have. Their biggest project and why we got most excited was copper. They're literally adjacent to NEXM, which is called Next Metals, which is, you know, a company that Frank Joostra, the billionaire, has a lot of money invested in. So we think whether it's copper, uranium, rare earth, that thing's going to work. Then you look at another company called First Tellurium. That one's FSTTF in the States and FTEL, F-T-E-L in Canada. I just met Ty at my conference. He brought his thermoelectric device to my conference to demo it for people. I mean, he was the most talked about junior stock at my conference. This thing is insane. It has the potential to replace alternators in cars. It has the potential to heat and cool things remotely, like AI data centers, right? Like, that's a huge market. But the thing that they talked about most on stage was their drones. So they don't personally make the drones, but they have the ability to help the drone market immensely because, and I did not know this, but, like, the ability to carry things as a drone is sort of how you're judged and how the price points work. So if you can carry more, you can price your drone higher. Well, they claimed, again, I, you know, we'll see, but they claimed that their technology can hold more than just about any other company they've run across in North America. So they're going to display this at a competition called DARPA, D-A-R-P-A, and that's going to happen August 2nd through the 9th, the whole week. And guess who's going to be there? Amazon, huge drone company, right? Lockheed, McDonnell Douglas, all the defense boys. And if they win this, which they think they will, they basically get intros to these companies, which, again, trading at 16 and a half cents US, like, it's a flyer at this price, right? But when you get one big contract, it's not a flyer anymore. Like, they're basically going to get their technology vetted by someone, and I think that's going to happen this year or next year. [00:35:05] Speaker 2: Excellent, John. I would love for you to talk about the Fennec Consulting Group. [00:35:10] John Fennec: Well, thank you. So, yeah, we had our 10-year history in January 1st, and I have to say last year was a great year to end on for a 10-year history. I was blessed to have the markets behind me, but it did come with a lot of hard work. I really grinded in Q4 to hit the numbers that I wanted to hit, and it's really – it's, like, humbling to be in a small group of people that may get 10 years that can put something on a website for that long. You know, it's a really exhausting sector to be involved with over long periods of time. That said, you know, we're really proud of it because we're not just doing what everyone else does. We're talking about stocks and investing in stocks that take time to understand, but, like, herd mentality doesn't work in a market like this. You can see if you just bought GDX or GDXJ and that was your whole strategy since March 1st, you're pretty much in trouble, you know? And that's where we come in, and we think differently, and we carry heavier amounts of cash, or we go heavily into critical minerals as we have the last two years that really saved our performance. But clients can sign up for a newsletter, they can do real-time emails with us, meaning the day that the war came out, we put together two paragraphs and said what this might mean. You know, when we had, just last weekend, the MOU with Iran, we put something out that weekend and talked about it. When the Fed came out, I sent two emails as Warsh was talking. I sent one on his, you know, comments, which were very brief, at 2 p.m. Eastern, and then I sent one during his press conference. So, my thesis is, some investors that are really busy or wealthy, they don't have time to look at all the news, right? It's overwhelming, so someone like me is looking at a computer all day, and I can basically help them with little, you know, sound bites that can help them understand things a bit better, or look at a press release, you know, public news, and just say, here's three sentences on why this is meaningful to the company. Boom, boom, boom, you know? So, on top of that, we have conferences, you know, we're going to do our next conference in Arizona, and Don Durrett and I, my partner, live here. So, we're going to be, you know, headlining that event, and that's September 18, 19, and 20 in the States, and we hope people, you know, will contact me through the show notes and join us there. [00:37:36] Speaker 2: We'll certainly put the links in the description. John, as always, thank you so much for your time and insights today. I really appreciate it. [00:37:42] John Fennec: Well, thanks for having me again. Appreciate it. [00:37:45] Speaker 2: This podcast is for general information purposes only and does not constitute investment advice, an offer, or solicitation to buy or sell any securities. The views expressed are those of the host and guest and do not necessarily reflect the views of the company or their affiliates. Guests on the show are not compensated for their appearance. Certain discussions may include forward-looking statements subject to known and unknown risks and uncertainties that could cause actual results to differ materially. Listeners should do their own research, consult a licensed financial advisor, and not base any investment decisions solely on the information discussed. For our full disclaimer, please visit our website, and for full disclosure and risk factors of any companies referenced, please see full available disclosure and risk factors on their CDAR Plus at www.cdarplus.ca. I'll see you next time.