This choice could transform how we invest in mining for good 📝

Hey hey – another week is upon us, so let’s dig in. Metals, stocks, and above all, opportunities.

Location, location, location… matters in real estate, yet even more so in mining.

When working with minerals, location is part of the package. You gotta take it or leave it.

Factories and most industrial installations have the privilege of choosing a site by identifying the best infrastructure, proximity to skilled labour, regulatory frameworks and laws, especially when working agnostically across nations, and more.

Mining doesn’t have that fancy perk.

A mine (or prospective mine) is located, well, where it is. Some, in difficult environments or geopolitically unstable regions. While all the variables I mentioned play a role in mining, many become just a fixed data point.

A given which comes with deep challenges that insiders must navigate* and investors must monitor, or use to consider whether to invest at all.

But companies have a powerful choice: Where to get listed.

Canada and Australia excel with over 2,000 mining companies, but others are rising in importance such as the US and Europe. This means that Australian and Canadian investors have an advantage.

But this is changing.

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Let’s put a pin on it for a sec and talk about what we’re paying attention to this week:

Macro

• Rare earths stocks poised for a breather: As the fundamentals remain bullish long term, a pullback seems like a good opportunity to consider some extra positions, especially among those with Brazil exposure (the West’s best hope to expand substantially on REEs).
• Economic calendar: FDI is coming from Brazil, Global PMI in the US, Aussie Manufacturing PMI, and China industrial production.
• Regulatory: Any extra information regarding the US failed cobalt tender, which I covered here.

In this video, I go deeper into the rare earth set-up:

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Meanwhile…

These companies are making bold moves.

Deals, capital raising and IPOs

BREAKING: Capstone Copper sells 25% of Chile projects to Orion Resource Partners for $360M per @mining ▣ $CS

— Paola Rojas 🐝 (@paola_rojas) October 14, 2025

*If you’re viewing this via email, click on the date to view the full tweet and any available sources.

• Sentinel Metals $SNM is set for a listing on ASX via A$10M raise; their focus is gold in the US. Canaccord Genuity is Lead Manager with CPS Capital Group and GBA Capital as Co-Managers, and the price on listing will be A$0.20/share.
• Perseverance Metals Inc. $PMI is now listed on TSX. They are exploring for nickel, copper, PGEs and lithium in Canada via $8.2 M go-public financing.
• On LSE, Richmond Hill Resources $RHR is listed. They are focused on copper in Canada.

Typically, we expect a lift in targets and weakness in acquirers, and often, peers to targets get extra love. For IPOs, we keep an eye on listing day/week, as big swings may point to opportunities.

News, rating updates and research reports

• ST GEORGE MINING LIMITED $SGQ gets an update on coverage by Evolution Capital. They increase their 12-mo target from A$0.14 to A$0.31/share. >> read
• Fuerte Metals $FVT Announces Closing of Subscription Receipt Private Placement >> read
• Sierra Madre Gold and Silver Ltd. $SM Nazareno silver and gold mine preparing for production >> read
• Lundin Gold Inc $LUN Price Target Raised to C$97.00/Share From C$82.00 by Jefferies & Co

Commentary on X

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• If you like Lithium Americas, you’ll love Surge Battery Metals $NILI >> watch our interview

Commentary on video

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Going back to today’s topic…

To grow their investor base substantially and sustainably, companies need to meet investors where they are.

Thanks to critical minerals, generalist investors across the world are growing their allocations to mining.

Companies need to make this shift as easy as possible.

I reckon we’re in for many more dual listings, and heaps more in the US, especially NASDAQ.

Or even better, a way for all mining companies to list across the main mining markets, at a fraction of the cost, giving access to investors globally so that we’ll have the minerals the future needs.

Too much to ask?

Where do you stand on this one? Would love to hear.

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What I’m reading

• The War Below: Lithium, copper, and the global battle to power our lives by Ernest Scheyder

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If you enjoyed this…

• Invest more confidently with Mining Investing 101

Sources: Canaccord research, Bloomberg, Reuters, Mining.com, TradingView, ASX, TMX, NASDAQ, LSE and SRC research. Figures shown in US dollars unless clarified.