Fresh off the Beaver Creek Precious Metals Summit, Cory and Shad break down what they saw and heard across meetings with companies, funds, family offices, and active investors.

Key topics

• Conference vibe & flows: One of the busiest Beaver Creeks in years; more meetings with investors (not just corporates). Sentiment broadly bullish.
  
  
• Producers vs. juniors: Developers and producers pushing larger programs and timelines; many juniors still lagging due to thin newsflow, warrant overhangs, or unclear work plans.
  
  
• “Early innings?”: Why calling this the start of the cycle is misleading – majors and ETFs have been trending for years; juniors are now playing catch-up.
  
  
• Timelines that matter: PEA → FS fast-tracks, bulk samples, and small-scale production – where that can work and where it can go wrong.
  
  
• Warrants everywhere: In-the-money warrants fueling treasuries and rotation; how investors are exercising, clipping, and reallocating.
  
  
• Rotation watch: While gold leads, eyes are turning to copper, uranium, and critical minerals for the next leg.
  
  

Stocks / symbols mentioned
NEM (Newmont), AEM (Agnico Eagle), GDX, GDXJ
Macro & rotation talk (no recommendations): uranium, copper, critical minerals

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