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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