What Gets a Second Meeting?

Mining executives spend countless hours pitching investors, but only a handful of opportunities progress beyond an initial conversation. In this candid discussion, experienced investors share what captures their attention, the qualities that make a company stand out and the common mistakes management teams make when seeking capital. From first impressions to serious due diligence, what really turns an introduction into an investment opportunity?

Guest Host: 

Lyndsay Malchuk, Global On-camera Reporter Apaton

Featuring: 

Boris Shrayer, Gator Partners

Jimmy Lederer, Vice President Trinity Financing Investments Corporation

Transcript

SPEAKER_00 0:00

You're listening to the Assay Podcast, where mining meets capital, powered by one-to-one mining investment. Today we are coming live for our event in New York City. Please note this podcast is for information only and isn't financial advice or recommendation to invest. As always, the views you'll hear are those of the speakers.

SPEAKER_03 0:18

Welcome to the Assay TV. I'm your guest host, Lindsay Melcher with Appaton Media. I'd like to start with the simple question. How many great mining projects never get funded? Not because the geology wasn't strong, not because the market opportunity wasn't real, not even because the management team lacked experience, but because they failed to convince the right investor at the right moment. Every year, mining executives attend conferences just like this one. They spend countless hours pitching, presenting, networking, and telling their story. Yet only a small fraction of those conversations ever turn into a check. Why? What separates the opportunities investors forget five minutes later from the ones they can't stop thinking about? What creates enough conviction to move from a first introduction to serious due diligence and ultimately an investment decision? Well, today we're going to find out just that because for the next 30 minutes, we're flipping the script. Instead of hearing from management teams trying to raise capital, we're hearing directly from the people writing those very checks. The people who see hundreds of opportunities every year, and the people who have learned how to spot potential, avoid costly mistakes, and identify the signals that often determine whether a company gets funded or gets passed over. Joining me today are two very highly respected investors with decades of experience evaluating opportunities across the resource sector. First, Boris Dreyer, managing partner of Gear Capital. Boris has built a reputation for identifying opportunities where others may not even be looking yet. His experience spans investment management, capital allocation, and helping companies navigate the path from story to execution. Also joining us is Jimmy Letterer, founder and president of Trinity Financing Investment Corporation. Jimmy brings extensive experience financing growth companies and working closely with management teams across multiple market cycles. He's seen firsthand what inspires investors, confidence, and what raises immediate red flags. Gentlemen, thank you both for joining me. This is going to be a great conversation.

SPEAKER_02 2:17

Thank you.

SPEAKER_03 2:17

Definitely one that I am very, very interested to learn more in from your perspective. So this is where I'm going to start. Boris, we'll start with you here. You see hundreds, hundreds of opportunities every year. When a company walks through your door, what immediately grabs your attention?

SPEAKER_05 2:35

Well, I would say the two main things are competency, right? I want to see that they are either producing already and are doing it well, and um, you know, they're executing on what they promised in the past. And also that uh, you know, they're focused on returns. Too many companies in this space, you know, want to get to a certain number of ounces, they are very excited about a certain grade. You know, there is no true economic analysis driving what they're doing.

SPEAKER_02 3:09

Absolutely.

SPEAKER_05 3:09

At the end of the day, as investors, you know, we don't get excited about the ounces, we get excited about returns and when there is a path and timeline to seeing those returns.

SPEAKER_03 3:21

Well, that's a really great perspective. I'm gonna throw that over to you, Jimmy, as well, with the same question. You know, is it management, is it the asset, is it you know the market timing, or is it something completely separate?

SPEAKER_01 3:30

Sure. Um so segueing off of what Boris said, um I think Adam Smith said it, uh, you know, that in the long run we're all dead. Okay. And I I I try to sort of follow that mindset. You know, you can sort of predict maybe a year out, two years out, but when you have management teams that are talking about exit strategies before they've really developed a resource, or they have an asset, but it's gonna be so high capex that to you know get it economic, it would take uh decades to be cognizant of the mindset that an investor doesn't want, especially in public markets, doesn't want to be attached to a single name for half their life.

SPEAKER_03 4:12

Right.

SPEAKER_01 4:13

So how are you going to execute on a very specific business plan in the next six to twelve months? You know, is it a drill program? Is it ramping up production or restarting a mine? You know, and what's gonna be needed for that specific task, and then we can worry about you know if it's a good project later on, if there's value there, that will come. But being realistic about expectations.

SPEAKER_03 4:36

Okay, so then let's really push that first impression a little bit further, then with both of you. Jimmy, I'm gonna start with you here. Let's let's talk about you know best practices for management teams. What do they do in the first 10 minutes that make you go yes or no?

SPEAKER_01 4:52

I think it's important to know the type of investor you're talking to. So every investor has a very different perspective on why they're interested in the meeting in the first place.

SPEAKER_02 5:03

Right.

SPEAKER_01 5:04

Uh so maybe get to know your investor, uh, try and understand what might appeal to them. Um it's often a balance between technical expertise and capital markets uh know-how.

SPEAKER_02 5:16

Right.

SPEAKER_01 5:17

Um for me, if I'm across from uh, say, a geologically oriented or geologist or scientific uh founder CEO, sometimes it can be a little more difficult to pull it apart and really understand where the value is versus someone that may speak more of my language, which is capital markets. So it depends on the investor.

SPEAKER_03 5:37

Okay, so follow-up to that one then would be what are the biggest mistakes that you're seeing?

SPEAKER_01 5:43

Tunnel vision. There's a lot of that. Especially more and more so because now you have gold at all-time highs, silver broke over a hundred, copper's up. Um so you know, a market so saturated with new stories all the time, new issuers, new listings, um it can be tough for the average retail investor to sift through the noise. And as a management team, you might think that you're the best around, you're highly discounted, or there there's an opportunity, and there there might be, yeah, but you also have to be cognizant of the environment that you're in, which is very heavily saturated.

SPEAKER_03 6:22

Absolutely. Do you agree with this? And you know, go further with this one.

SPEAKER_05 6:26

Yeah, for sure. Listen, it's uh just like with any startup, it's all about finding great management teams. And uh, you know, I'm uh privileged to have become friends and have met in places like this, some great uh management teams and people with great experience, but you know, you also want to be careful. You know, I'm very sensitive that people kind of don't oversell me on things, but at the same time, you know, you need to raise money as a mining company CEO, right? So it's that fine balance between uh not being a used car salesman, but also being presentable and conveying your story, being, you know, being on the road, bringing both retail and institutional investors to your company because, you know, as you started with, many great projects don't get built because they don't raise the money.

SPEAKER_03 7:21

That's true, that's true. So, this one for both of you though, have you ever walked away from a management team because they just failed to tell their story properly?

SPEAKER_01 7:35

Sure, of course, yeah. I mean, uh sometimes you'd be surprised, but it can be the smallest uh you know signals that uh uh completely derail uh the opportunity. Again, it might be sort of what you're describing, which is a very, at least on paper, highly financeable project.

SPEAKER_02 7:55

Yeah.

SPEAKER_01 7:55

But then post-interaction, uh whether it's maybe a lapse in uh communication, yeah. Uh I've been sent communications that were not supposed to be sent to me.

SPEAKER_02 8:04

Whoops!

SPEAKER_01 8:05

Oh uh that makes headlines. You had that with the Defense Department uh early on. Um so it can happen at all levels, but it's a signal like anything else.

SPEAKER_02 8:13

That's right.

SPEAKER_01 8:14

Uh how do you how do you maintain internal logistical uh you know uh organization while also keeping things optimized? And many people don't look at it from that mindset uh unless you're an operator or you're more heavily involved.

SPEAKER_03 8:27

That's so true. Horace, what do you think?

SPEAKER_05 8:29

Well, I think that uh to be honest, uh the moment uh um I meet the management and they all you know overlook some detail of a project and tell me, oh, you know, we're not gonna be the ones building this mine, we're gonna sell it because there's so many ounces and it's such a great project, etc. I'm like, are you kidding me? You need to solve the problems. So and believe me, uh I've come across that many, many times where people say, Well, we're not gonna be the ones building it, we're just like building the resource.

SPEAKER_02 9:00

Yeah.

SPEAKER_05 9:01

So um I think generally uh I like to see the management teams that have the optionality of delivering the mine and building it. And you know, if they're operating mines and growing that they're operating, you know, them well, as I started, you know, saying at the beginning. So um, you know, when there are either excuses or they're missing some details because they think somebody else will solve their problems, that's the huge red flag.

SPEAKER_03 9:30

You know, for me too, I sit down with so many CEOs um that right out of the gate, within the first five minutes, I can tell, like this is very scripted, this is very polished. Can you tell the same thing on your end too, where you're like, I'm not really getting the true story here. This feels too polished.

SPEAKER_01 9:48

Talking points.

SPEAKER_03 9:49

Yes.

SPEAKER_01 9:50

Well, I mean, when you do anything in life, uh hundreds of times, uh whether it's meeting with management teams or or anything, uh, you start to pick up on you know the blueprint.

SPEAKER_02 10:02

Uh-huh.

SPEAKER_01 10:02

You know, hi, nice to meet you, and what do you do? But beyond that, you know, everyone has an asset, everyone has a plan for how they're going to increase its value, and and everyone thinks they're undervalued.

SPEAKER_03 10:13

Right, everyone and world-class asset. How many times do we hear world class assets?

SPEAKER_05 10:17

To be honest, you you know, a lot of the companies I invested in are not world, you know, they wouldn't tell you they're world-class assets. And, you know, I I I apologize for this story, but um there is uh, if you remember the book Moneyball, right, which I often use in uh guiding my investing, um the uh the general manager of the Auckland Ace, he wanted to draft some um baseball hitter, and and uh the problem all the scouts had with him is that he had boobs, excuse me. Uh but he was a great hitter. Right. And the scouts thought that you shouldn't draft him because of that. So I love to find companies which have some kind of boobs which are have nothing to do, nothing to do with uh, you know, I'll give you an example, right? Uh Michael is standing there from RPX Gold. You know, the previous management company had some uh fundamental problems, which had nothing to do with what I met when I met Michael a year ago at this conference. It had nothing to do with where the company stood at at that time, but people were scared of them, right? People were scared of RPX because, you know, they had bad history. So that's a situation to me that is ideal, that people are missing what is going to happen to this company going forward based on sort of irrelevant history.

SPEAKER_03 11:45

That's a really good point, too. You know, there are companies that that do do that management flip, and they are left with quite a mess after them or from before them. Can you pick that out? Like, okay, you have to clear this story, you have to make a new narrative, and are there certain things that you're looking for? Well, Jimmy, we'll ask you this one too, where you address them, but you're like, you're left with it, so now we have to fix it. What are you gonna do?

SPEAKER_01 12:09

That's often, again, coming sort of back to the tunnel vision. You know, you you you might come on board and you're very, very captivated by your asset, and and you think that uh as long as you raise the money, it'll solve all the problems. Um but uh you know, cognizant of sort of what you're describing with the money ball example, you have to understand how investors view your company today and how you want them to view it post-catalyst, post-event.

SPEAKER_02 12:38

Right.

SPEAKER_01 12:39

And it's often gonna take much more than just realizing it fundamentally. Um the example with RPX, you know, uh Michael, um great company, uh great asset. Um but there are often things outside of your control as a management team, and and it's sort of doubling down on what you're good at, and it's often, you know, execution and how I'm going to fall back on this backup plan if this doesn't work out, just showing that you have that level of stability and optionality.

SPEAKER_03 13:10

Fair enough.

SPEAKER_01 13:11

Fair enough. Which keeps things safe.

SPEAKER_03 13:13

Well, then let's flip over and talk about what makes a company stand out. Boris, we'll start here with you. Every company says they're unique, but very few actually are. So what genuinely differentiates one opportunity from the next?

SPEAKER_05 13:27

Well, as I said, it's uh a great, you know, people that I can get comfortable with. As I said, I'm looking for great management teams and they come in all shapes, right? They it it doesn't have to be somebody who spent, you know, 50 years at uh at at a major. It can be all kinds of teams. But it's also, you know, as I said before, it's a f it's a focus on the end result, right? Right, and delivering and consistently showing that they deliver what they say they would deliver.

SPEAKER_03 14:00

Yeah, absolutely. And Jimmy, you know, what do you think? Uh when you're comparing two similar opportunities, what becomes that deciding factor for you?

SPEAKER_01 14:09

It's so it probably takes longer than this the this discussion.

SPEAKER_02 14:13

High level.

SPEAKER_01 14:14

Um, but uh again, sort of being cognizant of the environment and the timing of it all. I mean, uh there are two things that aren't really within your control, but they also are, which is uh timing and luck.

SPEAKER_02 14:26

Right.

SPEAKER_01 14:27

And uh they often end up being such a large impact on the overall outcome. So it's it's balancing, you know, maybe I'm lucky enough to see this opportunity at this time, but I also have to balance the bandwidth of supporting my current companies that might need to advance something, and I'm already heavily involved there. So it's it's being cognizant of you know the current environment that we're in, uh as much as, uh if not more than uh the opportunity that's being presented at that time.

SPEAKER_03 14:58

Fair enough, yeah. Now, Boris, is there one characteristic that consistently is present in all your best investments?

SPEAKER_05 15:05

I think it's the ability of the management team to block and tackle.

SPEAKER_02 15:09

Yeah.

SPEAKER_05 15:10

Right? Like at the end of the day, uh whether you are producing already and you're growing or you're developing new projects, it's you know, it's very detailed about you know, environmental, all kinds of permits. Uh they take years and years, uh, you know, doing all the engineering. Uh it's lots of, as I said, blocking and tackling that needs to be done. And you need, you know, I need to get comfortable with the management that they can get that done, right? That it's uh whether they uh they have the expertise in-house or they hire consultants, they've done that before. A lot of people in this business uh haven't, and they think they can do it for the first time. I would never invest in somebody like that.

SPEAKER_03 15:56

Okay.

SPEAKER_05 15:56

Uh which may be unfair, but you know, that's what it is. That's what it is. Yeah.

SPEAKER_03 16:00

It's what it is. Let's flip over and go into the funnel because in the funnel you go from interest to doing the actual due diligence. So you're moving now through the funnel. As an investor, Jimmy, let's say a company gets past the first first conversation. What happens next? What are you trying to validate before even considering that investment?

SPEAKER_01 16:23

That's a good question. Um, I work very closely with uh my mother, uh Trinity, who uh runs the firm, and uh it's often very qualitative. You know, by the time we re-engage with the company to participate, uh we've already accessed whatever materials we need to understand. So it moves very quickly for us because we're a very small outfit. But for a larger institution, I would imagine it has a series of bureaucracies and uh committees. Um but it actually is quite simple for us. If if we we like the company and uh uh the financials check out and uh she's on board, it can happen very quickly. Uh, as long as there is that rapport, there is that understanding that this is an operator, someone that is not gonna just take the money and you know think about the next financing, um, but is really trying to build a partnership, a real relationship with their investors.

SPEAKER_03 17:18

So that's that's good to know. Absolutely. Now, Boris, is there something about the management teams that you think investors they think investors care about more so, but that isn't really all that important?

SPEAKER_05 17:33

Um you know, I think in some way everybody, I want to see that the um uh management team has the skin in the game. But I think people sometimes right, but people sometimes um overfocus on that because you know whether the management team has a couple percent of the company or 20% of the company, not everybody is able to put in that much of their own money, right? People have uh, you know, kids and uh medical bills and divorces and this and that, right? Not everybody can uh you know own 20% of a $50 million company and put that in themselves, but you know, people can be aligned anyway. And uh so you know I think this is where I try to dig into details. How much does the person care, you know, the team cares about succeeding and building a company? And it's not always just based on what they have invested in it.

SPEAKER_03 18:38

Love that, absolutely. And for both of you here, I mean, is there something that companies are underestimating when they sit with with both of you? Jimmy, we'll start with you and Boris, you can finish off there.

SPEAKER_01 18:51

Um I I would say again, uh not to harp on a very, very specific uh uh point, but it's it's being cognizant uh uh of your cognition in a way, metacognizant.

SPEAKER_02 19:05

Okay.

SPEAKER_01 19:05

You know, to understand how are other people viewing you before you even walk in the room. You know, uh again, we want to understand what the asset is, we want to understand the history of the company and what your plan is to move it forward. That should take up the majority of the bandwidth of uh the initial discussion.

SPEAKER_02 19:22

Right.

SPEAKER_01 19:23

But you definitely have to understand the sort of unsaid uh uh notions before you go into a meeting. You know, what's the environment you're in, what's uh what happened on the macro level in the past few weeks to try and put yourself in the shoes of the investor to understand what might they care about. You know, what what are they gonna be more drawn to versus not? Because that's your goal at the end of the day. Your goal is to be essentially the chief marketing officer for your company. You have to tell the story. And the story is whatever you want it to be. Uh it is. If that if that sounds bad, but you know it's Boris, what are your thoughts?

SPEAKER_05 20:01

Well, I think nowadays with AI, I mean, not to I mean, we haven't used that term for the last 20 minutes, right? But uh with AI, it's much easier to do due diligence and much quicker.

SPEAKER_02 20:14

Yeah.

SPEAKER_05 20:14

And uh people like us who you know work uh on very small teams, right? I assume you do as well, you know, in some way it equalizes, right? In the past, you needed a team of 10 analysts to do their due diligence that we can now do with you know Claude or whatever very quickly. So, you know, when I have a meeting and I like some, you know, a company and I'm impressed with the management team and the 30 minutes that I meet with them here, let's say, I can, you know, next day do very quick, very thorough analysis. Okay, you know, and sometimes, you know, after meeting companies in a format like this, within 48 hours, I would buy that stuff. You know, it would be as quick as we agree. Yep.

SPEAKER_03 20:56

Okay. Well, we're in a very different market today than we were not even that long ago. Whereas we're operating right now very differently than even a few years ago. Has your investment criteria changed, you think?

SPEAKER_05 21:09

Um yeah. Listen, the you know, I've been in the commodities business for over three decades, and I can assure you that there's never an environment that is sustainable where every project is profitable. Right now, you look at every gold mine, every silver mine, every copper mine, everybody will make a fortune as long as they've as as as long as they're built. Uh so those that are expecting to be built in 10 years will not capture this price environment. You know, it's the risk of that, the the risk of that is massive. So to me, the timing is everything. And it doesn't have to be a world class project. If they can be built, you know, if they can be shoveling the ground in the next year or two and producing in, let's say, in three, that's very interesting. Because I kind of hope that the prices will still be here. If somebody says, oh, you know, I'm building this world-class uh project and it's gonna be 20 million ounces of gold, but it's gonna be 2037, you know, that's not for me.

SPEAKER_03 22:15

This is true. Now, Jimmy, do you think management teams have to work harder now for investor intention, uh attention than they did maybe even a few years ago?

SPEAKER_01 22:26

It's sort of like a double-edged uh uh you know effect. Um one hand, I I don't think I've ever seen in my career a time where there's the cost of capital, if you were, is so low in mining. You know, companies are getting financed, uh often oversubscribed. Often they're having to tell me that you know my allocation will be reduced or or completely removed and I'll have to wait until the next round. So on that front, you know, that's positive from the issuer perspective. Uh but you always want momentum from the retail side in in the open market to drive volumes, to you know potentially uplift and then reach even more investors.

SPEAKER_02 23:06

Yeah, yeah.

SPEAKER_01 23:07

And from that perspective, yes, it is very saturated. And there's so many opportunities, uh, not even just in mining, but you know, I mean, everyone and their family is talking about SpaceX.

SPEAKER_02 23:19

Oh my god.

SPEAKER_01 23:20

You know, that's that's taken up the majority of uh Bloomberg's coverage of anything.

SPEAKER_03 23:25

Well, at least we're getting a break from NVIDIA. So sure.

SPEAKER_01 23:27

Well, there's that too. That's you know, so this is nothing new. But it's becoming more compounded, more extreme. We're just heading in a direction where uh maybe a point of no return. And yeah, there's a lot to compete with. And there's a horrible mispricing in the market. You know, uh the raw materials that are needed for the AI boom are nowhere near the valuations that are being applied to, say, like a SpaceX.

SPEAKER_05 23:53

But also debt is available, right? I think that that uh would a big difference in the next the last couple of years is that the companies are being offered debt financing, which you know, if you think of any kind of very basic capital structure ARB, that's very bullish for equities.

SPEAKER_03 24:08

Yeah, absolutely. Okay, so we're gonna play a fun little game. And it's called rapid fire, okay? So the whole thing is I'm just going to say uh a quick question, and you're either going to you know give your one-word answer um and don't overthink it. So humor is also very much welcomed, okay? So I'm gonna start with Jimmy. One thing every CEO should stop doing immediately. Go.

SPEAKER_05 24:38

Sell.

SPEAKER_03 24:39

Sell, okay.

SPEAKER_05 24:40

Yeah, use car sale. Yeah.

SPEAKER_03 24:42

Sell, okay. One thing every CEO should start doing immediately, Boris.

SPEAKER_05 24:47

Returns.

SPEAKER_01 24:50

That's a tough one. I don't want to say okay. Buy.

SPEAKER_03 24:54

Buy. Sell, buy, okay. Most overrated metric.

SPEAKER_01 25:02

Ooh. Um.

SPEAKER_03 25:07

Okay. Most underrated metric.

SPEAKER_05 25:11

Um I would say returns again. But like, you know, things like grade, et cetera, don't matter, right? One thing that matters is the economics.

SPEAKER_03 25:22

Okay. Biggest green flag.

SPEAKER_05 25:25

Green flag.

SPEAKER_03 25:26

Green flag.

SPEAKER_05 25:27

Um, I you know, I would say management C.

SPEAKER_01 25:36

Biggest red flag. Red flag. Um one word?

SPEAKER_03 25:43

At least. Well, you could you could.

SPEAKER_01 25:44

I'd say bad transactions.

SPEAKER_03 25:46

Bad oh, can you unpack that one just a little bit?

SPEAKER_01 25:48

Because you sort of get to see the way a CEO thinks. Okay. Or a management team thinks. You know, how do they raise money? What are the terms? Who did they raise money from?

SPEAKER_03 25:57

Okay.

SPEAKER_01 25:57

You know, it shows you how they think.

SPEAKER_03 25:59

Okay. Last one's for both of you. One quality that consistently attracts capital.

SPEAKER_05 26:05

Capital discipline.

SPEAKER_03 26:07

Capital discipline. Okay, go a little bit further.

SPEAKER_05 26:09

That, you know, if you invest, you know, your money is going to be used to the goal that you know you align with the company on.

SPEAKER_03 26:18

Okay, great. Jimmy, you can finish that one off.

SPEAKER_01 26:21

Probably just realism or conservatism, just the some sense of on many levels, you know, socially conservative, fiscally conservative, just the idea that money is valuable. Money is valuable. Yeah, you're not just gonna spend it on a hundred projects.

SPEAKER_03 26:36

Fair enough, yeah. Well, that's the game. That was fun. Um, and it gives you a quick little think about you know where your mind is too. And a closing question for both of you if a CEO had just 60 seconds with you in an elevator, what's the one thing you'd want them to leave you with? Boris, you can start.

SPEAKER_05 26:54

I think the game plan in terms of uh you know money and deliverables in sort of the next 12 to 24 months, where's the company going to be and what are they gonna do to accomplish that?

SPEAKER_03 27:09

All right, Jimmy, finish this off.

SPEAKER_01 27:10

Yeah, exactly what Boris said. Uh you know, a realistic short-term mindset. You know, what are you going to do in the next six to twelve months? Uh not what your exit strategy will be, uh not that you're the next this or the next that.

SPEAKER_03 27:23

Fair enough. So if you're sitting with an explorer and and you ask them, like, you know, do you ask them what's your end game? Do you want to buy out? Do you want to change this to a mind? What do you I mean, is this something that you guys are interested in even knowing at that point?

SPEAKER_01 27:36

Oh, absolutely.

SPEAKER_03 27:36

Yeah.

SPEAKER_05 27:37

You should know it because again, it's how they think.

SPEAKER_03 27:39

It's how they think.

SPEAKER_05 27:40

And uh the more rigid they are about that, the worse it is.

SPEAKER_03 27:44

Okay.

SPEAKER_05 27:44

So, you know, you want as the CEO needs to have old optionality.

SPEAKER_03 27:48

Fair enough. Well, great conversation. Thank you both for joining us. This has been great. Thank you. Absolutely. Now, before we wrap up, I'd like to leave everyone with one final thought. Every company in this industry is competing for capital. But perhaps the better question for CEOs is this If you were sitting in the investor's chair, would you invest in your own company? Would your story stand out? Would your management team inspire confidence, and would your execution justify the risk? Because ultimately, investors aren't just funding projects, they're funding people, discipline, vision, and the ability to deliver. I'd like to thank Boris and Jimmy for sharing their insights and experience with us today, and thank all of you for joining us. Now remember these are the opinions of our own with possible vested interest in any or all of the companies we may have spoken about. This is not to be used as financial advice. Always be sure to speak with your licensed financial advisor and know your own risk tolerances. I'm Lindsay Malchick, your guest host from on ASI TV. Stay tuned, there's more to come.

SPEAKER_00 28:50

Thanks for listening to the Assay Podcast, where mining meets capital, powered by one-to-one mining investment. Subscribe for new episodes and visit theassay.com to stay close to the conversations shaping global mining and investment.