Jacques Bonneau: How I Pick Junior Miners, Plus 7 Stocks I Like Now
Summary
Commodity Cycle: Guest emphasizes the cyclical nature of junior mining, advocating buying lows, selling highs, and trading rather than buy-and-hold.
Gold Focus: Bullish on gold with historical cycle analysis and geopolitical tailwinds, noting silver typically lags gold in bull phases.
Lithium: Identified a bottom and a technical “golden cross,” citing momentum in large producers like SQM (SQM) and Albemarle (ALB) with notable price gains.
Rare Earths: Geopolitics and U.S.-China dynamics are seen as catalysts; suggests buying rare earth names when they become the “flavor of the month.”
Copper: Expects copper to follow gold and silver in bull phases, with potential upside in large deposit plays as the cycle matures.
Strategy & Risk: Highlights the 80/20 rule, importance of management quality, technical signals, and recognizing “mini-bubbles” lasting 4–18 months.
Jurisdictions: Prefers Canada, South America, and Finland/Americas for lower risk; avoids China and Russia, while viewing Ivory Coast as promising but risky.
Market Outlook: Sees broad bullish conditions across commodities, with macro-political forces potentially amplifying gold and select metals.
Transcript
I'm Charlotte Mloud with investingnews.com and here today with me is Jacques Beno. He is a geologist with 45 years of experience in exploration and development and the author of the art of investing in junior mining. Thank you so much for being here. Great to have you. >> Thank you very much. >> Good to be speaking with you. It's our first time talking and I thought you could start by just giving a quick introduction to yourself, your background in the mining industry and how you came to eventually write your book. >> Okay. Well, first of all, I I am a geologist and uh I started as a field geologist, project geologist. uh then I became uh VP exploration and later president of a junior exploration company and I work in exploration development and production that's uh and then I retired in 2004 uh after the company was taken over by Cambiar and uh then I discovered a new passion was to investing in junior sectors because I know it and uh and I was quite fortunate because in 2004 the market was like it is right now. It was a very good time to invest. And uh then I I did that and I would say maybe five years ago I well maybe 10 years ago I started to uh give conference about how to invest in the mining sector and then in the last five years I just decided to write a book and in order to share my knowledge and my main objective was to uh I would say attract new investors and to give them uh the a good way to evaluate companies the main criteria and also the if you want to invest in this sector you have to know to know the golden rules which are very important because if you don't follow these uh golden rules you will uh lost your money and your time. Great overview and we're going to focus on your book today. Too bad we were saying before we turned the camera on. You've sold all your copies. So, unfortunately, we don't have one to display right now, but I'll put a link in the video description so people can check it out. >> But yeah, let's get into that and talk about those golden rules if you could give a a brief overview of what they are. >> Yeah. Well, the main one is really it's a cyclical. it's uh if you buy the stock of the wild bank or dollar it's going up let's say 10% per year but uh in the junior business it's you know that it's it's going up and down and up and down and in the book I I have a graph in the last 50 years about the variation of the uh let's say Vancouver stock exchange that gives you a very good idea even the major company like tech riotento they are cyclical then you have to learn to buy when it's low sell when it's high and the second one is that as you know it's the best place to invest it's uh in exploration there is a lot of rewards but the risk is high and the other place to invest really in this business it's when the company as finish is uh let's say uh starting the construction of a mine that's the best place but it's less risky but the reward is lower. Uh the third one is that as you know there they are not discovery the discoveries are very rare. Uh but fortunately the the rules number four it's there is it's a world of mini bubbles. It's uh it's going up and down and every company when they make a discovery the stock may double triple and uh but most of the time it doesn't last long and I explained it I gave a lot of example that it lasts normally between four and 18 months. This is the what I call mini bubbles. But there are a lot and I mentioned I think 40 different possibility to have bubbles. And uh the one that I like golden rule is the 8020. It's 80% of your profit will come from 20% of the companies in which you have invested. then it just means that uh you you don't hit an home run every time that you invest in the juniors and I consult uh a lot of uh expert about it and it's 8020 for everybody including myself that's >> okay so those are our golden rules I think there's really a lot to unpack there when I was reading through your book one of the points that really stood out to me that you made is the importance of acting like a trader and I wanted to highlight that because I think with the juniors especially people can get very attached to the story and we're here at VR there's many companies down on the show floor that all want to tell their story. So can you talk a little bit about that point? >> Yeah well in fact in the book I mentioned the six golden rules but there there are 25 lessons that you you learn from these golden rules. for example, uh you're right that you have to be a trader. You don't want to be like Warren Buffett. You you buy a stock for the life. You have to learn to uh to uh sell the stock and uh you have to learn when it's time to sell it. That's very very uh important. Uh that's anyway there are 25 lessons in the book. It's a it's I think everybody should know that before investing. >> Yeah, absolutely. >> And and sorry, but it's also it's a emotion game. You have to know that it's an emotion game when you invest in the junior sectors. It's the best one of the best way to learn about yourself. It's it's very important. It's uh because some person may buy a stock and when it's goes down by 10% they they sell it but it's maybe it's it's because you are you you are a speculator instead of to be a kind of investor so I say. >> Yeah. Yeah. I was going to ask if you had any advice for people on knowing when to sell. It sounds like knowing yourself is part of that, but I think it's a a good topic to go into today because with gold and silver prices so ah high, I think there's a lot of people wondering, should I take profits in some of these companies? What to do? >> Okay, I think I will tell you something. The best way to make a lot of money in this business is you have to learn to know three things. It's the best way to make money is to be to know if you are in the right cycle or not. Right now it's the right cycle. The other way to make money very easily I would say it's uh when a metal is going to be the flavor of the month. That's a real you you can make a fortune just if you can not predict but if you feel that the uranium will go up or lithium will go up uh that's uh the best way to make money and the other one it's the personal you have to know the personal you have to know that uh uh you have to to know that the company is uh managed by good good people that's that's the three things that uh you have to know it's very easy if you can identify good a good president a good VP exploration for example it's that's the best way to make money it's personal the personal that's the management but also the flavor of the month uh I made a lot of money with the flavor of the month it's a when you can catch catch And uh then now right now we are in the bullish trend. U I don't know why I know where it's going but it's complicated to explain but I can tell you that we have the best promoter in the world to promote commodities and the mining sector right now. And this guy is called Donald Trump. That's the best promoter that we have never have in in this business. It's uh everything that he's doing it's promoting commodities. It's uh uranium, rare earth, uh uh name it copper recently and the price of gold and the price of gold is going up now because of Donald Trump. I made a lot of study about it and my conclusion at the end it's Donald Trump. It's uh he he is the guy that is promoting gold and silver and uh then you will tell me if Donald Trump will keep on. I'm sure don't forget that Donald Trump went in bankruptcy or his business went in bankruptcy six times. Uh then you never know. But uh when I look as a scientific to the uh let's say behavior of the price of gold in the last 10 years when I compare it with 200 let's say two or three to 2011 when we had a a nice ride for the goal and 71 to 81. Normally it should be the top. Okay. It should we should be at the at the top except in uh between 70 and 80 the price of gold went up by 1,000%. From u let's see 2002 to 2011 it went up by 600%. Now it's only 400%. Does it mean that it will go up again? Uh I I don't know. Uh, I suppose uh uh if Trump is just doing what he is doing, it might go to five $10,000. I don't know. >> Yeah, I think there's so much uncertainty right now, but I I understand what you're saying. I think it is there's so much potential behind all commodities right now, not just gold and silver, which are definitely having their moment. So for you right now when you are looking maybe for these these mini bubbles like you had mentioned. So obviously we've got gold and silver what else are you looking at right now? That's yeah >> that's interesting. When the one u uh bullish phase arrive happen like it is right now. Normally in the other bullish phase even the small one the small like at 2020 or 2016 it start with the price of gold that is going up. Silver is following just a few months after and then quite often the copper is following the copper is going up and then the other metal sometime it's venadium sometime it's uranium sometime it's a rare earth and it it seemed that we we are in this uh position right now and that happened in the middle or at the end of the cycle and now It's uh I like uh rare earth uh I invested in two companies uh rare earth I invested in lithium because I I felt that the lithium price was at the bottom and then I look also at the technical analysis and you know the uh I don't know the in English the average of 50 days average the >> and the average for the 200 100 days they were quite it it was a kind of a golden cross you know when the 50 days is going up I explain it in in the book but it was four five months ago the lithium price was I thought at the bottom there was this uh golden cross for SQM Albe Marley and a couple of other elite producers and then I started to invest money on these stocks and now after four months it's 50% higher. That that's a a good way. It was the same thing with the Roy when Donald Trump talk about rare hurt and uh battle with China and uh then it it was a time at that time you should buy the rare earth companies and uh you you will be making money. It's uh it's uh very easy. You don't need to analyze really uh as I mentioned in the book uh with all the main criteria the companies. It's just a a trend that's >> Yeah. Yeah. I know you do have a a very complex valuation system that people can follow but Yeah. >> Yeah. It's not complex. It's uh very easy because the criteria it's how many shares issue the price of the share you do comparison with the other companies similar companies and uh you look at the uh personal I think I gave uh a lot of u good way to uh let's say uh evaluate the projects that was my main problem is as a geologist how to tell somebody how to evaluate a project and I think it's uh I succeed it's a and then uh after it's uh you have to the red flag you have to check the red flag uh but the most important thing really it's personal >> that's >> yeah we should touch on the red flags as well I think you list more than 50 of them so there's a lot of different things that could be a red flag and I think that probably some of them can be resolved. You know, if you look into it, it might not necessarily be a problem. But what would you what would you pull out there for people to know? >> Okay. Red flag doesn't mean that you should sell your stock. >> That's uh that's the most important thing because you have to just to get in touch maybe with the management and see if there is a solution. But uh red flag uh the red flag that I really don't like is like a press release with a company that is uh 20 grams over 20 m which is a very good intersection. But when you look at the when you read all the pressualiz you see that the other 20 holes they have nothing. Then sometime it just means that that's the end of the project. It's the end. It's then you have to sell. Then you have to be careful. This this is one way. The other way that I mention is that uh another intersection of 20 grams over 10 mters which is quite good but all the gold is on one meter. They just smear you know the the gold value. That's uh I don't like to see that because I sometime I feel that the management is trying to to not do the right thing about uh spreading the news. That's uh but there are there are a lot uh it might be the management that is selling the shares. Uh it's a yeah it's sometime I call it red flag but it's it doesn't mean that's the end of the >> company but you have to know to know them. >> Yeah. Yeah. I think it's it's important to look through them and do your research and see what you can find out. >> Yeah. >> So you've you've given in the book you give people really all the tools they should need to evaluate companies on their own. Are there any companies that you would mention that you like right now? We're here at VR. I think you've been at Metals Investor Forum. Is there any standouts that you would point to? >> Yeah, maybe I can check if I have my book because normally Yeah, I have a small There we go. Yeah. Yeah. Yeah. I thought that you will ask. >> Thank you. >> Okay. Uh then for for gold gold I like it's let's say that it's very tough right now to find uh you know the companies that will multiply by 10. >> Yeah. >> Okay. And that time remember me 2011 2012 when I used to go to this convention talking with my friends my network and everybody was selling telling that uh you know I'm not able to find a right a good company in which to invest. It seems that everything is overvalued. It's almost the same right now. But the there are some companies that if the price of gold is going up, they should let's say increase faster than the some other companies like I have a gel that is a company gel is a GTC. It's in Nevada and they have a lot of gold and the market cap is only $65 million. And that's it seems to be there is another company that was uh promote uh yesterday it was teases teases gold it's here in BC uh I think they they will find a lot more gold than uh that's another one uh I like Liberty gold uh that one it's in the US I don't remember Wyoming or anyway Uh I know that there is another company called copper giant. It's uh this one is in Colombia but it's a huge 1 billion tons deposit and it's a copper molly gold. That's a good one. In term of copper also I like a company called Pico. It's a in Peru. It's a huge deposit, but I suppose they have $30 million in the treasury of the company. And I suppose they will find some uh zone that are richer in in copper in to start the eventually the uh mining the deposit. And in Nevada, uh I like a company called precipitate. It's in Dominican Republic. Uh there they have a lot of good pro projects. Geology is good and they it's near the Gold Quest deposit. Then I like this this one. It's the stock is only 40 cents but again it was 15 cents uh a month ago. That's and I like in New Foundland Firefly. Firefly is developing a old massive sulfide deposit but they are finding more and more adept and this to me it seems that it will be a huge deposit. That's anyway that's >> yeah that's a great list. Thank you so much for sharing. And just a quick quick followup there. I noticed there's a variety of jurisdictions that you are looking at companies in. So what would your stance be on jurisdiction? Are there any that you really like or some that you would never go to? How what would you say to investors about that? >> Well, I I would say uh Ivory Coast. It's a very it's a place that there is there will be a lot of discoveries there. But u I don't know. I am shareholders of different companies there. I don't know if it's it's Africa then. You never know. But uh I will never go to let's say China, Russia. Uh I prefer Canada, >> um South America, everywhere in South America. Uh but the best thing is like you do like an Nikico Eagle. You stay in Finland or in the Americas. That's uh that's the best way to I think to decrease the risk. >> Yeah, I think that makes a lot of sense. Well, I will let you go. We can wrap it up there. I'll send you back down to the conference unless you had any final thoughts you would leave investors with. >> Not really. Uh I'm I'm just happy to see that my book has been sold in 10 different countries. >> Yeah. And uh the comments that I receive it seems that it helps a lot of people to uh better understand our industry and also I'm giving talks to the uh university about the f uh the the guy that are in finance. uh then it just means that there actually there is a you know it's a euphoria about uh commodities then I'm just I'm just uh happy to share my knowledge and uh trying to find new ambassador in the industry. Well, I think certainly it's the right time for people to start coming in and we'll have the link as I mentioned for the book in the video description. I definitely recommend checking it out and thank you so much for coming on to go through it. >> Thank you very much for having me. >> Of course. And once again, I'm Charlotte Mloud with investing.com and this is Jacqu Mano.
Jacques Bonneau: How I Pick Junior Miners, Plus 7 Stocks I Like Now
Summary
Transcript
I'm Charlotte Mloud with investingnews.com and here today with me is Jacques Beno. He is a geologist with 45 years of experience in exploration and development and the author of the art of investing in junior mining. Thank you so much for being here. Great to have you. >> Thank you very much. >> Good to be speaking with you. It's our first time talking and I thought you could start by just giving a quick introduction to yourself, your background in the mining industry and how you came to eventually write your book. >> Okay. Well, first of all, I I am a geologist and uh I started as a field geologist, project geologist. uh then I became uh VP exploration and later president of a junior exploration company and I work in exploration development and production that's uh and then I retired in 2004 uh after the company was taken over by Cambiar and uh then I discovered a new passion was to investing in junior sectors because I know it and uh and I was quite fortunate because in 2004 the market was like it is right now. It was a very good time to invest. And uh then I I did that and I would say maybe five years ago I well maybe 10 years ago I started to uh give conference about how to invest in the mining sector and then in the last five years I just decided to write a book and in order to share my knowledge and my main objective was to uh I would say attract new investors and to give them uh the a good way to evaluate companies the main criteria and also the if you want to invest in this sector you have to know to know the golden rules which are very important because if you don't follow these uh golden rules you will uh lost your money and your time. Great overview and we're going to focus on your book today. Too bad we were saying before we turned the camera on. You've sold all your copies. So, unfortunately, we don't have one to display right now, but I'll put a link in the video description so people can check it out. >> But yeah, let's get into that and talk about those golden rules if you could give a a brief overview of what they are. >> Yeah. Well, the main one is really it's a cyclical. it's uh if you buy the stock of the wild bank or dollar it's going up let's say 10% per year but uh in the junior business it's you know that it's it's going up and down and up and down and in the book I I have a graph in the last 50 years about the variation of the uh let's say Vancouver stock exchange that gives you a very good idea even the major company like tech riotento they are cyclical then you have to learn to buy when it's low sell when it's high and the second one is that as you know it's the best place to invest it's uh in exploration there is a lot of rewards but the risk is high and the other place to invest really in this business it's when the company as finish is uh let's say uh starting the construction of a mine that's the best place but it's less risky but the reward is lower. Uh the third one is that as you know there they are not discovery the discoveries are very rare. Uh but fortunately the the rules number four it's there is it's a world of mini bubbles. It's uh it's going up and down and every company when they make a discovery the stock may double triple and uh but most of the time it doesn't last long and I explained it I gave a lot of example that it lasts normally between four and 18 months. This is the what I call mini bubbles. But there are a lot and I mentioned I think 40 different possibility to have bubbles. And uh the one that I like golden rule is the 8020. It's 80% of your profit will come from 20% of the companies in which you have invested. then it just means that uh you you don't hit an home run every time that you invest in the juniors and I consult uh a lot of uh expert about it and it's 8020 for everybody including myself that's >> okay so those are our golden rules I think there's really a lot to unpack there when I was reading through your book one of the points that really stood out to me that you made is the importance of acting like a trader and I wanted to highlight that because I think with the juniors especially people can get very attached to the story and we're here at VR there's many companies down on the show floor that all want to tell their story. So can you talk a little bit about that point? >> Yeah well in fact in the book I mentioned the six golden rules but there there are 25 lessons that you you learn from these golden rules. for example, uh you're right that you have to be a trader. You don't want to be like Warren Buffett. You you buy a stock for the life. You have to learn to uh to uh sell the stock and uh you have to learn when it's time to sell it. That's very very uh important. Uh that's anyway there are 25 lessons in the book. It's a it's I think everybody should know that before investing. >> Yeah, absolutely. >> And and sorry, but it's also it's a emotion game. You have to know that it's an emotion game when you invest in the junior sectors. It's the best one of the best way to learn about yourself. It's it's very important. It's uh because some person may buy a stock and when it's goes down by 10% they they sell it but it's maybe it's it's because you are you you are a speculator instead of to be a kind of investor so I say. >> Yeah. Yeah. I was going to ask if you had any advice for people on knowing when to sell. It sounds like knowing yourself is part of that, but I think it's a a good topic to go into today because with gold and silver prices so ah high, I think there's a lot of people wondering, should I take profits in some of these companies? What to do? >> Okay, I think I will tell you something. The best way to make a lot of money in this business is you have to learn to know three things. It's the best way to make money is to be to know if you are in the right cycle or not. Right now it's the right cycle. The other way to make money very easily I would say it's uh when a metal is going to be the flavor of the month. That's a real you you can make a fortune just if you can not predict but if you feel that the uranium will go up or lithium will go up uh that's uh the best way to make money and the other one it's the personal you have to know the personal you have to know that uh uh you have to to know that the company is uh managed by good good people that's that's the three things that uh you have to know it's very easy if you can identify good a good president a good VP exploration for example it's that's the best way to make money it's personal the personal that's the management but also the flavor of the month uh I made a lot of money with the flavor of the month it's a when you can catch catch And uh then now right now we are in the bullish trend. U I don't know why I know where it's going but it's complicated to explain but I can tell you that we have the best promoter in the world to promote commodities and the mining sector right now. And this guy is called Donald Trump. That's the best promoter that we have never have in in this business. It's uh everything that he's doing it's promoting commodities. It's uh uranium, rare earth, uh uh name it copper recently and the price of gold and the price of gold is going up now because of Donald Trump. I made a lot of study about it and my conclusion at the end it's Donald Trump. It's uh he he is the guy that is promoting gold and silver and uh then you will tell me if Donald Trump will keep on. I'm sure don't forget that Donald Trump went in bankruptcy or his business went in bankruptcy six times. Uh then you never know. But uh when I look as a scientific to the uh let's say behavior of the price of gold in the last 10 years when I compare it with 200 let's say two or three to 2011 when we had a a nice ride for the goal and 71 to 81. Normally it should be the top. Okay. It should we should be at the at the top except in uh between 70 and 80 the price of gold went up by 1,000%. From u let's see 2002 to 2011 it went up by 600%. Now it's only 400%. Does it mean that it will go up again? Uh I I don't know. Uh, I suppose uh uh if Trump is just doing what he is doing, it might go to five $10,000. I don't know. >> Yeah, I think there's so much uncertainty right now, but I I understand what you're saying. I think it is there's so much potential behind all commodities right now, not just gold and silver, which are definitely having their moment. So for you right now when you are looking maybe for these these mini bubbles like you had mentioned. So obviously we've got gold and silver what else are you looking at right now? That's yeah >> that's interesting. When the one u uh bullish phase arrive happen like it is right now. Normally in the other bullish phase even the small one the small like at 2020 or 2016 it start with the price of gold that is going up. Silver is following just a few months after and then quite often the copper is following the copper is going up and then the other metal sometime it's venadium sometime it's uranium sometime it's a rare earth and it it seemed that we we are in this uh position right now and that happened in the middle or at the end of the cycle and now It's uh I like uh rare earth uh I invested in two companies uh rare earth I invested in lithium because I I felt that the lithium price was at the bottom and then I look also at the technical analysis and you know the uh I don't know the in English the average of 50 days average the >> and the average for the 200 100 days they were quite it it was a kind of a golden cross you know when the 50 days is going up I explain it in in the book but it was four five months ago the lithium price was I thought at the bottom there was this uh golden cross for SQM Albe Marley and a couple of other elite producers and then I started to invest money on these stocks and now after four months it's 50% higher. That that's a a good way. It was the same thing with the Roy when Donald Trump talk about rare hurt and uh battle with China and uh then it it was a time at that time you should buy the rare earth companies and uh you you will be making money. It's uh it's uh very easy. You don't need to analyze really uh as I mentioned in the book uh with all the main criteria the companies. It's just a a trend that's >> Yeah. Yeah. I know you do have a a very complex valuation system that people can follow but Yeah. >> Yeah. It's not complex. It's uh very easy because the criteria it's how many shares issue the price of the share you do comparison with the other companies similar companies and uh you look at the uh personal I think I gave uh a lot of u good way to uh let's say uh evaluate the projects that was my main problem is as a geologist how to tell somebody how to evaluate a project and I think it's uh I succeed it's a and then uh after it's uh you have to the red flag you have to check the red flag uh but the most important thing really it's personal >> that's >> yeah we should touch on the red flags as well I think you list more than 50 of them so there's a lot of different things that could be a red flag and I think that probably some of them can be resolved. You know, if you look into it, it might not necessarily be a problem. But what would you what would you pull out there for people to know? >> Okay. Red flag doesn't mean that you should sell your stock. >> That's uh that's the most important thing because you have to just to get in touch maybe with the management and see if there is a solution. But uh red flag uh the red flag that I really don't like is like a press release with a company that is uh 20 grams over 20 m which is a very good intersection. But when you look at the when you read all the pressualiz you see that the other 20 holes they have nothing. Then sometime it just means that that's the end of the project. It's the end. It's then you have to sell. Then you have to be careful. This this is one way. The other way that I mention is that uh another intersection of 20 grams over 10 mters which is quite good but all the gold is on one meter. They just smear you know the the gold value. That's uh I don't like to see that because I sometime I feel that the management is trying to to not do the right thing about uh spreading the news. That's uh but there are there are a lot uh it might be the management that is selling the shares. Uh it's a yeah it's sometime I call it red flag but it's it doesn't mean that's the end of the >> company but you have to know to know them. >> Yeah. Yeah. I think it's it's important to look through them and do your research and see what you can find out. >> Yeah. >> So you've you've given in the book you give people really all the tools they should need to evaluate companies on their own. Are there any companies that you would mention that you like right now? We're here at VR. I think you've been at Metals Investor Forum. Is there any standouts that you would point to? >> Yeah, maybe I can check if I have my book because normally Yeah, I have a small There we go. Yeah. Yeah. Yeah. I thought that you will ask. >> Thank you. >> Okay. Uh then for for gold gold I like it's let's say that it's very tough right now to find uh you know the companies that will multiply by 10. >> Yeah. >> Okay. And that time remember me 2011 2012 when I used to go to this convention talking with my friends my network and everybody was selling telling that uh you know I'm not able to find a right a good company in which to invest. It seems that everything is overvalued. It's almost the same right now. But the there are some companies that if the price of gold is going up, they should let's say increase faster than the some other companies like I have a gel that is a company gel is a GTC. It's in Nevada and they have a lot of gold and the market cap is only $65 million. And that's it seems to be there is another company that was uh promote uh yesterday it was teases teases gold it's here in BC uh I think they they will find a lot more gold than uh that's another one uh I like Liberty gold uh that one it's in the US I don't remember Wyoming or anyway Uh I know that there is another company called copper giant. It's uh this one is in Colombia but it's a huge 1 billion tons deposit and it's a copper molly gold. That's a good one. In term of copper also I like a company called Pico. It's a in Peru. It's a huge deposit, but I suppose they have $30 million in the treasury of the company. And I suppose they will find some uh zone that are richer in in copper in to start the eventually the uh mining the deposit. And in Nevada, uh I like a company called precipitate. It's in Dominican Republic. Uh there they have a lot of good pro projects. Geology is good and they it's near the Gold Quest deposit. Then I like this this one. It's the stock is only 40 cents but again it was 15 cents uh a month ago. That's and I like in New Foundland Firefly. Firefly is developing a old massive sulfide deposit but they are finding more and more adept and this to me it seems that it will be a huge deposit. That's anyway that's >> yeah that's a great list. Thank you so much for sharing. And just a quick quick followup there. I noticed there's a variety of jurisdictions that you are looking at companies in. So what would your stance be on jurisdiction? Are there any that you really like or some that you would never go to? How what would you say to investors about that? >> Well, I I would say uh Ivory Coast. It's a very it's a place that there is there will be a lot of discoveries there. But u I don't know. I am shareholders of different companies there. I don't know if it's it's Africa then. You never know. But uh I will never go to let's say China, Russia. Uh I prefer Canada, >> um South America, everywhere in South America. Uh but the best thing is like you do like an Nikico Eagle. You stay in Finland or in the Americas. That's uh that's the best way to I think to decrease the risk. >> Yeah, I think that makes a lot of sense. Well, I will let you go. We can wrap it up there. I'll send you back down to the conference unless you had any final thoughts you would leave investors with. >> Not really. Uh I'm I'm just happy to see that my book has been sold in 10 different countries. >> Yeah. And uh the comments that I receive it seems that it helps a lot of people to uh better understand our industry and also I'm giving talks to the uh university about the f uh the the guy that are in finance. uh then it just means that there actually there is a you know it's a euphoria about uh commodities then I'm just I'm just uh happy to share my knowledge and uh trying to find new ambassador in the industry. Well, I think certainly it's the right time for people to start coming in and we'll have the link as I mentioned for the book in the video description. I definitely recommend checking it out and thank you so much for coming on to go through it. >> Thank you very much for having me. >> Of course. And once again, I'm Charlotte Mloud with investing.com and this is Jacqu Mano.