Month: July 2019

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Aftermath Book Review – Rickards’ Latest and Greatest

Aftermath

“Society does not get endlessly richer and more sophisticated. Periodically things collapse. It is not the end of the world. It is the end of an age.” ~ Rickards – The Road to Ruin – pg.297

Change is coming, I can feel it.

My sample size isn’t overly large, but in my life, I can’t remember society being as polarized between left and right as it is today. It isn’t just Canada and United States, either, it seems to be a good portion of the world.

So, why does it matter? Well, in my view, the root of where we are economically begins with the culture of the society. In this case, I’m referring to western culture or, more specifically, the derivatives of western culture which are found in Canada and the United States.

Western culture is of particular importance because its ebbs and flows, presently, have such a profound effect on the entire world. In fact, I would suggest that what I’m feeling is actually the degeneration of western culture and, in effect, the fall of the global economy as we currently know it.

For all intents and purposes, the United States represents the peak of western culture, as its rise to the world’s top power over the last 100 years has been predicated on all the ideals, mainly liberty and freedom, which allow the free thinking individual to prosper.

Instead, today we are headed on a path toward destruction. This path is one which is moving to remove the liberty and freedom of the individual and increasingly to replace it with government oversight, effectively removing an individual’s responsibility of choice.

In essence, the left and right are fighting to establish who knows best for everyone else. This will ultimately end in the failure of the western culture and, along with it, the collapse of the global economy in its current form.

Today, I have for you a review of James Rickards’ latest book, Aftermath – Seven Secrets of Wealth Preservation in the Coming Chaos. Aftermath is volume 4 in a quartet of books that included Currency Wars, The Death of Money and The Road to Ruin.

Much like the previous three, Aftermath doesn’t disappoint as it sets out a blueprint for wealth preservation in the coming chaos.

Let’s take a closer look.

Aftermath – Seven Secrets of Wealth Preservation in the Coming Chaos

Much like Currency Wars, The Death of Money and The Road to Ruin, in Aftermath Rickards uses both his experience and financial knowledge to outline his thesis for why a reset to the global monetary system is inevitable.

The chapters in Aftermath are broken down into topics, the ramifications of which could individually or collectively trigger the next global economic meltdown.

In my own words, here are the 7 topics that Rickards covers:

  • Tariffs and Trade Wars
  • Debt to GDP Ratio
  • Behaviour Economics
  • Passive Investing
  • Velocity of Money
  • Global Monetary Reset
  • Terminal Unit

Each of the topics is deserving of its own chapter, however, I particularly enjoyed the information Rickards provides on the debt to GDP ratio and behavioural economics. In my view, these 2 topics are of particular importance because I think that, ultimately, a crisis in the global economy will start with them.

Specifically, I believe quantitative easing (QE) and low interest rates are to the market as drugs are to an addict.  Therefore, pick your poison; more QE and low interest rates that will lead to an overdose, or go cold turkey, which will lead to the tremors and, most likely in this case, death. Either way, change is on the horizon.

Debt to GDP Ratio

Currently, the United States debt to GDP ratio sits at roughly 105%, a level which Rickards explains is considered by most economists to be above the point of no return. Once an economy reaches these critical levels, the growth of the economy is destroyed as any profits are directly fed into servicing the debt.

Japan is a great example of the effects of a high debt to GDP ratio, as the Japanese economy has been stagnant for multiple decades.

The obvious question then is, can’t the U.S. expand their debt to GDP ratio to the extent of Japan and still avoid a crisis? The answer is probably not; there would be a crisis of confidence before it reached the levels of the Japanese economy.

“The U.S. debt to GDP ratio is approaching the point at which it cannot expand much farther without inducing a crisis of confidence” ~ Aftermath

Firstly, while Japan’s debt is much larger than its GDP, the saving grace for the Japanese, in my opinion, is the fact that the Japanese people are its largest holders of its debt. Because of this, I believe there is a level of protection that the U.S., for example, doesn’t have.

Second, while the U.S. does appear, superficially, to have room to grow its debt to GDP ratio, the potential lack of confidence in the U.S.’s ability to service that debt begins to heighten. Unlike the Japanese, a good portion of the U.S. debt is held overseas and, thus, presents a major hurdle to further expansion.

Dwindling confidence will snowball and surely cause a major economic crisis. America’s debt to GDP ratio is in risky territory. In the chapter, ‘Putting out the Fire with Gasoline,’ Rickards walks you through the history and risks associated with debt to GDP rations and, most importantly, provides a tip for protecting your wealth against this major risk.

Human Behaviour

“Are humans risk adverse slugs or overconfident pretenders? The answer is both, depending on past circumstances and current conditions at the point of decision. This behaviour contradiction, one of many, illustrates why it is so difficult to make sense of human behaviour in markets” ~ Aftermath

We all have cognitive bias that affects the decisions we make. More specifically to the basis of this book review, it is the bias-laden investment decisions that many of us make that pose a major risk to the economy.

In the investment world, there is a tendency to follow the herd into buying the most popular stocks – for example, the FANG stocks (Facebook, Apple, Netflix and Google) or using the most popular investment techniques, such as passive or index investing. While the herd mentality can sometimes provide short-term profits, over the long haul, it typically ends in losses.

Currently, we sit at a very risky juncture in the stock market, where it sits at all time highs. All time highs mixed with the hyper-synchronicity investments is extremely dangerous for both the individual investor and the market as a whole.

If or when losses begin to mount, it will have a contagion effect on the market and, undoubtedly, lead to what could be major losses.

There is so much more to this topic which Rickards covers in the book – I won’t spoil it. Understanding this one chapter in the book could make all the difference in preserving your wealth.

Concluding Remarks

While it is easy to get caught up in the ‘when,’ as in when will the crisis occur, it really is a waste of time. No one can predict when complex events such as a global monetary reset will take place. In my opinion, it’s important to continue to live life as you normally would, but with some added financial prudence.

In my view, Aftermath is a MUST read for everyone, not just for those who are focused or interested in the global economy.  The benefits of understanding the ramifications of what has happened in the global economy over the last 10 years is integral for understanding where we may be headed.

In Aftermath, Rickards lays out the groundwork needed to protect your wealth in the future, no matter what’s around the corner.

While it may not be imminent, it does appear to be inevitable that a global monetary reset is on the horizon. Read Aftermath, The Road to Ruin, The Death of Money and Currency Wars – you won’t regret it!

Don’t want to miss a new investment idea, interview or financial product review? Become a Junior Stock Review VIP now – it’s FREE!

Until next time,

Brian Leni  P.Eng

Founder – Junior Stock Review

Disclaimer: The following is not an investment recommendation, it is an investment idea. I am not a certified investment professional, nor do I know you and your individual investment needs.

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Amarillo Gold – Developing Brazil’s Next Gold Mine

Amarillo Gold Corp

I’m constantly searching the junior resource sector for companies whose share price is trading for less than their value. In January of this year, I became an investor in Amarillo Gold, a junior company which I believe is trading for far less than their value.

A couple of weeks ago, I had the chance to travel to Brazil and see Amarillo’s flagship Mara Rosa Project, which is located in the northwest portion of the State of Goias.

Rafael Silveira, Myself, Frank Baker

The site visit was highly beneficial because it confirmed for me why I’m invested in Amarillo and why I believe it will be Brazil’s next gold mine. My reasons are as follows:

  • The Amarillo management team is well suited to moving Mara Rosa to and through construction, as their pedigree reveals a history of developing projects in Brazil. From the CEO to the team located in Brazil, each member has been in the mining industry a long time and has a specific skill set which is applicable to the development of Mara Rosa.
  • The Mara Rosa Project is advanced with an updated Pre-Feasbility Study (PFS) completed in the fall of 2018. The PFS revealed an after-tax NPV@5% of $US 244.3 million at $US 1300/oz gold, which means, at the time of writing, with a MCAP of less than $30 million CAD, the company is currently trading at less than 10% of its PFS after-tax value.
  • Expansion of the resource – There is a realistic probability of expansion of the Posse Deposit resource at depth and to the northeast. Examining soil sampling, geophysics and historical drilling, the northeast portion of the property looks particularly interesting to me, given its size. Drilling isn’t a priority at the moment for the company, but could spell more upside potential in the future.
  • While a controversial figure, Jair Bolsonaro will bring about a positive economic change to Brazil. This is already evident with the pension reform bill which is moving through the Brazilian government’s approval process, as I write. Ultimately, I believe Amarillo’s current price to value proposition is well worth the risk.
  • The town of Mara Rosa and its people, from what I could tell, view the construction of the mine positively and look forward to the jobs that it will bring. There are many active and former mines in the northern region of the State of Goias, making it a great spot for development.
  • Takeover Candidate – while I believe Amarillo is currently a takeover candidate, I believe that upon the completion of the Definitive Feasibility Study (DFS) it becomes much more appealing to senior or mid-tier mining companies, as the DFS will bring more confidence and validation to the economics of the project.

Amarillo isn’t without risk; I believe there is at least one hurdle which the company must overcome in order to be fairly valued by the market. That hurdle is the metallurgy of the Posse Deposit, which has been a major focus for the company since they purchased the deposit from Western Mining in 2003.

While the mineralization is complex, I believe the company is on track for proving up and optimizing the metallurgical process that is needed to economically extract the gold from the Posse deposit ore.

In my opinion, Amarillo Gold is trading for less than its value. I was a buyer at 20 cents and believe a re-rating in the share price is just around the corner.

Without further ado, a look at why I am a buyer of Amarillo Gold.

Enjoy!

Amarillo Gold

MCAP – $28.8 million (at the time of writing)

Shares – 140.8 million

FD – 185.6 million

Cash – $3.0 million (as of June 30, 2019)

Insider Ownership – 10%

Institutional Ownership – 60%

Bolsonaro’s Affect on Brazil

In the fall of 2018, I wrote an article on Brazil and why I’m optimistic about its future. My thesis was primarily based on, at the time, presidential candidate Jair Bolsonaro winning the election and taking control of the country.

For those who are unaware, Bolsonaro was victorious and is now the President of Brazil.

So now, roughly 9 months later and with the basis of my thesis fulfilled, what do I think about Brazil and its future, now having spent close to a week there? Am I still optimistic?

Determining the answer to this question has been much harder than I would have guessed prior to my trip. I believe Bolsonaro will have a positive effect on Brazil’s economy, because he is seemingly dedicated to minimizing the amount of corruption in the government and to appointing leadership within it based on merit, not to fulfill a favour or bribe. This will have very positive effects.

During my trip, I actively engaged as many Brazilians (who spoke English) as I could to learn about their views of Brazil, mainly where it is as a country and where it’s headed under the leadership of Bolsonaro.

Interestingly, much like Trump in America, Bolsonaro has a polarizing affect on people; they either love him or they hate him. Even some of the Brazilians who said they voted for him, hate him. I found this particularly interesting and wanted to know why.

 Most often, I was told that there wasn’t anyone else to vote for and, bottom line, government corruption has to be reduced for Brazil to be successful.

Of the younger generation, let’s say under 30, I met only one person who thought that Bolsonaro was good for the country. The rest hated him and said that he is going to destroy it as he takes away some of the services and “privileges” that many of the Brazilian people have come to rely upon.

Further, the same younger generation yearns for former President and now convicted criminal, Lula Da Silva, who is currently in jail for his involvement (while President) with Operation Car Wash. In my opinion, this is truly bizarre, but goes to show you that people only see what they want to see.

There is much more to this discussion, but I will leave it here because it’s out of the prevue of this article. My conclusion on Brazil is this; I believe Bolsonaro will have a positive effect economically on Brazil, which, ultimately, should make it a more desirable place to do business during his reign.

What I have seen, however, only strengthens my thought that it takes multiple generations or hundreds of years to change a culture and, therefore, while Bolsonaro will have an impact during his term, it will be minimal and short lived, as I do expect to see a return to a left-leaning government in the future.

With this said, in my opinion, investing within a “risky” jurisdiction is always a matter of a risk adjusted price to value comparison. Meaning, am I getting enough upside potential to warrant investment?

Additionally, remember that there is risk in every jurisdiction, even the ones that are widely thought to be tier 1 locations for mining investment. I will quote Rick Rule, CEO of Sprott U.S. Holdings, who recently said to me,

“Mostly the controllable aspect of political risk is price and probability…I would argue with you right now that the People’s Republic of British Columbia, which is regarded as a superb place for politics, is extraordinarily risky. The BC provincial legislature is a joint venture between the Socialists and the Greens. Not exactly mining’s best friend… Yes, Brazil has a long standing history of formal corruption. I would ask you what the difference between a campaign contribution and a bribe is.” ~

Therefore, with regards to Amarillo Gold, in my opinion, there’s enough upside potential to warrant investment in the company, as it’s currently trading at less than 10% of its updated PFS after-tax NPV of $US 244.3 million.

Amarillo’s Leadership

Amarillo is led by CEO, Mike Mutchler, who is a mining engineer by trade. Mutchler’s experience in the sector relates well to the needs of Amarillo, as he is an experienced mine builder. Most recently, Mutchler was COO of Largo Resources, which built a vanadium mine in Brazil.

Although he hasn’t been a CEO, his skill set and education, in my opinion, should be the perfect recipe for what Amarillo needs to be successful in completing their FS on the Mara Rosa Project and, most importantly, making it Brazil’s next gold mine.

Next, we have Roland Uloth, who is Amarillo’s Executive Chairman. Uloth has extensive experience within the business world, with the last 20 years focused on the mining sector. Notably, Uloth has been a key executive with both River Gold Mines and Wesdome.

Additionally, I think it should be noted that Uloth has been a major buyer of Amarillo stock on the open market, as the SEDI insider buying report is littered with his purchases. According to SEDI, Uloth currently owns over 6 million shares, excluding warrants.

Finally, and arguably the most important member of the Amarillo team at this juncture, is Arao Portugal, who was just officially named Amarillo’s Country Manager. Country Manager isn’t a common position within a junior mining company, but makes complete sense in this case.

Portugal brings a unique set of skills and experience to Amarillo, which I believe are vital to the overall success of the company as they look to attain their final 2 permits – the Installation License (IL) and the Operation License (OL).

There are a few more important players on the Amarillo team: Frank Baker – Metallurgist and Project Manager, Luis Carlos F. Da Silva – Geology Manager, Alexandre Elisel and Rafael Silveira – Geologists.

Mara Rosa Project

The Mara Rosa Project encompasses roughly 60,000 ha and sits just a few minutes’ drive from the centre of the town of Mara Rosa, which is located in the northern portion of the State of Goias.  This region of the State is very familiar with mining, as there are a number of former and currently operating mines in the region.

Most notably is Lundin’s Chapada copper-gold Mine, AngloGold Ashanti and Kinross’ Serra Grande Gold Mine, and Anglo American’s Barro Alto nickel mine, to name just a few. The point is, with these mines being within 100 km, the people of Mara Rosa and the surrounding area are very familiar with mining and the benefits that come with it.

Amarillo’s Main Office and Core Shack – Located in Mara Rosa

As well, given the amount of mining in this portion of the State, infrastructure is good; in particular, power is readily accessible with a sub-station within 4 km of the Mara Rosa Project. The hydro power in this area is supplied by the 450 MW Serra Mesa Hydro Electric dam.

Pre-Feasibility Study Economics

In September of 2018, Amarillo released an updated PFS on Mara Rosa and revealed some very robust economics.

Contractor Mine Scenario

Gold Price Assumption – $US 1300 per ounce

After-tax Net Present Value (NPV) at a 5% discount – $US 244.3 million

After-tax Internal Rate of Return (IRR) – 50.8%

CAPEX – $US 122.9 million

AISC – $US 655 per ounce

Reserves (Proven and Probable) – 1.087 Moz of gold

Resources (Measured and Indicated) – 1.3 Moz of gold

Satellite Image of Mara Rosa Project

In my opinion, the Mara Rosa Project has great economics, with good downside risk protection in terms of the gold price. Robust economics at the PFS stage of development is a really good sign, as there is a higher degree of confidence that the Project can deal with issues that may arise given the rigorous analysis which is yielded by the DFS.

Site Visit – July 2019

My trip to Mara Rosa, Brazil from Toronto was very straightforward. I flew overnight from Toronto to Sao Paulo, which is approximately a 10.5 hour flight. To note, Sao Paulo’s Guarulhos International Airport has seen some great upgrades since I was last in Brazil in 2011. I’m guessing that the 2016 Rio Olympics brought about  this overhaul.

Next, I had a short 2 hour flight from Sao Paulo to Brazil’s capital, Brasilia. Interestingly, after doing a 17.5 hour flight from San Francisco to Singapore in April of this year, I found these flights to be easy!

Brasilia Airport – Domestic Terminal

From Brasilia, a company representative picked me up at the airport and we headed northwest to the town of Mara Rosa, which is roughly a 4.5 hour drive. The drive between Brasilia and Mara Rosa is pretty good considering the amount of heavy truck traffic those roads appear to receive.

Rest Stop Along the Road Between Brasilia and Mara Rosa

Along with the multiple 2 lane highways that head north out of Brasilia, there is also a railway which runs right beside the Mara Rosa Project. Rail is a great way to reduce the amount of truck traffic, however, it sounds like this railway isn’t used to its full extent, which is too bad as it would save the roads and, ultimately, make them safer for commuters.

2011 View from Sugar Loaf Mountain – Rio de Janeiro

My previous trip to Brazil was spent in and around Rio de Janeiro, which is much different than what I encountered in the capital region. Rio is a very mountainous and lush environment, which clearly gets an optimal amount of sun and rain, as it is a veritable jungle surrounding you as you drive into Rio.

Future Mine Site in the Distance

By comparison, the Federal District of Brasilia and the Northern portion of the State of Goias is much different. In terms of topography, it is much flatter, drier and open, with farmers’ fields lining the highways. The region, however, does have a rainy season where the rain fall is very heavy, which allows for the endless farmers’ fields and well-established jungle-like vegetation.

Northeast Corner of the Posse Deposit

NOTE: The area surrounding the town of Mara Rosa is known for its production of turmeric spice. While walking the property, one of the geologists pointed out some turmeric bulbs lying on the ground. There are fields of these plants, their bulbs are harvested, dried and ground into a powder, which is then packaged and sold in grocery stores. Farming is the major industry in this part of Brazil and is what currently drives (economically) towns such as Mara Rosa.

Expansion of the Posse Deposit

As per the 2018 updated PFS, the Posse deposit has 1,087 koz of proven and probable gold reserves at an average grade of 1.42 g/t. While this is great, more ounces would be even better and, given what I saw onsite and reviewing historical exploration data with the geological team, there’s reasonable probability that the Posse Deposit could be extended at depth and to the northeast.

Reviewing some of the past geophysics on the deposit, you can clearly see that the anomaly, of approximately twice the size of the existing deposit, extends out to the northeast. The focus of previous drilling campaigns has been on the main deposit, however, there is historical drilling data on a few holes that have been drilled along the northeast extension.

As you can see in the image above, there hasn’t been much step out drilling, but what has been done has returned some decent hits. I believe it will be well worth the time and money to see if it’s something of significance.

One other note, while an extension to the northeast of Posse would be great, under the current Preliminary License (LP), the seasonal creek that cuts perpendicularly across the strike of the northeast extension would prevent Amarillo from expanding their current pit to include the new discovery.

However, the company does have the option to apply for modifications to their existing LP, which, if they choose to, could include the temporary re-routing of the creek so that this northeast area is available for mining.

Seasonal Creek in the northeast of the property

Tailings Dam

The tragic failure of Vale’s tailings dam in the neighbouring State of Minas Gervais resulted in the death of 300 people. Talking to many mining engineers, the design of the dam that failed has long been known to have some major weaknesses and, thus, in my mind, was preventable.

Moving forward, similarly designed tailings dams can be upgraded to prevent this from occurring again in the future. It sounds like the Brazilian government, however, is going a step further and will announce the banning of all tailings dams in future construction, regardless of the design.

In my opinion, this is a knee-jerk reaction to an issue which is solved through proper engineering and, most of all, the diligence of the companies that operate these mines and tailings facilities. Banning the construction of this integral part of a mine is crazy.

In saying this, there are alternatives to the traditional tailings facilities and, with this in mind, Amarillo’s leadership has decided to proactively pursue one of these alternatives given the potential direction of the Brazilian Government.

Reviewing the location of Tailings Mat Storage

So how does this new approach affect Amarillo’s mine plan and economics? That’s a great question. First off, the company is pursuing a horizontal filtration technology which is proven to reduce the moisture content of the tailings. The end product of the process yields what the company reps were describing as tailings mats.

These tailings mats are still required to be stored in a lined storage facility, meaning the basis of construction for the original tailings dam will still be used to dry stack the mats. The company reps tell me that this change in process shouldn’t cause any issue with their already issued preliminary license (LP).

In all, the cost for the filtration system is roughly $US 10 million in CAPEX dollars and is estimated to require another $US 1 per tonne in operating cost per year over the course of the life of the mine. I haven’t added this new cost to my discounted cash flow model yet, but given the economics of the project, I’m guessing this won’t be a huge issue.

 

Archeology Testing

Standard practice in Brazil is to conduct archeological studies on the properties that are moving toward construction. This process requires a certain amount of area on a property to be studied for historical significance.

During my visit, a team of archeologists was on site performing the study. For someone who finds these studies really interesting, it was great to have the opportunity to see part of the process in person.

At the dig site I visited, they had just discovered some remnants of bowls and an area which had  been used for fires at some point. In the image below, to the right of the teal pan, the bowl artifacts have been outlined in small white pins. These artifacts will be removed from site and stored in a museum.

While the archeological study is not over, it is expected to have minimal to no impact on the Mara Rosa Project construction plans, which is good to hear.

Metallurgy

As I mentioned in my intro, the metallurgy of the Posse Deposit is most likely the largest hurdle to the success of Amarillo moving forward. I am, however, personally very encouraged by what I see in the testing the company has performed to date, and believe that the metallurgical testing performed for the FS will turn the tide, in terms of how the market views the risk associated with the economic extraction of the gold.

There’s much to cover with regards to the metallurgical processing of the Posse Deposit mineralization, so I’m going to cover this in a separate Part 2 of this article.

Concluding Remarks

Currently, Amarillo Gold is selling at a fraction of its updated PFS NPV, which, I believe, gives an investor plenty of upside potential given the risk associated with the company.  Amarillo’s focus is completion of their DFS, which will pave the way for the remaining permits and, ultimately, the construction of Brazil’s next gold mine.

Stay tuned for Part 2 of my Amarillo Gold Site Visit article, where I will cover the Posse Deposit’s metallurgy and why I believe the company is on the right track to put this risk behind them.

Don’t want to miss a new investment idea, interview or financial product review? Become a Junior Stock Review VIP now – it’s FREE!

Until next time,

Brian Leni  P.Eng

Founder – Junior Stock Review

Disclaimer: The following is not an investment recommendation, it is an investment idea. I am not a certified investment professional, nor do I know you and your individual investment needs. Please perform your own due diligence to decide whether this is a company and sector that is best suited for your personal investment criteria. Currently, I do own Amarillo Gold Corporation stock.

All Amarillo Gold Corporation analytics were taken from their website and press release. Junior Stock Review has NO business relationship with Amarillo Gold Corporation. Amarillo Gold Corporation did pay for travel expenses for the site visit.

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A Conversation with Rick Rule, CEO of Sprott U.S. Holdings

Becoming a competent investor requires the constant willingness to learn and the pushing aside of what you think you know. Over the course of my personal investing career, there have been a handful of people who have greatly influenced the way I invest my money in the market. Rick Rule, without a doubt, has had the largest impact to date.

In a few weeks, July 30th to August 3rd, the annual Sprott Natural Resource Symposium will take place in Vancouver, British Columbia, Canada. Rule will be giving a speech at 8 am on August 1st entitled, Lessons, Re-Learned, In a Bear Market.

In my opinion, this single speech is worth the price of admission, never mind the whole host of other headline speakers, such as Doug Casey, James Rickards and Grant Williams to name just a few.

Today, I have for you a conversation with Rick Rule. In our conversation, we covered a number of topics, but most importantly, Rule explains why it’s vital for an investor to be self-aware and, secondly, frames the mindset which is needed to invest in “risky” jurisdictions.

Additionally, at the end of the interview, Rule gives you, the reader, a great offer that I hope you will take him up on!

See you at the Symposium.

Enjoy

Brian: Access to cash is to the junior resource companies like air is to human beings; an absolute necessity.

For many, Toronto, Canada represents the Mecca of junior mining finance. However, it appears this may be rapidly changing, as the bear market in resources is not only affecting investor profits, but also the banks and institutions which have, for many years, been the suppliers of cash to junior resource sector.

I have a two-part question; First, in your opinion, do you agree that Toronto’s role as the center of the junior mining finance world is diminishing? Secondly, if so, do you foresee any repercussions for this seemingly major change?

 Rick: I think to an extent, Toronto’s role may be declining, it’s really a consequence of the increase in participation in other parts of the world. I’m thinking particularly of the Pacific Basin, Hong Kong, Shanghai, and of course, Sydney. Toronto still punches, Toronto and by extension Vancouver, still punch well above their weight on a global scene, meaning that they still originate more capital for mining that is consumed inside Canada. It’s worthy to note the centers of excellence occur in both cities that make important contributions to the service sectors in those cities. My suspicion is that as the mining market turns from cyclical lows that the importance of Toronto and Vancouver, that is the importance of Canada, as a mining finance center, will continue.

Brian: Over the last month or so, the gold price has been strong, surpassing the US$1400 /oz mark, a price we haven’t seen since 2013.  While a rising gold price will undoubtedly draw more eyes to the sector, which is positive, I can’t help but think that there are some drawbacks to a world with a rising gold price.

How do you view a world with rising gold prices?

Rick: Gold traditionally has functioned as insurance, which means it does well when confidence decreases. The circumstance that would see a very high gold price would almost certainly be a poor outcome for most aspects of your life and your portfolio. The truth is that gold does well in response to things like war or economic unrest.

So the circumstance that would see gold at levels that some forecasters have talked about, $5,000 US and now $6,000 US, and now $7,000 US an ounce, would not be pleasant for the rest of your portfolio. That said, I think a prudent investor always allocates for circumstances that would be problematic. And gold, for thousands of years, has operated in that part of people’s portfolio.

Brian: Are market sentiment and fundamentals like the chicken and the egg? Meaning, does it make a difference which one comes first to alter the tide from a bear to bull market?

Rick: I believe it does. I believe in mining, well, I believe in all economic activities that bull markets are the authors of bear markets and vice versa. People’s expectation of the future is set by their experience in the immediate past, and it’s my belief that markets overshoot in both directions. I believe the next bull market in mining will be a consequence of people’s anticipation of success being so low that the challenge for the industry would be to get under the bar rather than over the bar.

In other words, the industry needs to beat people’s expectations for a while. People’s expectations are now so low that beating those expectations will, in fact, be easy. The fundamentals must change relative to value before expectations change. And, mercifully, the mining industry is in the midst, the beginning, of a renaissance I believe that will cause it to do exactly that.

Brian: Over the last year or so, I have found great value in studying my losses and trying to find similarities in my mode of failure.  Not surprisingly, there is a commonality in my failure mode and it is directly linked to my own bias tendencies.

Self awareness is important in all aspects of life, but hard for some to attain. I heard a wise man once say,

“you may not know who you are, but I bet you can tell me who you aren’t.”

This really resonated with me because the more I think about it, the more this backwards type of thinking makes sense.

As an investor, how important is it to be self-aware?

Rick: I think that’s probably the most important question I’ve been asked all month. And I would suggest to you that there are many paths to investment success, but they all begin with who you are. I have learned myself that most of my worst investment wounds were in fact self-inflicted. And while I look at the range of risks in the market, interest rates, governments, dishonest promoters, the biggest risk that I face is conveniently located to the right of my left ear and to the left of my right ear. That is my own biases.

We talked a bit in the prior question about the earliest bias. We all believe ourselves to be rational fact seekers, taking information from all sources, and organizing that information logically and making rational conclusions. That’s not what happens. We, in fact, select information that makes us comfortable with our existing prejudices and biases. And the truth is that we have short memories. Our experience in the recent and the immediate past shapes our expectation for the future much more than our experience going back two decades or three decades, which is, in fact, more valuable.

I think if anybody takes away anything from this interview it is being self honest, attempting to be self honest, pardon me, checking your biases, and continuing to invest in your own education is the best guarantee that you can have of investment success.

Brian: In my opinion, political risk within a jurisdiction is rooted within the culture of the society in which it inhabits. Therefore, understanding the culture of the society is integral for gauging the risk of a prospective investment.

Being bullish on one of the world’s riskiest jurisdictions is usually correlated with some major change within the given country’s politics. However, I’m not sure if the change that is expected is ever really real, as most countries seemingly never escape the handle of ‘risky.’

Is it possible to have or expect real change in risky jurisdictions?

Rick: I think you need to define a risky jurisdiction. The truth is that mining is a location specific and capital intensive business, so it is particularly prone to political risk. It’s also a small business, which means that it never enjoys the political power necessary to defend itself. Mostly, the controllable aspect of political risk is price and probability. People who look like you and I, and I’m venturing into dangerous territory here, politically risky it can go, tend to believe that money that is stolen from us by white people in English, according to the rule of law, is less gone than money that’s stolen from us in ways that we understand less well.

So, I believe a lot of political risk is expectation and the price that one assumes for the risk. My biggest economic experience with political risk occurred 30 years ago in a wayward jurisdiction known as the People’s Republic of California where net present value in excess of about $700 million was taken by shareholders by the capricious California legislature. And people tell me that Congo is risky.

I would argue with you right now that the People’s Republic of British Columbia, which is regarded as a superb place for politics, is extraordinarily risky. The BC provincial legislature is a joint venture between the Socialists and the Greens. Not exactly mining’s best friend. The wealth grabs that the BC legislature in Vancouver City Council have made frankly protectionist racist taxes on foreign investors are, I think, a harbinger in the future. So, when people talk about cultures and political risk, people need to discriminate I think based on their understanding of the culture that they operate in and the culture that they are familiar with. Yes, Brazil has a long standing history of formal corruption. I would ask you what the difference between a campaign contribution and a bribe is.

Brian: Having attended many resource sector focused investment conferences over the years, it’s clear, to me at least, that the majority of investors in the sector are in their, so-to-speak, ‘golden years.’ The younger generations, mainly the millennials, on mass, are virtually absent with their attention seemingly more focused on cannabis and crypto. The question that comes to my mind is, why? Is it a matter of relatability?

In your opinion, why has the resource sector failed to attract the millennial generation’s investment dollars, thus far?

Rick: I think that the younger generation is extremely narrative oriented, and the resource narrative hasn’t played out for a long time. My own generation, we’re definitely past our sell by date. Certainly in the ’60s, we were attracted to much more mainstream investment activities until our paradigms were changed by the decade of the ’70s, which saw natural resources explode in price, and that price justified the narrative to us.

My suspicion is that sometime in the next 10 years we are going to have another upward move in resource prices, in particular precious metals prices, and I think the precious metals narrative. Appealing to people’s greed and fear will have an extremely profound impact on millennials. Interestingly, I have found in the last 18 months that the inbound interest that Sprott has received around the world is now about evenly divided between younger people and older people, and is interestingly now 40% female. A circumstance which I have never seen before.

So, while the situation that you describe still prevails today, I would suggest to you that it’s changing very, very rapidly. The industry is attracting interest from around the world rather than just from developed countries. It is attracting increasing interest from younger people, and for the first time in my career, attracting substantial interest from younger females.


Brian: Conferences are a great way to expand your knowledge of the sector and to speak to the people who are running the companies in which you’re speculating. Learn who these people are – you’re trusting them with your money.  

For those looking for a conference to attend, I highly suggest that you attend the Sprott Natural Resource Symposium from July 30th to August 2nd in Vancouver.  In my opinion, it’s by far the best conference in the business and worth every penny.

In your opinion, what’s the value proposition of the Sprott Natural Resource Symposium?

Rick: I think we have several value propositions. The first is that the sort of keynote headline speakers, the generalists, who go to the narrative that we were just discussing, our top, top, top line. Danielle Dimartino Booth, sort of a new voice on the scene, but a profoundly bright individual. She will be joined on the main podium by Nomi Prins, another person who just came to prominence in the last decade. Of course, Jim Rickards will be back, and Doug Casey will be back.

But keeping the macro theme company. Importantly at this conference there will be five or six presenters who have built multi-billion-dollar natural resource companies from standing starts. People who can talk about how you generate billions of dollars of wealth in the resource business, and how their experience building companies has shaped how they invest and how it can help the way you invest.

Importantly, at this conference, our attendees have told us that the exhibitors, the public companies who come to tout their wares, are more than advertisers. The attendees say that the exhibitors are content, too. So in our conference, which is different than other conferences, in order to be allowed to exhibit a public company it must be owned in a Sprott managed equity account. That doesn’t sadly guarantee that everything we invest in goes up in price. But the truth is that you will have a curated list of exhibitors, which are all owned in Sprott managed accounts, and by Sprott principles.

So, I think the combination of an absolutely great top line group of commentators and newsletter editors, with combined circulations over a million people, a high quality group of industry people who have made billions of dollars for their investors, and a curated group of exhibitors combine to make this, I think, the finest high net worth retail natural resource conference on the planet.

Brian: That’s great. I’m really looking forward to it. Thank you very much for your time today.

Rick: Always a pleasure, Brian. If I may, I would like to offer your readers an inducement to get to know Sprott. For any of your listeners who care, I am willing to personally rank their speculative resource portfolio.

If they would email me the names and symbols in text, not as an attachment, in an email to RRule@sprottglobal.com, I will rank their holdings and send them back by return email.

Absolutely no obligation on their part. This is something that we do to get to know people. So if that is of interest, I invite your listeners to email me personally.


Brian: That’s a great offer. Thank you very much, Rick.

Rick: Always a pleasure. Thank you. I look forward to seeing you in Vancouver.

Don’t want to miss a new investment idea, interview or financial product review? Become a Junior Stock Review VIP now – it’s FREE!

Until next time,

Brian Leni  P.Eng

Founder – Junior Stock Review

Disclaimer: The following is not an investment recommendation, it is an investment idea. I am not a certified investment professional, nor do I know you and your individual investment needs. Please perform your own due diligence to decide whether this is a company and sector that is best suited for your personal investment criteria.

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Genesis Metals Corp. – Gold Exploration in the Heart of the Abitibi Greenstone Belt

Grain Morphology

What is the significance of surpassing $1400 USD per ounces of gold?

Personally, I view the price of gold as a bell weather for the global economy, essentially signalling the health of markets. Without a doubt in my mind, the complexity of the global marketplace is only increasing and because of this, I can’t help but think that any of these attempts to control it will fail and only add to the damage that has already been done.

Ultimately, I believe, we are headed to some sort of reset of the global monetary system and breaking $1400 USD per ounce, a price we haven’t seen since 2013, signals we are getting closer.

So what does this mean for the junior gold companies? Great question.

As many of you will know, I think a bullish outlook for a metal price is a poor reason to invest within the junior resource sector, however, while this is my view, it seems that the vast majority of investors think differently.

Therefore, I suspect, given the rise in the gold price, we may be entering a new bull market in gold stocks.

Today, I have for you an update on Genesis Metals Corp., a junior gold company which is exploring and developing their flagship Chevrier Gold Project, in the world famous Abitibi Greenstone Belt in Quebec.

Let’s take a look.

Genesis Metals Corporation

MCAP – $7.4 million (at the time of writing)

Shares – 109.2 million

FD – 132.1 million

Management and Advisors – 16%

Other Major Shareholders – Osisko Mining, Eric Sprott, Gold 2000, Delbrook Capital, US Global Investors, SIDEX/SDBJ and Medalist Capital – 34%

Retail – 50%

Chevrier Gold Project – 2019 Exploration

2019 marks a reboot in Genesis’ approach to developing its flagship Chevrier Gold Project.

What do I mean by this? Well, the last few years, much of the exploration and development dollars have been spent on expanding and delineating the project’s Main Zone.

In all, the money has been well spent, as the updated resource estimate, released earlier this year, reveals the Main Zone has an indicated resource of 395,000 ounces at 1.45 g/t and an inferred resource of 297,000 ounces att 1.33 g/t, using a 0.5 g/t cut-off.

This field season at Chevrier will be different, as the company looks to generate new high-grade gold targets, as they have expanded their land package along the Fancamp Deformation Corridor and, more importantly, have enlisted Dr. Rob Carpenter and the highly accomplished team at Vector Geological Solutions to lead a modern exploration program across the entire property.

The Vector team is made up of Dan MacNeil and Dr. Alan Wainwright, each which has had extensive exploration experience and successes within the sector.

Exploration will begin with property-wide till sampling. For those who aren’t familiar, till sampling is used to identify target metals, such as gold, in areas which have been glaciated.

In these regions, glaciers have eroded the target metals from the underlying rock and transported them away from their source. Therefore, today, by digging down to the till layer which sits right above the bedrock, exploration teams can better sample for gold.

Till sampling is a highly effective tool in an exploration company’s arsenal and will reveal where they should focus their attention with localized geological mapping, trenching and geophysics.

It is key, that while the existence of gold within the till samples is obviously paramount, the Vector team isn’t necessarily as concerned with the grade of gold, but more on the gold grain morphology.

MacNeil explained to me that the grain morphology is vital in understanding the source of gold, as the shape and surface texture of the gold grain is an indicator of how far away the gold may have travelled from its source.

Source: Research Gate – Grain Morphology Example

Chevrier has been expanded to 275 square kilometers along one of the most famous gold corridors within the Abitibi. With this methodical approach to exploration, I think that there is a high probability that they will identify a few great high-grade gold targets for the next drill program.

Secondly, we have to keep in mind that the Main Zone is still open at depth, which, in my mind, shows great promise for further expansion of the deposit. The Abitibi is famous for its deep, steeply dipping high-grade gold deposits and, therefore, the next drill program should be chock full of high potential targets.

Changes in Leadership

On June 24th, Genesis announced the resignation of Chairman and CEO, Brian Groves, and the appointment of Adrian Fleming as Chairman of the Board, and Jeff Sundar as interim CEO.

To refresh your memory, Fleming is a geologist by trade with over 40 years of experience in both technical and executive roles. Some highlights include being a founding director at Northern Empire and Underworld Resources, both of which were acquired by majors.

Additionally, Sundar has been a driving force behind Genesis as its President over the last few years and, I think, will do well in his new role. Sundar has over 20 years of experience in the mining industry, and is a former Director of Northern Empire, which was sold to Coeur Mining for $117 million in October of 2018. Also, he was a VP/Director of Underworld Resources, which was acquired by Kinross for $140 million in the last cycle.

The Genesis team is rounded out by Exploration Manager, Andre Liboiron; Director, John Florek; Independent Director, Keenan Hohol; Independent Director, Robert Scott and Steve Williams.

A Discovery Group Company

Genesis Metals Corp. is a part of the Discovery Group of Companies, which is led by John Robins and Jim Paterson. Discovery Group has churned out some of the best stories the sector has seen over the last few years.

A few of the M&A successes have been Kaminak Gold Corp., which was sold to Goldcorp for $520 million, and Northern Empire Resources Corp. which, as my readers, you are very familiar with; they were sold this past summer to Coeur Mining for $117 million.

Additionally, you have other high-quality resource projects, such as Bluestone Resources Inc., Fireweed Zinc Ltd. and Great Bear Resources, all of which have had success over the last year, as they move their projects forward.

In short, Genesis’ entry into Discovery Group speaks to the potential of the company and to its management team, a group in which Robins and Paterson must have confidence, as their reputations are now linked.

Strategic Advisors

While not being a part of the company’s main team, strategic advisors can play key roles in the development of a project. In particular, Genesis has done a great job assembling a cast of advisors that have resumes filled with success, particularly in exploration, resource expansion, capital markets and, arguably most important to the Genesis story, M&A.

Being a Discovery Group Company comes with not only the notoriety of being a part of the group, but also means, in this case, that both Robins and Paterson will play strategic advisor roles for the company.

John Robins is a professional geologist by trade with a wide variety of experience over the course of his more than 30 years within the industry. Robins was both a founder and Chairman of Kaminak and, in 2008, was recognized for his achievements in mining exploration by the Association for Mineral Exploration British Columbia with the H.H. “Spud” Huestis Award.

Jim Paterson has more than 22 years within the mining industry with experience in raising capital, M&A, joint-ventures, spin-outs, RTOs and IPOs. Currently, he is Chairman and CEO of Valore Metals Corp and was a founding Director of Northern Empire Resources Corp.

Genesis will benefit greatly from having these two men as strategic advisors, as they move their flagship Chevrier Gold Project forward.

New Additions

In November of 2018, Genesis announced that Dr. Rob Carpenter, Dr. Andrew Ramcharan and Garrett Ainsworth would be joining their list of strategic advisors.

Dr. Carpenter is a professional geoscientist with over 25 years of experience in the resource sector. He is best known as co-founder, President and CEO of Kaminak Gold Corporation (2005 to 2013) and its multi-million ounce Coffee Gold Project, where he is credited with the initial discovery and leading the company to it maiden resource estimate. Kaminak was sold to Goldcorp in 2016 for $520 million.

Dr. Ramcharan is a professional engineer with over 18 years of experience in operations, project evaluation, M&A, finance and investor relations. Most recently, he was a managing Director of Project Evaluation for both debt and equity financings at Sprott Inc.

Last but not least, Garrett Ainsworth is a geologist by trade and former VP Exploration for NexGen Energy, which discovered the world-class Arrow Uranium Deposit in Canada’s Athabasca Basin.

4th Best Jurisdiction for Mining Investment in the World

From a jurisdictional standpoint, it doesn’t get much better than Quebec when it comes to mining investment attractiveness. The Fraser Institute (FI) gives Quebec an index score of 88.38, ranking it 2nd in Canada and 4th in the world. FI’s mining investment attractiveness index score is reflective of both the mineral potential and the government policy perception of the region.

Quebec’s Mineral Potential

Quebec is home to 25 producing mines and over 350 surface mineral mining operations, putting the value of Quebec’s mineral shipments at $8.7 billion in 2014 (Investissement Quebec). Quebec is Canada’s 2nd largest producer of gold, largest producer of iron and zinc, and the only North American producer of niobium. The mineral wealth is evident and is a big reason why FI ranks Quebec among the world’s top ten in mining investment attractiveness.

Highlighting Quebec’s world-class mineralization is the Abitibi Greenstone Belt (AGB), which is 150 km wide and stretches 650 km from roughly Wawa, Ontario to Val d’Or, Quebec. The belt has produced millions of ounces of gold over its history, with the Cadillac Gold Camp, Virginiatown, Rouyn-Noranda Gold Camp, and Val d’Or Gold Camp being just a few of its largest contributors.

genesis updated abitibi map

Quebec Politics and Infrastructure

The government of Quebec supports mineral exploration within its borders with a tax credit system that refunds 25% of eligible exploration expenses for non-operating corporations, and 10% of eligible exploration expenses for operating corporations (Financial Incentives). So, roughly, for every $1 of non-flow through raised capital spent by a Quebec based mineral explorer, 25 cents will come back to the company, which can effectively be rolled right back into further exploration work. This is not only a huge plus for the company and its shareholders, but an ingenious way for the province to promote mineral exploration.

The long history of mining in the AGB means that most regions of the belt are accessible or near infrastructure such as highways, rail, power, and deep water ports along the St. Lawrence Seaway. Also, Quebec boasts some of the most competitive electricity rates in Canada, as its hydroelectric dams constitute a major portion of its electricity production.

Finally, Quebec takes great pride in a transparent mining system, which is built around three key pillars:

“Open access to resources is ensured on the largest possible portion of territory, Mineral rights are granted on a first-come, first-served basis and if a discovery is made, the title holder can be reasonably sure of obtaining the right to develop the resource.” ~ Investissement Quebec

NOTE: Quebec provincial funds, SIDEX, SDBJ and FTQ, have participated in past private placements in Genesis and now own a good portion of stock. In my mind, it’s a great indication of the potential value that the Chevrier Gold Project may have moving forward.

Favourable politics and world-class geology – for me, it doesn’t get much better than Quebec, as far as your investment buck goes!

 Chevrier Gold Project

Genesis’ 100% owned Chevrier Gold Project encompasses 275 square km and is located 35 km south of Chibougamau, Quebec, in the heart of the Abitibi Greenstone Belt. Chevrier straddles 15 km of the Fancamp deformation zone, and is 15 km northeast of IAMGOLD’s high-grade Monster Lake gold deposit.

NOTE: The IAMGOLD and Toma Gold Monster Lake JV released their maiden inferred resource of 433,300 ounces of gold at 12.14 g/t at a 3.5 g/t cut-off.

Chevrier Gold Project History

Prior to Genesis, the area in which the Chevrier deposit is located was owned and explored by Inmet Mining Inc. (Minnova), which, in 1989, was the first to drill the now Main Zone of Chevrier, where they intersected gold grading 5.4 g/t. The property was then purchased by Geonova Explorations, which outlined Chevrier’s Main Zone.

In 2007, the property changed owners once again, with Tawsho taking the reins. They went on to complete a 2,792 km aeromagnetic survey, a ground EM Time Domain survey, 24 diamond drill holes, an independent NI 43-101 resource estimate (by Met-Chem Canada Inc.), and a 5,000 ton bulk sample.

Since Genesis acquired Chevrier in Q2 of 2016, it has completed a long list of work which includes the inventory of more than 70,000 m of drill core, the re-sampling and re-assaying of selected mineralized intervals, re-sampling of 4 trenches, 3D modelling of Main, South and East Zones, 50+ km of IP surveying, and executed a 10,000 m drill program, which focused on confirming historical Geonova drill holes, exploration step out holes on the Main Zone Deposit and the exploration of other IP and geological targets. Results from this program can be found on Sedar.

New Geological Model

Over its 29 year history, Chevrier has seen 213 drill holes, totalling over 87,000 meters. However, the Genesis team is the first to consolidate, re-evaluate and form a comprehensive geological model regarding the Main Zone’s gold mineralization.

Below is an image of the mineralization within the Main Zone, using a 0.3 g/t Au grade shell.

Chevrier Gold Project – Plain View of the Main Zone Deposit

Chevrier Gold Project Resource Update

Using the new geological model and the compiled data from the most recent drill program, Genesis has released an updated resource for the Chevrier Gold Project. The updated resource includes the Main and East Zones and, as described in the previous section of the report, envisions a mining scenario in which there is both an open pit and underground workings.

Indicated Gold Resource – 395,000 ounces averaging 1.45 g/t

Inferred Gold Resource – 297,000 ounces averaging 1.33 g/t

NOTE: With a combined indicated and inferred resource of 692,000 ounces of gold, and with Genesis’ MCAP sitting below $10 million, this presents an interesting value proposition. Keep in mind, not all ounces are of equal value, but nonetheless, this is a good high-level indicator of value.

This is a great start for the Genesis team as, collectively, – indicated and inferred – they sit very close to 1 million ounces of gold in an area of the Abitibi which looks poised for development in the coming years. Clearly, the next move for the Genesis team is to expand this new resource, which will be aided by their newly formed strategic advisors team.

2019 and beyond should be very interesting for investors as they move forward.

Chevrier Resource Expansion

In terms of expanding the deposit, one of the best possibilities comes with drilling deeper, as the Principal Zones remain open at depth.

updated long section

Chevrier Gold Project – Long Section of the Main Zone Deposit

To date, I believe there have only been a handful of holes drilled below 400m, each of which hit mineralization. Given the nature of many of the Abitibi gold deposits, such as Osisko Mining’s Windfall Lake Gold Project, there is certainly the potential for more ounces to be found at depth.

I look forward to the next drill program which will test the extent of the mineralization at depth, and will most certainly tackle the other high priority targets on the property.

Concluding Remarks

The new gold bull market may be upon us, owning undervalued junior gold companies, such as Genesis, could be highly advantageous in the weeks and months ahead.

Investing in junior resource companies is risky and, therefore, in my opinion, you need to seek out companies that are led by strong management teams, who can navigate the risk and propel the company forward.

Genesis Metals Corporation is a company which I am invested in and believe has the horsepower, in terms of the management team, to move the Chevrier Gold Project forward. Clearly, the company must focus on expanding the resource by drilling deeper and exploring the property’s high priority targets.

As outlined in my report, there is a strong list of advisors who have “been there and done that” within the resource sector, and I am confident will have a great influence on the direction of Genesis moving forward.

Summarizing my thesis for investment, here are what I think are a few of Genesis’ most compelling strengths:

  • A proven management team: Sundar, Fleming, Florek and Liboiron
  • Strategic Advisors: Discovery Group’s John Robbins and James Paterson, Dr. Robert Carpenter, Dr. Andrew Ramcharan, and Garrett Ainsworth.
  • Strategic Shareholders List Headlined by: Osisko Mining, Eric Sprott, Delbrook Capital, Gold 2000, US Global Investors, SIDEX/SDBJ/FTQ and Medalist Capital
  • Located in the 4th best jurisdiction in the world, Quebec
  • Systematic 2019 exploration program led by Vector Geological Solutions – high-grade gold targeting
  • Expanded land package with high exploration potential, Chevrier Gold Project and October Gold Project
  • Great bang for their drilling buck, as their all-in drill costs, thus far, have roughly averaged $220 per metre

Don’t want to miss a new investment idea, interview or financial product review? Become a Junior Stock Review VIP now – it’s FREE!

Until next time,

Brian Leni  P.Eng

Founder – Junior Stock Review

Disclaimer: The following is not an investment recommendation, it is an investment idea. I am not a certified investment professional, nor do I know you and your individual investment needs. Please perform your own due diligence to decide whether this is a company and sector that is best suited for your personal investment criteria. Currently, I do not own Genesis Metals Corporation stock. All Genesis Metals Corporation analytics were taken from their website and press release. Genesis Metals Corporation is a Sponsor of Junior Stock Review.