Categories: Base Metals / Precious Metals
Topics: General Base Metals / General Precious Metals

Respected Resource Investor and Financier Jeff Phillips on Navigating the 2025 Metals Bull Market & the Undervalued Stocks He’s Backing

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is one of the most respected and cautious investors in the resource space — a legendary figure, friend, advisor, mentor… pick your adjective — Mr. Jeff Phillips. 

Jeff, it's great to have you back on. I know you just got back from the Rick Rule Symposium, and I also know you're a bit under the weather, so I really appreciate you making time for this on short notice. How are you feeling?

Jeff Phillips: I'm doing pretty well, Gerardo. Yes, it was a great conference. I’ve known Rick for a long time, and I’ve been to several of his events — but this was probably the best one yet. That said, between the daytime meetings and a few too many cocktails at night, I came back with a bit of a cold. But I’m hanging in there. Thanks again for having me.

Gerardo Del Real: I really appreciate it. We’ll get into some of your favorite names — companies you like and are currently involved with — but before that, I want to come back to how I introduced you. 

I specifically mentioned that you're one of the most cautious investors I know in this space. And that's not an exaggeration. In the nearly 20 years I’ve known you, I’ve typically been the optimistic one — the guy who sees potential around every corner — and you’ve been the one reminding me why something likely won’t work.

But lately, both in our private conversations and in your public commentary, there’s been a noticeable shift in tone — you sound more positive, more optimistic. So let me ask you: what was the mood like at the Rick Rule Symposium? What was the general atmosphere?

Jeff Phillips: The conference was excellent — honestly, the best one I’ve attended. As you know, I’ve been to quite a few of Rick’s events over the years, and I’ve known Rick personally for a long time. 

One thing that really stood out this year was the mix of people. You always get the “old-timers” — the familiar faces who attend these conferences regularly. But this year, at least half the attendees were new. That tells me the sentiment is shifting.

I think more people — especially here in the U.S. — are finally waking up to the reality that we rely heavily on other countries for critical minerals. There's a growing understanding that we need to build our own supply chains. Even beyond that, we've clearly underexplored and underinvested in many of these metals — uranium, copper, and so on — and now we’re behind the curve in terms of meeting demand.

The atmosphere was upbeat. I reconnected with some longtime friends and met some great new people. It honestly felt a bit like a high school reunion — in a good way. And for your audience, I’d highly recommend signing up for the replay of the Symposium online. 

You can watch all the talks and panel discussions. Plus, a lot of the companies we’ll be talking about today were interviewed by Rick himself. If you just search YouTube for the company name along with “Rick Rule Symposium,” you’ll find those interviews. And frankly, there’s no one better than Rick when it comes to asking the right questions.

Gerardo Del Real: I completely agree. And I’ll also add this — you and Rick are two people in this space who arguably don’t need to work as hard as you do… but still do. That’s something I deeply respect.

Having been in this sector myself for nearly two decades, it’s incredibly motivating to see that urgency and energy from you two, especially at this point in the cycle. It tells me something.

And look — you’ve taught me a valuable lesson over the years: in this business, out of every 10 years, you might only make money in two or three of them. But those two or three years? They more than make up for the rest.

Would you say that’s where we are right now? Are we entering one of those rare windows where the real money gets made in the resource space?

Jeff Phillips: Yes — first off, Gerardo, I appreciate the kind words, but let’s be clear: Rick’s in a whole different league. I’m honored to have my name mentioned alongside his, but Rick is truly a legend in this space.

That said, I was fortunate enough to be part of something with him recently. On the first day of the conference, Rick and I were the lead orders in a financing for a company called Kincora Copper Ltd. (TSX-V: KCC), which I’m genuinely excited about. 

The financing is happening now. Kincora is a quality prospect generator and also has a gold project of its own that they'll be advancing. They’ve already secured around C$110 million in potential partner funding, which is impressive. I don't typically make a habit of being named in press releases, but in this case, getting to share the headline with Rick was an honor.

Now, regarding my sentiment on the market — and of course, this is just my opinion — I think we’re finally starting to see things line up in the precious metals space, particularly with gold and silver. And that’s where it all begins.

First, you see strength in the metals themselves. Then, the larger producers begin to perform. From there, capital starts to flow down the food chain — to the one-asset producers and the developers. And eventually, it reaches the juniors. That’s when you hit the hockey stick moment — that steep upward phase in a true bull market. I think we’re approaching that now, likely within the next 18 months. In fact, I’d say we’re already starting to see early signs.

So yes, I’m very optimistic when it comes to precious metals. I’m a little more cautious on the base metals — not because I doubt the long-term opportunity, but simply because I’ve seen this movie before. In my experience, the biggest moves in the natural resource sector tend to follow financial corrections — like the real estate crash in 2008, the dot-com bust in 2001, or even the early '90s recession. Those types of dislocations often set the stage for explosive bull markets in commodities.

A lot of people in the space today haven’t lived through a real mining bull market. But when it happens, it’s fun — and it’s extremely rewarding for those who are positioned ahead of it. I think we’re heading into one of those cycles now. 

I’m very bullish on gold and silver, and I’m also looking for the right opportunities in copper, uranium, and even nickel — which is pretty beaten down but could surprise to the upside. And of course, I’m watching the rare earths space closely. I was involved in the first boom, and I think we’re about to see another one.

So yes — I’m pretty optimistic right now.

Gerardo Del Real: Well, hearing that from you definitely puts a smile on my face. You know how aggressively we've been positioning over the past few years in anticipation of this moment — and to hear that you think this is the moment really drives it home.

So, let’s get to the million-dollar question — the one everyone wants to know: What does Jeff Phillips like right now?

I know you consult for several companies, but I also know that you invest in quite a few where you don’t have a formal role. You write checks for companies you believe in — companies with the right structure, the right team, and the right assets — even when you're not consulting. So what’s standing out to you in the space right now?

Jeff Phillips: You hit the nail on the head, Gerardo — for me, it’s all about structure. And that doesn’t just mean how many shares are outstanding. I want to know who owns those shares. Are they insiders? Are they long-term investors who are going to stick with the company? Are they people who can actually add value?

The truth is, building a successful resource company takes time — and there are always bumps along the way. You need a strong team, but that includes your shareholders just as much as your management. And of course, you need a good project.

I’ll gladly share some of the companies I’m working with and why I like them — but I’ll also say this: even though I think we’re heading into a major bull market, I wouldn’t be surprised if we saw some volatility in the short term, especially if there’s a broader market correction. That could temporarily affect liquidity in the resource space.

But I’m not worried about that. I’m still happy to be buying now, because when this thing really takes off, I think it’ll move so fast that if you’re not already in, you’ll miss it. Wait — what was your question again, Gerardo? You want me to name some names?

Gerardo Del Real: Absolutely! I’ve got you here while you're under the weather — might as well make the most of it, right?

Jeff Phillips: Alright — like you mentioned, I write sizable checks for companies I believe in. I already brought up Kincora Copper at the beginning — I was an early lead order in their current financing alongside Rick Rule. Once that financing closes, I’ll be coming on as a strategic advisor to help them maintain a tight share structure and provide input on future financings. I think they’ve got a lot of potential, and I’m excited to be involved.

There were several other companies at the conference that still fit my structure-first model — names I got involved with early on. I may not be advising them anymore, but I remain a large shareholder and continue to follow their progress closely.

One example is Bravo Mining (TSX-V: BRVO)(OTC: BRVMF). You’re familiar with them. It’s a PGM project in Brazil, and I consider it a tier-one asset in development. The chairman owns 50% of the company and reports everything — which is rare. 

Major shareholders include BlackRock, Tembo, Rick Rule… and myself. PGMs are starting to rebound, and in addition to the primary project, Bravo has also made a promising copper discovery on the same property. The stock has run quite a bit since I got involved, but I still think it’s headed higher. It’s the kind of company that, in my view, will eventually get taken out.

Another standout is Aldebaran Resources Inc. (TSX-V: ALDE)(OTC: ADBRF), which is one of John Black’s companies. John’s a well-known geologist and entrepreneur — he’s built and sold successful companies before, including Antares, and his track record is stellar. He’s also spun out value for shareholders more than once. 

At the conference, both Regulus Resources and Aldebaran were presenting. I’m still a large shareholder in Aldebaran, and I think they’re advancing what could be a tier-one copper asset in Argentina.

They’ve attracted serious strategic interest. One of the key backers is Rio Tinto — they’ve committed up to $200 million for a 20% interest if the deal goes full term. Keep in mind, Aldebaran’s market cap is around C$200 to C$300 million right now, so that gives you a sense of the upside if things go well. 

I financed the company years ago at around 30 cents Canadian. Today it trades in the C$2.20 range, but I still think it has a lot of room to run — especially in a rising copper market.

Another company worth mentioning — and one you know well — is Revival Gold Inc. (TSX-V: RVG)(OTC: RVLGF). I’m a large shareholder there, too. At Rick’s conference, they were arguably the belle of the ball. There was a lot of interest, and rightfully so.

They’ve had a busy couple of months and recently brought in a major new backer. They’re in the process of raising C$29 million. Revival has two advanced-stage gold assets — both in the U.S., both past producers, both with infrastructure already in place. 

If you believe in gold, and if you believe the long-term devaluation of the U.S. dollar continues (as I do), then Revival Gold is absolutely a company worth looking at — especially with the new strategic money coming in.

So those are a few companies where I got involved early, stayed invested, and continue to see real upside. Do you want me to go over a couple names where I’m still actively advising and hold a large stake?

Gerardo Del Real: Absolutely. You’ve got the mic today, Jeff — and everyone’s getting their money’s worth.

Jeff Phillips: Yes — Latin Metals Inc. (TSX-V: LMS)(OTC: LMSQF) is a company I’ve been involved with for a while now. They’re a prospect generator focused on Argentina and Peru. 

I recently participated in a financing, and Rick Rule came into that same round. That’s actually why Latin Metals was invited to the conference — Rick only invites companies he’s personally vetted and invested in. He’s a big believer in the prospect generator model, and so am I.

Latin Metals has been a bit of a patience test for me — I got involved about three years ago, and permitting has taken longer than expected. But now things are moving. Anglo American, their joint venture partner, recently received its permit. They’ve got another well-financed private partner that’s close to getting its permits as well. 

I think we’re going to see a lot of drilling activity soon. And as both you and Rick like to say, Gerardo, that means “a lot of shots on goal.”

Gerardo Del Real: Yes, sir.

Jeff Phillips: So yes, Latin Metals is one to watch.

I was also at the conference with two of the most impressive women in the resource business: Alex Woodyer and Michelle Borromeo from Empress Royalty Corp. (TSX-V: EMPR)(OTC: EMPYF). I had the chance to spend some time with them, and they’re doing great work.

Alex runs the company — she’s building out a royalty portfolio focused on gold and silver. She comes from a family that’s been instrumental in building some of the biggest royalty companies in the sector, including Wheaton Precious Metals. Under her leadership, Empress just turned cash flow positive this year. Michelle is their strategic advisor and also one of the hardest-working people in the business.

David Rhodes — who heads up Endeavour Financial, one of the largest financing firms in the space — sits on Empress’s board. Endeavour is also a major shareholder. If you’ve heard Rick talk about them, he’s even said they’re one of the few serious competitors to what he does. And when Rick gives that kind of endorsement, you know it carries weight.

Gerardo Del Real: Absolutely. That’s a heck of an endorsement.

Jeff Phillips: Exactly. Empress has had a strong run, but I would never bet against that team. They’re sharp, focused, and I expect more deals to come — especially as the precious metals bull market gains momentum. So both Latin Metals and Empress Royalty are companies I’m actively advising and remain a large shareholder in.

And to wrap things up, here’s one more name I think your audience should look into. I was heavily involved in the first rare earths boom back in 2009. I think I helped finance all four U.S.-listed rare earth companies back then — right at the early stages.

Gerardo Del Real: That’s where I got my start, Jeff — and I’ll admit, I confused a bull market for brains. I was humbled a couple years later, but it was a valuable lesson.

Jeff Phillips: [Laughs] That’s how it goes. It was a bubble, no doubt about it — but I don’t mind bubbles if I can get in early. And here’s the thing: the rare earths story hasn’t really changed. What’s different is that people are finally paying attention again.

Let’s be honest — China has us over a barrel when it comes to rare earths. I recently had the chance to connect with Meteoric Resources (ASX: MEI), an Australian-listed rare earth company with assets in Brazil. I believe you interviewed Jody Dahrouge recently — he’s one of the most successful geologist-entrepreneurs in the space — and he mentioned Meteoric as well.

I haven’t done full due diligence yet, but enough people I respect have pointed me toward the company that I plan to dig in. It’s one to keep an eye on.

Gerardo Del Real: That’s one of the most thorough rundowns I’ve heard in quite a while. I appreciate your macro insights, your take on the conference, and especially the list of names. 

I encourage everyone listening to take notes, visit the company websites, watch the presentations — these are companies I know well, and I don’t think it’s a coincidence they’re all performing. That said, I agree with you — it still feels early in the cycle.

Jeff Phillips: I totally agree. And to your listeners: write the names down, go to YouTube, and search for “Rick Rule Symposium” alongside the company name. You’ll find interviews Rick did with most of these groups. And Rick only brings in companies that are well-structured and quality operations.

Of course, I’m biased — these are companies I own. But the overall quality at this year’s conference was excellent. So do your due diligence. Watch the videos, read the presentations, and make sure you understand the structure — because in the small-cap resource space, structure is everything.

Gerardo Del Real: Jeff, always a pleasure. Thanks for your time, sir.

Jeff Phillips: Thank you, Gerardo. I appreciate it.