April 17, 2025
These are the Top 5 picks from the Capital Events Management Investor Breakout Exchange (Discussion Group of over 60 financial advisors and money managers) last weekend in Scottsdale, Arizona.
I did not attend the CEM Conference, as I recently resigned due to retirement; however, I endorse CEM and am aware that the companies are properly vetted. Nonetheless, this aspect of the market —i.e., highly speculative junior industrial and mining stocks in their capital-raising development phase —requires enhanced due diligence, even for sophisticated investors.
Of this list of companies that gave winning presentations at the CEM Conference, I have invested only in Integra Resources and have some knowledge of Northern Dynasty Minerals. I recently received a call from the Integra Resources rep and an unsolicited promo of Dynasty Minerals from an investor associate.
I am not invested in the junior mine developers at this point and have no particularly insightful views. The write-up from my associates at CEM, however, can be relied upon as a professional report.
Here is the list of successful presentations at this week’s CEM Conference in Scottsdale:
TSXV: LUCA
Luca Mining Corp.
Luca Mining Corp. is a Canadian multi-asset producer operating two 100%-owned underground mines — Campo Morado and Tahuehueto — in Mexico’s highly mineralized Sierra Madre belt. The company produces a mix of gold, copper, zinc, silver, and lead, with both assets contributing strong cash flow and offering significant expansion potential. Luca’s growth strategy is anchored in optimization, exploration, and production scale-up, supported by well-established infrastructure. Campo Morado produces base metal concentrates with precious metals credits. Tahuehueto, is a high-grade gold-silver mine and holds district-scale potential, mirroring the geology of Mexico’s historic San Dimas camp. Both projects remain significantly underexplored, with substantial potential.
Why it was picked:
- Luca is executing a focused growth strategy underpinned by production expansion, exploration, and disciplined capital allocation. The company has already reduced its debt from US$18.2 million to US$10.5 million and is targeting full debt elimination by mid-2026, without needing to raise equity. With a clean balance sheet, strong management team, and a path to 200,000 oz gold equivalent annual production, Luca is increasingly being recognized as an emerging mid-tier producer with both organic and M&A-driven growth potential.
- In 2025, the company anticipates generating 85,000 to 100,000 gold equivalent ounces, translating to US$30–$40 million in free cash flow before working capital adjustments. These numbers reflect operational efficiency and scalability, particularly with Campo Morado targeting a sustainable 2,000 tpd throughput and Tahuehueto ramping toward its 1,000+ tpd capacity.
- Both mines are actively undergoing optimization programs to enhance metal recoveries, reduce costs, and unlock new resources. Campo Morado has implemented copper-lead separation and flotation circuit upgrades, while Tahuehueto is enhancing infrastructure and availability to boost consistency. In parallel, Luca has committed $3.9 million to exploration, with 10,000 metres of drilling planned across both properties in 2025. This includes brownfield step-outs and underexplored regional targets, setting the stage for resource expansion and mine life extension.
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TSXV: RGC
Relevant Gold Corp.
Relevant is a U.S.-focused gold exploration company advancing a portfolio of five district-scale projects across a 50,000-acre land package in Wyoming, one of the world’s most mining-friendly jurisdictions. Led by a veteran team with a track record of building multi-billion-dollar exits, the company is leveraging its first-mover advantage to unlock a belt-scale orogenic gold system. With high-grade gold confirmed both at surface and at depth, Relevant Gold presents a compelling pre-discovery opportunity with multiple near-term catalysts. The company’s strategy combines geological excellence, large-scale exploration upside, and a strong foothold in an under-explored yet highly prospective gold district.
Why it was picked:
- Relevant Gold’s 50,000-acre land package encompasses five district-scale projects in Wyoming, dubbed the “American Abitibi” due to its geological similarity to Canada’s prolific Abitibi greenstone belt. This includes more than 17 district-scale targets and 3 drill-proven orogenic systems, offering significant discovery upside in one of the most mining-friendly jurisdictions in the world.
- The company has demonstrated high-grade mineralization at surface and at depth, including standout results like 168 g/t Au from trenching, 83.8 g/t Au over 1 metre in drilling, and 46.8 g/t Au with 7.8% Cu and 2% Zn, at Bradley Peak. With gold intersected in 10 out of 11 holes at the Heavy Hand target and mineralized zones expanding across multiple projects, Relevant Gold is rapidly validating its exploration thesis.
- Investors are drawn to the company’s tightly held structure (with insiders, Kinross Gold, and industry figures like Rob McEwen, and Bill Bollinger among key shareholders), as well as its growing strategic credibility. Kinross’s recent 9.9% equity investment signals institutional confidence, while the company’s lean operations and aggressive exploration plans provide a strong foundation for near-term catalysts and long-term upside.
TSXV: PNE
Pine Cliff Energy Ltd.
Pine Cliff Energy Ltd. is a Canadian natural gas and crude oil company focused on delivering long-term shareholder value through disciplined capital management, low-risk operations, and strategic acquisitions. Since 2012, Pine Cliff has grown from producing just 100 barrels of oil equivalent per day (boe/d) to approximately 22,000 boe/d today. The company has completed nine acquisitions of high-quality, low-cost gas assets, enhancing both scale and efficiency. Pine Cliff’s strategy emphasizes cash generation and sustainability, with surplus funds returned to shareholders via dividends. Its low-risk, income-generating model positions the company as a resilient energy investment with meaningful upside.
Why it was picked:
- Pine Cliff has one of the lowest production decline rates in Canada — less than 10%, compared to the 32% average among gas-focused peers. This means the company can maintain strong output without constantly drilling new wells, reducing costs and enhancing operational stability. As a result, Pine Cliff operates with lower capital requirements, allowing it to reinvest more of its free cash flow while preserving production levels. This efficiency also gives the company greater resilience during commodity price volatility — a key advantage that appeals to investors in today’s unpredictable energy market.
- With roughly 50% of 2025 volumes priced at AECO, the benchmark price for natural gas in Alberta, Canada, Pine Cliff is well positioned to benefit from the start-up of the LNG Canada project in neighboring British Columbia and the broader North American LNG export momentum. The company estimates that every $0.10/mcf (1,000 cubic feet of natural gas) shift in AECO gas prices can impact adjusted funds flow by approximately $3.7 million, giving it material upside exposure to strengthening natural gas markets.
- Despite market uncertainty, Pine Cliff has continued to pay dividends, maintain a healthy balance sheet, and fund a $23.5 million capital program from cash flow. Since 2012, it has completed nine strategic acquisitions, growing production from just 100 boe/d to over 22,000 boe/d today while returning over $100 million to shareholders since mid-2022. This disciplined, shareholder-first model remains a key draw for income value-focused investors.
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TSXV: ITR
Integra Resources Corp.
Integra Resources Corp. is a growth-focused precious metals producer operating in the Great Basin of the Western U.S. The company’s cornerstone asset is the Florida Canyon Mine in Nevada, where it is demonstrating operational excellence and profitability. Integra is also advancing its DeLamar Project in Idaho and the Nevada North Project, both low-cost, heap-leach development-stage assets. With a strong emphasis on sustainable mining, strategic M&A, and disciplined capital deployment, Integra delivers long-term value to shareholders and local communities. The company maintains a high standard of ESG practices as it transitions from developer to producer in some of the most mining-friendly jurisdictions in North America.
Why it was picked:
- Integra’s 2024 acquisition of Florida Canyon Gold marked a major milestone, shifting the company from developer to producer. In just the final two months of 2024, Florida Canyon delivered nearly 11,000 ounces of gold, contributing to a record annual production of 72,229 ounces. The mine generated $9.5 million in Q4 net income, confirming its role as a reliable cash-flow engine.
- Integra owns two development-stage heap leach projects — DeLamar in Idaho and Nevada North — offering a combined resource of over 10 million gold equivalent ounces. With feasibility studies and permitting advancements expected in 2025, these assets provide a clear path to multi-asset production and a 20+ year mining runway.
- With US$52.2 million in cash and US$64.4 million in working capital, Integra is well-positioned to fund growth. Institutional backers like Alamos Gold, Wheaton Precious Metals, and Beedie underscore investor confidence, while a supportive shareholder base reinforces long-term value.
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TSX: NDM
Northern Dynasty Minerals Ltd.
Northern Dynasty is a Vancouver-based mineral focused on advancing the world-class Pebble Project in Southwest Alaska. Through its wholly owned U.S. subsidiary, Pebble Limited Partnership, the company holds a 100% interest in 1,840 mineral claims surrounding the Pebble deposit — one of the largest undeveloped resources of copper, gold, molybdenum, silver, and rhenium globally. Located 200 miles from Anchorage, the project is currently in the federal permitting stage. Northern Dynasty is committed to developing a modern, long-life mine that supports the economic and social well-being of Alaskans, underpinned by decades of scientific, environmental, and engineering research.
Why it was picked:
- Northern Dynasty owns 100% of the Pebble Project, the largest undeveloped copper-gold-molybdenum resource in the world, containing 53 billion lbs. of copper and 54 million oz of gold (M&I), with significant inferred resources as well. The 2023 Preliminary Economic Assessment (PEA) outlines a 20-year mine plan with strong economics and an NPV of $2.2 billion at a 7% discount rate. Multiple expansion scenarios could push copper production from 6.4 billion lbs. to 60.4 billion lbs., making it one of the most scalable projects in North America.
- With copper demand expected to soar due to electrification, AI data centers, and infrastructure growth, global supply is falling short. The Pebble Project could help meet U.S. critical mineral needs at a time when 60% of top copper projects are outside the U.S. and many domestic projects are stalled in permitting. Pebble stands out as a U.S.-based solution to supply-chain vulnerability.
- A pro-mining stance from the new U.S. administration — including the Critical Mineral Consistency Act and an executive order to “Unleash Alaska’s Resource Potential” — is reversing prior restrictions. EPA leadership changes and legal momentum also position Northern Dynasty for potential permitting breakthroughs.
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As noted earlier, enhanced due diligence is essential.