Rick Rule of Rule Investment Media joins host Andy Millette to break down how capital scarcity, political risk, and long-cycle supply constraints are reshaping the opportunity set in natural resources. Rick explains what makes a merger truly value-creating, why jurisdiction and permitting remain decisive risk factors, and what he believes investors should be watching into 2026—especially across gold, copper, nickel, and oil and gas. #Millettian
In this conversation we cover:
The logic behind “intelligent” M&A and when scale actually improves outcomes
Why certain jurisdictions can quietly destroy returns through delays and uncertainty
Copper’s structural deficit and why future shortfalls could turn acute
Why oil and gas can be the better business model in scarcity markets
How to think about positioning across the next commodity cycle
Guest links
RICK RULE’S GOLDEN TRIANGLE BOOTCAMP (Jan 10, 2026 | 8:00 am – 4:00 pm PT):
http://lumaconference.com/bootcamp-partner/?via=Naturalresourcestocks.net
Rule Investment Media: https://ruleinvestmentmedia.com/
Rule Classroom: https://ruleclassroom.com/
Rule Investment Media YouTube: https://www.youtube.com/@RuleInvestmentMedia
Host – Andy Millette | Natural Resource Stocks
Website: https://www.NaturalResourceStocks.net
YouTube Main: https://www.youtube.com/@naturalresourcestocks
YouTube Clips: https://www.youtube.com/@NaturalResoureStocksClips
X: https://x.com/theandymillette
LinkedIn: https://www.linkedin.com/in/andymillette/
Timestamps
00:01:29 Merger logic and why it can work
00:06:03 Golden Triangle politics and permit risk
00:40:36 Four assets for 2026 (gold, nickel, copper, oil and gas)
00:42:54 Outro and wrap
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