Recorded on September 2 2026 at NRS Studios
Jeff Phillips, VP Business Development & Co-Founder of Geomorphic AI, joins Natural Resource Stocks host Andy Millette to discuss junior resource investing, gold, copper, portfolio construction, management quality, share structure and four companies Phillips follows closely.
Phillips explains why he believes fall and winter can be constructive for resource stocks while stressing that junior mining remains highly speculative. He lays out his long-term copper thesis around underexploration, harder-to-find deposits and copper demand across infrastructure and data centers.
The company discussion covers GreenLight Metals Inc. and its Wisconsin Bend copper-gold VMS Project; Daura Gold Corp. and gold-silver exploration in Argentina and Peru; Empress Royalty Corp. and its gold and silver royalty and streaming model; and Headwater Gold Inc., which leads into a detailed explanation of prospect generators and partner-funded exploration.
Daura's discussion includes Cerro Bayo and Antonella-Libélulas, while the Headwater segment covers partnerships with Newmont, OceanaGold and Centerra Gold.
Phillips closes with a practical due-diligence framework: keep the portfolio manageable, study whether management has built or sold something before, examine insider ownership and share structure, and determine whether management is aligned with shareholders.
Disclosures stated in the interview: Andy Millette says he owns shares of GreenLight Metals Inc. and Empress Royalty Corp. and that GreenLight Metals Inc. sponsors Natural Resource Stocks. Jeff Phillips says he is a shareholder and consultant to GreenLight Metals Inc., Daura Gold Corp., Empress Royalty Corp. and Headwater Gold Inc.
Key Topics
Gold and junior resource stocks
Copper underexploration and supply
AI infrastructure and copper demand
GreenLight Metals Inc. and Bend
Daura Gold Corp. in Argentina and Peru
Empress Royalty Corp. royalties and streams
Headwater Gold Inc. and prospect generators
Portfolio concentration and due diligence
Management track record and alignment
Share structure and dilution
Jeff Phillips
Geomorphic AI
https://www.geomorphic.ai/
LinkedIn
https://www.linkedin.com/company/geomorphic-ai/
Company Websites Mentioned
GreenLight Metals Inc.
https://greenlightmetals.com/
Daura Gold Corp.
https://dauragold.com/
Empress Royalty Corp.
https://www.empressroyalty.com/
Headwater Gold Inc.
https://headwatergold.com/
Host Andy Millette – Natural Resource Stocks
Website
https://naturalresourcestocks.net/
YouTube Main
https://www.youtube.com/@naturalresourcestocks
YouTube World
https://www.youtube.com/@NaturalResoureStocksWorld
X
https://x.com/theandymillette
LinkedIn
https://www.linkedin.com/in/andymillette/
NRS LinkedIn
https://www.linkedin.com/company/naturalresourcestocks-net/
NRS Facebook
https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
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https://www.tiktok.com/@natural.resource.stocks
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https://www.instagram.com/naturalresourcestocks/
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Chapters
00:00 Management Quality and Alignment 00:57 Jeff Phillips Joins Andy Millette 01:17 Gold and Resource Stock Outlook 03:01 The Long-Term Copper Thesis 05:30 GreenLight Metals and Bend 09:02 Daura Gold in Argentina and Peru 12:11 Empress Royalty and Streaming 15:20 Headwater Gold 15:56 How Prospect Generators Work 18:45 Portfolio Risk and Concentration 20:30 Management Track Record and Share Structure 21:40 Lifestyle Companies and Educated Speculation 21:59 Closing Thoughts
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