Recorded on May 1 2026 at the NRS 2026 Expo in Atlanta.
Michael Gentile, CFA, Founding Partner and Senior Portfolio Manager at Bastion Asset Management, delivers a keynote presentation on junior mining, gold stocks, and resource investing. Speaking to NRS Expo attendees and junior mining companies in Atlanta, Gentile explains why junior mining equities can offer powerful leverage to gold and wealth preservation, while also warning investors not to confuse a bull market with intelligence. He breaks down the checklist he uses to evaluate mining opportunities, including grade, metallurgy, scale, infrastructure, jurisdiction, management quality, insider ownership, capital efficiency, cap table structure, valuation, and cycle timing. Gentile also explains why most junior mining companies fail, why the rare winners must be large enough to carry the portfolio, and how investors can think more clearly about discovery potential, dilution, position sizing, averaging up, and selling decisions. #Millettian
Chapters
00:00 Opening remarks
00:40 Michael Gentile’s background
01:21 Leaving institutional money management
02:24 Why micro cap mining stocks
02:55 Institutional lens on junior mining
03:13 Venture capital model
04:18 Why big winners matter
04:56 Bull market versus intelligence
05:12 Junior mining checklist
05:59 Grade and margin
06:38 Metallurgy and recoveries
07:18 Scale and economics
08:03 Infrastructure and CapEx
09:04 Jurisdiction and permitting
10:34 Social license
11:17 Management and ownership
14:37 Boards and insider ownership
15:54 Capital efficiency
17:22 Drill costs
18:10 Cap table red flags
21:04 Cycle timing
23:46 Capital allocation
25:33 When to stop funding
26:16 Watering winners
27:05 Selling decisions
29:43 K92 Mining example
31:03 Northern Superior example
31:40 NorthIsle example
32:17 Closing remarks
Guest links
Bastion Asset Management
https://www.bastion-am.com/home
Michael Gentile bio
https://www.bastion-am.com/bio-michael-en
Host Andy Millette Natural Resource Stocks
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