Recorded on June 23 2026 at NRS Studios
Andy Millette sits down with Tavi Costa for a wide-ranging Natural Resource Stocks interview on gold, silver, mining stocks, energy, natural gas, Latin America, and the next stage of the hard asset cycle. Tavi explains why he believes recent volatility in gold, silver, producers, developers, and explorers should be judged against fundamentals, not just price action. He discusses why high quality mining businesses may still be generating strong cash flow, how he thinks about buying pullbacks, and why investor discipline matters when markets get emotional. The conversation also moves into energy, natural gas, data centers, South America, emerging markets, rate suppression, the dollar, and the macro setup he is watching over the next five to ten years. #Millettian
Key topics:
Gold and silver volatility
Mining stocks after the pullback
Producers, developers, and explorers
How Tavi screens mining opportunities
Capital structure, teams, and asset quality
Latin America mining jurisdictions
Energy as a hedge for mining exposure
Natural gas, data centers, and electricity demand
South America energy assets
Interest rates, the dollar, and emerging markets
Guest links:
Tavi Costa Substack https://tavicosta.substack.com/
Tavi Costa X https://x.com/TaviCosta
Tavi Costa LinkedIn https://www.linkedin.com/in/otavio-tavi-costa-76368628
Azuria Capital https://azuriacapital.com/
Host Andy Millette Natural Resource Stocks:
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
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/
NRS TikTok https://www.tiktok.com/@natural.resource.stocks
NRS Instagram https://www.instagram.com/naturalresourcestocks/
Chapters:
00:00 Tavi Costa on mining fundamentals
01:08 Andy welcomes Tavi Costa
02:00 Gold and silver volatility
03:48 Fundamentals versus price action
05:31 Producers, developers, and explorers
08:02 Mining, energy, and Latin America
11:09 What Tavi looks for in jurisdictions
15:57 Applying mining logic to energy
18:13 Natural gas, data centers, and electricity demand
19:13 Building resource businesses in South America
21:23 Rate suppression, weaker dollar, and hard assets
22:25 Where to follow Tavi Costa
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