Mining 101 · Investor Education
A Beginner’s Guide to Mining Stocks
New to mining stocks? Learn the basics of mining investing — explorers, developers and producers; drill results, resources and reserves; feasibility studies, costs, risks and the key project milestones that move a share price.
16 guides · ~45 min read
The Core Sample —
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01
Start Here
03 GUIDES
01Mining Stocks ExplainedMining stocks work differently from most other stocks. This guide covers what you're actually buying, why the sector behaves the way it does, and what to look at first.02Explorers, Developers & ProducersEvery mining company sits somewhere on the same path, from searching for metal in the ground, to building a mine, to running one. Knowing which stage a company is at tells you most of what you need to know about its risk and its potential reward.03How Mining Companies Create ValueA mining company's job is to take metal locked in the ground and turn it into something worth more. Understanding how that value gets created, and what can add to it or take it away, is the key to reading any mining stock.
02
Understanding Projects
04 GUIDES
04Open Pit vs. Underground MiningThere are two main ways to mine a deposit: dig a large hole from the surface, or tunnel down to reach the metal. The method a company chooses shapes its costs, its risks, and how much of the deposit it can profitably extract.05How to Read Drill ResultsDecoding intercepts, grades and widths in a company's news release.06Grade, Tonnage & ScaleWhy a little metal over a lot of rock can still add up to a real mine.07Mineral Resources vs. ReservesThe difference between "it's there" and "we can actually mine it."
03
Development & Economics
04 GUIDES
08PEA, PFS & Feasibility StudiesHow a project is de-risked on paper before any dirt actually moves.09Mining Project MilestonesThe catalysts that move a stock from discovery toward production.10Capex, Opex & AISCThe three numbers that decide whether a mine actually makes money.11How Mining Companies Make MoneyTurning ounces and pounds in the ground into real cash flow.
04
Risk & Valuation
05 GUIDES
12Jurisdiction RiskWhy the same deposit can be worth far more in one country than another.13Permitting & Social LicenceThe approvals and community goodwill a project needs to get built.14Share Structure & DilutionHow financing can quietly shrink your slice of the company.15Red Flags in Mining Press ReleasesSpotting hype, cherry-picked numbers and spin before you buy.16How to Compare Mining StocksA framework that brings it all together to put two companies side by side.
New to the sector?
Start with the fundamentals and work down the column. By the end you’ll read a mining news release the way an analyst does.
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