Insights

Research, beginner guides, and market notes.

Plain-language coverage of small cap mining and resource companies on the TSXV and CSE. Filter by category to find what you are looking for.

Beginner Series

Four Types of Junior Mining Companies, Explained

Explorers, developers, near-term producers, and producers. The four basic models that almost every junior mining company on the TS…

June 4, 20263 min read

Beginner Series

TSX vs TSXV vs CSE: A Plain-Language Guide to Canada’s Three Junior Exchanges

The TSX, TSX Venture Exchange, and Canadian Securities Exchange each list small cap resource companies under different rules. Here…

June 4, 20263 min read

Beginner Series

Understanding Dilution in Junior Mining

Junior miners raise capital by issuing new shares. Here is what dilution actually does to your position, why warrants matter, and …

June 4, 20263 min read

Beginner Series

How to Read a Junior Mining News Release

Junior mining news releases follow predictable patterns. Here is how to find the actual signal in a typical release, from drill re…

June 4, 20263 min read

Beginner Series

NI 43-101 Resource Estimates Explained

Inferred, indicated, measured, probable, proven. A plain-language guide to the resource and reserve categories used in every Canad…

June 4, 20263 min read

Market Notes

Why Gold Tends to Move With Real Interest Rates

Gold has historically traded inversely to real (inflation-adjusted) US interest rates. Here is the mechanism, the evidence, and wh…

June 4, 20263 min read

Market Notes

Silver: The Industrial-Monetary Hybrid

Silver sits between an industrial metal and a precious metal. Here is how the supply and demand picture actually splits, and why t…

June 4, 20263 min read

Market Notes

How Copper Demand Tracks the Energy Transition

Electrification, renewable generation, grid build-out, and electric vehicles all use significantly more copper than legacy alterna…

June 4, 20263 min read

Market Notes

Lithium Supply Chains: Brine, Hard Rock, and Recycling

Lithium comes from three main sources: South American brines, hard rock spodumene mines, and (eventually) battery recycling. Here …

June 4, 20263 min read

Market Notes

Uranium and the Return of Nuclear Power

After a decade of underinvestment, the uranium market is tightening as nuclear power gains political support. Here is the supply, …

June 4, 20263 min read

Market Notes

Nickel for Batteries vs Stainless Steel: A Two-Market Story

Most nickel still goes into stainless steel. A smaller but fast-growing share goes into batteries. The two markets need different …

June 4, 20263 min read

Market Notes

Zinc Inventories and Why They Matter

Zinc is mostly used in galvanizing steel. The price often moves with London Metal Exchange warehouse inventories. Here is the link…

June 4, 20263 min read

Market Notes

Critical Minerals: How Governments Define the List

Critical mineral lists from Canada, the United States, and the European Union differ. Here is how each is built, why they update, …

June 4, 20263 min read

Market Notes

The Rare Earths Squeeze: China’s Position Explained

China processes the vast majority of the world’s rare earth elements. Here is why that is, what is being done about it, and which …

June 4, 20263 min read

Market Notes

Tin and the Solder Demand Curve

Tin is small but strategic. About half of demand goes to solder, almost all of it for electronics. Here is what drives the market …

June 4, 20263 min read

Market Notes

Cobalt Sourcing and the DRC Question

The Democratic Republic of the Congo supplies most of the world’s cobalt. Battery chemistry shifts and ESG concerns have changed h…

June 4, 20263 min read

Market Notes

Graphite: Natural vs Synthetic and Battery Anode Demand

Lithium-ion batteries need graphite anodes. The market is split between natural and synthetic graphite, each with different supply…

June 4, 20263 min read

Beginner Series

How We Build a Company Spotlight: The Four-Part Framework

Every Bellmare Capital company spotlight follows the same four-part framework: setup, what caught our eye, the risk, and our read….

June 4, 20263 min read

Beginner Series

Reading a Junior’s Capital Structure: Shares, Warrants, Options

A junior mining company’s capital structure includes much more than just outstanding shares. Warrants, options, and convertibles a…

June 4, 20263 min read

Beginner Series

Bull Case, Bear Case: Writing Balanced Research

Balanced junior mining research includes both the bull case and the bear case for every name covered. Here is why, and how Bellmar…

June 4, 20263 min read