I'm very excited to share my conversation with John Swallow, CEO of Idaho Strategic Resources (IDR).

IDR is a small cap gold producer that does things differently. They generate cash flow. Then use that cash flow to explore their massive land package for gold and rare earth elements (REEs).

John is a true owner operator. Not only is he the CEO, he owns a lot of the company's stock, barely makes more than the average mining geologist on his team, and has a long-term ownership mindset.

Most junior mining companies are promotional gimmicks with a balance sheet and a story. IDR is different. They generate real cash flows and fund their business not on promises, but on results.

DISCLOSURE: I AM A SHAREHOLDER IN IDR AS OF THIS RECORDING. NONE OF THIS IS INVESTMENT ADVICE. DO YOUR OWN WORK. MAYBE YOU COME TO THE SAME CONCLUSIONS AS I DID. MAYBE NOT. WHO CARES.

Regardless of what you think of mining stocks, you will appreciate John's honest approach to his life's calling.

I hope you enjoy.

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

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