Title:   Rick Rule: Gold will Soar Over The Next 10 Years
Show:    VRIC Media (host Daryl Thomas)
Guest:   Rick Rule (Rule Investment Media; founder, ex-CEO Sprott US Holdings)
Date:    2026-JUN-07
URL:     https://www.youtube.com/watch?v=YUADgximpFA
Length:  ~39 min
Note:    Auto-transcript, timestamps mm:ss. Saved for personal study. Rick grades names 1 (best) to 10 (worst).

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(00:04) Hello everyone, welcome to the Vancouver Resource Investment Conference. How you all doing today? Hello everyone, welcome to VRIC Media, your most trusted voice in metals and mining. I'm your host, Daryl Thomas, and today we have the pleasure of interviewing one of the legends himself, Rick Rule.
(00:24)  How you doing today, sir? >> Life is great, Darl. Uh the better for talking to you again. Thank you for having me back. Yes, indeed. So, you know, we got to start with gold. Um, gold's been uh just kind of trading in the range or whatnot, and I'm just curious in your thoughts on the metal and its uh recent performance. Are you concerned with that or are you not? >> Well, I'm elated.
(00:46)  Uh I would rather see gold lower than higher. The reason is that I'd like to own more. Uh there's no price close to the current price that would cause me to sell, but if gold fell, I'd probably buy more faster. It has been and is darl my opinion that the next 10 years we'll see a fairly ugly depreciation in the purchasing power of the dollar and I think that gold will maintain its purchasing power.
(01:14) So I would like to own more rather than less. So for me uh as someone who saves in gold rather than someone who speculates in gold in the near term at least lower prices are in my interest. I I think the gold price too Darl or or at least the relative weakness is explainable. Uh US interest rates have been rising despite the Trump's administration's best attempts to cause them to fall.
(01:42)  rising interest rates uh makes yield products more attractive relative to gold because you're getting paid more and they also perversely despite the fact that most of the world is mad at the US uh increase the attractiveness of the US dollar. So we're attracting real inflows uh of foreign currency into US dollars. Given that US dollars are the denominator for the gold price, as the dollar rises in strength, it makes perfect sense that there would be US dollar-based gold price weakness.
(02:12) Obviously, you know, US debt um I mean the the yields have been rising on the bonds, which means like that some people are selling bonds typically, isn't it? Isn't it inverse? Like they're selling bonds whenever the yield is rising, but I imagine some capital would flow in to get higher yields.
(02:29)  Is that correct? Well, what it means is that savers are demanding a higher yield relative to inflation. Uh normally when interest rates fall, usually it it requires buying to take the interest rate up. In this particular circumstance, uh I don't know how much activity there is in the bond market, but in the long bond market, it's simply a case of investors requiring a higher yield. Um that's what's going on.
(03:03)  It, you know, if you look in isolation at the US picture, which is difficult to do, uh we were forecasting a $2 trillion deficit this year before the war, and now we're likely forecasting a two.5 uh trillion dollar deficit. So, it makes perfect sense that investors would require a higher yield to own the long own the long bond.
(03:27) >> Would would you own the long bond? >> Not me. Uh not me. I mean, I own I own a reasonable amount of US Treasury securities with two-year duration or less. But I have zero interest in the duration risk. You and I have talked before, Darl, about the fact that I believe that the CPI is not a good measurement for the rate of inflation.
(03:50) And I believe that the basket of goods and services that my family consumes, by the way, the basket of goods and services that your family consumes too, if you use say 2020 as a baseline and looked at the basket of goods and services that your family bought in 2020 and the similar price levels in 2026, I bet in the context of the basket of goods and services that the terrace that the Thomas family consumes that the deterioration in the purchasing power of your savings is proceeding along at 8%.
(04:20) % or 10%. Not the 2.6 2.7 uh that the government would have you believe. So if you're owning a US Treasury yielding you a tenure, let's say yielding you 44, >> you weren't actually making 4.4. You're losing four or five. >> Uh not a pleasant circumstance. And there are more there are more pleasant ways to lose money, Darl, than to own the 10 year, the 20 year or the 30-year bond.
(04:47) >> Yeah. Yeah, for sure. So when we look at the depreciation of the US dollar, I mean obviously compared to real goods, I mean we see that price of I think the price of beef is like the chart on it looks looks pretty uh uh going parabolic. Um so the dollar is losing value. So obviously you know gold is in competition with people going into the dollar or going into the the yielding assets and such.
(05:15)  Um, I I think like the the miners, developers, I've been kind of parking more capital there. I'm curious your thoughts on the miners and the and the developers at this stage. >> I I think you're I think you're probably in the calm before the storm stage here. Um, because I think and you and I have been talking about a coming mergers and acquisition cycle.
(05:38)  We've been talking about that in interviews for a couple years. What's not coming anymore? It's here. you know, we're with it. Um, and I think you're going to see it increase in frequency. Uh, you were at my conference last year, Darl, when I talked to Amar Aljundi, CEO of Agniko Eagle on stage, and he was talking about synergistic acquisition, which is to say somebody like Agniko Eagle buys a deposit within trucking distance of their existing mill.
(06:04)  So, they get the return on the mine, but they also uh put more throughput or they leverage an existing asset. So you are seeing strategic acquisitions including of course uh Agneo's recent uh roll up in Finland, but you're seeing a different type of acquisition too. You're seeing tactical acquisitions uh such as the one where Equinox bought First Caliber uh and now Orla.
(06:30)  There's no particular operational synergy between their deposits. They aren't next to each other. But there is a virtue in today's capital markets simply by getting bigger. If you get bigger with a larger market cap and larger trading liquidity, you get more index buying, more passive buying every two weeks when people are having payroll deduction um you know for their pensions to the extent uh as an example that gold is in their plan.
(07:00)  They're every two weeks buying these gold stocks and they're buying the bigger ones more rapidly than the smaller ones. So you're seeing strategic acquisitions and you're seeing tactical acquisitions. We're right here in the middle of it. There was a recent acquisition which I think you and I talked about where G mining took over G2 mining.
(07:16) This was incredible. They were able to pay a 70% premium I think it was in the takeover and it was still accretive on a per share basis to their shareholders. That uh that's an amazing circumstance. >> Yeah. So so what where do you have Equinox on on your your ratings right now uh with the recent acquisition? Uh, I I've moved Equinox back to a five.
(07:40)  I need to see them digest the Orla acquisition. You'll recall many years ago, I don't know if it was on VRIC or on your own show when Equinox had fallen fairly rapidly in price. And I said that was really a consequence of the uh cost overruns at Hard Rock. Once they get the once they got Hard Rock tucked away, if they ever got it to name plate capacity, that the stock would do well.
(08:02)  Well, that's what they did. Then they acquired Caliber and there were a bunch of people who owned Caliber in anticipation of a takeover. When the takeover happened, they sold. So the Equinox share price went sideways while it digested the sales from the transactionally oriented caliber shareholders.
(08:23)  You're going to see the same thing right now. you're going to see Equinox trade sideways where the people who held Ora believing that Orla was going to be sold will now take their profits. Uh my belief is that Equinox will chew through that volume and that the new Equinox will do two things. Uh like all good Ross Bey companies uh they will use this acquisition and the new ass the new assets they've acquired to sell the second tiered assets through their whole portfolio. They'll keep only the best.
(08:55) They'll use the sales proceeds uh to uh reduce the total acquisition cost of what they want. But the second thing that you'll see is greatly increased trading volume. Uh the resultant company will now produce uh substantially in excess of a million ounces. Uh and they are no longer an intermediate tier producer.
(09:19)  They're about to become a major producer. And the consequence of that is that they're going to get a lot more index buying even as they upgrade the quality of their portfolio. >> Okay. Yeah, that's that's uh exciting news for me. I mean, I've I've been an Equinox shareholder and I've I've still been averaging in into the company.
(09:40)  Uh curious if you got any thoughts on Mayfair Gold. Uh it's has they have uh 1 million ounces that is a probable um probable reserve and then they have u 3 million that's uh indicated or indicated. Uh >> Mayfair is one that's I'm studying. I certainly like the people and I like some of the skeptics who own it.
(10:03)  I like the muddy water people. I may be the only person in the mining industry does but I like them. Uh so I'm studying that but I don't have an opinion on them yet. Um, on a standalone basis, well, on a standalone basis, most people in the world are assuming that gold is going to sell for 32 or $3,300 an ounce.
(10:22)  I'm assuming that gold's going to sell for $5,500 6,000. So, I can afford to be more generous. What I sort of like about Mayfair is even if they don't upgrade all of that inferred uh to measured and indicated uh and even if the million ounces that they have doesn't ultimately justify the construction of a standalone mill uh a million ounces uh with some more to add uh is the sort of thing that could easily cause it to be consolidated taken over by a neighbor.
(10:53)  I I know that isn't Mayfair's preference and the story they're telling is that they're going to release a great feasibility study on the million ounces even as they add uh a bunch of the inferred to measured indicated categories. That's all great. What I love is that there's a fallback. for 30 years. Uh I looked at ounces below a million ounces in the abbatibi and I said, you know what, uh these ounces have failed during every market cycle to generate enough net present value that they could get financed and get a mill built. But what's happened
(11:27) over 30 or 40 years is that so much infrastructure has been built up there. so many mills, so many roads, so much power, so much water that the bar to new construction is lower. Uh but the bar to putting mines in production without a mill if they're within sort of 50 kilometers, line kilometers of an existing uh mine have gone away.
(11:56)  And I've been forced to look at the whole Abatibi with a very new lens as a consequence of that. >> Okay. Got it. Got it. Uh, what did you think about the new transition with the CEO, Drew Drew Anill, over to Mayfair, Mayfair Gold, uh, who has, uh, experience building the mine, uh, worked at Detour Gold, uh, worked at Bareric and such.
(12:20)  So, how do you how are you factoring that in? >> Uh, I think that they would prefer to build it. Uh, I think, but we will see. >> Yeah. Yeah. Uh it is a nice circumstance where even if you want to sell it, you pretend to build it. You say to the biders, listen, we have an alternative in today's market with this deposit. We can finance it.
(12:45)  We will build it. We'll do that. So if you're going to take it, take us over and we will discuss that if you'd like to. Uh you need to understand that we have alternatives and you need to pay us a very fair price. That's what G2 did uh in Gana. You know, they had they had a deposit that worked as a standalone deposit, almost 3 million ounces.
(13:05)  Gmin Mining was building a big mine right next door, part of the same deposit. And they said to them, "We're happy to talk about being taken over, but we don't need to be taken over. Uh our project stands on its own." And I think that that's what Mayfair is saying to their neighbors. we're willing to have a discussion, but don't start it at a low price because we'll build this.
(13:29)  And now they can say, you know, we don't just have explorers. We don't just have financeers. We have people that have assembled teams that have built mines in this vicinity in the immediate past. Never mind that we have the deposit, we have access to the capital, uh, and we have access to the expertise to build this thing.
(13:50)  That's a fairly strong negotiating position. Yeah. Yeah. Agreed. Agreed. Okay. Well, thank you for the thoughts on that. Um, Dakota Gold, Mr. >> Strength, >> you know, strength to strength. Uh, note, I'm a large Dakota Gold shareholder. So, partly I'm talking my own book and Bob Quartermain's been a personal friend of mine for 30 years.
(14:12) So, you know, uh, I'm conflicted. uh the infill hits that they're getting uh on what would be the open pit uh deposit are telling um this is going to be a mine whether Dakota ultimately gets taken over by the minor next door which is core uh or whether Bob does what he's done in the past and builds it uh open question zero doubt in my mind this isn't mine uh it depends on a lot of things, mostly the drill bit, uh whether it becomes a mine or several mines.
(14:53)  Uh it's important to remember that the original uh exploration concept was that the original home stake load, one of the largest mines in US history, continues on Echelon uh and that they could extend they that they could catch uh other lenses from that deposit. uh and then there was a discussion of uh perhaps foot wall or hanging wall mineralization.
(15:22) The new deposit came really as a consequence of them reimagining the entire district uh and reimagining the district in the context of what Kor has done with the warf mine next door and that was fairly important. It's worthy to note that they just had just hosted a session uh with the staff of the si sitting senator from South Dakota.
(15:49)  Um you know they're they're starting now the post exploration phase which is where you line up your political and financial ducks. >> Mhm. >> Uh which says a lot. And you know if one wants to fantasize a little bit, Bob Quartermain is also one of the powers behind Hemllo uh another major mine uh in Canada. Uh we talked earlier about the fact that larger companies merged companies with larger market caps enjoy higher trading volumes, more passive buying and hence higher share prices.
(16:24)  Uh what would happen just for fun if you merge Dakota uh the old homestake mine with Hemllo, one of the largest producers in Canadian history? Uh I'm not saying this is going to happen, but that would be a very very very easy way to attract a hell of a lot of passive buying uh from two shareholder constituencies which are already joined at the hip as a consequence of the involvement of Bob Quartermain.
(16:50) >> Yeah. Where do you have them ranked currently? >> Uh, which one? >> Dakota. >> I have Dakota as a four. I have Hemllo as a five. >> Okay. Yeah, Rick's Rick's uh tough grading over here, y'all. Uh, all right. >> I'm a very tough grader, Ter. Very, very, very tough. >> Yeah. Uh, definitely. Okay. Uh, Vista Gold.
(17:15)  What's your thoughts on Vista? >> I have Vista as a week six. Um, Vista has a big deposit, Mount Todd. Uh, I know it well. I helped buy it for Vista back in the Paleolithic a long time ago. Uh, it works at this gold price, but it's not going to be easy and it's not going to be cheap. Very hard rock, reasonably low grade, pretty good metal energy, but the work index on the rock is massive.
(17:48)  It's very, very, very hard rock. Uh, the current team in place has been trying to finance that thing to production for a long time. Uh, when I say it ought to be financed by now, I probably get made a  They'll probably finance it next week and I'll look like an idiot. Uh, but the lack of any definable progress financing that thing in the gold price environment that we're in given the evident size of that deposit has me concerned.
(18:13)  The other thing that has me concerned is that various people, myself included, uh, have spent exploration dollars there trying to make it bigger, and we haven't. Uh, so I suspect what you see is what you get with that deposit. There's not this icing on the cake that suggests that there's a bunch of not followed up on hits. Uh, we followed up on a lot of hits there.
(18:33)  Uh, my my my reckoning is what you see is what you get. >> Okay, got it. Visla silver. >> Uh if I didn't own so much, I'd buy a little. Uh that's third, fourth, fifth best undeveloped silver deposit in the world. And it got whacked for good reason. For those listeners that you have who don't know the circumstance, uh there were, if you will, negotiations, I suspect, between the company and the gangster cartels that really run rural Sinoa and we suspect as a negotiating tactic, uh the cartels kidnapped and presumably
(19:18) murdered 10 Visla employees. Um, the Mexican government was grievously embarrassed by this, uh, and has loaned the company $10 million in effectively interest free working capital to get through this period. They've ostensibly stepped up the security there. Now, I say ostensibly. Historically in Cenoloa, the cartels have outgunned the Mexican government, and when they haven't been able to, they bribed the government troops.
(19:48)  So I guess what I'm trying to say is that over time an arrangement needs to be made with the cartels presumably until a year or so ago that an arrangement existed. I don't know this to be true and of course the company will strenuously deny this but I've done business in me in West Mexico most of my life.
(20:10)  Uh what went wrong I think is that there was a very stable cartel in place uh run by a guy named Guzman. Guusman is now a guest of the US government uh involuntary guest of the US government. A and his formerly stable cartel is broken into two predominant factions. One by run by his sons and the other by former henchmen of his.
(20:32)  And I think Visla had the very bad fortune to have what was probably some existing arrangement that everybody could live with uh in a very unstable arrangement uh with new demands from probably less competent less experienced counterparties and unfortunately the circumstance descended uh into violence. I've Darl, as you know, I've invested in politically and socially sensitive areas for a long time.
(21:04)  I invested in southern Sudan during that war. I invested in Congo, uh, you know, during their war. Uh, this is going to sound very cynical and I hope your listeners don't really completely hate me for this. Uh but the truth is that I learned in Congo the copper had been in placed about 45 million years ago and the copper was ambivalent as to the stupidity of the people that were killing each other on top of it.
(21:34)  Uh, and after they got exhausted killing each other and came back to being peaceful, the copper was still there. And I'm still invested in that copper. And I likely will be invested in Visla uh, and Visla royalty, now elemental royalty, uh, after the current round of disputes with the cartel uh, is done. Your listeners are going to need to ask themselves, if it takes two or three years, do they have two or three years worth of patience? Are they willing to own Visla and watch the nightly news on TV where it's likely
(22:09) sometime in the next year 20 or 30 cartel bodies get dropped in the war where you see scenes like you saw five weeks ago where uh in Kulakhan in in the the capital of that state uh the Mexican government backed down in in a confrontation with the cartel because the cartel had more firepower. Uh it takes a certain sort of equinimity to own stock and watch that circumstance on TV.
(22:46)  Uh because I've done it for so long, I'm willing to do it, but your listeners need to have a discussion with themselves uh as to whether or not they can psychologically bear that form of risk. >> Yeah. So obviously um you know buying hate is something that that you love. Uh >> and I'm kind of like this seems like you know the the price was you know fell off significantly.
(23:15)  I mean, and it was trading in the low $3 for a little while, >> right? >> And uh I think today I looked at it, it was a little over $4, four bucks, but um >> yeah, so you need to regard it as a speculation. uh it will be in the current circumstance even well first of all hypothetically if they made a deal with the cartel >> it's highly unlikely that visa issues a press release saying new peace accord with cedaloa cocaine cartel it's not the kind of news release you're going to see >> you know you don't brag about committing a felony
(23:51) uh you do it quietly and I think it's unlikely for that to occur in the near term. Uh but until there is some sort of de facto peace, demonstrabably de facto peace, it's going to be difficult to finance that thing into production. So anybody who buys it today at four needs to be prepared psychologically to own it for two or three years.
(24:19) uh if you're buying it because uh you know, you think it's going to be up between now and the next PDAC, you know, in March, forget about it. Yeah, for sure. Yeah, definitely. Um you know, these developers, what I've noticed is that it's it's a more longer term play. I mean, uh many of them won't be in production for another, you know, one to three years and such.
(24:44)  And so, yeah, for me, like I've I've been parking some capital there. So yeah, I'm definitely in it for the long term. >> Well, you've learned by now. You know, I remember when I was first talking to you, you know, for Daryl, a long weekend was a a long weekend was a trade. It isn't that we don't have preferences. It's just that experience teaches us that our preferences don't matter. Yep.
(25:06) Yep. Agreed. Okay. So, uh, uranium, I want to just touch on uranium um, really quick and then, uh, get some of your ratings on on some companies. Uh so um what's your thoughts on the uranium uh market right now? >> I I think it's in really good shape. I don't think that anything's eminent in the uranium market.
(25:29)  Uh things move fairly slowly, but what you're starting to see is a new realization around uranium as a consequence of the dispute in the Straits of Hormuse. Uh the French nuclear fleet and the Japanese nuclear fleet were both built as a consequence of energy insecurity that came out of the Arab oil embargo in 1973. And since then people have forgot about energy uh security uh until about 3 months ago and all of a sudden energy insecurity is first and foremost on a whole bunch of people's mind.
(26:05)  The only commodity in the world that's energy dense enough to store enough uh power to as an example fuel Japan for 5 years in one warehouse is uranium. Even if you could buy that much oil or that much liqufied natural gas, you couldn't store it. And for those alternative energy people, you sure can't store enough wind or solar and you can't build that big a battery.
(26:28)  The only chance you've got is uranium. That's it. And I think that I mean on top of all the other things happening in the uranium business the renewed sense of energy security and geopolitical security uh really strongly enures to the benefit of uranium. There are sexier stories like AI. Uh but AI also requires energy security and energy security really in terms of base load power comes down to uranium, uranium or uranium.
(27:05)  Now will that play out in the market for the next 3 months? I don't know. I don't have a clue. Uh and frankly I don't care. Uh we have a situation where we are not seeing increases in uranium supply despite the fact that at $85 a pound we've passed the incentive price to do it. The price of uranium doesn't need to go up in theory to make a couple of deposits.
(27:32)  Rook being an example work but they haven't been getting built. And what that means is that we continue to consume more uranium than we produce. Nobody knows the size of above ground inventory, but everybody has known for a substantial period of time that the only non-carbon generating base load fuel that you can build reliably is uranium.
(28:00)  On top of that, now you have the added impetus of uh energy security and this will cause more plants to get built and more uranium to get contracted in the 10-year time frame. And by the way, it'll be it'll be um referenced in share prices before 10 years. >> Okay. All right. So, speaking of share prices, uh what are your thoughts on NextGen? >> Uh I hate the way the management team spends money.
(28:28) It's very difficult for me to square developing uranium mine with sponsoring Formula 1. Um, but I love the deposit and despite the fact that I have criticisms as to the general and administrative expense, they have behind the scenes in terms of permitting done a good job. their relationships with First Nations community and matei community uh in Saskatchewan from what I understand and I've made it my business to understand it are good.
(29:01)  The baseline work that they've done with both flora and fauna but also with water has been good. Uh what that means is that behind the scenes they've been doing all of the blocking and tackling that allows you to win the game. They're in the enviable position of having what I believe is the best undeveloped uranium deposit in the world uh and having it in a really secure uranium platform, which is to say the province of Saskatchewan, uh where you have in place the existing political will and regulatory infrastructure to support it.
(29:36) uh and in addition uh you have what you and I have talked about before in the in the for in the form of these contracts where when you build this mine you can pre-ell to credit quality customers uranium for 10 years out 20 years out which means you take the mystery out of pricing and if you take the mystery out of pricing you lower your cost of capital particularly debt capital substantially.
(30:08)  The point of all this is 10 years ago uh if you would say to me what happened what would happen to this deposit uh I would have said likely it has to be sold and the only one who can build it is Kamico so it has to be sold to Kamico and it's really tough to have an auction with one bidder. Now they can tell the market we can build this thing.
(30:30)  We can build this thing. We can secure enough offtake contracts that we can build this thing. And politically now you don't just have to sell it to Kamako. You could sell it to the new Anglo. The merger of Anglo American and tech forms a Canadian mining champion that is easily big enough to buy and build this mine. Or I think it would be politically appropriate to sell the mine to Riotinto who are already in the uranium business and already have an 8 billion dollar podash mine in Saskatchewan.
(31:05)  So you have three potential biders plus you have the potential if you wanted to to self-build. Now this doesn't work out anytime soon. Uh when you look at the feasibility study number for the build, understand that feasibility number is 2 and a half years old and there's been at least 10% compound annual inflation in the inputs.
(31:35)  So after you've bought NextG, you got to spend something like $6 billion building a mine. This is not a trifling investment. So it's going to take a while for this to work out. >> Okay. Where do you have them ranked? I have NextGen as a five. Uh if they didn't spend money as extravagantly, I'd have them as a four, maybe as a three.
(31:54) >> Okay. Got it. Got it. >> I'm afraid they're going to spend away a bunch of my net present value before the transaction takes place. >> All right. How about Denison? >> I don't have Denison ranked right now. Uh I'm reviewing Denison. With Denison, it all comes down to does ISR in sichu recovery work at depth? We know uh it works in sandstone hosted surface deposits but to my knowledge in sichu recovery has never been tried at depth which they're trying to do.
(32:26)  Uh it works great on a bench scale and there's a lot of things to like about Denison uh including their database and particularly permitted mill permitted and operating mill. You know you don't have to you don't have to finance or build or permit something that's already operating. Those are really rare. Uh the whole thing to me comes down to ISR.
(32:58) I got to say it was a lot easier to own UEC a couple billion dollars ago. Uh that company's done an amazing job. On the other hand, it's a transformed company. uh three years ago that was a company that at the then prevailing uranium prices couldn't put a uranium project in production. It didn't make sense at this uranium price with the ability to contract uranium and with the amazing balance sheet they have uh they could become an 8 to 10 million pound a year uranium producer.
(33:34) You know, you think about the accomplishments of Amamir Adnani and his team uh over the last 15 years. They've been really truly amazing people. Amir saw uh although he wasn't American, the fact that there would be a financial premium placed on American uranium assets. And not only did he go get him, he also uh developed relationships sometimes personally with uh regulatory authorities in Texas and Wyoming and in the United States.
(34:12)  Uh he's put himself in a very unvailable position. And I'm not going to suggest that UEC is cheap, but in the political climate that we have to now, even to the extent that we had a Democratic administration come back in, uh I think UEC is actually absolutely in the catird seat with regards to US- ccentric production.
(34:34)  Uh uranium royalty, uh now is going to have to be called something else royalty. They just went and did a monstrous acquisition. It's not, and I I don't mean this in a bad way, a very large acquisition. Uh, in something that's, you know, ostensibly soda ash, Trona. Uh, and so in terms of the committed capital, less than half their committed capital is in uranium royalties now.
(34:56)  And I think that you're going to have to see uh how that plays through the balance sheet. It's going to play through the income statement pretty well because uh the soda ash uh is currently being produced. You know, it's uh by the way, they got a whole bunch of fe simple real estate, too.
(35:19)  What a lot of people don't understand. This is a royalty and minerals package from I forget which of the railroad railroads, Union Pacific or something like that. And it came with hundreds of thousands of acres of fee real estate. Now, a lot of that real estate's lizard pasture. you know, it's uh in Utah and Wyoming and you know, in a bunch of places where folks don't live.
(35:38)  Uh but it has some value for something. Uh I reduced my ranking uh on uranium royalty from a four to a five uh given the much greater number of shares outstanding and the lower relative value of uranium to the whole. >> Okay, got it. Okay. Okay. Well, Rick, appreciate your time and everything. Uh, obviously the symposium's coming up next month.
(36:08)  Uh, I'm looking forward to to it this year. It's going to be packed. Uh, so, anything you want to share with the audience heading into that? >> Well, I guess a couple of commercials if you'll permit me. The first is of course the conference. A real labor of love for me. Uh, we have sold out the conference this year in terms of the live portion of the conference.
(36:26)  The conference is held live in uh Boca Raton, Florida from July 6 through uh 10. Uh but we have a live stream portion and we're getting really good at that. We had 1,400 people from 33 countries last year attend live stream. We're going to double that number this year. Uh and I I'm sure enough that your viewers will like the live stream that I can say to them this.
(36:53)  Uh, if you choose to attend our live stream conference, which I suggest that you do, if for any reason you don't think you got your money's worth, email me and I'll give you your money back. Ours is the only money back guarantee in the conference business. We've been doing it for 30 years. We've had to refund about onetenth of 1% of the tuitions that we've charged, but that guarantee is your guarantee that our content can make you money.
(37:17)  Uh, if you don't want to give me anything, that's okay, too. You can look at my pre-conference interviews. I've interviewed everybody who's going to exhibit at the conference and all of those interviews are posted for free uh at the Rule Investment Media YouTube channel. Uh free is a pretty good price. Uh once again, of course, it comes with a money back guarantee, Darl.
(37:36) If you don't think that the videos are worth nothing, uh I'll give you back all the money you invested in them. Uh finally, my other free thing. If you go to Rule Investment Media, you can list your natural resource stocks like Daryl just did, and I'll rank them one to 10. One being best, 10 being worse.
(37:51)  I'll comment on individual issues like I just did. And all of that's free. The sidebar is no crypto, no tech stocks, no pot stocks, uh just resource stocks. And finally, anybody in the United States or Canada that's listening to this that's unhappy with their current bank, and I bet that's everybody, ought to check out Battle Bank.
(38:10)  After years of trying, we're up and running. We're growing very, very, very rapidly. If, as an example, you're interested in getting paid interest on your checking account, which most banks don't do, check out BattleBank. If you're stacking gold and silver, you want to access the the capital you have in the gold and silver without selling them, you can borrow against your gold and silver uh at battlebank. That's battlebank.com.
(38:32) >> Yeah. Yeah. Thank you. Thank you for sharing that, Rick. I've actually been uh utilizing my battle bank account and it's been a long time coming and so I've definitely been engaging with the different services there. So encourage people to check that out. Uh you all hit the subscribe button if you haven't subscribed yet.
(38:49)  Love to have your support and thank you all for watching and Rick, thank you for your time. >> Pleasure, sir. I look forward to seeing you in Bokeh. >> Yes indeed. It's going to be fine.