In short: Named as the most recent financing he put money into — and as the evidence for the whole capital-availability argument: "in several recent financings, the most recent of which was Arras Mining, that I participated in… despite them regarding me as an attractive shareholder and despite giving them a lead order, I got cut back." He continues to back it; the point of the anecdote is that quality issuers can now ration a high-profile lead order.
Arras appears here not for its geology — covered at length in earlier appearances — but as the evidence for his headline macro claim about money. Rick put in a "lead order" in its recent financing: the first and largest commitment, the one that gives other investors confidence to follow. Companies normally give a lead order whatever it asks for.
He got cut back anyway. "Despite them regarding me as an attractive shareholder and despite giving them a lead order, I got cut back" — and this is now happening repeatedly, at 50–70% fills. His conclusion is that the industry's complaint about scarce capital is wrong for good companies: "capital is much less short than the industry suggests."
He remains a willing buyer of the stock; the anecdote is a market-condition reading, not a change of view on the company.
3:42And I would note too in several recent financings, the most recent of which was Aris, A R R A S Mining, that I participated in, that despite them regarding me as an attractive shareholder and despite giving them a lead order, I got cut back. — [laughter] — I've noticed that with increasing frequency and high-quality financings where I will reflect a significant order.
In short: The Kazakhstan drill hole (transcript garbles it "Ares Minerals") he pairs with Mogotes as "among the 10 best drill holes I've seen in my entire career" — his copper-gold porphyry explorer (he's a large holder) and part of his case that higher exploration budgets + new tech are reviving discovery.
Arras Minerals is a copper-gold exploration company drilling in northeastern Kazakhstan (the transcript's auto-caption garbles the name as "Ares Minerals"). Rule is a large shareholder and, as in his late-June appearance, points to its spectacular recent drilling. Here he pairs it with Mogotes as one of the two best drill holes he's seen in six weeks — his real-world proof that a new discovery cycle, like the early-1990s exploration boom, may be starting. A "porphyry" is the very large, lower-grade copper-gold deposit type that supplies most of the world's copper; a great intercept in one lowers risk and can re-rate the whole story.
18:34I think that will be a subject of discussion. A different subject of discussion, I hope, and I hope to lead it, is the fact that the increased exploration budgets that we've seen worldwide over the last 3 years are beginning to yield discoveries. We've had two different drill holes in the last 6 weeks. One by Mogotes in Northwestern Argentina, the other by Ares Minerals in Kazakhstan, that are among the 10 best drill holes I've seen in my entire career.
In short: His "buy-more" case study (copper-gold porphyry explorer, NE Kazakhstan). He bought on surface results and a geophysical anomaly expecting "a decent porphyry"; the most recent hole instead "compounded" the surface data — "something like 300 m of 1.25 to 1.5% copper with bornite throughout the hole" — so "I ended up buying a lot more. Not taking money off the table, but rather buying a lot more." Explicitly: "not a buy recommendation, by the way." A held speculative position he is adding to.
Arras Minerals is a tiny exploration company drilling for a large copper-and-gold deposit in northeastern Kazakhstan. It doesn't make money yet — it's hunting for ore — so it sits firmly in Rule's high-risk "speculation" bucket. He bought it earlier based on surface clues, then bought a lot more after a recent drill result came back far stronger than he expected.
Translating the geology: a "porphyry" is a particular kind of very large, lower-grade copper-gold deposit — the workhorse source of the world's copper. A "geophysical anomaly" is a spot where instruments reading the ground (magnetism, conductivity) hint that something metal-rich may lie below, before anyone drills. "Bornite" is a copper mineral so rich it's nicknamed peacock ore; finding it "throughout the hole" means the copper wasn't a thin streak but ran the whole length drilled. And "grade × width" is the headline number — here roughly 300 metres of rock averaging 1.25–1.5% copper — i.e. a thick, consistently good intercept, which is exactly the kind of result that makes a speculator add rather than trim. Important caveat: Rule stressed this is "not a buy recommendation" — he was using it to illustrate how he reacts when drilling beats expectations, not telling viewers to buy it.
15:24An example would be the most recent drill hole by Arras Minerals, A R R A S, not a buy recommendation, by the way. A spectacular drill hole that I bought based on surface results and a geophysical anomaly. In a circumstance like that, the results before they drilled — well, I was thinking based on the trenching and on the geophysical result that they had a reasonable chance of slamming into a decent porphyry.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.