Doc Jones – Focus Shifting From PM Stocks To Base Metals And Energy Stocks – Emerita Resources, Magna Mining, Canadian Copper, and Cardinal Energy
The KE Report w/ Shad Marquitz and Cory Fleck (11-12-2025)
Doc Jones, private activist resource investor and influencer on Ceo.ca and X/Twitter, joins us for his outlook on the precious metals, base metals, and energy sector and how he is positioned in select stocks within his portfolio.
🔑 Key Insights from Doc Jones:
🔹 [The podcast was recorded on 11-11-2025]. We start off getting the key macroeconomic factors that him more muted on outsized upside in both gold and silver, after such a big run in the precious metals related stocks so far this year, and really over the last few years.
🗣 Quote: “We’re at a little over $4,000 an ounce. The margins are tremendous for gold producers. That is true. But what I’m seeing out there in the macro as far as the fiscal impulse that is coming, the fiscal spending, the deficits, the recent announcement of pushing through potentially 50-year amortization on mortgages and 15-year car loans that there’s going to be a tremendous amount of demand in the base metal sector.”
“So, do I think gold prices will collapse from here? No. I’m not saying that. What I am saying though is I think that we’re closer to a top or a plateauing in the price of gold or potentially a pullback as fear recedes out of the market now that the government is potentially going to be reopening the United States and we have budgets being released around the world that it is going to be spending a lot to create GDP growth, employment and demand on primarily raw materials and energy that the fear trade will come out a little bit of that trade… the trade that has gone into gold.”
“Historically, we have an amazing gold price right now at over $4,000 an ounce. Should gold prices fall to 3700, let’s say, that’s still a tremendous price for gold, and many producers are not getting credit for $2,500 gold. But the fact that the price did come down, call it 10%, I think you’ll see a greater depreciation in the equities in sympathy, which always tends to happen in the precious metals market.”
👉 He points out that over the last 3 years that many of the quality PM producers are up 5x-10x or more, and that he had some developers up as much as 15x, so it was prudent to start harvesting gains and raising cash to deploy in other commodities and opportunities that hadn’t run as much.
“So, all those things weighted together and considering that I was very well positioned in gold and silver... Like most of the companies I invested in have gone up anywhere from 5x to 15x in the last 2 and 1/2 to 3 years. So that’s not yours unless you can keep it. So, in that context, when I have a 15x return in over 3 years in a gold developer, then I think it’s time for me to lighten up.”
“As a result, I’ve lightened up all my positions that are gold and silver producers, developers, and juniors that have that as a primary commodity and am favoring base metal producers that have strong precious metals credits. I think that’s the way that I would like to play that going forward.”
🔹 When asked about the potential for gold producers to keep rerating higher, even in a sideways to down pricing environment, due to record current margins and revenues and cashflows, he had these remarks:
Well, I do agree with you that the market should value them more, but for whatever reason they’re not. And for me, for running my own capital, I have to deal with the market that is. So, I do agree that the math says that these gold producers should be valued higher but I think historically what you see is there’s such a boom and bust cycle with gold that is protracted that people begin to discount the bust a lot quicker than before.
And also… someone entering in the market today is a lot different than people who entered the market a few years ago. They’ve already seen a 10x return on a majority of their gold producers. Like even the large multi-billion dollar producers have appreciated 5x, 6x, a 1000%, or even 2,000% in some cases and they’re producing substantial margins for sure.
So should the gold producers get a higher valuation? Yeah, most likely. And the thing is, I’m not saying that they’re not going to appreciate from where they are today, but you know, I run a very focused portfolio and I’m looking to capture as much upside as I can, mitigating my risk along the way… And I just see so much of a greater upside in some of these base metal developers partly because they have precious metal credits.
🔹 When expanding on why he is looking so closely at the potential of the base metals companies, Doc Jones had these comments:
“You look at the concentrate market, like right now, you have copper concentrate, the treatment charges are negative to zero. I was looking at this today like zinc treatment charges uh about 2 years ago they were $175 a ton of concentrate today they’re $35. Copper was $66 (a ton of concentrate) and now it’s anywhere from zero and on the spot market in China there’s instances where it’s negative $40 a ton; where the smelter is paying you for your concentrate which is pretty amazing.”
“So that’s a boon for all these base metal producers and developers particularly the developers who are close to production because in their PEAs and Feasibility Studies. They have treatment charges that are substantially higher which means that it’s just going to flow to the bottom line, as well as the commodity price like copper is at an all-time high on the LME. Zinc is doing very well. It’s at a 2-year high at $1.46. And then if you’re dealing with a company that has these byproduct credits with gold or silver, you’ve got silver essentially all-time highs, and platinum & palladium which are up 70% and 80% this year respectively.”
🔹 With regards to the base metals companies, Doc Jones points out that a lot of the polymetallic deposits still have considerable exposure to gold, silver, platinum, and palladium as valuable co-credits.
He mentions the rationale for his long-standing interest and key portfolio positions in Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF) and Magna Mining (TSX.V: NICU) (OTCQB: MGMNF); which both have exposure and leverage to a blend of critical minerals and precious metals.
He also highlights a new portfolio position, Canadian Copper (CSE: CCI), which also has a solid mix of exposure to both industrial metals and PMs.
🔹 Wrapping up we shifted over to traditional energy getting his outlook on both oil and natural gas, but why he is favoring investing in Canadian heavy oil sands projects and natural gas projects.
He goes on to extol the benefits of picking up quality energy stocks that pay investors good dividends while they are waiting for fundamental company catalysts and higher future energy prices.
Doc Jones highlights Cardinal Energy Ltd. (TSX: CJ) as one example of such a company that he is positioned in.
➡️Click to listen to the full interview to hear Doc Jones investing thesis for rotating funds out of primary gold and silver stocks and into base metals stocks that still have strong PM co-credits.
*In full disclosure, Doc Jones holds a position in these companies discussed at the time of this recording, but is not compensated by any company to market them. These are simply his views and opinions as to why he likes investing in them, but this is not investment advice.
Click here to follow Doc Jones on Ceo.ca
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Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decision
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