Brian Leni - Cash Management, Junior Valuations, and Rebound Opportunities in Gold & Copper

Brian Leni keeps ~14% cash and treats black-swan selloffs as his buying window rather than chasing rebounds.

He runs his own DCF for development-stage juniors and caps fair-value capture at ~10% unless management is top-tier like Friedland or Lundin.

Sirius Resources is his top pick: ~$150M cap for ~3M oz gold beside the Eleanor-Dilmar deal, with Osisko backing and a PEA due spring.

He frames gold as the all-weather junior play but copper as offering the highest torque if the macro picture breaks right.

Most of his post-Q1 buys carry exploration upside; Kingfisher Metals is his only pure-explorer position, kept small.