My big takeaway from PDAC is the sentiment around Mexico/permits. Complete 180 from last year.
Contractor sentiment: Mining engineers, drillers, and most importantly security outfits expect to be busy. Everyone is energized by the open pit permits that will be approved. It’s considered a when situation in terms of working through the backlog. Nobody expects reasonable mine plans with proper CSR to be rejected.
Government The Trump/tariff nonsense has actually improved the landscape according to everyone I spoke to. There’s a sense of government urgency. National development plan is considered mining friendly.
Not universal Southern Mexico (think Chiapas/Guerrero and the like) and Sinaloa are still toxic. Northern states are booming, security guys and other independent contractors don’t need the extra risk/danger pay to work these areas. No informed opinion on Los Filos. But I still think Oroco is an orphan stock going nowhere. I’ll mock bagholders and their buyout wet dreams all day long.
