Independent mining research
I follow where sophisticated mining capital is moving — insiders, royalty companies, institutions, and operators — then look for companies whose fundamentals may be improving faster than their share prices.
Focused on overlooked small- and mid-cap gold and silver miners. Research and ideas, not advice.
Mining is a business of cycles, capital, and timing. The best opportunities are rarely the loudest names — they're the companies where the economics are quietly turning while the share price still reflects the old story.
My work is to find those gaps: businesses where ownership, cash flow, or asset quality is changing in a way the market hasn't repriced yet. Smart money. Rising cash flow. Mispriced miners.
Every idea I write up runs through the same three questions. It's a way of thinking, not a formula or a guarantee — but it keeps the research honest and repeatable.
Where are insiders, royalty and streaming companies, institutions, and operators actually deploying money? Serious capital tends to move before the narrative does. I track ownership, insider transactions, and strategic positioning to see it early.
What is genuinely changing in the business — production, cash flow, construction, permitting, financing, or asset economics? I'm looking for the fundamental turn, not the press release, and for evidence it's real.
If the business performs as expected, how much valuation upside is actually possible? And just as important — what are the dilution and downside risks if it doesn't? Torque only matters when the downside is understood first.
I'm Jon Binder. I've spent my career building data and systems — federal data warehouses, UX, and human-computer interaction — and I started investing in precious-metals miners around 2018.
Frustrated by how hard it was to see where serious capital was actually moving, I built my own research infrastructure to track ownership, insider transactions, institutional activity, and fundamental change across mining companies. That engine is GoldSignal Data, and the platform behind it is GoldSignal.ai.
Mispriced Miners is where I share what that research turns up — the ideas, the thinking, and the judgment calls — in plain language, for anyone trying to understand this corner of the market as seriously as I do.
Deep-dives on individual companies and the capital flows shaping the sector.
Coming soon
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