Jonathan Goodman: Why the Next 10-30 Years Will Be the Decade of the Miner - Lessons from a Lifetime in Geology, Finance, and Mine Building

In a wide-ranging Mining Stock Education interview, Jonathan Goodman geologist, former mine builder, and CEO of publicly traded merchant bank Dundee Corporation (TSX: DC.A) explains why decades of underinvestment have set the stage for a multi-decade opportunity in mining, why governments are finally moving to streamline permitting, and what retail investors must understand about project studies and industry biases.

Disclaimer

This article is for informational and educational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy, sell, or hold any securities, commodities, or mining equities. All facts, figures, dates, prices, and other information are based on the publicly available Mining Stock Education interview with Jonathan Goodman (2026) and market context as of May 1, 2026. Commodity prices, exploration results, permitting timelines, and company performance are volatile and subject to rapid change. Investing in mining stocks involves substantial risk of loss of capital. Readers should conduct their own due diligence, review all relevant regulatory filings (including NI 43-101 technical reports), consult qualified advisors, and consider their individual circumstances before making any investment decisions. No guarantees or assurances of future performance are expressed or implied.

The Decade of the Miner: A Generational Opportunity

Jonathan Goodman has spent his career on multiple sides of the mining business — as a geologist, mine executive, and investor. In a candid interview with Bill Powers on Mining Stock Education, he makes a compelling case that the mining sector is entering a multi-decade upcycle unlike anything seen in recent memory. The reasons are structural. After the end of the last major mining supercycle around 2010–2011, generalist investors largely abandoned the sector in favor of technology. Mining became “a bad word” for many portfolios. Combined with a “not in my backyard” attitude toward new mines in North America, chronic under-capitalization, talent shortages, and lengthy permitting timelines, the industry suffered for 10–15 years. Now the pendulum is swinging back. Global supply constraints, de-globalization, and the urgent need for secure Western supply chains for copper, gold, silver, and other critical minerals are creating powerful tailwinds.

“Knowing that people who are in the mining business, the next 10 or 20 or 30 years are going to be a lot better than the time before.”

Goodman points to improving government attitudes, particularly in Canada. He recently met with an Ontario minister who reached out proactively: “How can we help? We want to get it right.” This marks a significant shift from years of regulatory friction.

Permitting Reform Is Finally Gaining Traction

Goodman believes governments in Canada and the U.S. are serious about streamlining permitting. Mines should not take 10 years to permit, especially when environmental issues, while important, are solvable with best practices.He notes that political rhetoric is now matched by action. Policymakers increasingly recognize the strategic risk of relying on adversarial nations for critical materials. This friend-shoring trend favors stable jurisdictions like Canada, where mines can be permitted responsibly and built efficiently.

Lessons from Actually Building Mines

Goodman’s perspective is grounded in real-world execution. At Dundee Precious Metals, the team developed projects in Bulgaria and Serbia, including the Chelopech mine. These experiences taught him the importance of conservatism in studies and the value of starting smaller and scaling.He contrasts this with today’s environment, where many companies design projects primarily to sell to majors rather than build them. This shift has led to overly optimistic assumptions in technical reports.

Why DCF, PEA, PFS, and FS Often Mislead Investors

One of Goodman’s strongest messages is a warning about how the industry uses technical studies:

• DCF (Discounted Cash Flow) models are flawed for valuation because mine lives frequently exceed initial projections. A 7–10 year model in 2003 would have missed decades of additional production at Chelopech (now the flagship asset for Agnico Eagle after rebranding and expansion).

• PEA, PFS, and FS are engineering stage gates, not valuation tools. They have become marketing documents, with pressure on Qualified Persons (QPs) to present aggressive but still “defensible” numbers.

• Recommendations and risk sections in these reports often contain the most valuable insights — areas where engineers signal caution or upside not fully captured in the base case.

Goodman advises investors to read beyond the executive summary and focus on the geology first. “If there’s no orebody, nothing else matters.”

Dundee Corporation’s Unique Position as a Public Merchant Bank

As CEO of Dundee Corporation (TSX: DC.A), Goodman runs a publicly traded merchant bank with a substantial cash position (~$190 million) and a portfolio of mining investments. The company trades at a significant discount to NAV, a common trait for merchant banks and holding companies.

Their strategy emphasizes:

• Building predictable cash flows to narrow the NAV discount.

• Taking meaningful stakes in high-quality assets (e.g., earning into Westhaven Gold with plans to become operator at 60%).

• Maintaining discipline and realism in evaluations.

Goodman stresses that Dundee thinks and acts like long-term investors, not short-term promoters.

Advice for Retail Investors in Mining Stocks

For newer investors, Goodman offers practical guidance:

• Understand industry biases: Brokers want deals done, management presents best-case scenarios, and technical reports are stage gates.

• Focus on management track record and whether teams are building mines or just trying to sell projects.

• Look at geology and metallurgy early — “let the rocks speak.”

• Be skeptical of headline numbers in studies; dig into risks and recommendations.

• Smaller positions in early-stage stories can offer asymmetric upside with lower risk than large bets.

He encourages patience and continuous learning: “You have to pay attention. You have to read stuff.”

Final Takeaway: A Multi-Decade Opportunity Requires Discipline

Jonathan Goodman’s interview is both optimistic and realistic. The mining sector faces genuine tailwinds from supply shortages, geopolitical realignment, and improving policy support. However, success demands rigorous due diligence, geological understanding, and recognition that technical studies are not gospel. For Canadian investors on the TSX and TSXV, this environment favors companies with strong management, realistic plans, and assets in stable jurisdictions. The “Decade of the Miner” — or potentially longer — is underway, but it will reward those who approach it with discipline rather than hype.