READ TIME: 5 MINUTES

Eric’s journey wasn’t a straight line. Originally tempted by a career in archaeology, thanks to Indiana Jones films, Lemieux chose geology after realizing archaeology had dim job prospects. He wanted to work outdoors, not behind a microscope. With a foundation in geology from Quebec, he would later pivot towards mineral economics—a decision that led him to where he is today.

Sometimes the big discoveries aren’t where you expect them. They’re hiding in areas people have already written off.

Eric Lemieux, Geologist

Lemieux’s academic path, which saw him move through various geology and mineral economics programs, eventually morphed into a career that spanned both sides of the mining industry: from regulation to investment. His first major role was with the Montreal Stock Exchange during the Bre-X scandal, a time when the industry was rocked by fraud. That experience sharpened his awareness of the risks and pitfalls in exploration.

“I pride myself on being transparent and balanced, even if it means stepping on toes,” said Lemieux, whose work has often attracted both praise and criticism. He went on to become a sell-side mining analyst, a role that involves interpreting press releases and technical reports for investors. He takes pride in being deeply analytical, sometimes even pointing out details that companies themselves may overlook in their own news releases. “I always say the devil’s in the details,” Lemieux explained, a mantra he lives by when digging through company reports and site visit observations.

Losing His Shirt

When asked about his early investments in the mining space, Lemieux joked about the financial losses he incurred early in his career. “Sometimes I’ve lost my shirt,” he quipped, noting that while he’s had his share of wins, the journey has not been without its setbacks. He highlighted a key lesson for anyone entering the industry: it’s not just the geology you need to pay attention to; it’s the team. For Lemieux, understanding the people running the company is often more important than the technical data itself.

Site Visits & Red Flags

Site visits are critical for Lemieux’s investment strategy. He believes you can’t get a true sense of a project from the numbers alone. “You need to meet the soldiers, not just the generals,” Lemieux said, describing the importance of engaging with the field staff who carry out the day-to-day work at mining projects. These individuals offer him a deeper understanding of whether a company’s vision is being executed properly. “You can have the best plan, but if the people on the ground aren’t passionate or skilled, it won’t work.”

However, Lemieux has never been a purely optimistic voice in the industry. While he appreciates the technical accomplishments of many companies, he’s also critical when he sees red flags. “Sometimes I’m paid to be positive, but I won’t rubber stamp anything. I’ve lost clients because I refuse to overhype.”

On the topic of Quebec’s mining sector, Lemieux’s knowledge is vast. Having been based in Drummondville, Quebec, for years, he’s intimately familiar with the province’s geology and the key players in the industry. One of the central themes of his analysis is the potential of brownfield projects—sites that have previously been explored but could yield more with modern techniques. “Sometimes the big discoveries aren’t where you expect them. They’re hiding in areas people have already written off.”

But even with his deep knowledge, Lemieux admits that not all investments have gone according to plan. He recalled his initial misjudgment of Great Bear Resources, a company that went on to become a huge success. “They were drilling these high-grade cigars, and I thought, ‘This won’t work, there’s no tonnage.’ I was wrong. They shifted their focus, applied the right model, and hit a home run with the Dixie project.” This, Lemieux believes, highlights the unpredictability of exploration and the importance of a strong management team capable of adapting.

Investing for Pleasure

He also touched on his own philosophy of investing for pleasure. “You need to have fun when investing. If you’re not enjoying it, stay away. This industry is 99% losing money, so if you can’t take pleasure in the process, you’ll be miserable.” His advice for investors is to look for teams with passion and drive, and to diversify within the sector—balancing between exploration companies, developers, and producers.

Asked about his biggest frustration with the industry, Lemieux cited the lack of patience among investors. “Everyone’s looking for the next slam dunk, but geology doesn’t work like that. You’re not going to find a Canadian Malartic every year. But that doesn’t mean there aren’t opportunities.”

One such opportunity, in Lemieux’s eyes, lies in projects that revisit old mining camps—places that have been explored before but now have a new lease on life thanks to better technology or a shift in the market. “Brownfields can be goldfields,” he noted with a grin, emphasizing that it often takes a combination of timing, technology, and luck to make these projects work.

Eric’s Own Portfolio

As for his own portfolio, Lemieux admits it’s a mixed bag. “I tend to invest in explorers because that’s where I think I can add the most value. But don’t get me wrong, I’ve made bad calls too. I think the majority of my investments haven’t panned out. But that’s part of the game.”

Despite his skepticism, Lemieux sees a bright future for Quebec’s mining sector. With vast unexplored territories and an abundance of historical data, he believes the next big discovery could be just around the corner. “There’s a lot of potential here, but it takes a long-term vision. You need to be ready to invest for the long haul.”

Final Thoughts

Asked for any final thoughts, Lemieux didn’t mince words. “You need to have passion and patience in this business. If you’re just here for a quick buck, you’re going to be disappointed. But if you stick around, sometimes the stars align, and you hit it big.”

Eric Lemieux Interview

This is a very brief summary of what was a lengthy interview. Don’t rely on this summary. Watch the full interview which is linked above.

Please note that this guest has not paid for the creation of this content. The Resource Talks interview rules are simple.
The companies, albeit paying or non-paying, get no questions upfront, no questions off the table, and no editing rights.

The information provided herein is general & impersonal in nature and meant for entertainment purposes only. The reader acknowledges and agrees that the information does not constitute a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. The author is not a licensed investment advisor. He is just another talking head on the internet. He might own shares of companies mentioned in this publication. Always assume he doesn’t know much more than a potato does. The mining & exploration space is among the riskiest sectors to invest in. The risk of anything mentioned in this publication is 100% loss of capital. If you don’t read the official documents provided by the company on http://www.SedarPlus.ca, you will lose all of your money.