Find the lead.
Look for ownership changes, committed strategic capital and operating developments in dated public filings. A signal earns an investigation, not a recommendation.
About / The person behind the research
I started with the data.
It led me back to value.
I'm Jon Binder. I publish Mispriced Miners to find overlooked gold and silver mining companies, investigate the economics, and ask one question: what could this business actually be worth to its shareholders?
01 / The origin
I came to mining as an investor and a systems thinker.
The appeal is the inefficiency. The challenge is separating an attractive business from an attractive story.
I've invested in mining companies for years. It's a complicated corner of the market, especially among smaller producers and developers. There can be less analyst coverage, fragmented information, and enormous differences between the headline production story and the economics that eventually reach shareholders.
My professional background is in building and working with large-scale data systems in the federal government. I studied international business and economics, then human-computer interaction. That experience shaped how I approach research: trace the source, question the assumptions, and make the work understandable enough to challenge.
So I began building tools to track insider buying, large ownership stakes and strategic investments in mining companies. At first, I expected clusters of insider purchases to provide a straightforward advantage.
The historical tests didn't support the simple story I hoped to find. That changed my approach. A filing can show where someone is committing capital. It can't tell me whether the stock is cheap, whether the mine is well financed, or how much value will survive for each share.
Today, I use data to narrow the search and value investing to do the harder part: understand the business, examine the downside and compare its likely value with the market's expectations.
The central idea
“A compelling mining story is not the same thing as an undervalued mining business.”
The distinction is where I spend most of my time.
02 / How I work
Evidence first.
Shareholder economics always.
My job isn't to produce the longest list of ideas. It's to identify the few situations worth investigating, and to be clear about what would make the thesis wrong.
Underwrite the business.
Study mine life, required spending, financing, cash flow and dilution. Growing production only matters if it can create growing value for owners.
Test the gap.
Compare a range of defensible per-share values with the market price, including lower metal prices, slower execution and what remains unresolved.
03 / Two distinct roles
The system finds the evidence.
I make the judgment.
GoldSignal Data
The research infrastructure: tools for organizing mining filings, ownership information and other signals. Its job is to surface things that deserve attention, not to decide what to buy.
Explore GoldSignal.aiMispriced Miners
My independent editorial publication. Here I interpret the evidence, investigate businesses, examine valuation and explain where my conviction or uncertainty comes from.
Start with the work
Judge the research for yourself.
You don't need a subscription to see the approach in action. Start with a free guide or an actual company case.
Free field guide
The Cash-Flow Checklist
Ten questions for testing financing, dilution and the economics that belong to each share.
Company research
The Contango case
A source-linked example that makes the unanswered mine-life and valuation questions visible.
About the approach
How I value miners
The assumptions, risks and checks that matter beyond the headline gold price.
Keep reading
Good research should earn your inbox.
Occasional independent notes on overlooked miners, shareholder cash flow and places worth a closer look. No forced publishing schedule.
I may own shares in companies I discuss and disclose relevant interests. This is educational research, not personalized investment advice. Read the disclosures.