“If I had to pick one place in the world to look for copper myself, it would be in the Tethyan metallogenic belt … The probability of discovering…”
Underexplored Central Asian porphyry belt hides billion-ton copper; a discovery there re-rates the explorer holding it.
“That's a stunning deposit, and it's a grassroots deposit.”
Snowline holds a stunning grassroots Yukon gold deposit with exceptional management
“deposits that were too small to amortize their own mill won't have to this time. There are so many hungry mills up there that a 700,000 or 800,000-ounce…”
Toll-milling re-rates a sub-1 Moz Abitibi deposit from sub-economic to producer or buyout target.
“I've invested in something like 70 public prospect generators in the mining business over 50 years.”
Mining prospect generators give a 30% hit rate vs 1-in-3000 base rate; patient capital wins
“the Tether people have noticed and have mentioned publicly that the third-tier royalty companies are substantially cheaper by most valuation metrics than the…”
Tether-backed third-tier royalty rollup eliminates the valuation discount; cheap royalties re-rate
“the set of circumstances that would cause me to sell my gold doesn't seem possible … I would like to own a lot more gold, uh…”
Gold pullback is a buy: debt and currency debasement make the conditions to sell gold near impossible
“And the gold stocks themselves, I would suggest by traditional valuation metrics, are at a discount to their values relative to the price of gold and their…”
Gold stocks trade at a discount to gold price and future cash flows; quality names re-rate over the decade
“what they will do is buy the very best. They'll buy Franco-Nevada, they'll buy Wheaton Precious, they'll buy Agnico Eagle.”
Buy the best gold names and hold: Franco-Nevada, Wheaton, Agnico are the low-work way to win the decade