00:00:00
what I'm going to do today is rather
00:00:03
than tell you what you ought to own tell
00:00:06
you about what I own not saying that you
00:00:08
should buy what I buy your circumstances
00:00:10
are different than mine your preferences
00:00:12
are different than mine your needs are
00:00:13
different than mine so I'm going to go
00:00:15
through some of the exhibitors the ones
00:00:16
that are in my accounts are in accounts
00:00:19
uh that I manage and I'm going to talk
00:00:21
to you very briefly because there's too
00:00:23
many of them why I own them if that's
00:00:26
okay uh we'll do it alphabetically uh Al
00:00:29
dear and resources uh I own it because
00:00:32
I've made a lot of money in the past
00:00:33
with the
00:00:34
CEO uh those are good people I know some
00:00:37
of the other shareholders uh I like the
00:00:40
deposit um I have a belief in deposits
00:00:44
that could be big deposits I don't like
00:00:46
small deposits I think big deposits can
00:00:48
make you big money small deposits only
00:00:51
make you small money and big and small
00:00:53
deposits both have big risks I own Alex
00:00:57
resources again because I know the CEO I
00:00:59
know the chairman and I think the
00:01:02
company is worth a substantial premium
00:01:03
to what it's selling for I I can't tell
00:01:06
you too much about the growth of the
00:01:07
company but I do know that they're a
00:01:09
prospect generator meaning that they use
00:01:10
other people's money and don't have to
00:01:12
dilute I like the idea that I'm getting
00:01:15
12 or5 million worth of value in a five
00:01:18
or $6 million
00:01:20
rapper uh a great exhibitor here is alus
00:01:23
resources I'm proud to say I think that
00:01:25
I was shareholder number five of alus
00:01:29
resources way back when I was a young
00:01:31
man uh I've owned it for almost 30 years
00:01:34
it goes from absolute strength to
00:01:36
Absolute strength Brian Dalton has
00:01:38
become in the 25 or 30 years that
00:01:40
they've been public one of the best
00:01:42
asset allocators in the natural resource
00:01:44
business uh I just became uh very very
00:01:48
very recently a shareholder of Amar
00:01:50
resources I've known Bob Dickinson well
00:01:53
I've known him since I was in university
00:01:55
I'll let you guess how long that is uh I
00:01:58
love the potential of the new discovery
00:02:00
here in BC but it's certainly earlier
00:02:02
and more spe expectative stage than most
00:02:05
I own Amaro resources I've owned it for
00:02:07
probably 20 years they describe
00:02:09
themselves as a copper Factory uh I
00:02:11
think that's a wonderful description uh
00:02:14
they process a very very very large
00:02:17
tailings uh deposit that was put in
00:02:19
place by El tenente uh to put this in
00:02:22
context the remaining uh reserves and
00:02:24
resources that they have are about the
00:02:27
same as the gross reserves and resources
00:02:29
of the Highland Valley in
00:02:31
BC uh this tailings deposit will be
00:02:34
producing long after I've shed my mortal
00:02:37
coil uh probably producing as long as
00:02:40
anybody in this room is left standing
00:02:44
coming all the way down now Dolly vard
00:02:46
and silver uh I need to say I don't own
00:02:48
as much as I used to not because I
00:02:50
dislike anything that the company's done
00:02:52
but because they've tripled and so I've
00:02:55
sold some money because they gave me
00:02:57
more performance than I would have
00:02:58
expected in a closer period of time
00:03:00
I still own it I like the idea that the
00:03:02
two deposits they control may join up
00:03:05
but at any rate I like the fact that uh
00:03:07
the mineralization that they have so far
00:03:09
is indicative of the fact that there
00:03:11
might be much more mineralization Eagle
00:03:14
Plains resources and Eagle royalty I own
00:03:17
these are Prospect generators Prospect
00:03:18
generators for those of you who don't
00:03:20
know are people who grow by using their
00:03:22
Technical and Commercial Acumen to
00:03:26
develop exploration thesis and then they
00:03:28
Farm the project out and use other
00:03:30
people's physical capital this has been
00:03:33
the single most successful exploration
00:03:36
theme of my 50 years of experience in
00:03:39
Mineral uh mineral exploration
00:03:41
speculation it takes patients which most
00:03:44
people don't have mercifully I do but
00:03:47
using other people's money is simply the
00:03:50
easiest way to leverage exploration
00:03:52
growth without diluting yourself out of
00:03:55
existence people describe Prospect
00:03:57
generators as boring and age 71 almost
00:04:01
72 I've decided that boredom is
00:04:03
preferable to Terror uh which is what
00:04:06
happens when companies become
00:04:07
underfunded Eagle planes is a classic
00:04:09
example of a prospect
00:04:13
generator uh somewhere oh yeah I own
00:04:15
Empress royalty a small royalty company
00:04:18
frankly subscale but a company that's
00:04:20
selling at a discount to what it's worth
00:04:22
it's very very very well-run and they
00:04:24
have a durable competitive Advantage uh
00:04:27
in that they are associated with with
00:04:29
the Endeavor Financial Group uh which
00:04:31
have been mind financiers worldwide the
00:04:34
idea that they have access to the deal
00:04:36
flow of endeavor in a very small market
00:04:38
cap is what I would suggest is their
00:04:40
durable competitive advantage and the
00:04:42
royalty model has treated me
00:04:44
extraordinarily well over 50 years I'm
00:04:46
attracted to the model a business where
00:04:49
your gross is your net where you don't
00:04:51
have to worry about sustaining Capital
00:04:52
Investments or all in sustaining costs
00:04:55
is from my point of view a very very
00:04:58
good model
00:05:00
I own Equinox gold because I've known
00:05:03
the founder of that company Ross Bey for
00:05:05
literally 50 years in addition to being
00:05:08
a serly successful human being uh he's a
00:05:11
close friend of mine I know him I trust
00:05:13
him the stock has been hammered although
00:05:15
it's done better the last four months I
00:05:17
like that what the market says is that
00:05:20
he will not be a success in Northern
00:05:22
Ontario building a mine which really
00:05:23
stretched their balance sheet I believe
00:05:25
he will be a success time will tell if
00:05:28
I'm right uh I think the stock is an
00:05:30
18-month double if I'm wrong I think the
00:05:32
stock will be cut in half um I have
00:05:36
never ever ever lost
00:05:39
money uh betting against well betting on
00:05:43
uh rths Bey and his team's faculties in
00:05:46
this business and I'm highly confident
00:05:48
that I won't be wrong this time I own
00:05:52
fir weed Metals for a couple reasons
00:05:54
these are deposits that I knew well in
00:05:56
my youth they're gigantic deposits
00:05:58
worldclass deposits remote deposits
00:06:01
they're located fairly close to where
00:06:03
Santa Claus is reputed to live uh in
00:06:05
Northern Canada uh importantly the
00:06:08
stewards Behind these projects are the
00:06:10
lundine family uh a family that I have
00:06:12
done business with and invested with
00:06:14
since
00:06:16
1974 50 years of experience with this
00:06:18
family I'm on the third generation now
00:06:21
big deposits which I like great people
00:06:23
which I like
00:06:25
too where am I here uh Fortuna mining uh
00:06:29
I recently added Fortuna mining simply
00:06:31
because I think it's oversold there was
00:06:34
a silver constituency around this
00:06:35
company it's gold dominant now they
00:06:38
specialize in deposits in jurisdictions
00:06:41
that other people are feel feel are
00:06:42
gamey Argentina Colombia West Africa but
00:06:47
from a financial point of view the
00:06:48
company is very strong and on a net
00:06:51
presentes value to Enterprise Value
00:06:52
basis I think that the company is cheap
00:06:55
my only criticism of fortuna is that
00:06:57
rather than having one really great big
00:06:58
mine they have a series of smaller mines
00:07:02
and my experience is twofold it's easier
00:07:04
to run one or two mines than it is five
00:07:07
and small mines tend to make you small
00:07:09
money as opposed to big money I own
00:07:13
goold uh I think that they have Camp
00:07:18
scale potential not a mine but a camp
00:07:20
the stock is sold off because I think
00:07:22
that people have expressed uh
00:07:24
unnecessary pessimism with regards to
00:07:27
Mexico let me rephrase that
00:07:30
Mexico is regarded as a risky
00:07:32
jurisdiction and in my experience every
00:07:34
jurisdiction in the world is risky the
00:07:37
question is what do you pay to be
00:07:39
persecuted politically uh I think that
00:07:42
the market is discounting political risk
00:07:43
too much and they aren't discounting
00:07:46
political risk in other jurisdictions
00:07:47
say the United States and Canada
00:07:50
enough uh so I own go gold I own it
00:07:53
because I would rather take political
00:07:54
risk personally than I would take
00:07:56
technical risk I own gold royalty
00:07:59
because I'm a huge fan of the founder
00:08:01
Amir adani uh who despite his young age
00:08:04
I've known and done business with for 25
00:08:06
years Superior human being uh he's got a
00:08:09
whole group of companies uh and I I
00:08:12
trade those companies Amir is a superb
00:08:14
promoter and sometimes the companies get
00:08:16
ahead of themselves and when he's been
00:08:18
kind enough to do that for me I sell
00:08:20
them and I wait until the fewer are
00:08:22
engendered by his promotional acument
00:08:24
subsides and I buy them back uh gold
00:08:27
royalty is one that has rewarded me well
00:08:29
I think will reward you well hot chili
00:08:33
horrible name I mean an absolutely
00:08:35
horrible name uh great big deposit
00:08:38
well-located deposit on the coast of
00:08:40
Chile an interesting Water Resource that
00:08:42
I don't know how to Value great CEO my
00:08:45
only objection to this is that so far
00:08:47
they don't have any high-grade starter
00:08:49
pit they have a sea of Fairly lowgrade
00:08:51
copper very large frontend Capital
00:08:53
expense that you'll have to advertise
00:08:55
over a whole ocean of deposits they need
00:08:59
uh a high-grade starter pit so that they
00:09:01
have quicker recruitment of capital if
00:09:03
they do that and by the way a wonderful
00:09:05
place to look for a high-grade deposit
00:09:06
is in a great big low grade deposit uh
00:09:09
then that stock is really truly uh Off
00:09:11
to the Races I really like the people I
00:09:14
know the chairman uh Dr Nicole aded
00:09:16
Nikki to me very very well if you don't
00:09:19
know her you should get to know her
00:09:20
she's a superior human being I own ISO
00:09:24
energy I like the whole uranium space
00:09:25
well no I don't like the whole uranium
00:09:27
space I like uranium most of the stocks
00:09:29
in the uranium space don't have any
00:09:31
uranium which is unfortunate uh ISO
00:09:34
uranium has an interesting Discovery uh
00:09:36
I like the prospect for the Uranian
00:09:37
business in the next 5 years ISO is run
00:09:40
by good people uh they have a very good
00:09:42
deposit I own Midland exploration
00:09:45
Prospect generators in the province of
00:09:47
Quebec I think Quebec and Saskatchewan
00:09:50
are two of the finest mineral
00:09:53
legislation jurisdictions in the world
00:09:56
most of the world in the exploration
00:09:58
business the government punishes you in
00:10:00
Quebec the government subsidizes you and
00:10:02
while I feel a little dirty receiving
00:10:04
subsidies uh I would rather be supported
00:10:07
than persecuted and Quebec is one of
00:10:08
those jurisdictions that does just that
00:10:12
I own nation's royalty despite the fact
00:10:14
I think it's ahead of itself I really
00:10:15
like the people and I really like the
00:10:18
idea that indigenous people participate
00:10:20
in their own wealth uh not from the
00:10:22
federal government rather from their own
00:10:24
valtion the idea that everybody
00:10:26
acknowledges that the resources are
00:10:27
theirs and that they have a private
00:10:30
sector means of benefiting uh rather
00:10:34
than giving up the wealth in their land
00:10:37
to com to to Ottawa and then going and
00:10:39
begging Ottawa for the money the idea
00:10:41
that they get it directly and the idea
00:10:43
that they can facilitate transactions
00:10:45
with the industry directly without
00:10:47
having to go through Victoria without
00:10:48
having to go through Ottawa I think it's
00:10:50
a wonderful sociological model and I
00:10:52
think it's a wonderful economic model
00:10:54
there's a young gentleman who works
00:10:56
there with tallan named Cody Penner I
00:10:58
don't know if he's in the
00:10:59
room uh he'd be easy to find he's about
00:11:02
6' 49 at any rate if you don't know Cody
00:11:05
Penner uh go to the booth and meet him
00:11:07
he's a future
00:11:09
Superstar uh I own Osco gold royalty
00:11:11
I've made a lot of money with the Osco
00:11:13
group over time uh Shan Rosen is a
00:11:17
superior human being first class guy
00:11:19
Osco royalty among the midcap royalties
00:11:22
is on an Enterprise Value Enterprise to
00:11:25
Net Present Value basis the cheapest of
00:11:27
the gold royalty companies in the midcap
00:11:30
space from my point of
00:11:32
view I own regulus resources wonderful
00:11:35
deposit same CEO as Al dearon uh a guy
00:11:39
who's made me a lot of money in the past
00:11:41
uh and a guy who's been really really
00:11:42
really candid with me when I've asked
00:11:45
him about problems as opposed to GL
00:11:46
glossing M he no those are real problems
00:11:49
that keeps me awake at night uh here's
00:11:51
what I'm doing to try to amarate the
00:11:52
risk but I haven't ameliorated it yet in
00:11:55
other words an honest human being uh a
00:11:57
person who normally when a promoter
00:11:59
gives you a story you know the
00:12:02
arithmetic is you take the story times 6
00:12:04
or 0.5 you cut the story in half uh I
00:12:08
found with John black you take the story
00:12:09
times 1.3 uh I prefer that kind of
00:12:12
arithmetic where you have to amplify the
00:12:14
promoter story as opposed to Discount
00:12:17
the promoter story and I think regulus
00:12:19
is one of those uh I own snowline gold
00:12:23
uh I like things that are big deposits
00:12:26
particularly big deposits that I think
00:12:28
are going to get
00:12:29
bigger and if I get a big deposit in a
00:12:33
jurisdiction that I think looks
00:12:35
favorably on that deposit I'm attracted
00:12:37
of that the Yukon sold off in the
00:12:40
aftermath of the Victoria gold
00:12:41
circumstance and I don't think the
00:12:43
Victoria gold circumstance will have any
00:12:45
intermediate impact intermediate term
00:12:47
impact on permitting in the Yukon so I
00:12:50
love circumstances where there's a
00:12:51
deposit that I like that gets clouded by
00:12:54
a story that I think is irrelevant uh
00:12:57
snowline went on sale after Victoria and
00:13:00
I think what happened in Victoria is
00:13:02
absolutely irrelevant to Snow Line
00:13:04
except for in the two or three or four
00:13:06
month Horizon if you think like I do in
00:13:08
the femon Horizon five-year Horizon
00:13:11
pardon me what happened as a consequence
00:13:13
of Victoria is a blessing uh a great
00:13:16
deposit one on sale for reasons that
00:13:18
were absolutely positively irrelevant
00:13:21
which I like you know it's funny I'll go
00:13:23
in a little tangent
00:13:25
here people normally buy consumer goods
00:13:28
pretty well let's say Winter's
00:13:30
approaching and you go down to Pacific
00:13:31
Center you're looking for a
00:13:32
coat over here there's a store that says
00:13:37
premium price Goods never a sale you'll
00:13:39
always pay too much right over here all
00:13:43
Goods down 50% where do you go you go to
00:13:46
the sale financial Goods people want to
00:13:49
pay too much it's really really really
00:13:51
strange the price of something goes up
00:13:54
and the fact that the price went up
00:13:55
seems to verify the narrative the idea
00:13:58
that you VI verify a narrative after a
00:14:00
stock has tripled means that the market
00:14:02
performance of the stock has already
00:14:04
obviated The Narrative that you bought
00:14:05
the stock for so remember if you really
00:14:08
like something the fact that it fell by
00:14:10
half is a good thing if nothing
00:14:13
fundamental has changed a stock that
00:14:15
fell by half is twice as attractive and
00:14:19
that's what happened at snowline it's
00:14:20
really tough to convince people of this
00:14:22
but believe me after 50 years in this
00:14:24
racket it's absolutely positively
00:14:27
true I own your uranium energy and
00:14:29
uranium royalty you know I like the
00:14:31
uranium business you know I like Amir
00:14:33
adani because I Told You So with gold
00:14:35
royalty uh top quality people again my
00:14:38
objection is that these are a series of
00:14:39
small deposits as opposed to one great
00:14:42
big deposits that's what's wrong with it
00:14:44
but the truth is the United States is
00:14:46
going to be a very good place to be in
00:14:47
the uranium business for the next five
00:14:48
or six years four or five years ago as a
00:14:51
uranium Speculator in the United States
00:14:53
I was vilified people said you're trying
00:14:56
to profit off Hiroshima and Nagasaki
00:15:00
Fukushima Three Mile Island then the
00:15:02
price of uranium went up and all my
00:15:04
critics were saying you got any stock
00:15:05
tips for me but it gets stranger I mean
00:15:08
the official Outlook in Washington five
00:15:10
years ago was that uranium was
00:15:12
horrible in the inflation reduction act
00:15:14
they decided to subsidize us that will
00:15:17
tell you something about the sea change
00:15:18
of
00:15:19
support uh I think that the election of
00:15:21
trump and by the way I'm no fan of trump
00:15:24
nor was I a fan of Biden uh well I think
00:15:27
it'll do many bad things to the country
00:15:28
I think it'll do some wonderful
00:15:30
wonderful things for the uranium
00:15:32
business in the United States including
00:15:34
of course these and then finally on the
00:15:36
list I got through the v's which is
00:15:38
great with some time left uh I got
00:15:40
through the v's uh Visa silver
00:15:43
is already a fairly profound deposit I
00:15:46
see sort of 300 million ounces there and
00:15:49
I see the probability that they had at
00:15:52
least another 100 million ounces high
00:15:54
grade ounces the stock has suffered a
00:15:57
bit because of the perception of
00:15:58
political risk in Mexico as I said
00:16:00
earlier I prefer to take political risk
00:16:03
to technical risk particularly if I
00:16:05
think that that political risk uh is
00:16:07
overblown so I own
00:16:10
them uh I hope I've done a good job of
00:16:12
giving you a 20 minute light lightning
00:16:15
tour of 22 companies that are exhibitors
00:16:17
here I'm not suggesting that you should
00:16:19
buy all of them I'm not suggesting that
00:16:20
you buy any of them what I'm suggesting
00:16:23
is that you use the database I've given
00:16:25
you in conjunction with the lessons that
00:16:27
I hope you employ from the real CL
00:16:28
classroom and that this gives you a
00:16:30
focus list to ask your questions about
00:16:34
when I say individual circumstances vary
00:16:36
it's very true your means are different
00:16:39
than mine your perceptions are different
00:16:41
than mine your patience your risk
00:16:43
tolerance all those things are different
00:16:45
different than mine there's no one-size
00:16:47
fits-all approach to to portfolio
00:16:49
construction I can tell you how to
00:16:51
select stocks but you have to design
00:16:54
your own portfolio to reflect your own
00:16:56
Prejudice and your own needs so this is
00:16:59
really truly a guideline
