Amir Adnani's name should never be uttered in the same breath as any of the other management teams you mentioned as quality stewards of capital.
He has built nothing but a very high-quality marketing company with shit assets. UEC is a poster child of everything wrong with the Canadian mining industry.
Really enjoyed this framwork for evaluating resource stewardship. The Hurricane Energy example is a perfect cautionary tale about why independnt verification matters so much in this sector. Your point about Robert Friedland and Ivanhoe resonates, he's consistently been ahead of where capital flows end up going, whether it was diamonds in the 90s or copper now. The data on shrinking discovery sizes is eye opening too. When the average major find is down from 5.5 to 3.5 million ounces, the math gets brutal for companies trying to replace reserves. Quality over everything in this environmet. Looking forward to the deep dives on specific names.
Personally, I would be interested in hearing about the Chinese miners, including the new Zijin Gold spin-off. Either way it will make for some fascinating reading, and I can't wait. Thank you.
Dear Alexander, Thank you for the analysis. I was curious why you used 1,000 shares in the denominator rather than, for example, 1,000 USD of EV? While nobody seems to be mentioning OceanaGold, I find it a very compelling company given its debt-free balance sheet, active buyback program, strong free cash flow, exposure to good jurisdictions, capex-light growth profile (via both a robust expansion program and track record of exploration success).
Curious to learn about your framework as i am keen to stress test my personal gold longs: EQX, ARTG, KNT, GOT
Start with AEM, LUG and GMIN
Sounds good
Well said, so true and thank you.
Amir Adnani's name should never be uttered in the same breath as any of the other management teams you mentioned as quality stewards of capital.
He has built nothing but a very high-quality marketing company with shit assets. UEC is a poster child of everything wrong with the Canadian mining industry.
I find the streamers interesting - like WPM, FNV, RGLD - which own parts of the biggest mines often.
It would also be interesting to focus on why AEM & KGC have been leading, while NEM & B have been lagging (amongst the biggies). And will this change?
And why do the Lundins appear to be more successful in most of their mining companies, while most others not (at least not to the same scale).
Would love your thoughts on solgold, since 31 M ozs makes for a long mine life. Franco Nevada and Osisko royalties must like something there.
Really enjoyed this framwork for evaluating resource stewardship. The Hurricane Energy example is a perfect cautionary tale about why independnt verification matters so much in this sector. Your point about Robert Friedland and Ivanhoe resonates, he's consistently been ahead of where capital flows end up going, whether it was diamonds in the 90s or copper now. The data on shrinking discovery sizes is eye opening too. When the average major find is down from 5.5 to 3.5 million ounces, the math gets brutal for companies trying to replace reserves. Quality over everything in this environmet. Looking forward to the deep dives on specific names.
Dear Alexander,
Among the list shared above, I'm very curious and interested in your thoughts on B2Gold.
In addition to that, GMIN and ARTG could be interesting companies to study further for me with your valuable insights.
This is a fantastic idea, thank you very much
Hi Alexander, on your table, what do the colors mean?
Personally, I would be interested in hearing about the Chinese miners, including the new Zijin Gold spin-off. Either way it will make for some fascinating reading, and I can't wait. Thank you.
Silver miners?
Can not find out how to subscribe
Dear Alexander, Thank you for the analysis. I was curious why you used 1,000 shares in the denominator rather than, for example, 1,000 USD of EV? While nobody seems to be mentioning OceanaGold, I find it a very compelling company given its debt-free balance sheet, active buyback program, strong free cash flow, exposure to good jurisdictions, capex-light growth profile (via both a robust expansion program and track record of exploration success).
Please explain in the first table why NEM has more total reserves than the senior gold miners? This seems like an error, is it not?
Looking forward to the Uranium reports: UEC (Amir Adnani) and LEI are some of my largest holdings. Curious so see your take on it Alex.