Stock price when the opinion was issued
Has a massive project in Alaska which has been mired in controversy. It has had partners leave, big CapX spend, environmental sensitivities, etc. There was some rejuvenation when Trump was elected, because environment was a little bit less of an issue. He is at the point where he perceives mega projects are not desired anymore. Seniors have found a bit of religion in trying to focus on efficiencies, getting their house in order, and have been doing small acquisitions and trying to build future development projects on a more modular basis.
Has never owned this. The deposit was looked at by Rio Tinto and Anglo which spent a lot of money on it, but then both walked away. His investment thesis on any exploration or developing companies is for an eventual take out. When he sees 2 majors walking away from it, it makes him think twice. Also has problems with the economics as some of the high grades is much deeper.
(A Top Pick Dec 14/16. Up 13%.) One of those eternals that is desperately trying to become one of the world’s greatest copper/gold mines in Alaska. It has recently been affronted by criticisms from so-called EPA scientists who have not been given a chance to protest about certain permits being granted.
(A Top Pick Aug 11/16. Up 171%.) This has an unbelievable copper/gold resource. Management has had a real, real political fight. They’ve spent millions and millions in court. It has a set of legal and social risks that he doesn’t know how to quantify. He sold the stock when it exceeded every possible expectation he had for it.