Emx Royalty (EMX.V)

Acquired 13 November 2025.
(Note the shortish timeframe.) At the time, it seemed to him that it was selling at a discount to its peers, but had a unique business model. Likes the acquisition, and added to his position in the acquirer (ELE).

Uses geographic knowledge and entrepreneurial acumen to stake large-scale exploration projects around the world, and then farms them out to other people and gets the carried interest (which eventually turns into a royalty). From time to time, it buys operating royalties. Selling at a discount. 

Absolutely no need to issue new shares because of FCF and passing off exploration expenditures to third parties. He's a very large shareholder. No dividend.

(Disclaimer:  He was a founding shareholder over 20 years ago.)

Wonderful prospect generator. He added today on news that EMX has reached settlement with Chinese company on Serbian royalties. Substantial free cashflow in Nevada and Chile. Buys, but also creates, royalties. High regard for management. No dividend.

In the same business as Altius, but much smaller. Does a lot of exploration around the world. Generates about $5 million yearly in royalty income. This could a good year for them because they have an asset in Siberia that hasn't been valued at all and he suspects they will sell it to Russian interests to EMX's current market cap.

Probably the best collection of intellectual capital in the company of its market cap in the mining space. They are prospect generators, meaning that they use their technical and commercial acumen to stake big exploration ideas, and then bring in joint venture partners to develop them. There are over 200 properties in the portfolio, plus a royalty income that keeps the cash burn down. High quality people. The stock has sold off way, way too much.

One of the better companies that follows the prospect generator model. They generate the ideas and then bring other people in to spend the big bucks. Have been successful in attracting partners and have found a few things in Turkey. They own a piece of a company that owns 51% of a billion ton deposit of copper, grading .5%, located in Eastern Russia. If they can manage to sell that off to another group, it could be a huge win. He personally would not put money into Russia.

(A Top Pick March 7/12. Down 24.01%.) One of the best prospect generators. $15 million in the bank, gets $5 million annually in a royalty and are doing great work. Scattered among 5 countries globally. Top quality people working for them.

(A Top Pick March 6/12. Down 22.22%.) $30 million in cash and securities so they don’t have to worry about solvency issues. They develop exploration projects and get other people to fund them. Extremely well run.