Rick Rule

He bought the shares because he thought they were cheap based on free cash flow and also that the company would get control of over-runs. Both things happened. He is medium neutral on gold in 2026 but extremely bullish in 2027. His suspicion is that the U.S. political class can't afford for interest rates to rise particularly with increased debt servicing by the US government. There could be voter request for lower interest rates which would reverse US dollar strength and lead to higher gold prices. Gold depends on the direction of US interest rates.

It has very long life reserves and its capital needs are behind it so it can pass along increased copper prices to shareholders. It has an extremely generous dividend policy. He is long on copper.

It is one the premier service companies in the world. The spending cycle for oil industries worldwide is going to pick up in a very dramatic way and SLB will be a primary beneficiary. He doesn't think the big investment in renewable energy will reduce the market share of fossil fuels by much, at least for transportation fuel. He also thinks peak oil demand will occur in 2060/2065 and that peak oil consumption is a long way off.

He has a lot of confidence in the CEO. They have a mine in Burkina Faso and have bought a new operation in Quebec. He wants to see how this new operation is integrated. He owns shares but has trimmed his position.

It is generating lots of free cash flow. It has a collection of Tier 2 assets but no Tier 1. It has done a spectacular job of implementation on a global basis. The acquisition of Ausgold was great for both companies and very accretive for OCG..

It has second tier assets and the stock is priced at lower multiples. Big companies can take over smaller companies. He likes its capital discipline and internal growth. He knows the management team and owns a lot of stock. The valuation lag will disappear over time.

The limited exports that can get through the Strait of Hormuz will benefit Nutrien. Canada's natural gas industry has an opportunity and Nutrien has access to this. He has owned Nutrien and its predecessors for almost thirty years and plans to own for a long time. It has become a very integrated fertilizer company and now sells to farmers.

Copper in Kazakhstan. It has one of the best drill holes but he considers it highly speculative, so if you're not a speculator don't buy it. Several drill holes don't make a mine. Kazakhstan is very well geologically endowed and their way to develop the economy is through hydrocarbon and mineral production - these are positives for a mining company. There are political considerations.

The value of their portfolios is substantially greater than the price of the stock. He trusts management and they have done very well as a mining merchant bank supplying capital and expertise. They may be seeking to become a mining company. Dundee Corp is a very good way for Canadians to participate in the mining industry in a broad sense.

Its value and ability to generate cash returns to shareholders is understated by the market. It is the most financially sustainable in its field in North America. Heavy capital expenditures are behind them and the reserve base is extraordinary. It can distribute returns to shareholders and still have capital to fund expenditures and growth,     Buy 11 Hold 4  Sell 0

It generates huge amounts of free cash flow. Assets under management have increased dramatically and management fees have also increased. It is managed from the US and most assets under management are in the US. However most employees are in Toronto. It could be a takeover target and is highly leveraged to the natural resources extractive industry. He is the largest shareholder.
He feels that we are in the early to mid stages of a fairly long bull market in precious metals and natural resources.
Buy 4  Hold 1 Sell 1