DON'T BUY
Interesting but he doesn't like sole risk exploration. The narrative could go somewhere but he likes reality.
DON'T BUY
He is impressed with the Management. He likes the terrain. But he is afraid of the sole risk exploration.
BUY
The best of the best. High quality company. Sells at a premium but it is worth it. Best capital allocator in the space. The Administrative expense ratio to Cash flow is 0.12%. Very lean company ran for the benefit of shareholders.
RISKY
They have a low Return on Capital employed. But now it is very cheap. It is a treasure trove of resources. You can make a bet assuming that the management will make better decisions in terms of capital allocation.
DON'T BUY
Large deposits. The financing program was too speculative. The financing program is too complex.
DON'T BUY
Too much political risk. Too much financing risk. Nice deposit.
DON'T BUY
Too small. Nice people. Nice deposit. he doesn't like big risk for small reward.
DON'T BUY
Oversold. He is a little nervous about the economy. This is a good size zinc producer. The optionality offered is not sufficient for him. He would like a lower cost producer. Well ran.
DON'T BUY
Doesn't like the sole risk exploration. If the story develops the people behind the company have the financial connections. The terrain is legendary gold ground. he can not make the data work for hi to buy it.
BUY
A team that has been together for a long time and found and built mines successfully in many places in the world. The CEO is brilliant.
TOP PICK
You have to be able to tolerate political risk. Congo is really bruised. The best consolidation of assets in a junior. A recent discovery of copper in Congo is the best in 100 years. The CEO is the most successful mining financier of his epoch. His partners are the Government of China and of Japan. Cheap. What is holding it back? political risk. It has a $2 billion market cap. It could go to $17 billion. (Analysts’ price target is $6.50)
TOP PICK
Superb allocator of capital. They have bought back shares. The market misunderstand the value of their Turkish assets that is 50% of their NAV. The free cash will triple in the next three years. (Analysts’ price target is $8.52)
TOP PICK
It is in a place that most people can't spell. Burkina Faso. People tend not to like what they can't spell. Islamic insurgency in the far North. This is in the south. Highest grade part of the deposit. It is on sale. Political risk. (Analysts’ price target is $0.59)