DON'T BUY

Attracted to it, but doesn't own or recommend. He rates it a 5, which is neutral. Gold and copper in Mongolia. Data doesn't justify labeling findings as "massive" discoveries.

WEAK BUY
AGI vs. FVI

Likes both, but slightly prefers FVI, since it's so deeply out of favour. He's less conscious of political risk than most investors. Both are well run. Both have successfully brought Tier 2 deposits into production on time and on budget with efficient operations. 

BUY
FVI vs. AGI

Likes both, but slightly prefers FVI, since it's so deeply out of favour. He's less conscious of political risk than most investors. Both are well run. Both have successfully brought Tier 2 deposits into production on time and on budget with efficient operations. 

HOLD

Done well, but he decided to upgrade his portfolio for higher beta. He now looks for larger, higher-quality names, and fewer developing names. Should see more acquisitions by this name. Not a shareholder, but no criticisms.

BUY

Attracted to the valuation and off-the-radar speculation. Whole sector is moving up and will continue to. Trades at a substantial discount to NAV. Successful management team. Likes the range of assets. 

BUY

Likes the generosity toward shareholders, balance sheet tightening, and sustaining capital to support the dividend. "In the choice between yield and growth, why not choose both?" 

COMMENT
Is carbon capture a valid way to add shareholder value?

Jury's out. Political reality is that you have to posture around it. For many companies, CO2 injection is a method of pressure maintenance and enhanced production.

COMMENT
Silver about to accelerate against gold?

Not yet. In his experience, silver outperforms gold in the middle-end of a precious metals bull market, and we're now just in the early stages. He'd expect the gold (fear) buyer to outpace the silver (greed) buyer in the relatively near term.

In a precious metals bull market, the most volatile assets of all to the upside are silver stocks.

BUY

Big fan for a long time. Wonderful stock, and this should continue for people who can psychologically adjust to the perceived, and real, political risk of operating in the DRC. Has met and exceeded all guidance for a very long time.

WEAK BUY

Attracted to all Canadian oil/gas. Likes it, but doesn't own, as you can't own everything.

BUY

Expectations got way too high a couple of years ago. Still a fair amount of exploration and operating upside. High quality silver companies are rare. At the end of a precious metals bull market, silver stocks tend to outperform.

PAST TOP PICK
(A Top Pick Sep 02/22, Up 29%)

Sold Kenyan operations, but still active in Nigeria, Namibia, South Africa, and Guyana. He'd still recommend it for people who enjoy global exploration risk/reward. If you're looking for dividends, stick with conventional oil/gas.

PAST TOP PICK
(A Top Pick Sep 02/22, Up 19%)

Operating in what he hopes will become a Tier 1 district, which means 10M+ ounces. A bit of a stretch, but geography is amenable. Guyana itself has newly found fiscal stability with discovery of 10B barrels of recoverable oil. 

Suspects will eventually merge with GTWO, as they're so close together. Or get taken out simultaneously by a larger company. Both management teams get along, and will each work to create value before any of this happens.

PAST TOP PICK
(A Top Pick Sep 02/22, Up 107%)

Suspects will eventually merge with GTWO, as they're so close together. Or get taken out simultaneously by a larger company. Both management teams get along, and will each work to create value before any of this happens.

BUY

Ranked as a 4 in his system, which is high praise. Holds management team in high regard. Wonderful asset allocators and patient investors. Recently entered into royalties for renewable energy.