Rule sees "reasonable valuation" in the gold miners.
What can turn the market
- Black Swan - fear - Gold bull driven by both greed and fear.
- Early stages of acquisition cycle
- Early in discovery cycle.- A big discovery is like a takeover on steroids.
Unlikely that we won't have a major discovery, too much money being spent.
Knows a lot of good geologists doing good work.
Funding increasingly good people in the juniors. Thinks we will be surprised by discovery.
Has done extremely well in early stage exploration, because the only one in it, has patience.
Seeing the broadest difference between scoping / DFS NPV against market value.
Diverted some early exploration funds to companies with established resources and values.
Sees 12-20 takeovers at 35-60% premiums.
Employing significant capital, opportunities to do that don't come very often.