Aston Bay Holdings Ltd V.BAY

THE UNSUNG HEROES: FROM DISCOVERY TO MINE

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A Virtual Event | JAN 6, 2024 - 8:00 AM - 4:00 PM (PST)

Dear Investor,

SOMETIMES BORING PAYS BIG BUCKS

A quiz for any of you football fans. Which position group in the National Football League earns the highest salary on average?

That’s easy you say — quarterback? Nope.

Wide receiver? Try again.

Running back? Not even close.

The answer is left tackle (one of the big boring guys up front). Surprised? It’s true. According to Spotrac, the average salary for an NFL left tackle in 2023 was $8,137,061. Quarterbacks, receivers, and running backs (the so-called skill positions) on average earned $5,767,724, $3,244,312, and $2,151,733, respectively.

It’s hard to believe but despite the headline-grabbing sums paid to quarterbacks such as Justin Herbert ($52.5 million per year), when all players, including back-ups and third stringers, are considered, the league paid more on average to left tackles than to quarterbacks. There’s a good reason for this.

Offensive tackles play a vital role; they protect the team’s quarterback from opposing attackers. One missed assignment can result in a negative play or worse — a season- or career-ending injury to a $50 million quarterback.

The risk is too high, so teams gladly pay up. Laremy Tunsil, the highest paid offensive tackle, takes home $20 million per year, which is more than most quarterbacks — and he rarely, if ever, touches the ball.

Sometimes, real value appears where you least expect it.
 

THE UNSUNG HEROES: FROM DISCOVERY TO MINE 

A lot happens between mineral discovery and the first extraction of valuable ore (and the long-awaited cash flow). During this lengthy process, a number of factors, including changing risk factors and capital flows, alter the market value of the project.

Franco-Nevada co-founder Pierre Lassonde captured the general trend in his widely referenced Lassonde Curve.

Figure 1: The Lassonde Curve (Source: Visual Capitalist)

Mining speculators are naturally drawn to the first hump of the Lassonde Curve, the discovery period, where exploration pays off and excitement reaches its peak. No doubt the profits here can be mind blowing, but speculators face another big opportunity to profit (the second hump), and that is the development / pre-production period.

Like our indispensable left tackle, development-stage companies are the unsung heroes of the game. They engage in what some dismiss as the “boring engineering phase” of development to production (the blocking and tackling, if you will): namely, the financing, engineering, permitting, and construction.

Are you still awake? Yes, it’s boring, yet critical. A misstep at this stage can nullify a decade or more of investment and hard work.

The good news is that at each successive stage, the odds of success improve. Only a small fraction of exploration companies make it this far. The end is in sight!
 

SURPRISELY REWARDING

While many early speculators prefer to cash out following the initial discovery boom, other investors join in. The maturing project, with risk and reward now clearly defined, attracts a different class of investor, including institutions.

These investors aim to profit from the difference between the market value and the net asset value (NAV) of the company. In the optimal case, the market value converges to near 100% of the NAV.

One might think that at this stage of the mineral discovery lifecycle, the prospect for large gains is slim. But that’s not the case according to Lobo Tiggre, founder of The Independent Speculator, and whose firm studied 124 cases going back to the 1980s.

According to Tiggre, these investments often double in value and in some cases deliver 600% returns or higher. Furthermore, 75.4% of all cases delivered positive gains.

At the same time, he is quick to point out that averages are just that — averages. They tell you little about the performance of individual companies. Despite the encouraging numbers, some companies still fail miserably.

His conclusion: Due diligence still matters.
 

DON’T GO AT IT ALONE — LET RICK BE YOUR GUIDE

Investing in development stage and pre-production companies can be extraordinarily rewarding, but there are risks.

That’s why I created the Rule Bootcamp Series with my partner, renowned natural resource investor Rick Rule.

When it comes to junior resource investing, Rick is the real deal with over 40 years of experience and hundreds of privately placed debt and equity deals under his belt. He has researched and funded companies around the world, including those domiciled in Australia, Canada, Chile, Great Britain, New Zealand, Switzerland, and the United States.

This bootcamp is your opportunity to capitalize on the lifetime’s worth of experience of a celebrated professional.

Among the topics we’ll discuss are:

• An overview of developers and pre-production companies
• Red flags to watch out for when evaluating potential investments
• How to read an NI 43-101 report on a developer or pre-producer
• The ‘ten disciplines’ that every investor must understand and review prior to investing
• How you can make impressive returns without taking excessive risk
• The questions you must ask development-stage mining CEOs before you invest
• How Rick Rule selects his own development-stage and pre-production investments

About your host, Rick Rule, and his company, Rule Investment Media.

Rick Rule is a highly experienced investor and speculator who began his career in the securities business in 1974 and has been principally involved in natural resource security investments ever since.

He has structured, led, and participated in hundreds of privately placed debt and equity issuances for resource companies operating globally.

Rule Investment Media strives to produce the highest quality and most reliable market news and commentary in the natural resources sector. The goal: to connect scarce knowledge with the people who seek it and inspire intelligent investing decisions with insightful analysis and thought-provoking interviews.

MEET OUR DISTINGUISHED SPEAKER LINEUP

Douglas Silver
CEO, Balfour Holdings, LLC

Douglas has had a diverse career in the mining industry ranging from prospecting geologists to being a founder and portfolio manager for the largest mining private equity fund. He is especially known for his work in mining royalties, having sold his company, International Royalty Corp, for C$745 million as well as a mineral royalty portfolio to Osisko Gold for C$1.1 billion. Mr. Silver is one of only three people to be inducted into both the U.S. and Canadian Mining Halls of Fame.


Nick Michael
VP Technical Services (retired), Orion Resource Partners

Recently retired from Orion Resource Partners where he held the position of VP Technical Services, Nick was involved in the design/construction process as well as technical diligence and independent engineer (for investors) of many mines throughout the globe. He has a working understanding in all disciplines related to mining, proficient in mining, metallurgy, and engineering. This skillset, developed over years of experience and provided insight to efficiently evaluate, engineer, and manage greenfield, brownfield, and operating mines.


Lobo Tiggre
Founder, Louis James, LLC

Lobo Tiggre is the founder, CEO, and principal analyst and editor of Louis James, LLC. He researched and recommended speculative opportunities in Casey Research publications from 2004 to 2018, writing under the name “Louis James” for privacy reasons. While at Casey Research, he learned about the newsletter business from Casey co-founder David Galland, and resource speculation from the legendary speculator Doug Casey himself.

Prior to his work at Casey Research, Mr. Tiggre was a writer and publisher involved in numerous ventures. In 1998, he published his first novel, Y2K: The Millennium Bug. In 2012, he co-authored Doug Casey’s first book in almost two decades, Totally Incorrect. This was followed by another book co-authored with Doug Casey in 2014, Right on the Money. Tiggre has plans for several new books going forward, both fiction and non-fiction.


Louis-Pierre Gignac
President & CEO, G Mining Ventures Corp.

 

Mr. Gignac has more than 20 years of experience in the mining industry. His expertise includes managing project development studies, providing open-pit expertise, financial modeling, and economic evaluation of projects. He has coordinated many mandates with numerous major mining companies ranging from early exploration evaluations to operations optimization involving all fields of mining and geology. He is a member of the Ordre des Ingnieurs du Qubec (“OIQ”) and the Canadian Institute of Mining (“CIM”). He holds a Bachelor of Mining Engineering from McGill University and a Master’s degree of Applied Science in Industrial Engineering from the cole Polytechnique de Montral and is a CFA Charterholder. Mr. Gignac also serves as a director of Major Drilling Group International.

"Tremendously beneficial and beyond my expectations..."

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*Registrants will enjoy unlimited access to the event archive. Videos and presentation materials will be uploaded a week after the event

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Our Investors Bootcamp comes with the strongest money-back guarantee. We will refund the full cost of your registration, provided we receive your written request at [e-mail] before January 13, 2024.

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