Jay Martin conducts a very good interview here with Ivan Bebek. It’s worth mentioning though, that the previous interview with Ross Beaty (same link) is also worth a listen. Especially Jay’s question at 1:11:45 and Ross’s answer to that. (Basically, Ivan Bebek is the first of just two individuals that RB is prepared to name as individuals whom he rates extremely highly).
Ivan Bebek interview starts at 1:20:15. Quite a bit to unpack here so I made some notes….
Fury
Based just on todays fundamentals, and ahead of any drill results, Fury trading at half where it should be.
It’s all in the drill results now. They’re now hitting structures at Eau Claire that IB believes could double or triple the size.
Over 170 Zoom meetings conducted since Fury started - 80% relating to Eau Claire.
But today’s SP does not reflect Committee Bay, Homestake, or the Eleanore South JV. Re Eleanore South, there’s a press release coming imminently(!).
General discussion re copper
No new big discoveries, plus continued expectation of ever increasing demand in the coming years and decades. Outlook for copper very bullish. “Copper is the new oil”.
Size matters even more for copper miners than for gold. So for anyone who does discover the next big copper project, this will command a huge premium.
Tier One Metals
There is a lot of news pending. All about silver.
They have found something new - considered by the ex-Newmont guys to be one of the top three things in their careers.
Also - Tier One will come out of the gate in February with a permit to drill(!).
Plus there is a significant 2nd project to go after.
New CEO is now chosen(!). He has significant experience in capital markets. IB considers this crucial to driving not just drill bit success, but share price success. Announcement to be made in the New Year on this.
Sombrero Resources
This is a huge one - but the challenge is getting permits and access to communities.
The reason IB chose Sombrero to be CEO of, is not necessarily because it is the biggest (it may or may not be), it’s more to do with the complexity of getting those permits and being there to offer continuity while that goes on.
The pipeline of activity is drill three targets - but not the first one advertised. (IB spins this positively but my take is that this is quite a blow. Nearby Las Bambas suffered / suffers huge problems because of not looking after locals properly, so you can see why drill permitting is so problematic. I guess we’ll hear more about this prior to trading in March / April).
Also going to showcase a couple more new projects.
All to be made public prior to trading.
Torq Resources
Chile is the number one copper producing country in the world. It has been a very long wait (10 years), but we are going to now see new projects come into this.
These projects will be of the same tier one calibre as we see for Sombrero Resources and Tier One Metals.
Shawn Wallace is now the Exec Chairman. Expect to hear a lot from him in Q1.
Lastly….
Jay quotes Rick Rule who said that he would have made 10x the money for 10x less effort throughout his career, if he had just stuck to backing the same 3 individuals. Jay (and I think most of us on this board) see Ivan as one of those individuals.
Folks, I have to say - based on this, I am slightly less bullish on Sombrero. But very much more bullish on Tier One.
Feel free to agree / disagree / comment....
https://www.youtube.com/watch?v=wGagv4hgF_w