The Idea Big Board

This page contains a list of companies under each investment strategy ranked in order by how much I like them.

Royalty Companies - Potential Acquirees

• Osisko Gold Royalties $OR
  • Has re-rated higher so less likely to be acquired
• Metalla $MTA
• Gold Royalty $GROY

The Big 4 Precious Metal Royalty Companies

• Triple Flag Precious Metals $TPFM.TO
  • See previous detailed article
• Franco Nevada $FNV
  • The GOAT, but trading at a premium
• Wheaton Precious Metals $WPM
  • Long history of excellence, trading at a premium
• Royal Gold
  • One of the big 3 royalty companies with a long track record, but not histocally run as well at Franco or Wheaton.

Other Royalty Companies

• Labrador Iron Ore Royalty Corporation
  • Exposure to high quality asset that benefits from low-carbon DRI / arc furnace trend. Maybe not the best time to cyclically time iron ore investments.
• Deterra
  • Maybe not the best time to cyclically time iron ore investments.
• Altius Minerals
  • Great management team, hard to value assets.
• Texas Pacific Land Trust
  • Royalty on Permian basin fracking.
• Star Royalties
  • Oof, tough sledding
• Ecora $ECOR.L
  • A series of bad invsetments but some good assets in the book still
• Versamet
  • New Kid on the block.
• Gold Royalty $GROY
• Voyager Minerals

Not reccomended at this time

• Vox Royalty
  • March 23, 2021 Koolyanobbing royalty pre-payment was returnless risk and was not aligned with maximizing return on capital.
• Sailfish Royalty Corp
  • Sold their best royalty (TZ), related party transactions with Mako
• Electric Royalties
  • Still sub-scale bootstrapping stage with high cost of capital
• Empress Royalty
  • Still sub-scale bootstrapping stage with high cost of capital
• Mesabi Trust
• Nations Royalty
  • Not clear if the investors and management incentives are aligned or not
• Scully Royalty (SRL)
  • Single high cost Canadian iron ore mine that recently went through bankcrupty.

Prospect Generators

• Kenorland
  • Love the team, cashed up, very systematic.
• Strategic Metals
  • Also in the net-net section.
• Globex Mining
  • The number of properties and number of royalties compounds year to year for a large number of years.
• Sable $SAE.V
  • JV model with partners funding most porphry exploration drilling
• Midland Exploration
  • Ended up with some lithium in James Bay among other things
• Riverside Resources
  • Technical validation from BHP.
• Val-d'Or Mining
  • This team has had very good returns with previous acquired prospect generator companies.
• Headwater Gold
  • Very good partners
• Azimut Exploration
• Silver Range Resources
• Transition Metals Corp
• Almadex Minerals
• Cloudbreak Discovery
• Teuton $TUO.V
• ArcWest Exploration
• Eagle Plains $EPL.V
• Mundoro Capital $MUN.V
• Latin Metals $LMS.V
• Inflection Resources $AUCU.CN
• Radius Gold $RDU.V
• Ridgeline Minerals $RDG.V
  • More of a hybrid
• Kincora Copper $KCC.V $KCC.AX

Hidden Royalty Companies

• Red Hill Minerals $RHI.AX
  • Royalty on Minres Onslow
• Talisman Mining $TLM.AX
• Erdene
• ZCCM-IH $MLZAM.PA

Pre-Production Sweet Spot

Funded, financed, under construction:

• Rio2 $RIO.V (gold)
  • may be updating study for larger project in later phases before
• Montage $MAU.V
• Robex $RBX.V
• Highfield $HFR.AX (potash)

Lacking either permits or financing:

• Trilogy Ambler (copper/polymetalic)
  • Road tied up in court
• Atlas $ATLX (lithium)
  • they have a plant and are permitted, but unclear if they'll build in low commodity price environment
    seeking updated project financing
• Bluestone $BSR.V (gold)
  • granted permits likely to be recinded

Not Reccomended At This Time

• Osisko Development $ODV.V
  • https://twitter.com/YellowLabLife/status/1491393987135283202
• Galan Lithium $GLN.V (lithium)
  • this is why you don't finance construction incrementally
  • stage 1 lithium chloride product aiming for H1 2025
  • not actually fully funded through construction

Producer Expanding Production

• Warrior Met Coal $HCC
  • Blue Creek. They'll start to get a little production from continuous miner units starting in 3Q2024 and the first longwall goes in 2Q2026.
• Ivanhoe Mines $IVN
  • Kamoa-Kakula has 4 phases of production increase, about one phase every two years for the next 8 years.
• Minera Alamos $MAI.V
  • 3 owned gold projects being taken to production plus a copper project
  • Permitting issues in Mexico
• Equinox / Calibre Gold
  • Projects under construction
• B2 Gold
  • Black River project in construction after acquiring Sabina
• G Mining Ventures $GMIN.V (gold)
  • TZ project in Brazil running now building new stuff.

Tier 1 Development

Not owned by a major (ie BHP, Rio, VALE, Newmont, etc) .  Not dead in the water (ie Pebble). Not in production.

• $NGEX Lunahuasi
  • Thickness and unmatched grade, comes to surface so can be mined open pit or longhole (no block cave or sublevel caving needed), Josemaria mill planned a short downill conveyor or truck haul away.
• $PMT.AX Patriot Corvette Saak
  • Good DMS recovieres in met work, >100Mt, good grade, Canada
• QTWO.V Q2 Metals
  • Like Patriot it's a huge open pittable spodumene body, unlike Patriot it's really close to a paved highway.
• SGD.V Rogue
  • Deep continuous high grade from surface for open pit, but relatively narrow. TBD if Tier 1.
• $FWZ.V Macpass/Mactung
  • Mactung already world's largest high grade Tungsten deposit
  • Macpass throwing out some stellar Zn/Pb/Ag drill results
• $ALDE.V Altar
  • I keep underestimating this project due to distance from infrastructure and arsenic, but they keep deliving impressive drill results.
• $SOLG.V Cascabel
  • Ecuador, so permitting issues.
  • Royalty burdened so less attractive to a major
• $RUP.V Ikkari
  • Still to prove it can be big enough, but promising
• $WRN Casino
  • Needs a road
• REG.V AntaKori
  • Peru

Disclosure

I likely own some of these and may purchase others in the future.  Do your own diligence.  Being on one of these lists doesn't constitute a recommendation to buy or sell.  Education/entertainment purposes only.  You will lose money if you invest in some of these and I don't know which.

I'm too lazy to update this page every time I buy or sell a stock.  But I will add anytime I buy or sell one of these that wasn't purchased or sold in a public market at market prices since that is less common for me.  I also will disclose if I've received any compensation from any of these companies, which I haven't so far and don't have any plans to.