WEBVTT - The Formula For Building Wealth | Paul Matysek 0:00:13.880 --> 0:00:18.080 Hey, everyone, welcome to another episode of the Market Disruptors Show. Today, 0:00:18.120 --> 0:00:21.400 I'm sitting down with Paul Mattissk. He is the CEO 0:00:22.079 --> 0:00:25.160 of gold x, which is a gold mining company. You know, 0:00:25.239 --> 0:00:28.520 I love to learn from experts, and he is one 0:00:28.520 --> 0:00:31.600 of them, a gold mining legend, sold multiple companies for 0:00:31.960 --> 0:00:34.880 over two point five billion dollars, amazing track record. I 0:00:34.920 --> 0:00:36.239 can't wait to dig in and see what we can 0:00:36.320 --> 0:00:38.400 learn from him. Paul, thank you so much for taking 0:00:38.400 --> 0:00:40.880 the time to sit down with us today. Thanks Mark, 0:00:40.920 --> 0:00:44.440 It's a pleasure. Yeah. So, Um, as I said in 0:00:44.440 --> 0:00:46.560 the intro, and anybody that's been watching my show and 0:00:46.640 --> 0:00:50.479 my channel knows that I believe success leaves clues, and 0:00:50.520 --> 0:00:52.879 so I study successful people to see what clues I 0:00:52.880 --> 0:00:55.360 can pick up and I can duplicate. And my goal 0:00:55.440 --> 0:00:57.200 is that I can find people like you where I 0:00:57.200 --> 0:00:59.040 can learn from and then try to share it back 0:00:59.080 --> 0:01:01.680 with the audience. So I appreciate that. Um. Of course, 0:01:01.720 --> 0:01:03.360 I've been doing research into you, which is why I 0:01:03.360 --> 0:01:06.000 invited you on the show. But for people that don't know, 0:01:06.520 --> 0:01:08.320 give us a background. I mean, I said, you sold 0:01:08.360 --> 0:01:09.920 five companies. Give us a little bit background on what 0:01:10.000 --> 0:01:13.680 you've been doing and what you're doing right now. Okay, Well, 0:01:14.520 --> 0:01:17.399 I'm a jaw just by training many many moons ago. 0:01:17.520 --> 0:01:21.840 But I'm like a serial entrepreneur. I love the challenges 0:01:22.040 --> 0:01:27.120 of of creating shareholder wealth and and uh I've been 0:01:27.360 --> 0:01:32.520 blessed it to be able to sell five companies over 0:01:32.560 --> 0:01:36.200 the span from two thousand and seven to today. And 0:01:36.440 --> 0:01:41.640 uh it's very simple formula that I I've used to 0:01:41.720 --> 0:01:46.319 do this. I've done it in uh four different commodities. 0:01:47.800 --> 0:01:51.480 I've done it in uranium, I've done it in potash, 0:01:51.840 --> 0:01:53.800 I've done it in lithium twice, and I've done it 0:01:53.840 --> 0:01:58.480 in gold. And uh so the formula really is is 0:01:58.560 --> 0:02:01.760 to uh. I'd been really good at picking a cycle, 0:02:02.120 --> 0:02:08.120 looking at where I think a metal market might uh grow. 0:02:08.360 --> 0:02:11.520 Like so, for instance, uranium, which is one of my 0:02:11.560 --> 0:02:15.560 first forays in two thousand and seven, where the price 0:02:15.800 --> 0:02:20.359 ranium was ten dollars a pound. And so I had 0:02:20.400 --> 0:02:23.520 a belief through readings and do what what you do? 0:02:23.639 --> 0:02:30.000 Read the newspapers here, say, Oprah wherever, and I thought, 0:02:30.040 --> 0:02:32.960 now you know, I think uranium is not a sunset industry. 0:02:33.120 --> 0:02:35.320 I think it's gonna go at least a fifty dollars, 0:02:35.919 --> 0:02:39.239 and I need a plan on how I um to 0:02:39.400 --> 0:02:42.600 make money at that being a geologist running cut mining companies, 0:02:42.639 --> 0:02:46.160 and you know, you know sometimes people say, well, want 0:02:46.160 --> 0:02:49.480 to just buy the physical like buy uranium, and that 0:02:49.520 --> 0:02:52.160 could make me money. And I thought, well, that's one 0:02:52.200 --> 0:02:54.560 way of doing it. But I thought, you know, where 0:02:54.560 --> 0:02:56.519 do you need the most ranium in the world? Mess 0:02:56.600 --> 0:02:59.520 United States of America. So I said, I need a 0:02:59.560 --> 0:03:03.720 plan to become the largest owner of uranium resources in 0:03:03.760 --> 0:03:06.880 the US. And this is the time when everybody thought 0:03:06.919 --> 0:03:08.960 it would be a sunset industry. Was this back in 0:03:08.960 --> 0:03:11.519 two thousand seven? This is in two thousand and seven. 0:03:11.720 --> 0:03:16.720 So I accumulated and that was my partner was another 0:03:16.960 --> 0:03:21.880 great guy called Bill Sheriff. Accumulated and became the largest 0:03:22.880 --> 0:03:26.760 resource holder of uranium the United States between two thousand 0:03:26.960 --> 0:03:29.880 and seven and two thousand and nine. I did it 0:03:29.919 --> 0:03:33.959 by through just claims taking. I did by taking over 0:03:34.040 --> 0:03:37.840 three companies in the space of one year. Uh and 0:03:38.400 --> 0:03:40.960 the price urania. And then I built a team around 0:03:41.040 --> 0:03:43.440 it and I found some you know, I went from 0:03:43.480 --> 0:03:46.520 four people to two hundred. I hired the best people 0:03:46.560 --> 0:03:50.560 in the in the industry, and through a series of events, 0:03:50.680 --> 0:03:55.280 Uranium cup going from ten dollars to fifteen to twenty 0:03:55.360 --> 0:03:59.120 five to fifty and my stock went from having a 0:03:59.680 --> 0:04:03.520 market cap of five million to ten million, to fifty million, 0:04:03.560 --> 0:04:05.880 to a hundred million to four hundred million. I was 0:04:05.920 --> 0:04:12.520 the fastest growing company in Canada. And then uh I 0:04:12.560 --> 0:04:14.640 decided going to New York. Stock has changed. The first 0:04:14.720 --> 0:04:16.680 year one of the first uranium companies the United stock 0:04:16.760 --> 0:04:21.039 is change, and uh the stock went up to eighteen 0:04:21.080 --> 0:04:25.279 dollars came. That was from starting at ten cents. And 0:04:25.360 --> 0:04:29.400 that was in the space of three years. And uh 0:04:29.960 --> 0:04:31.520 so we were on the stocks change. But I had 0:04:31.520 --> 0:04:35.760 a feeling that Uranium had reached his highest summit. It 0:04:35.880 --> 0:04:39.840 was over a hundred and ten dollars, okay, And uh 0:04:40.040 --> 0:04:42.440 I thought it was you know, I had some assets 0:04:42.480 --> 0:04:45.920 that we're going into production, but I thought I'd serve 0:04:46.080 --> 0:04:50.960 my shareholders better if I sold. So I sold to 0:04:51.240 --> 0:04:54.680 a company called the Uranium One. It was for one 0:04:54.680 --> 0:04:58.000 point eight billion dollars. Okay. Of course, anybody who knows 0:04:58.000 --> 0:05:01.000 about uranium has heard of that company. Yes, so, of 0:05:01.040 --> 0:05:04.120 course exactly, so I sold it to them, and and 0:05:04.320 --> 0:05:07.039 uh so that's what started. Mean it was, you know, 0:05:07.040 --> 0:05:09.800 it was de risking, it was doing feasibilities days, all 0:05:09.839 --> 0:05:14.920 the things that miners do. Uh. And then I follow 0:05:15.000 --> 0:05:19.279 that up with a very similar story. Uh potash. Potash 0:05:19.440 --> 0:05:25.760 was a hot thing. Uh. Fertilizer mostly used for fertilizer. 0:05:27.000 --> 0:05:31.000 Your lovely wife buys, uh, you know, for has for elizer. 0:05:31.040 --> 0:05:36.279 Bags has three numbers ten ten ten, and it's potassium 0:05:36.480 --> 0:05:41.760 phosphate and nitrogen K and uh so one of them 0:05:41.800 --> 0:05:45.719 is potash. And potash makes things grow tall, strengthens things 0:05:45.720 --> 0:05:49.159 that grow tall, like great for corn, good for wine. 0:05:49.360 --> 0:05:52.520 So so I thought cheese. You know, potash was training 0:05:52.560 --> 0:05:57.320 a hundred dollars a ton, and I thought, jeez, you know, 0:05:57.320 --> 0:05:59.480 I think it's gonna go higher. And so I did 0:05:59.520 --> 0:06:01.960 the same thing. I actually this time I discovered something. 0:06:02.000 --> 0:06:06.880 I went through the the Saudi Arabia of of of Potash, 0:06:06.880 --> 0:06:11.359 which is in Saskatchewan, lovely place, great people, and I 0:06:11.640 --> 0:06:15.000 drill seven holes and I found a huge resource. And 0:06:15.120 --> 0:06:20.160 I I parlayed all of that and and it's the 0:06:20.200 --> 0:06:22.080 first time I met Robert Friedland. He asked me if 0:06:22.080 --> 0:06:25.520 he could come on board, uh and to help me 0:06:26.400 --> 0:06:32.480 monetize that asset. And because putting potash deposited into production 0:06:32.560 --> 0:06:37.120 are billions and billions of dollars. Okay. So so within 0:06:37.160 --> 0:06:40.640 the space of three years, I had drilled, got a 0:06:40.680 --> 0:06:45.599 pre feasibility study, a feasibility study, and a permit. And 0:06:45.920 --> 0:06:49.039 you know, I needed I think two billion dollars to 0:06:49.040 --> 0:06:53.640 put this production. So with the help of of Robert 0:06:54.120 --> 0:06:58.080 and myself, we managed to find a buyer. That's after 0:06:58.120 --> 0:07:00.600 talking to the Chinese and talking to real team, to 0:07:00.800 --> 0:07:03.640 munch of companies, to a company called K plus S 0:07:04.240 --> 0:07:08.400 and they paid paid Potash one shareholders four thirty four 0:07:08.440 --> 0:07:13.440 million dollars cash and they subsequently spent over three billion 0:07:13.520 --> 0:07:17.160 dollars to put that in production. So that was called 0:07:17.200 --> 0:07:20.120 the I called the Legacy Project. They changed it to 0:07:20.160 --> 0:07:23.840 the Bethune Project. So that again was in the space 0:07:23.920 --> 0:07:28.120 of three years from concept to sale, and a mind 0:07:28.560 --> 0:07:32.480 four years later. So I repeated that again I could 0:07:32.480 --> 0:07:34.400 just do one more quick. When I did, the company 0:07:34.440 --> 0:07:38.400 called Lithium one, and I had a census back in 0:07:38.440 --> 0:07:42.400 two thousand twelve that lithium environed the e V cars 0:07:42.440 --> 0:07:46.320 will become a big thing, okay, and so this and 0:07:46.360 --> 0:07:49.360 so I thought, you know that that the world is 0:07:49.360 --> 0:07:55.040 going to go electric by through lithium, and so I thought, geez, 0:07:55.120 --> 0:07:57.400 you know, I need to find a lithium deposits. So 0:07:57.440 --> 0:08:01.440 there's another company that was five nts, and so I 0:08:01.480 --> 0:08:05.240 headed down to Argentina, that is the Saudi Arabia. There's 0:08:05.280 --> 0:08:09.800 a of lithium and uh, I staked besides some other 0:08:10.240 --> 0:08:13.840 another mine and I got a really good salar and 0:08:14.000 --> 0:08:18.600 uh the same thing. I spent two or three years, 0:08:18.600 --> 0:08:22.200 it's staking figuring out how to actually categorize with him 0:08:22.240 --> 0:08:25.280 deposits and sold it to a company called Galaxy Resources 0:08:25.360 --> 0:08:28.560 for a hundred and twelve million dollars. And I think 0:08:28.600 --> 0:08:31.200 I sold that one a little too early because Galaxy 0:08:31.240 --> 0:08:36.240 took that asset and another and made it a billion dollars. 0:08:36.520 --> 0:08:39.160 We always say that you never go wrong taking a profit, right, 0:08:39.200 --> 0:08:43.920 so you never do and uh and then subsequently they've 0:08:43.960 --> 0:08:45.800 sold just half of the asset that I had in 0:08:45.920 --> 0:08:50.640 Argentina to Postco for three and and fifty US million 0:08:50.679 --> 0:08:55.640 dollars just recently. So so that's the pattern of finding 0:08:56.040 --> 0:09:00.000 finding a trend the cycle finding and finding a large 0:09:00.040 --> 0:09:03.360 acid if you can, or making a large asset, de 0:09:03.520 --> 0:09:06.839 risking it and then deciding to monetize it if you 0:09:06.920 --> 0:09:10.160 think that the the commodity is going to be strong, 0:09:10.280 --> 0:09:12.960 then I would build. If if you think that, you 0:09:13.000 --> 0:09:15.679 know it's at the top of its cycle, then obviously 0:09:15.679 --> 0:09:19.319 you would like to sell. So in many cases I've 0:09:19.480 --> 0:09:23.160 been lucky enough to exit when the cycleactory and like, 0:09:23.200 --> 0:09:26.160 look at uranium, you know, after I think the day 0:09:26.200 --> 0:09:28.280 after I sold energy metal as the price of ranium 0:09:28.360 --> 0:09:31.439 from hundred dollars to I think it's thirty dollars today 0:09:31.480 --> 0:09:38.600 and hasn't recovered. That was okay, but now you're now 0:09:38.720 --> 0:09:41.320 you've picked up on a new cycle and you're doing 0:09:41.360 --> 0:09:44.000 the same repeatable pattern, but on a new cycle now. 0:09:45.280 --> 0:09:48.000 So I thought gold on that. Yeah, so gold for 0:09:48.120 --> 0:09:52.840 a variety of reasons. Um, you know that it's a 0:09:52.960 --> 0:09:58.160 very attractive commodity. You know, we're hyper inflation, you know 0:09:58.679 --> 0:10:02.280 Trump and everybody's is pouring out U S dollars like 0:10:02.440 --> 0:10:05.480 it's going out of style. So it's a great asset 0:10:05.840 --> 0:10:09.120 for that. And I thought, jeez, you know if I 0:10:09.120 --> 0:10:11.280 think I started looking at gold, gold next to the 0:10:11.320 --> 0:10:16.560 price of goal and uh, and I thought, and I 0:10:16.559 --> 0:10:20.840 can go through this company. It was called Sandspring Resources 0:10:20.920 --> 0:10:26.880 at the time, was misunderstood forlorn not loved, and yet 0:10:26.880 --> 0:10:29.640 it had a seven point three five million ounced deposit 0:10:30.200 --> 0:10:33.280 and over a hundred and fifty million dollars spent on it. 0:10:34.280 --> 0:10:37.200 And I thought, this is perfect. I need like a 0:10:37.280 --> 0:10:39.400 large And I thought, if you know, obviously, if you're 0:10:40.320 --> 0:10:44.800 if you're trying to get leverage on the gold price 0:10:44.840 --> 0:10:47.360 as an increasing gold price, you want a big asset 0:10:47.840 --> 0:10:50.120 because all of the price of goal goes up, you 0:10:50.120 --> 0:10:53.960 have seven million factors that go up with it, and 0:10:54.080 --> 0:10:57.840 so and so I uh. In September, I became an 0:10:57.880 --> 0:11:00.880 advisor for the group, and I said, you know, I've 0:11:00.920 --> 0:11:02.520 got a plan. I got a plan how we can 0:11:02.559 --> 0:11:06.479 take there's more abund company that that barely trades and 0:11:06.480 --> 0:11:09.440 and has a great asset and turn it into something. 0:11:10.320 --> 0:11:14.240 And so I did simple, simple things and I rebranded 0:11:14.480 --> 0:11:18.040 to Excess. Most of my companies are either excess or ones. 0:11:19.520 --> 0:11:23.560 So it became gold x Mining. I uh didn't split 0:11:23.640 --> 0:11:28.840 the stock, but I consolidated stock eight to one. So 0:11:28.360 --> 0:11:30.680 uh so that wasn't a penny stock anymore, and people 0:11:30.679 --> 0:11:33.160 didn't have a penny thought idea in it. And I 0:11:33.280 --> 0:11:36.120 raised twenty million dollars and to venture to buy out 0:11:36.160 --> 0:11:39.760 a local partners, so secure a hundred percent ownership of 0:11:39.840 --> 0:11:44.439 the asset and then uh, and then I took over. 0:11:45.440 --> 0:11:49.240 I became officially uh the whist those were done, and 0:11:49.240 --> 0:11:51.920 I knew we had the ascally became the CEO in 0:11:52.080 --> 0:11:54.920 April one of this year, and our stock but at 0:11:54.960 --> 0:11:58.320 that time was training at a dollar this year, okay, 0:11:58.840 --> 0:12:00.720 and I that's where I made my placement into the 0:12:00.720 --> 0:12:05.520 company and I made a commitment there. Uh So, and 0:12:05.520 --> 0:12:08.360 then I started trying to I did a little hundreds 0:12:08.360 --> 0:12:11.760 and hundreds of zoom calls and trying to get at 0:12:11.840 --> 0:12:15.839 people understand what they you know, the misunderstanding is about 0:12:15.840 --> 0:12:20.080 this asset. And I'm always you know, opportunistic. In just Egypt, 0:12:20.480 --> 0:12:23.360 there was a company fifty KOs down the road called 0:12:23.640 --> 0:12:29.120 Guyana Goldfields and it was running into trouble and uh, 0:12:29.880 --> 0:12:34.280 they had exhausted their reason their surface resources. They had 0:12:34.280 --> 0:12:38.480 this big mill that could accommodate sevent tons per dight 0:12:39.160 --> 0:12:43.359 and now they're trying to develop a mind tons a day. 0:12:43.640 --> 0:12:47.680 And so I, with my largest shareholder, made a bid 0:12:47.760 --> 0:12:52.600 for that for the access to their they're meant for 0:12:52.640 --> 0:12:55.800 the resources, but for the production for their milk, because 0:12:55.800 --> 0:13:00.600 it would have huge, huge, huge impact on the topics 0:13:00.679 --> 0:13:06.360 of our company. Uh, unfortunately I was not successful. Someone 0:13:06.480 --> 0:13:11.960 outbid me by threefold to gin very astute group, Chinese 0:13:11.960 --> 0:13:17.240 group who who bought up for a dollar eighty. And 0:13:17.400 --> 0:13:19.400 it's good to have a big company like that, but 0:13:19.760 --> 0:13:23.960 you know, we're still fifty kilometers away and that synergy 0:13:24.040 --> 0:13:27.080 that we can work with. So now you're the CEO 0:13:27.240 --> 0:13:30.080 of gold X Mining and that's that's kind of what 0:13:30.120 --> 0:13:34.880 you're doing. UM. Yeah, so that's good. UM. You know 0:13:35.040 --> 0:13:39.040 you mentioned that you have a simple formula, and what 0:13:39.160 --> 0:13:43.000 I like about this is that you've proven it's repeatable. 0:13:43.120 --> 0:13:45.120 So I mean you've done it in uranium, you did 0:13:45.280 --> 0:13:48.200 in potash, you did in lithium, and now you're turning 0:13:48.280 --> 0:13:51.520 at the gold now. UM, for everybody that's listening, make 0:13:51.559 --> 0:13:53.800 sure you stick around because at the end, I'm gonna 0:13:53.840 --> 0:13:57.120 make sure we nail Paul down for that three step 0:13:57.160 --> 0:13:58.679 formula so we can try to figure out how we 0:13:58.720 --> 0:14:00.960 can apply that to our own investments. UM. So we'll 0:14:01.040 --> 0:14:02.880 we'll really we'll circle back to that before the ends 0:14:02.920 --> 0:14:04.920 to make sure you stick around. But what I want 0:14:04.960 --> 0:14:08.120 to dig into a little bit here is, UM, I'm 0:14:08.160 --> 0:14:10.679 obviously really into gold. I talked about it on my 0:14:10.760 --> 0:14:13.480 channel all the time. Um, I I'm buying lots of 0:14:13.559 --> 0:14:16.480 gold miners, junior miners, so I can get that leverage um. 0:14:16.520 --> 0:14:18.640 And you know when I'm buying stock, I'm an owner 0:14:18.640 --> 0:14:22.440 of a company obviously a very very tiny minority, but 0:14:22.600 --> 0:14:24.360 I still like to look at it the same way. 0:14:24.400 --> 0:14:27.680 We get massive leverage, um, just like someone that owns 0:14:27.680 --> 0:14:28.760 a lot of shares to do we can do it 0:14:28.800 --> 0:14:31.600 on a little bit. So I'm curious how you um 0:14:31.760 --> 0:14:36.440 think through mining gold mining, specifically how you value it, 0:14:36.600 --> 0:14:39.120 so I can learn to do the same. And I 0:14:39.160 --> 0:14:42.400 know there's, um, you know, two big categories of it, right. 0:14:42.440 --> 0:14:43.880 You have kind of like the majors and then you 0:14:43.920 --> 0:14:47.840 have the miners. And it seems like the juniors are 0:14:47.840 --> 0:14:49.920 are The juniors are the ones that are kind of 0:14:49.920 --> 0:14:52.800 like exploring and finding it and their real path is 0:14:52.840 --> 0:14:56.040 like acquisitions at some point, and the majors are the 0:14:56.040 --> 0:14:58.080 ones that are kind of putting out the massive gold. 0:14:58.160 --> 0:14:59.320 Is that is that how that works? Do I have 0:14:59.360 --> 0:15:03.880 that right? Generally? Generally? Uh, there's actually three times I 0:15:03.960 --> 0:15:08.080 come explore code companies. Okay, those are those high risk 0:15:08.160 --> 0:15:11.840 people's gelages with maps and dreams, Okay, And there are 0:15:11.840 --> 0:15:15.920 a central part of the of the of the ecosystem. Okay. 0:15:16.080 --> 0:15:19.640 They're the ones where you know, like a Chuck fifty 0:15:19.680 --> 0:15:22.880 who found the first diamond mine for Canada. Okay, you 0:15:23.040 --> 0:15:25.280 listen to me, I think, I guy must be on drugs. 0:15:25.600 --> 0:15:29.800 But that man had single handedly made Canada the number 0:15:29.840 --> 0:15:33.360 one producer of diamonds because he had a dream. And 0:15:33.480 --> 0:15:35.760 you know, you could have invested with him at fifty 0:15:35.840 --> 0:15:40.440 cents and now that's worth a thousand dollars that Okay, 0:15:40.520 --> 0:15:44.120 So but those are rare events, Okay, those the law 0:15:44.160 --> 0:15:48.360 of probability works against. Yet for every hundred explorer code 0:15:48.400 --> 0:15:52.920 out there, and maybe one moves on to something that's significant, okay. 0:15:53.160 --> 0:15:56.520 And then there's developed codes like myself. They they have 0:15:56.640 --> 0:16:00.600 gone through the expiration phase. They found something, Okay, but 0:16:01.200 --> 0:16:04.280 they're not trading. Let's say if we put like, ah, 0:16:04.800 --> 0:16:09.680 if mining companies that you know that like a new Mont, Okay, 0:16:09.720 --> 0:16:14.800 they trade at let's say like they react to the 0:16:14.880 --> 0:16:17.840 price of goal because they've got mine. So the price 0:16:17.880 --> 0:16:20.480 of gold goes up, their profits go up. You can 0:16:20.520 --> 0:16:22.360 tag them and you can look at their price and 0:16:22.480 --> 0:16:25.160 ab and and decide, well, Jesus is this is the 0:16:25.160 --> 0:16:28.120 well run company and if gold goes up, they're gonna 0:16:28.160 --> 0:16:32.160 go up. Okay, but there's not much leverage as being 0:16:32.200 --> 0:16:34.600 an explorerle there's lots of risk, but if they hit, 0:16:34.680 --> 0:16:36.800 you make a lot of money. The next level of 0:16:36.920 --> 0:16:41.040 risk is like a developed co company like myself. Okay, 0:16:41.080 --> 0:16:44.840 so we have seven point five million ounces, okay, but 0:16:45.320 --> 0:16:47.880 we need to we need to find the money to 0:16:47.960 --> 0:16:51.240 develop it. You know, there's so there's little hair that 0:16:51.320 --> 0:16:54.840 you need to clean Okay, So either you you you 0:16:55.280 --> 0:16:58.320 clean all that up and then you become very attractive 0:16:58.360 --> 0:17:01.360 to like a Newmont or to a Barrack or to 0:17:01.520 --> 0:17:06.639 a gen Okay. So so that's kind of what I do. 0:17:06.760 --> 0:17:08.959 I look at what the hair is. Why isn't it 0:17:09.240 --> 0:17:13.760 that uh and developed coach will will trade at point 0:17:13.840 --> 0:17:17.520 to five point three of what they should have if 0:17:17.520 --> 0:17:21.840 they were a big major mining companies. If I told 0:17:21.880 --> 0:17:25.560 you most of the companies called net asset value that 0:17:25.680 --> 0:17:29.119 I sold, I sold between point four and point five. 0:17:29.200 --> 0:17:33.640 Are there net net asset value right now? Gold extras 0:17:33.640 --> 0:17:38.280 training at point one eight? Okay, So there's a lot 0:17:38.320 --> 0:17:42.879 of scope there that I So I am either underperforming, 0:17:42.920 --> 0:17:45.320 you know, there's an undervalue or there's more value to 0:17:45.359 --> 0:17:48.480 be created. Yeah. I love that point. I love that 0:17:48.560 --> 0:17:51.160 point because it rings true. And it's what I always 0:17:51.160 --> 0:17:52.960 talk about on my channel, right, trying to find that 0:17:53.160 --> 0:17:56.400 undervalued asset as you talk about the hair, right, something 0:17:56.440 --> 0:17:58.040 you can clean off. I spent the first ten years 0:17:58.080 --> 0:18:01.240 of my investing career just in realistic eight um and 0:18:01.359 --> 0:18:03.560 the same thing, Right, what's wrong with this piece of 0:18:03.560 --> 0:18:05.640 real estate? What can I do to fix it up? Right? 0:18:06.080 --> 0:18:08.200 And Uh, I look at all things like that, and 0:18:08.040 --> 0:18:10.199 and I think as investors we should always do that. 0:18:10.280 --> 0:18:12.960 So I love to hear that, um, that approach. So 0:18:13.240 --> 0:18:15.600 it's uh, the the explorers have the ton of risk 0:18:15.680 --> 0:18:18.160 because chance of them finding is very is very low. 0:18:18.560 --> 0:18:20.760 For you, the risk is a lot less because you 0:18:20.800 --> 0:18:23.240 have the asset. But the question is can you improve 0:18:23.280 --> 0:18:25.680 it to the point that needs to be done? Um? Yeah, 0:18:25.720 --> 0:18:28.159 it makes perfect sense. I like that. Yeah. And you 0:18:28.200 --> 0:18:31.639 can see that from from September or from when I 0:18:31.680 --> 0:18:35.200 started April. One dollar when it was a dollar today 0:18:35.200 --> 0:18:40.080 closed at four dollars four times. You're your return in 0:18:40.160 --> 0:18:43.600 less than four months. Wow. I like those types of returns. 0:18:43.640 --> 0:18:46.040 So and that you know and and so that's not me. 0:18:46.119 --> 0:18:48.880 I've got great capable people that that work with me. 0:18:49.280 --> 0:18:51.359 And so those are a series of steps, you know, 0:18:51.440 --> 0:18:54.720 and and from some gold minings like that are developed 0:18:54.720 --> 0:18:57.840 clos It may be a metallurgical issue, they're getting better recoveries. 0:18:58.280 --> 0:19:01.239 Some may be jurisdictional, they've got a permit where they 0:19:01.240 --> 0:19:04.720 could never get a permit. Okay, uh. Some are that 0:19:04.760 --> 0:19:08.160 they've got a better mining method. So you look at 0:19:08.160 --> 0:19:11.400 each individual story and you say, where is where? How 0:19:11.400 --> 0:19:14.840 do we unlock the value? Right? He called me anything. 0:19:14.920 --> 0:19:18.000 I'm an unlocker of shareholder value. Yeah. I love that 0:19:18.400 --> 0:19:21.760 I can find something to go here and they're not 0:19:21.840 --> 0:19:25.960 like you know, brain science is something you diligent work, 0:19:26.359 --> 0:19:29.760 go through the process. Okay, what is an analysis of variance? 0:19:30.200 --> 0:19:33.040 What is the key feature that I need to fix 0:19:33.280 --> 0:19:38.439 to unlock that value? Yeah? You know that? So you know, 0:19:38.600 --> 0:19:40.400 in uh, in real estate, like I said, I spent 0:19:40.400 --> 0:19:41.960 the first ten years doing that, and I could tell 0:19:42.000 --> 0:19:44.280 you all the ways that you can do that. Um. 0:19:44.359 --> 0:19:47.200 I've been investing in gold for about a decade now, 0:19:47.359 --> 0:19:49.920 and UM I constantly talk on this channel about ways 0:19:49.960 --> 0:19:52.520 that I look for undervalued assets and gold mining. But 0:19:52.720 --> 0:19:56.200 I would certainly love to hear if you had any ideas. Um, 0:19:56.359 --> 0:19:59.320 you know, I guess the first thing is I know 0:19:59.359 --> 0:20:02.600 I look for like is the asset good? Um? And 0:20:02.720 --> 0:20:06.000 is it being missed? Priced some way? Um? Right? And 0:20:06.119 --> 0:20:08.160 something that you can fix like you mentioned like permits 0:20:08.280 --> 0:20:11.960 or something like that. Yeah. So so in our case, 0:20:12.440 --> 0:20:15.879 there was a drag on the stock because like the 0:20:15.920 --> 0:20:20.760 company prior to me managing it, we didn't own they 0:20:20.840 --> 0:20:25.119 we didn't own the property. Okay, we we had an 0:20:25.200 --> 0:20:30.040 option to purchase. So that's a level of risk because 0:20:30.640 --> 0:20:34.879 so we we managed to raise twenty million dollars to 0:20:35.040 --> 0:20:38.240 buy out the original you know, the guys that originally 0:20:38.240 --> 0:20:40.720 owned the property, and they're out, so we don't have 0:20:40.720 --> 0:20:43.679 to deal with that drama. Okay, Now we own it, 0:20:43.720 --> 0:20:45.919 and I did through a convertible de been sure. So 0:20:45.960 --> 0:20:48.880 here's where here's where it even gets better. So when 0:20:48.920 --> 0:20:51.480 we had a convertial debenture, we're training in a dollar. 0:20:51.800 --> 0:20:56.320 We priced it a three twenty that we could buy 0:20:56.359 --> 0:20:58.520 you out. We can give you our share at three 0:20:58.600 --> 0:21:02.520 twenty or give you hash. Okay, So three weeks ago 0:21:02.720 --> 0:21:06.480 our stock past blew by three twenty. Now it's like three. 0:21:07.760 --> 0:21:10.040 So I phoned up the de bench. You're olders and 0:21:10.119 --> 0:21:12.840 say do you want the cash because I think we 0:21:12.920 --> 0:21:17.200 can finance it, or do you want the paper? Everybody 0:21:17.600 --> 0:21:24.000 took the paper. So now there's no debt in this company. Right, 0:21:24.600 --> 0:21:27.040 We've got happy shareholders. Were training at four dollars, they 0:21:27.080 --> 0:21:30.359 can sell their shares at three twenty, so they've made money. 0:21:30.520 --> 0:21:33.440 They and I saved the company with a convertible deventure. 0:21:33.960 --> 0:21:36.639 There's usually like a coupon you pay it. Our coupon 0:21:36.760 --> 0:21:41.200 was ten percent, so I so that's like almost five 0:21:41.280 --> 0:21:46.200 million dollars of savings just there. But it's amazing. That's 0:21:46.400 --> 0:21:49.399 that's a deal that only somebody with your experience could do, right. 0:21:49.440 --> 0:21:51.800 I mean, that's what you bring to the table. Um. 0:21:52.320 --> 0:21:55.240 Having built many businesses, I've built seven and a figure businesses. 0:21:55.320 --> 0:21:57.679 I've invested in all different types of things. One thing 0:21:57.800 --> 0:22:02.399 I've always learned is that people like people are so 0:22:02.600 --> 0:22:05.240 important because you can you can have the best idea 0:22:05.280 --> 0:22:07.879 in the world, but it's all about the execution. UM. 0:22:08.119 --> 0:22:11.240 And it sounds like based off of what you're saying, UM, 0:22:11.440 --> 0:22:13.920 that's also part of your formula. I know when I 0:22:14.080 --> 0:22:16.080 was when I'm looking at gold mining companies or any 0:22:16.080 --> 0:22:18.240 company for that matter, One of the very first things 0:22:18.280 --> 0:22:21.200 I look for is management, and I just figure, look 0:22:21.280 --> 0:22:23.680 how the management allows me to filter all the junk out, 0:22:23.760 --> 0:22:28.440 because good management wouldn't work for a bad company. Uh 0:22:28.840 --> 0:22:30.800 And and so I know. So then I saw you 0:22:30.960 --> 0:22:33.680 and you had this successful track record. Um and then 0:22:33.840 --> 0:22:36.480 you you mentioned how you brought I think was it 0:22:36.640 --> 0:22:39.560 Robert Over you know, so you're bringing that same core 0:22:39.680 --> 0:22:41.520 team with you. So is that I think you're putting 0:22:41.520 --> 0:22:45.640 the same emphasis on team. Yes, if I can highlight that. So, Uh, 0:22:46.240 --> 0:22:49.200 you need two things. One is good shareholders, let's support you. 0:22:50.160 --> 0:22:52.919 Uh and I've talked about that. And a good staff. 0:22:53.080 --> 0:22:55.680 And I tend to work with a very small group. 0:22:55.760 --> 0:22:59.119 And my main group. I have an excellent cefos name 0:22:59.200 --> 0:23:01.800 is Bill the bar who's been involved in my last 0:23:01.840 --> 0:23:04.680 three deals. He's brilliant. He was he was the architect 0:23:04.800 --> 0:23:07.520 of the de venture, so you can tip my hat 0:23:07.600 --> 0:23:12.840 to him. I have two capable executives and Richard Munson 0:23:12.880 --> 0:23:16.440 he was the past CEO, and Greg Barnes is the 0:23:16.520 --> 0:23:20.040 VP of development. So this team of four, and I 0:23:20.160 --> 0:23:25.080 have also a good strategic advisor, Brian pace Braga. That group, 0:23:25.359 --> 0:23:28.000 that core group is the one that works the day 0:23:28.040 --> 0:23:31.000 to day, make sure the market is fine, make sure 0:23:31.080 --> 0:23:33.600 that you know we're getting all the technical and the 0:23:33.680 --> 0:23:38.159 commercial work done. Okay, and without them, I am a 0:23:38.280 --> 0:23:42.480 tenth of a man that I am. Uh. Strategically, you know, 0:23:43.200 --> 0:23:47.920