I’m about to add a new company to my lowest priced service: GPIV.
It’s an exciting opportunity not just because of the project itself, but because of who is involved.
You see, in the world of gold company managers, there are all stars, and everyone else.
I’ve talked about the Ted Williams/Larry Bird/Tom Brady/Bobby Orr of precious metal investing before: Pierre Lassonde. (Apologies if my GOAT picks differ from yours: I’m from Boston…)
But there are a slew of other all stars out there. These are guys with decades of success behind them. They don’t need or want to get out of bed unless a project can materially add to their net worth and legacy.
In this business, most managers are lucky to have one big home run – one project that moves from exploration to a profitable gold mine.
But the all stars – just like their professional sport counterparts, all have multiple big wins to their name. They can all afford to retire now. So when they take on a new project, you know it’s meaningful.
Think about it: would you do the incredibly hard work of exploring, developing and building a mine if you’re already a multi-multi millionaire unless you know it will be a highly successful venture?
You wouldn’t. You’d stay in your big house with your family and enjoy yourself.
One such team of all stars got started with a company that was listed late 2025.
These guys literally have hundreds of different projects pass their desk. They don’t take them on unless the project is highly promising. Most aren’t.
I know because I see many of the same projects. And these guys are correct in walking away from the 99%.
The project they said yes to is extremely compelling. It’s a tiny company, selling for under $60 million market cap – but it has a preliminary economic assessment (PEA) that translates to an after-tax net asset value of about $1.5 billion. The PEA is an official report that’s basically a best-guess estimate of the gold project’s value based on the gold in the ground, the grade, the costs to get it out of the ground, etc.
When you try to evaluate a company at this early stage, you have to discount the value. There’s too much uncertainty to give a 100% valuation based on the information in a PEA.
Using a conservative 66% discount, this company is still selling for 1/9th of its value. If it just gets up to that steeply discounted valuation, it’s a 9X.
At the full valuation (which would take years to materialize) it’s more like a 28X…
Right now, it’s in that early stage period where almost no one knows about this company. It’s too small for institutional money to pay attention to. It’s still too early for many larger gold miners to get involved. It’s newly traded, undercovered, unknown and a true gem.
Is it a slam dunk?
No. There’s no such thing in the world of gold mining.
But it’s the kind of company you should be paying attention to in this stage of the gold bull market.
And I’m going to add it to my GPIV service next week.
I’ll provide some more details next Monday.
Best,
Garrett Goggin, CFA, CMT
Lead Analyst and Founder, Golden Portfolio