His own company (CEO, so talking his book): safe-jurisdiction gold major with production per share up 3× in 20 years, +20–30% growth self-funded with buybacks into the early-to-mid 2030s, ~$3B net cash, AISC $400–500/oz below peers; critical-minerals spinout coming.
Former employer and contrast case: the “go anywhere in the world” global model vs Agnico's regional one; a different strategy, not a worse one; nearly exited Canada.
In one line: An operator-CEO talking his own book (Agnico Eagle, AEM): grow per share, not bigger; stay only in safe jurisdictions because "you can't move a mine"; keep a net-cash balance sheet because in a cyclical "it's liquidity that kills you." On gold he is constructive near and long term, a "hard asset bug" betting that unpayable sovereign debt gets devalued.
Per-share discipline is the scoreboard. "My job is to make you money. My job is not to get bigger." Production per share is up ~3× in 20 years (absolute ~14×), with +20–30% more by the early-to-mid 2030s from projects already under way, self-funded, with buybacks alongside. (2026-SEP-17)
The jurisdiction premium is widening. 70 years of avoiding places where the rules change after the money is spent. Since Russia invaded Ukraine, and as higher gold prices bring tax rises and "quiet" nationalization elsewhere, investors pay "an even higher premium" for safe jurisdictions. His ranking: the Abitibi ("the best place to be in the world for mining, period"), then Western Australia and Nevada. (2026-SEP-17)
The cost advantage is structural. AISC $400–500/oz below peers, from a third-to-half the peer labour turnover (labour = 40% of cost), more underground mines and hydro/nuclear power (energy = 20%), and supplier priority ("we always got the steel"). (2026-SEP-17)
Cyclical-business rules. No net debt (~$3B net cash); stage big projects ("get your money back, spend more"); run a cyclical business differently from a utility. (2026-SEP-17)
Gold on two speeds. Short run, expected inflation means higher rates, and non-yielding gold gets sold (the Iran-war dip). Long run, US$41T of debt (~US$500k per taxpaying family) can only be devalued, so hard assets rise. "Gold is a currency," and the Bank of Canada will "probably" buy gold again rather than hold reserves 100% in US dollars. (2026-SEP-17)
Canada's "sea change" is changing where he invests. The Carney government (one project / one review / one year; accelerated capital depreciation; a minister who texted "how can I help") brought forward the US$2.5B Hope Bay (Nunavut) decision. Critical minerals other than copper go into a new subsidiary (heard as "Aanir," spelling uncertain), to be spun out to shareholders. (2026-SEP-17)
Conflicts to remember. He is Agnico's CEO and a CIBC director. Read the AEM case as management's pitch, and CIBC comments as a board member speaking.
Transcripts
One dated page per appearance — each has its stock table (when securities are named), talking points, and the saved transcript. Newest first.