In short: The worst mining stock he has ever owned, and the origin of his two-strike rule: "I've tried to block it, Jeremy, but it's Allied — symbol was ANV. And like I told you, I've never owned anything that that CEO ever did again, what the IR person ever did again, what the board ever did again." The asset lives on today as Hycroft, which he has pointedly never bought — "Hycroft's been a whole other story with a nickel-looking chart but I never owned Hycroft because of what I learned in Allied." The lesson he draws is that timing, not just asset quality, decides the outcome.
Allied Nevada Gold is no longer investable — it failed, and its Nevada asset lives on today inside Hycroft Mining. It appears here because Feneck names it as the worst mining stock he has ever owned and, more usefully, because it is where his single hardest rule comes from.
The rule is people, not geology. After Allied Nevada he never again bought anything associated with that CEO, that investor-relations person or that board — and he generalises it into a two-strike policy: lie to him twice and he will never touch any company you are involved with again. That is why "management first, project second" tops his junior checklist, an ordering he admits is unusual.
The subtler lesson is about timing rather than assets. The same ground later became Hycroft, which has had its own dramatic stock-price history — and he never owned that either, because of what the first experience taught him. A good deposit does not rescue you from the wrong people at the wrong moment.
25:21I went back and watched some of these tapes. What's the worst mining stock you've ever owned and what did it teach you? — Gosh, I've tried to block it, Jeremy, but it's Allied — symbol was ANV. And like I told you, I've never owned anything that that CEO ever did again, what the IR person ever did again, what the board ever did again.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.