In short: "I have Emperor as a six. The only reason I have them as a six is they were a real darling at our conference… the stock got bid up too much" — otherwise it would be a five. He owns it in his own account on the Abitibi hub-and-spoke thesis: deposits too small to justify their own mill used to be orphans, but Agnico's Ammar Al-Joundi told him "producers like us that have mills in the region will buy and truck the ore from the mine to our mills."
Emperor owns two modest gold deposits in Quebec's Abitibi belt. Rick owns it personally but ranks it a six — and the reason is purely price: it was a favourite at his conference and "the stock got bid up too much." Otherwise it would be a five.
The thesis is a change of industry structure. Historically a small deposit was an orphan: too small to justify building its own processing mill, so it never got developed and merely traded well in successive bull markets. Rick believed that for years — until Agnico Eagle's CEO Ammar Al-Joundi told him he had it wrong: there are now so many roads, so much power and so many existing mills across the Abitibi that "producers like us that have mills in the region will buy and truck the ore from the mine to our mills."
In other words, small deposits near big mills have become sellable inventory rather than orphans. That reversal is why he bought.
48:15Okay, Jason wants to know, are you happy with the drill results so far for Emperor Metals? Also, do you have a ranking for it as well? I have Emperor as a six. The only reason I have them as a six is they were a real darling at our conference. And the consequence after the conference is that the stock got bid up too much.
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