| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 543 | $5.69 | $3,090 | 0.13% | $4.60 | $592 | +23.7% | — |
In short: His lead tactical M&A candidate: "companies that are selling at a substantial discount to value where that value could be enhanced if they were part of a larger whole. In that sense I think one example would be B2Gold, which is selling at a real discount to the net present value of its cash flow — a discount that will be erased… when as and if they successfully get their northern Canadian operation producing at nameplate capacity." And the break-up arithmetic that makes it attractive to a buyer: "B2 has two potential tier one assets in it. An acquirer could theoretically acquire B2 and sell off the tier 2 assets to reduce the purchase price associated with getting the tier one assets. That would really make a difference to an acquirer."
B2Gold is a mid-sized gold producer trading for meaningfully less than the value of the cash its mines are expected to generate. Rick names it as his lead example of a tactical takeover target — a company whose discount would simply disappear if it were folded into something bigger and better-followed.
He also identifies the specific event that closes the gap without any takeover at all: the new mine in northern Canada reaching its designed production rate. Until that happens the market discounts the whole company for execution risk; once it happens, the discount has no reason to exist.
The part worth learning is how an acquirer would think about it. B2 contains two potential tier-one assets — the rare, very large, very long-life mines that actually move the needle for a major — plus a collection of smaller ones. A buyer could purchase the whole company, sell the smaller mines to someone else, and effectively get the two crown jewels at a heavily reduced net price. "That would really make a difference to an acquirer." When you can construct that arithmetic yourself, you are looking at a target rather than just a cheap stock.
18:01for companies that are selling at a substantial discount to value where that value could be enhanced if they were part of a larger whole. In that sense I think one example would be B2Gold which is selling at a real discount to the net present value of its cash flow. A discount that will be erased by the way when as and if they successfully get their northern Canadian operation producing at nameplate capacity.
In short: "B2 I'm a large shareholder of. B2 is cheap. It may get cheaper." On a sum-of-the-parts basis "they're one of the cheapest intermediate producers in the world" — cheap on par with OceanaGold but better, "in the sense that B2 has two tier one deposits where OceanaGold is more a collection of tier 2 deposits." If Goose reaches nameplate, expect the same re-rating Equinox got after clearing its over-budget Canadian build; the speculation is handicapping a new post-Clive-Johnson management and Mali/Namibia/Philippines political risk.
B2Gold is a mid-sized gold producer with mines in Mali, Namibia, the Philippines and now Nunavut. Rick is a large shareholder and calls it "one of the cheapest intermediate producers in the world" on a sum-of-the-parts basis (i.e. add up what each mine is worth and compare that to the share price).
The quality distinction matters to him: B2 owns two tier-one deposits — his bar is roughly $10 billion of metal in the ground — whereas a comparably cheap peer like OceanaGold is "more a collection of tier 2 deposits." Big, long-life mines survive bad years; small ones don't.
Two things you must be able to judge before buying. First, the new CEO: founder Clive Johnson was uniquely good at the un-teachable part of the job — flying to Mali when the government was tearing up contracts and settling it quietly, operating through Duterte's Philippine crackdown, even running a mine in Russia. Second, the Goose mine in Nunavut, which ran late and over budget. Johnson only stepped down because it was finally on track; if Goose reaches full design capacity, Rick expects the same re-rating Equinox got when it cleared the same kind of problem. "B2 is cheap. It may get cheaper."
29:55B2 on a sum of the parts basis, they're one of the cheapest intermediate producers in the world. Cheap on par with OceanaGold, better than OceanaGold in the sense that B2 has two tier one deposits where OceanaGold is more a collection of tier 2 deposits. So from my point of view, it's a very good speculation.
In short: Buy, $7 target (+62.8% from $4.30) — the cheapest P/NAV in the entire book at 0.4×, 9.5× 2026E P/E; the offset is high costs ($2,195/oz AISC).
B2Gold is a gold miner trading at just 0.4 times the value of its assets (P/NAV) — the lowest in Singh's book — and about 9.5 times next year's earnings, giving his $7 target roughly 63% upside from $4.30. The catch, visible on the same sheet: it's one of the highest-cost producers ($2,195/oz all-in), which is why the market discounts it so hard. Singh's rating says the discount overshoots the cost problem.
In short: "Very cheap" if it can hit nameplate capacity at Goose (Nunavut); founder/driver Clive Johnson stepping down. Action rhymes with Equinox's late-but-then-doubled Canadian build — market or an acquirer will notice.
B2Gold is a mid-sized gold miner that Rule calls "very cheap" — but only if it can get its hard new Goose mine in Arctic Canada (Nunavut) running at full design capacity. Its long-time founder and driving force, Clive Johnson, is stepping down. Rule compares it to Equinox, whose Canadian mine ran late and over budget; once it finally hit full output, the stock doubled. His bet: if B2Gold proves it can run Goose at capacity, either the market or a takeover bidder will notice.
40:28Uh similarly I think uh if B2 gold can achieve name plate capacity in Nunovet uh the stock is very cheap. It's worthy to note too that the founder and major driver of B2 Clyde Johnson is stepping down next week. Uh I I've known Clyde for many years. He's a wonderful guy. Very very very tough. Personally, I wouldn't have wanted to try to take over B2 when Clyde Johnson was CEO.
In short: Cited as a supply data point — its Goose project in Canada enters commercial production in 2026 (ramping toward ~300koz/yr), one of the limited new additions that still won't move the global gold balance.
Nothing matches this filter.
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.