In short: "Antimony space in general, it's too small an industry for me… very few antimony or vanadium or titanium deposits ever approach that magnitude [$10bn in situ], which means I'm predisposed against them because they're usually tier 2 or tier three deposits." He grants they can perform — "somebody can point to the big picture around a restricted material and appeal to investors' feelings as opposed to the way they think… sell a narrative as opposed to reality" — but "I don't rank the company and I'm unlikely to rank the company in the future."
Critical One is drilling an antimony-gold project (Howells Lake, Ontario). Antimony is a genuinely strategic material, and the drill results have been eye-catching — but Rick won't rank the company, and explains why in a way that applies to every "critical mineral" story.
He restricts his own account to tier-one deposits: "a minimum of $10 billion in in-situ recoverable reserves and resources, but preferably $20 billion" of metal in the ground. Antimony, vanadium and titanium markets are simply too small for a deposit to reach that size, "which means I'm predisposed against them because they're usually tier 2 or tier three deposits."
He is careful to say they can still make money for traders, because "somebody can point to the big picture around a restricted material and appeal to investors' feelings as opposed to the way they think. They can sell a narrative as opposed to reality." That is precisely the trade he declines to make.
34:03Antimony space in general, it's too small an industry for me. I really try to restrict my own account to tier one deposits or potential tier one deposits. I define tier one arbitrarily as a minimum of $10 billion in in-situ recoverable reserves and resources but preferably $20 billion, and very few antimony or vanadium or titanium deposits ever approach that magnitude, which means I'm predisposed against them because they're usually tier 2 or tier three deposits.
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