In short: An over-2% position, disclosed, and his first example of an unhedged company "going for it". Chairman Serafino Iacono "has been doing this 40 years. He has very wealthy friends like Frank Giustra, Robert Friedland surrounding him" — and the company has been aggressively acquisitive, bidding for Emerita first at a 13–15% premium while that stock was distressed and then coming back at 73%, and "they just took out 15% of a copper giant here in the hottest copper market of all time." His point: buy on future revenues, not current ones.
Denarius Metals is a small Latin-America-focused miner listed in Canada (DME) and traded in the US as DNRSF. Feneck holds more than 2% of his portfolio in it — a large position for a company this size — and discloses that on air.
The reason is the people and their behaviour. Chairman Serafino Iacono has run mining companies for 40 years and is backed by well-known financiers Frank Giustra and Robert Friedland. More importantly, the company is on the offensive while everyone else is defensive: it bid for Emerita at a 13–15% premium while that stock was distressed, was refused, came back with a 73% premium, and separately took a 15% stake in a large copper business at the top of the copper market.
It is also his example of an "unhedged" company. Hedging means locking in a fixed selling price for future production; it protects you if the metal falls, but it caps what you make if the metal rises. Feneck wants companies that keep the upside — because his whole framework depends on miners moving two to three times as much as the metal does. The way to value a company like this, he argues, is not today's revenue but what the revenue becomes after the deals close.
11:30It's a normal process in investing. But we want to have exposure to companies that are going for it, that are unhedged, right? And so two examples of that would be Denarius Metals, DNRSF in the states and DME in Canada. Serafino has been doing this 40 years. He has very wealthy friends like Frank Giustra, Robert Friedland surrounding him and Denarius, if you look at their news, went after Emerita and offered
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