In short: "To have two big miners as shareholders for an exploration stage company is excellent… I don't own Founders. I know the people. I have a high regard for the people at both B2 and Gold Fields. So I look fondly on that." The three benefits: adult supervision and free technical expertise; a float much smaller than it looks because majors don't trade; and, crucially, "it's tough to have an auction with one bidder" — two strategic holders create dynamic tension. The caveat: Suriname exploration is very expensive (helicopter access, flying in even the helicopter fuel), so the capital need is continuous.
Founders is exploring for gold at Antino in Suriname. It has drilled good intercepts but doesn't yet have a formal resource estimate — an early-stage story where the main question is who is standing behind it.
Two producers, B2Gold and Gold Fields, are both shareholders, and Rick thinks that is worth a great deal. You get free adult supervision and technical help; the tradable share count is smaller than it looks because majors don't day-trade, which cuts both ways on volatility; and — the point most investors miss — if a discovery is proved up, two interested industry buyers means an auction. "It's tough to have an auction with one bidder… Having two creates dynamic tension."
The cost side is unglamorous and real: Suriname is tropical rainforest with helicopter-only access, so everything including the helicopter fuel gets flown in. Cost per metre drilled is very high and the company will need capital continuously. He doesn't own it, but "I look fondly on that."
10:45To have two big miners as shareholders for an exploration stage company is excellent. I don't own Founders. I know the people. I have a high regard for the people at both B2 and Gold Fields. So I look fondly on that. It's important to know that exploration in Suriname is really expensive.
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