In short: A pure "past success at the task at hand" call on CEO Brad Langille: "I was an investor with Brad in his two prior companies… over time he does what he says he's going to do. Neither of those companies were overnight successes, but they were both spectacular successes." His specialty is "finding out of favor gold and silver districts in Mexico, consolidating fragmented private ownership, and building big companies. Now, what he's involved in GoGold is precisely that… He's doing something that he already knows how to do, which is something I like a lot." Geology: the newly permitted mine "is in what will become a multi-mine district, and I think they'll control the whole district." The permit was a political not a technical wait — "the property has been permittable for 3 and 1/2 years. The constraint has been Mexican federal politics" — and community relations is why GoGold "will be one of four or five mines permitted in Mexico this year." Note what is not yet permitted: only the first of two underground mines; the open pit is still pending. The prize: "a company that we believe will go from 2,000 oz a month production in the tailings processing operation, which by the way pays for all their G&A, to a company that produces 250 or 300,000 oz of gold a year."
GoGold's CEO Brad Langille has built two companies before this one, both of which made Rick money, and both slowly: "neither of those companies were overnight successes, but they were both spectacular successes." His particular skill is buying up unfashionable gold and silver districts in Mexico where ownership is split among many small private holders, stitching them together, and building a real mine.
That matters because GoGold is the same job again. Rick's single most-used management test is whether someone is doing something they have already succeeded at — "he's doing something that he already knows how to do, which is something I like a lot."
The recent news is a permit, and the delay was political rather than geological: the ground "has been permittable for 3 and 1/2 years. The constraint has been Mexican federal politics." Mexico's president is openly anti-mining but responsive to local votes, so mines with genuine community backing get approved — which is why GoGold will be "one of four or five mines permitted in Mexico this year." Two important caveats: only the first of two planned underground mines is permitted (the open pit is not), and the payoff is slow. Today the company processes old tailings at about 2,000 ounces a month, which covers head-office costs; the target is "250 or 300,000 oz of gold a year." Getting there means sitting through two more permits.
28:27But talk to me about GoGold, why you like them or and where they can stub their toe. — Well, I was an investor with Brad in his two prior companies. So, I have long familiarity with the fact that over time he does what he says he's going to do. Neither of those companies were overnight successes, but they were both spectacular successes.
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