In short: Ownership disclosed up front — "your audience listening to this call needs to know that I'm one of the founding shareholders of that." The pedigree is the pitch: "Headwater comes out of another prospect generator that I helped found. EMX, now EMX Royalty. The Headwater team was part of the EMX team… one of the best teams of explorationists active in the US. And the Headwater guys actually took the EMX portfolio and built a new company around it so that they could focus on it." The partner does the paying: "their exploration ground is prime hunting ground for Newmont. And so, their key third-party funding partner is in fact Newmont." Structure: "they've done a good job early on. And also… the stock is fairly closely held."
Headwater is another prospect generator, and Rick discloses immediately that he is one of its founding shareholders. Its people came out of EMX — another prospect generator he helped found — and they literally took the EMX project portfolio with them: "the Headwater guys actually took the EMX portfolio and built a new company around it so that they could focus on it." He rates the group "one of the best teams of explorationists active in the US."
The partner test passes too. Headwater's ground in the western US is exactly the kind of ground Newmont wants, "and so, their key third-party funding partner is in fact Newmont" — meaning the world's largest gold miner pays for the drilling while Headwater keeps a carried interest.
One structural feature cuts both ways: "the stock is fairly closely held." A tight register means good news moves the price hard, but it also means the shares can be illiquid and jumpy.
39:23Loved them. What I loved was just the again you talked about the Newmonts of the world. Just looking at who they're doing business with. — Headwater comes out of another prospect generator that I helped found. EMX now EMX royalty. — Yep. — The Headwater team was part of the EMX team, which is where I came to know them.
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