| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 83 | $31.76 | $2,636 | 0.11% | $23.40 | $694 | +35.7% | — |
In short: Passing mention: named ("Akin Ross" in the auto-transcript, most likely Kinross) among the bigger companies in the Red Lake district, as evidence of a mining-friendly jurisdiction.
3:56And it's home to some of the bigger companies like Akin Ross, Evolution. Equinox actually has a property right next door to Madsen. So, it's a great mining-friendly jurisdiction. And we took over the Madsen mine in 2023. And we're in the early stages of building out this multi-asset mining platform where we have the existing infrastructure, the permitted mill, the tailings, which we will use as a central hub for this multi-satellite deposit feeding into the mill and complementing the Madsen deposit, which we're mining today.
In short: The 70% operator of the Manh Choh JV and owner of the Fort Knox mill, tailings facility and power plant ("operating for 30 years") that make Contango's direct-ship-ore model work. Praised as operator — "Kinross does all the work… to date they've been spot on" — and Fort Knox is one of three toll-milling options for Lucky Shot. No view on KGC shares.
6:32And so we're hopeful that that will yield some positive results as well. — You mentioned DSO, just for those that don't know, that's direct ship ore where Contango basically mines it, puts it in a truck, and sends it to Kin Ross' Fort Knox Mill in order to be processed. — Yeah, it's a little different approach than the typical build your own mill and tailings facility at site and of course was the reason we were able to get things into production quickly and for a relatively small amount of capital
In short: Still long, one of the four miners named in the gold bucket bought into this rally — "I'm buying gold because I think real rates have temporarily peaked"; the miners "are up healthily and I think they'll continue to run."
One of four gold miners he holds together as a single bet: if real rates have peaked, gold rises, and miners rise faster than the metal because their costs are largely fixed. He was briefly underwater on this year's gold buys while the ten-year yield kept climbing; now "the gold miners are up healthily and I think they'll continue to run."
4:18So, that's AGI. We're also long Kinross Gold. We're also long Barrick, which reported. I think we timed AGI almost perfectly at the bottom. We're also long Barrick and we're also long Agnico Eagle, along with physical gold and silver, PHYS, etc. We've also been long the REITs during the index rebalancing from the small cap index when there was big selling in Redwood because of a fear of interest rates as well. We loaded up on Redwood.
In short: Cited as the proof that world-class early-stage discoveries get bought before they are drilled off: "The Kinross acquisition of Great Bear back four years ago, in really bad times in the mining business, tells you that an extraordinarily high-quality early stage discovery is worth speculating on because it becomes a must own asset."
Kinross appears here as historical evidence rather than as a recommendation. Four years ago, in what Rick calls "really bad times in the mining business," Kinross bought Great Bear — an early-stage discovery, nowhere near fully drilled.
The point of citing it: an "extraordinarily high-quality early stage discovery is worth speculating on because it becomes a must own asset." When a deposit is good enough, majors buy it in bad markets, at full prices, long before the geologists have finished measuring it. That is the entire basis for owning exceptional exploration-stage companies rather than waiting for the safety of a completed study.
20:28The Kinross acquisition of Great Bear back four years ago in really bad times in the mining business tells you that an extraordinarily high-quality early stage discovery is worth speculating on because it becomes a must own asset. For less sterling assets, as an example million ounce deposits in the Abitibi that likely will require an acquirer to have a much better sense of resource definition because there's less room for failure, then you need more data — an acquirer to validate his or her strategy probably needs a bankable feasibility
In short: "Also adding to Kinross" — the second leg of the gold add on the Chinese-ETF inflow turn and continued central-bank demand.
The second gold miner he added on the same signal — Chinese gold ETF inflows resuming — alongside Alamos, with Barrick already held.
Full passage: premium transcript (PDF).
In short: The featured value-gold long, adding Monday (with Alamos & Barrick). A de-risked tier-1 senior after the 2022 Russia/Ghana exit — 34% US / 30% Brazil / 25% Mauritania / 11% Chile, ~15% Canada by 2029 via the Great Bear (Red Lake) growth asset. $1.4B net cash → ~$4B by year-end; record $837M Q1 FCF; the highest FCF/oz of the big miners ($1,488); cheapest senior at 7.7× fwd P/E / 4.4× EV-EBITDA; 12% FCF yield; a legally-committed 40%-of-FCF return (already −3% float). Asset-by-asset NAV ~$23.50 → $34 at a 1.3× premium multiple, bull $38 with minorities/cash, vs a beaten-down ~$24 stock (down from the high-$30s with gold).
Kinross is one of the biggest pure gold miners, producing about 2 million ounces a year. Its whole pitch is that it used to be "cheap for a reason" — a huge chunk of its gold came from Russia, so the market slapped a permanent discount on it. In 2022 it took the pain and sold out of Russia and Ghana entirely, so today its mines sit in safe places: the US, Canada, Brazil, and low-cost Mauritania. The market, Singh argues, still hasn't given it credit for that clean-up.
The balance sheet went from $2.2B of debt to $1.4B of cash (heading to ~$4B), and it throws off more free cash per ounce mined than any big rival — so much that it's legally committed to handing 40% of it back via dividends and buybacks. Singh values the mines piece by piece at about $23.50 a share, and because they're premium US/Canada assets he thinks they deserve a premium, getting him to $34 and as high as $38 — versus a stock that's fallen with gold to about $24. He's adding Monday.
Full passage: premium transcript (PDF).
In short: New gold-miner long, framed as a structural opportunity: gold $4,120–4,148/oz, ~$2,400/oz cash margins at those levels, ~7.3× forward earnings, ~$1.4B net cash. Street consensus PT $38.6; his conservative 12-month base target of $30 (22% below consensus) still clears a Strong Buy on fresh deep-research underwriting.
Kinross is a large gold miner. What makes it interesting right now is the gap between what gold sells for (about $4,120–4,150 an ounce) and what it costs Kinross to dig it up: roughly $2,400 an ounce of that is pure cash margin. So at today's gold price every ounce produced throws off a lot of cash.
On top of that the stock is cheap versus its earnings (about 7.3 times next year's profits) and the balance sheet is strong — it holds around $1.4 billion more cash than debt, so it isn't fragile if gold pulls back. Singh's twist is caution baked into the target: Wall Street analysts on average see it going to about $38.6, but he sets his own 12-month target lower, at $30 — about 22% below the crowd — and even that conservative number still makes it a "Strong Buy." He's telling you the idea works even if you don't believe the optimists.
In short: Buy, $41 target (+53.7% from $26.67) — 10.3% 2026E FCF yield (13.6% sustaining), 5.1× EV/EBITDA, 10.3× P/E. This sheet's Buy/$41 preceded the 2026-JUL-07 VIP alert, whose fresh deep-research underwriting set a more conservative $30 base target.
On this June 26 sheet Kinross screened as a Buy with a $41 target (about 54% above the $26.67 price), a 10% cash-flow yield and a price implying gold around $3,350 — well below the actual gold price. Eleven days later Singh finished a fresh, deeper piece of research on it and issued the formal VIP alert — with a deliberately more conservative $30 base target that still cleared his Strong Buy bar. The sheet is where the idea first showed up; the alert is where it graduated.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.