In short: The prospect-generator model working exactly as designed: "their second exploration asset, Frotet, which they joint ventured with Sumitomo Metals is going to be a mine. Zero doubt in my mind. And they have a 4% uncapped royalty on a project that I think will produce at least 4 million ounces of gold." His valuation read is that the market already pays for that one item — "most of the value in Kenorland, most of the pricing in Kenorland is accounted for by the value of the Frotet royalty" — with a liquidity check: "I'm very confident that they could sell that royalty to Franco or Wheaton or Osisko or anybody else that they wanted right now." Everything else is free optionality: "what you have behind that is an exploration team that is absolutely superb at developing very large grassroots concepts… then bringing in a major mining company once they have derisked it to drill it." CEO Zach Flood is "a superstar" with "a wonderful and rough apprenticeship" (son of Ed Flood; worked for Robert Friedland). Same entry warning as Revival: "they've been at the conference long enough to develop a cult around Zach Flood. So, this is a stock not to chase."
Kenorland is a prospect generator: it works out where minerals should be, stakes the ground, does the cheap early science, then hands the expensive drilling to a big partner in exchange for a royalty and a retained interest. Its Frotet project in Quebec was farmed out to Japan's Sumitomo, and Rick says flatly: "Frotet… is going to be a mine. Zero doubt in my mind."
Kenorland kept a 4% uncapped royalty — uncapped meaning it never stops, no matter how much gold is eventually produced, and Rick expects "at least 4 million ounces." He then does something useful for valuation: he claims the whole share price is already explained by that one item, "most of the value in Kenorland… is accounted for by the value of the Frotet royalty," and he sanity-checks it by noting it is instantly saleable — "I'm very confident that they could sell that royalty to Franco or Wheaton or Osisko or anybody else that they wanted right now."
If that is right, the buyer gets the exploration team for nothing: a group "absolutely superb at developing very large grassroots concepts" and turning them over to majors to drill. The caution is the same one he applies to every conference favourite — a "cult" has formed around CEO Zach Flood, "so this is a stock not to chase."
37:32Their second exploration asset, Frotes, which they joint ventured with Sumitomo Metals is going to be a mine. Zero doubt in my mind. And they have a 4% uncapped royalty on a project that I think will produce at least 4 million ounces of gold. And I would suggest to you that most of the value in Kennaland, most of the pricing in Kennaland is accounted for by the value of the Frotes royalty.
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