In short: Same screen, third application: "in Keith [Henderson] you have a guy who's been serially successful as an explorer in Latin America who is exploring in Latin America. In other words, you have a person whose prior successes are germane to the task at hand." What that buys is deal flow — "a very, very, very deep network of contacts among geologists, prospectors, landowners, small miners in Chile, Argentina, Peru… an unusually good idea flow. When he is able to stake those ideas, he has a ready market for turning them." He expects the partner count and third-party exploration spend to "expand pretty dramatically." And the capital structure is deliberate: "like many of Jeff Phillips' companies, this is intelligently structured, which is to say that the share float relative to the total outstanding issuance is fairly tight. So, any good exploration news can be expected to generate an outsized share price move — assuming, of course, that there is some successful news."
Latin Metals is the third prospect generator in the run, working Chile, Argentina and Peru. Rick's case is the same test applied a third time: CEO Keith Henderson "has been serially successful as an explorer in Latin America who is exploring in Latin America… a person whose prior successes are germane to the task at hand."
What that career actually bought is a network — geologists, prospectors, landowners and small miners across three countries — which produces "an unusually good idea flow," and, just as important, a ready set of buyers when he wants to farm a project out. In this business model deal flow on both ends is the product.
Finally, the share structure is designed to pay off: "the share float relative to the total outstanding issuance is fairly tight. So, any good exploration news can be expected to generate an outsized share price move." He attaches the honest condition — "assuming, of course, that there is some successful news." A tight float amplifies whatever happens, in both directions.
41:47But yeah, just give me your thoughts on Latin Metals. — Well, again, in Keith, you have a guy who's been serially successful as an explorer in Latin America who is exploring in Latin America. In other words, you have a person whose prior successes are germane to the task at hand. Importantly, he has a very, very, very deep network of contacts among geologists, prospectors, landowners, small miners in Chile, Argentina, Peru.
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