In short: "I have Marimaca as a four. The stock has been on fire, but so are the drilling results." Set against his admission that he was wrong on copper this year: with the metal much stronger than he expected, "even the development stage copper stories — the Marimacas, the Hot Chilis, the ATEXes of the world — have done very well."
Marimaca is developing a copper deposit in northern Chile — not producing yet, so you're buying an asset in the ground plus a management team's ability to build it. Rick ranks it a 4, one of his higher marks for a pre-production company: "the stock has been on fire, but so are the drilling results" — i.e. the share price rise is backed by real geology, not just enthusiasm.
He frames it inside an admission. He expected copper to be weak this year (higher oil prices slowing the world economy; higher interest rates making it expensive for Chinese speculators to sit on inventory). "I was wrong" — copper has been much stronger, and that strength has lifted every credible development story, Marimaca included. He remains a long-term copper bull, but is honest that the sector "has over rewarded me in 2026."
9:34I have Marimaca as a four. The stock has been on fire, but so are the drilling results. As many people know I am a bull about the copper business long term. I had expected the copper price to be much weaker this year. I had expected that the increase in oil prices as a consequence of the conflict in the Gulf would lead to a greater degree of economic weakness around the world.
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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.