In short: On the narrow-vein orogenic underground build (grade variability against the model, ~1% management ownership): "I don't own Osisko Gold. Sean has drilled the living S out of this thing… so despite the grade variability, despite the fact that the structure shrinks and swells a lot, which makes it tough to mine, you have unusually good data." He still passes — "it is precisely the discontinuous nature of both grade and structure that has kept me from owning the company" — while noting he lost the last disagreement with Sean Roosen (over the original hostile bid for Osisko) to the tune of 35% in three or four months: "you disagree with Sean at your peril."
The question concerned a narrow-vein underground gold mine being built by Sean Roosen's team, where infill drilling showed the actual grades varying a lot from the geological model, and where management owns only about 1% of the shares.
Rick's answer separates two things. On data, he gives full credit — "Sean has drilled the living S out of this thing… you have unusually good data," and the build was deliberately over-financed to absorb surprises. On geology, he still passes: a vein that "shrinks and swells" is inherently hard to mine to a plan, and "it is precisely the discontinuous nature of both grade and structure that has kept me from owning the company."
He attaches an unusual humility clause. The last time they disagreed — Rick wanted to accept a hostile takeover bid for the original Osisko, Roosen refused — Roosen's stubbornness made Rick 35% more money in three or four months. "You disagree with Sean at your peril."
24:08So despite the grade variability, despite the fact that the structure shrinks and swells a lot, which makes it tough to mine, you have unusually good data. That being said, for the reason that the questioner explained in the question, I'm not a shareholder of Osisko Gold. It should be noted that Sean and I disagreed once before, which was on the selling price for Osisko itself.
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