In short: The other name on the tactical-target list, on the same discount test: "I would suggest that the other one that makes place from a tactical viewpoint, because of its discount, would be OceanaGold." Named alongside B2Gold as a company whose value "could be enhanced if they were part of a larger whole."
OceanaGold is the second name on the same short list, and it qualifies for the same single reason: it trades at a substantial discount to what its assets are worth, and that discount is the kind that gets erased when a company becomes part of "a larger whole."
The logic behind the tactical-target category is worth spelling out. When a mid-size producer merges into a bigger one, nothing about the rocks changes — but the combined company is larger, its shares trade more actively, and at some point it becomes big enough to be bought automatically by index funds. That passive buying lifts the share price, which lowers the cost of raising money, which makes the next deal easier. Investors who owned the target get paid for a re-rating that has nothing to do with mining.
18:34I would suggest that the other one that makes place from a tactical viewpoint because of its discount would be OceanaGold. So I'm looking for those types of things. I'm looking for strategic acquisitions and I'm looking for tactical acquisitions. In particular, I'm looking for acquisitions of size.
In short: The valuation yardstick for B2Gold: B2 is "cheap on par with OceanaGold, better than OceanaGold in the sense that B2 has two tier one deposits where OceanaGold is more a collection of tier 2 deposits." Cheap, but the asset quality ranks below.
29:55B2 on a sum of the parts basis, they're one of the cheapest intermediate producers in the world. Cheap on par with OceanaGold, better than OceanaGold in the sense that B2 has two tier one deposits where OceanaGold is more a collection of tier 2 deposits. So from my point of view, it's a very good speculation.
In short: Buy, C$60 target (+65.5% from C$36.26) — the largest upside in the entire book, and the cheapest: 4.6× 2026E P/E, 3.4× EV/EBITDA, 11.8% FCF yield (16.5% sustaining).
OceanaGold is a mid-size gold miner (TSX-listed), and on Singh's sheet it's the single biggest bargain in his entire miners coverage: his C$60 target is 65.5% above the price, and the stock trades at just 4.6 times next year's earnings — while generating a double-digit cash-flow yield. In plain terms: it's the cheapest stock on the sheet by almost every measure, so it earns the biggest upside number.
In short: A prime cheap mid-tier / takeover candidate — the cash it generates (esp. Haile), its pipeline and sustainability mean "if the share price doesn't improve organically… the symbol's going to change."
OceanaGold is a cheap mid-tier gold miner generating lots of cash (especially from its Haile mine) with a solid project pipeline. Rule's view: if the share price doesn't rise on its own to reflect that cash, a bigger company will simply buy it — "the symbol's going to change." In other words, it's an attractive takeover candidate either way.
39:55would they be prime targets for the kind of tactical acquisition to get onto an exchange uh that you were suggesting and you know who would be top of the list for as targets in that respect? Well, you know, certainly if you look at companies like Oceanceiana, um the amount of cash that they're generating their pipeline and the sustainability of their cash from current operations in particular hail suggest that if the share price doesn't improve organically in the market that the symbol's going to change.
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