In short: A rapid-fire answer that praises the two things he usually screens on and then withholds the rating on a third. "I like the people. I like the deposit." The objection is social licence, and he is careful to say it is real: "there are real social and political challenges that they face, not fake ones — local opposition — so you need to acquaint yourself with that." The specific failure mode he names is not hostility but capacity: "there is not sufficient local capacity to govern this deposit that needs to be developed, and you run the risk that a population that doesn't have sufficient capacity will make a poor decision." No ownership disclosed and no buy or sell instruction given.
On a rapid-fire question Rule gives Solaris the two ticks he usually cares most about — "I like the people. I like the deposit" — and then withholds a recommendation on a third criterion entirely: whether the deposit can actually be permitted and built.
He is careful to distinguish real opposition from manufactured opposition, and says this is the real kind: "there are real social and political challenges that they face, not fake ones — local opposition." Anyone considering the stock, he says, has to go and understand that situation themselves rather than take a company presentation's word for it.
The specific risk he names is subtler than hostility, and it is a genuinely useful lens. The problem is capacity: the local population that has to decide the project's fate does not have the technical and administrative resources to evaluate what it is being offered, and "you run the risk that a population that doesn't have sufficient capacity will make a poor decision." A community can reject a project that would have benefited it simply because nobody on its side of the table could assess the terms. That is the same insight underneath his enthusiasm for Nations Royalty, which exists partly to build exactly that capacity. Here it produces no ownership and no call.
50:59What do you like about it or not? — I like the people. I like the deposit. There are real social and political challenges that they face, not fake ones — local opposition — so you need to acquaint yourself with that. There is not sufficient local capacity to govern this deposit that needs to be developed and you run the risk that a population that doesn't have sufficient capacity will make a poor decision. — Where do you see it in three years? This question coming from Derek on X. What's the play here?
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