In short: Disclosure, not a recommendation: "I'm on the board of directors of two Canadian companies, Tudor Gold and Goldstorm Metals." Offered as first-hand evidence that mining is "super interesting, but it's not easy being in that business" — top-down metal risk plus geological, permitting, management and ESG risk.
This is a disclosure, not a pick. Stöferle sits on the board of two small Canadian mining companies, Tudor Gold being one — and he raises it precisely to explain why he treats mining shares as the risky part of the portfolio.
His point: being inside the business teaches you how much can go wrong. Beyond the gold price itself, there is geological risk (the ore isn't where you thought), permitting risk, energy-cost inflation, environmental rules and, bluntly, some poor management teams. "It can be very rewarding, but you have to be aware of the risks."
1:15:51And it's super interesting, but it's not easy being in that business. It can be very very rewarding, but again, you have to be aware of the risks. Michael Weeks, who is the son-in-law of Tony Deden, one of the smartest gentlemen in the industry.
In short: The litigation counterparty in the Seabridge situation, and — in his reading — a reason the single bidder can afford to wait: "although Rudi Fronk believes, I think, that the Tudor Gold litigation isn't particularly an issue, I think that the acquirer — given that there's only one in the line and given that gold is currently at $4,400 — has the luxury of allowing Rudi and Tudor to work out that difficulty as opposed to them having to work out the difficulty themselves."
24:53You should probably interview Rudi. He's a very smart guy and allow him to contest what I just said, which I'm sure he'll do very vigorously. But I think the bottom line here is that at $5,500, time is on the side of Rudi. At $4,400, given that there's one bidder, time is on the side of the bidder. — Yeah. I could see that.
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